# EDGAR Filing Document

**Accession Number:** 0002061357
**File Stem:** 0001821268-26-000029
**Filing Date:** 2026-2
**Character Count:** 2261695
**Document Hash:** 4b1e0a19d9143da56434bf4308c416b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001821268-26-000029.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001821268-26-000029

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

**PUBLIC DOCUMENT COUNT**: 46

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260204

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Guggenheim Investments Private Credit Fund
- **CENTRAL INDEX KEY:** 0002061357

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

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288649
- **FILM NUMBER:** 26599671

**BUSINESS ADDRESS:**
- **STREET 1:** 227 W MONROE STREET
- **STREET 2:** 49TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-357-0394

**MAIL ADDRESS:**
- **STREET 1:** 227 W MONROE STREET
- **STREET 2:** 49TH FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on February 4, 2026

**Securities Act File No. 333-288649**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

____________________________________

**FORM N-2**

____________________________________

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Pre-Effective Amendment No. 2**

**Post-Effective Amendment No**

____________________________________

**Guggenheim Investments Private Credit Fund**

**(Exact name of registrant as specified in its charter)**

____________________________________

**330 Madison Avenue**

**New York, NY 10017**

**(800) 345-7999** 

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

____________________________________

**Mark E. Mathiasen, Esq.**

**Managing Director**

**Guggenheim Private Investments, LLC**

**330 Madison Avenue**

**New York, NY 10017**

**(Name and address of agent for service)**

____________________________________

***COPIES TO:***

**Julien Bourgeois**

**Cynthia Beyea**

**Dechert LLP**

**1900 K Street, N.W.**

**Washington, DC 20006**

____________________________________

**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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**The information in this preliminary prospectus is not complete and may be changed. The securities may not be sold until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**SUBJECT TO COMPLETION, DATED **February 4, 2026**

**PRELIMINARY PROSPECTUS**

![](gipcfprospectus-1edgarx1x1.jpg)

**GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND**

**Class S, Class D and Class I Shares**

**Maximum Offering of $2,500,000,000—Minimum Offering of $100,000,000**

*________________*

&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim Investments Private Credit Fund is a Delaware statutory trust that seeks to invest primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and to a lesser extent European and other non-U.S. companies. We are externally managed by an affiliate of Guggenheim Partners, LLC ("Guggenheim"), a leading global investment manager. Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Throughout the prospectus, we refer to Guggenheim Investments Private Credit Fund as the "Fund," the "Company," "we," "us" or "our."

&nbsp;&nbsp;&nbsp;&nbsp; We are a non-diversified, closed-end management investment company that intends to elect to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Bank of New York Mellon (the "Administrator") provides certain administrative and other services necessary for the Fund to operate pursuant to a fund accounting and administration (the "Administration Agreement"). We intend to elect to be treated for federal income tax purposes, and intend to qualify annually thereafter, as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended ("Code").

&nbsp;&nbsp;&nbsp;&nbsp; We are offering on a continuous basis up to $2,500,000,000 of our common shares of beneficial interest ("Common Shares"). We have submitted an application to the U.S. Securities and Exchange Commission ("SEC") for an exemptive order to permit us to offer multiple classes of shares. Subject to such relief, we will offer to sell any combination of three classes of Common Shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. Until such relief is granted, the Fund will only offer Class I Shares and will not issue Class D Shares or Class S Shares. There is no assurance that such exemptive relief will be granted by the SEC. The Fund may offer additional classes of Common Shares in the future. The share classes will have different ongoing shareholder servicing and/or distribution fees. Until the release of proceeds from escrow, the per share purchase price for Common Shares in our primary offering will be $25.00 per share. Thereafter, the purchase price per share for each class of Common Shares will equal our net asset value ("NAV") per share, as of the effective date of the monthly share purchase date. This is a "best efforts" offering, which means that Guggenheim Funds Distributors, LLC, the intermediary manager (the "Intermediary Manager") for this offering, will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in this offering.

&nbsp;&nbsp;&nbsp;&nbsp; We will accept purchase orders and hold investors' funds in an interest-bearing escrow account until we receive purchase orders for at least $100 million, excluding shares purchased by our Adviser, its affiliates and our trustees and officers, in any combination of purchases of Class S shares, Class D shares and Class I shares and our board of trustees has authorized the release to us of funds in the escrow account.

&nbsp;&nbsp;&nbsp;&nbsp; **Investing in our Common Shares involves a high degree of risk. See "Risk Factors" beginning on page 21 of this prospectus. Also consider the following:**

&nbsp;&nbsp;&nbsp;&nbsp;**•** **We have no prior operating history and there is no assurance that we will achieve our investment objectives.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **This is a "blind pool" offering and thus you will not have the opportunity to evaluate our investments before we make them.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **You should not expect to be able to sell your Common Shares regardless of how we perform.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **You should consider that you may not have access to the money you invest for an extended period of time.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **We do not intend to list our Common Shares on any securities exchange, and we do not expect a secondary market in our Common Shares to develop.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **You should purchase these securities only if you can afford a complete loss of your investment.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Because you may be unable to sell your Common Shares, you will be unable to reduce your exposure in any market downturn.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **We intend to implement a share repurchase program, but only a limited number of shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **An investment in our Common Shares is not suitable for you if you need access to the money you invest. Only investors who can tolerate a high degree of risk and potential for loss should invest in the Fund. See "Suitability Standards" and "Share Repurchase Program."** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **You will bear substantial fees and expenses in connection with your investment. See "Fees and Expenses."** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **We cannot guarantee that we will make distributions, and if we do, we may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or profits and (3) will have the effect of reducing the basis such that when a shareholder sells its Common Shares the sale may be subject to taxes even if the Common Shares are sold for less than the original purchase price.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **We expect to use leverage, which will magnify the potential for loss on amounts invested in us.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **We qualify as an "emerging growth company" as defined in the Jumpstart Our Business Startups Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common Shares less attractive to investors.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **We intend to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be illiquid and difficult to value.** 

&nbsp;&nbsp;&nbsp;&nbsp;**•** **We may invest in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities. Our investments in private investment funds subject us indirectly to the underlying risks of such private investment funds and additional fees and expenses. Private investment funds do not have the legal protection of mutual funds and are not required to disclose their holdings and financial information. Investing in private funds may also involve risks related to illiquidity, valuation and complex fee structures. See the subsection titled "Risk Factors—Our investments in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities, subject us indirectly to the underlying risks of such private investment funds and additional fees and expenses" for more information.** 

*________________*

**Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or conduct standards including the 'Regulation Best Interest' standard to any or all purchasers.**

ii

**The use of forecasts in this offering is prohibited. Any oral or written predictions about the amount or certainty of any cash benefits or tax consequences that may result from an investment in our Common Shares is prohibited. No one is authorized to make any statements about this offering different from those that appear in this prospectus.**

---

| | | |
|:---|:---|:---|
|  | **Offering**<br>**Price to**<br>**the Public<sup>(1)</sup>** | **Proceeds to**<br>**Us, Before**<br>**Expenses<sup>(2)</sup>** |
| Maximum Offering<sup>(3)</sup> | $2500000000 | $2500000000 |
| Class S Shares, per Share | $25.00 | $833333333 |
| Class D Shares, per Share | $25.00 | $833333333 |
| Class I Shares, per Share | $25.00 | $833333333 |
| Minimum Offering | $100000000 | $100000000 |

---

<sup>(1)</sup> The price per share shown will apply until funds are released to us from the escrow account. Thereafter, shares of each class of our Common Shares will be issued on a monthly basis at a price per share equal to the NAV per share for such class.

<sup>(2)</sup> No upfront sales load will be paid with respect to Class S shares, Class D shares or Class I shares, however, if you buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Pursuant to separate agreements with such financial intermediaries, during the Waiver Period (as defined below), the Adviser will bear the cost of any transaction or other fees, including upfront fees or brokerage commissions, that such financial intermediaries may charge you when purchasing our Common Shares. Selling agents will not charge such fees on Class I shares. We will also pay the following shareholder servicing and/or distribution fees to the Intermediary Manager, subject to Financial Industry Regulatory Authority, Inc. ("FINRA") limitations on underwriting compensation: (a) for Class S shares, a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class S shares and (b) for Class D shares only, a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class D shares, in each case, payable monthly. No shareholder servicing and/or distribution fees will be paid with respect to the Class I shares. The total amount that will be paid over time for other underwriting compensation depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of our investments. We will also pay or reimburse certain organization and offering expenses, including, subject to FINRA limitations on underwriting compensation, certain wholesaling expenses. See "Plan of Distribution" and "Use of Proceeds." The total underwriting compensation and total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from this offering. Proceeds are calculated before deducting shareholder servicing and/or distribution fees or organization and offering expenses payable by us, which are paid over time.

<sup>(3)</sup> The table assumes that all Common Shares are sold in the primary offering, with 1/3 of the gross offering proceeds from the sale of Class S shares, 1/3 from the sale of Class D shares, and 1/3 from the sale of Class I shares. The number of Common Shares of each class sold and the relative proportions in which the classes of Common Shares are sold are uncertain and may differ significantly from this assumption.

*________________*

&nbsp;&nbsp;&nbsp;&nbsp; This prospectus contains important information you should know before investing in the Common Shares. Please read this prospectus before investing and keep it for future reference. We also file periodic and current reports, proxy statements and other information about us with the SEC. This information is available free of charge by contacting us 330 Madison Avenue, New York, NY 10017, calling us at (800) 345-7999 or visiting our corporate website located at www.guggenheiminvestments.com. Information on our website is not incorporated into or a part of this prospectus. The SEC also maintains a website at http://www.sec.gov that contains this information.

The date of this prospectus is [ ], 2026

iii

**SUITABILITY STANDARDS**

&nbsp;&nbsp;&nbsp;&nbsp; Common Shares offered through this prospectus are suitable only as a long-term investment for persons of adequate financial means such that they do not have a need for liquidity in this investment. We have established financial suitability standards for initial shareholders in this offering which require that a purchaser of Common Shares have either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a gross annual income of at least $70,000 and a net worth of at least $70,000, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a net worth of at least $250,000.

&nbsp;&nbsp;&nbsp;&nbsp; For purposes of determining the suitability of an investor, net worth in all cases should be calculated excluding the value of an investor's home, home furnishings and automobiles. In the case of sales to fiduciary accounts, these minimum standards must be met by the beneficiary, the fiduciary account or the donor or grantor who directly or indirectly supplies the funds to purchase the Common Shares if the donor or grantor is the fiduciary.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, we will not sell Common Shares to investors in the states named below unless they meet special suitability standards set forth below:

&nbsp;&nbsp;&nbsp;&nbsp; **Alabama**—Alabama investors must have either (i) a minimum of $100,000 annual gross income and a net worth of $100,000, or (ii) a net worth of at least $350,000. In addition, an Alabama investor's aggregate investment in us and other non-traded direct participation programs shall not exceed 10% of such investor's liquid net worth at the time of investment in us. This concentration limit does not apply to investments made as a result of participation in a distribution reinvestment program nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended. Liquid net worth is defined as that portion of net worth consisting of cash, cash equivalents and readily marketable securities.

&nbsp;&nbsp;&nbsp;&nbsp; **California**—California residents, in addition to the suitability standards set forth above, must have either (a) a liquid net worth of $70,000 and annual gross income of $70,000 or (b) a liquid net worth of $300,000. Additionally, California residents may not invest more than 10% of their liquid net worth in us. Investors who are accredited investors as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act") are not subject to the foregoing investment concentration limit.

&nbsp;&nbsp;&nbsp;&nbsp; **Idaho**—Purchasers residing in Idaho must have either (a) both an annual gross income and net worth of $100,000 or (b) a minimum net worth of $350,000.

&nbsp;&nbsp;&nbsp;&nbsp; **Iowa**—Iowa investors must (i) have either (a) an annual gross income of at least $100,000 and a net worth of at least $100,000, or (b) a net worth of at least $350,000 (net worth should be determined exclusive of home, auto and home furnishings); and (ii) limit their aggregate investment in this offering and in the securities of other non-traded business development companies ("BDCs") to 10% of such investor's liquid net worth (liquid net worth should be determined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities). Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit.

&nbsp;&nbsp;&nbsp;&nbsp; **Kansas**—It is recommended by the Office of the Securities Commissioner that Kansas investors limit their aggregate investment in our securities and other similar investments to not more than 10% of their liquid net worth. For these purposes, liquid net worth shall be defined as that portion of total net worth (total assets minus total liabilities) that is comprised of cash, cash equivalents and readily marketable securities.

&nbsp;&nbsp;&nbsp;&nbsp; **Kentucky**—A Kentucky investor may not invest more than 10% of its liquid net worth in us or our affiliates. "Liquid net worth" is defined as that portion of net worth that is comprised of cash, cash equivalents and readily marketable securities.

&nbsp;&nbsp;&nbsp;&nbsp; **Maine**—The Maine Office of Securities recommends that an investor's aggregate investment in this offering and similar direct participation investments not exceed 10% of the investor's liquid net worth. For this purpose, "liquid net worth" is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities.

&nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts**—Massachusetts investors must have either (a) a minimum liquid net worth of $100,000 and a minimum annual gross income of $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities. In addition, a Massachusetts investor's investment in us, our affiliates and other non-publicly-traded direct investment

iv

programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of his or her liquid net worth.

&nbsp;&nbsp;&nbsp;&nbsp; **Missouri**—In addition to the suitability standards set forth above, no more than ten percent (10%) of any one (1) Missouri investor's liquid net worth shall be invested in Guggenheim Investments Private Credit Fund.

&nbsp;&nbsp;&nbsp;&nbsp; **Nebraska**—Nebraska investors must have (i) either (a) an annual gross income of at least $70,000 and a net worth of at least $70,000, or (b) a net worth of at least $250,000; and (ii) Nebraska investors must limit their aggregate investment in this offering and the securities of other business development companies to 10% of such investor's net worth. Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing investment concentration limit.

&nbsp;&nbsp;&nbsp;&nbsp; **New Jersey**—New Jersey investors must have either (a) a minimum liquid net worth of $100,000 and a minimum annual gross income of $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities. In addition, a New Jersey investor's investment in us, our affiliates and other non-publicly-traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of his or her liquid net worth.

&nbsp;&nbsp;&nbsp;&nbsp; **New Mexico**—In addition to the general suitability standards listed above, a New Mexico investor may not invest, and we may not accept from an investor more than ten percent (10%) of that investor's liquid net worth in shares of us, our affiliates and in other non-traded business development companies. Liquid net worth is defined as that portion of net worth which consists of cash, cash equivalents and readily marketable securities. This requirement shall not apply to any person that is an accredited investor as defined by Rule 501(a) of Regulation D.

&nbsp;&nbsp;&nbsp;&nbsp; **North Dakota**—Purchasers residing in North Dakota must have a net worth of at least ten times their investment in us.

&nbsp;&nbsp;&nbsp;&nbsp; **Ohio**—It is unsuitable for Ohio residents to invest more than 10% of their liquid net worth in the issuer, affiliates of the issuer and other non-traded BDCs. "Liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings and automobiles minus total liabilities) comprised of cash, cash equivalents, and readily marketable securities. This condition does not apply, directly or indirectly, to federally covered securities.

&nbsp;&nbsp;&nbsp;&nbsp; **Oklahoma**—Purchasers residing in Oklahoma may not invest more than 10% of their liquid net worth in us.

&nbsp;&nbsp;&nbsp;&nbsp; **Oregon**—In addition to the suitability standards set forth above, Oregon investors may not invest more than 10% of their liquid net worth in us. Liquid net worth in Oregon is defined as net worth excluding the value of the investor's home, home furnishings and automobile.

&nbsp;&nbsp;&nbsp;&nbsp; **Puerto Rico**—Purchasers residing in Puerto Rico may not invest more than 10% of their liquid net worth in us, our affiliates and other non-traded business development companies. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles minus total liabilities) consisting of cash, cash equivalents and readily marketable securities.

&nbsp;&nbsp;&nbsp;&nbsp; **Tennessee**—Purchasers residing in Tennessee must have a liquid net worth of at least ten times their investment in us. Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit.

&nbsp;&nbsp;&nbsp;&nbsp; **Vermont**—Accredited investors in Vermont, as defined in 17 C.F.R. §230.501, may invest freely in this offering. In addition to the suitability standards described above, non-accredited Vermont investors may not purchase an amount in this offering that exceeds 10% of the investor's liquid net worth. For these purposes, "liquid net worth" is defined as an investor's total assets (not including home, home furnishings or automobiles) minus total liabilities.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser, those selling Common Shares on our behalf, and participating brokers and registered investment advisers recommending the purchase of Common Shares in this offering are required to make every reasonable effort to determine that the purchase of Common Shares in this offering is a suitable and appropriate investment for each investor based on information provided by the investor regarding the investor's financial situation and investment objectives and must maintain records for at least six years after the information is used to determine that an investment in our Common Shares is suitable and appropriate for each investor. In making this determination, the

v

participating broker, registered investment adviser, authorized representative or other person selling Common Shares will, based on a review of the information provided by the investor, consider whether the investor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meets the minimum income and net worth standards established in the investor's state;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• can reasonably benefit from an investment in our Common Shares based on the investor's
overall investment objectives and portfolio structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is able to bear the economic risk of the investment based on the investor's overall
financial situation, including the risk that the investor may lose its entire investment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• has an apparent understanding of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fundamental risks of the investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the lack of liquidity of our Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the background and qualification of our Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the tax consequences of the investment.

&nbsp;&nbsp;&nbsp;&nbsp; In addition to investors who meet the minimum income and net worth requirements set forth above, our Common Shares may be sold to financial institutions that qualify as "institutional investors" under the state securities laws of the state in which they reside. "Institutional investor" is generally defined to include banks, insurance companies, investment companies as defined in the 1940 Act, pension or profit sharing trusts and certain other financial institutions. A financial institution that desires to purchase Common Shares will be required to confirm that it is an "institutional investor" under applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp; In addition to the suitability standards established herein, (i) a participating broker may impose additional suitability requirements and investment concentration limits to which an investor could be subject and (ii) various states may impose additional suitability standards, investment amount limits and alternative investment limitations.

&nbsp;&nbsp;&nbsp;&nbsp; Broker-dealers must comply with Regulation Best Interest, which, among other requirements, enhances the existing standard of conduct for broker-dealers and establishes a "best interest" obligation for broker-dealers and their associated persons when making recommendations of any securities transaction or investment strategy involving securities to a retail customer. The obligations of Regulation Best Interest are in addition to, and may be more restrictive than, the suitability requirements listed above. When making such a recommendation to a retail customer, a broker-dealer must, among other things, act in the best interest of the retail customer at the time a recommendation is made, without placing its interests ahead of its retail customer's interests. A broker-dealer may satisfy the best interest standard imposed by Regulation Best Interest by meeting disclosure, care, conflict of interest and compliance obligations. In addition to Regulation Best Interest and any state fiduciary standards of care, registered investment advisers and registered broker-dealers must provide a brief summary to retail investors. Regulation Best Interest imposes a duty of care for broker-dealers to evaluate reasonably available alternatives in the best interests of their clients. There are likely alternatives to us that are reasonably available to you, through your broker or otherwise, and those alternatives may be less costly or have a lower investment risk. Among other alternatives, listed BDCs may be reasonable alternatives to an investment in our common stock, and may feature characteristics like lower cost, less complexity, and lesser or different risks. Investments in listed securities also often involve nominal or zero commissions at the time of initial purchase. Regulation Best Interest also requires registered investment advisers and registered broker-dealers to provide a brief relationship summary to retail investors. This relationship summary, referred to as Form CRS, is not a prospectus. Investors should refer to the prospectus for detailed information about this offering before deciding to purchase Common Shares. Currently, there is no administrative or case law interpreting Regulation Best Interest and the full scope of its applicability on brokers participating in our offering cannot be determined at this time. In addition to Regulation Best Interest, certain states, including Massachusetts, have adopted or may adopt state-level standards that seek to further enhance the broker-dealer standard of conduct to a fiduciary standard for all broker-dealer recommendations made to retail customers in their states. In comparison to the standards of Regulation Best Interest, the Massachusetts fiduciary standard, for example, requires broker-dealers to adhere to the duties of utmost care and loyalty to customers. The Massachusetts standard requires a broker-dealer to make recommendations without regard to the financial or any other interest of any party other than the retail customer, and that broker-dealers must make all reasonably practicable efforts to avoid conflicts of interest, eliminate conflicts that cannot reasonably be avoided, and mitigate conflicts that cannot reasonably be avoided or eliminated.

vi

**ABOUT THIS PROSPECTUS**

Please carefully read the information in this prospectus and any accompanying prospectus supplements, which we refer to collectively as the "prospectus." You should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with different information. This prospectus may only be used where it is legal to sell these securities. You should not assume that the information contained in this prospectus is accurate as of any date later than the date hereof or such other dates as are stated herein or as of the respective dates of any documents or other information incorporated herein by reference.

We will disclose the NAV per share of each class of our Common Shares for each month when available on our website at www.guggenheiminvestments.com. Information contained on our website is not incorporated by reference into this prospectus, and you should not consider that information to be part of this prospectus.

The words "we," "us," "our," the "Company," and the "Fund" refer to Guggenheim Investments Private Credit Fund.

Unless otherwise noted, numerical information relating to Guggenheim is approximate as of September 30, 2025.

Citations included herein to industry sources are used only to demonstrate third-party support for certain statements made herein to which such citations relate. Information included in such industry sources that do not relate to supporting the related statements made herein are not part of this prospectus and should not be relied upon.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This prospectus contains forward-looking statements about our business, including, in particular, statements about our plans, strategies and objectives. You can generally identify forward-looking statements by our use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar words. These statements include our plans and objectives for future operations (including plans and objectives relating to future growth and availability of funds) expectations for current or future investments, and expectations for market and other macroeconomic trends, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond our control. Although we believe the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and our actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans, which we consider to be reasonable, will be achieved.

You should carefully review the "Risk Factors" section of this prospectus for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

vii

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
|  | **Page** |
| SUITABILITY STANDARDS | iv |
| ABOUT THIS PROSPECTUS | vii |
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS | vii |
| PROSPECTUS SUMMARY | 1 |
| FEES AND EXPENSES | 19 |
| RISK FACTORS | 21 |
| USE OF PROCEEDS | 64 |
| PLAN OF OPERATION | 66 |
| PRINCIPAL INVESTMENT OBJECTIVES AND STRATEGIES | 71 |
| MANAGEMENT OF THE FUND | 79 |
| PORTFOLIO MANAGEMENT | 87 |
| INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT | 89 |
| POTENTIAL CONFLICTS OF INTEREST | 94 |
| CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS | 101 |
| DISTRIBUTIONS | 102 |
| DESCRIPTION OF OUR SHARES | 103 |
| DETERMINATION OF NET ASSET VALUE | 113 |
| PLAN OF DISTRIBUTION | 115 |
| HOW TO SUBSCRIBE | 119 |
| SHARE REPURCHASE PROGRAM | 122 |
| DISTRIBUTION REINVESTMENT PLAN | 123 |
| REGULATION | 124 |
| CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS | 128 |
| CERTAIN ERISA CONSIDERATIONS | 133 |
| CUSTODIAN, TRANSFER AND DISTRIBUTION PAYING AGENT AND REGISTRAR | 136 |
| BROKERAGE ALLOCATION AND OTHER PRACTICES | 136 |
| EXPERTS | 136 |
| LEGAL MATTERS | 137 |
| AVAILABLE INFORMATION | 137 |
| WEBSITE DISCLOSURE | 137 |
| PRIVACY POLICY | 138 |
| INDEX TO FINANCIAL STATEMENTS | F-1 |
| APPENDIX A: FORM OF SUBSCRIPTION AGREEMENT | A-1 |

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viii

**PROSPECTUS SUMMARY**

*This prospectus summary highlights certain information contained elsewhere in this prospectus. This is only a summary of all material information and it may not contain all of the information that is important to you. Before deciding to invest in this offering, you should carefully read this entire prospectus, including the "Risk Factors" section.*

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| **Q:** | **What is Guggenheim Investments Private Credit Fund?** |

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| **A:** | We are a Delaware statutory trust formed on March 6, 2025. We are a non-diversified, closed-end management investment company that intends to elect to be regulated as a BDC under the 1940 Act. We are externally managed by Guggenheim Private Investments, LLC (the "Adviser"), an affiliate of Guggenheim Partners, LLC ("Guggenheim"). The Bank of New York Mellon (the "Administrator") is the administrator of the Fund. |

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| **Q:** | **Who is Guggenheim?** |

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| **A:** | Guggenheim is a leading U.S.-based asset manager with over $248.3 billion in assets under management (as of December 31, 2025). Its investment platform spans fixed income, alternatives, and equity asset management, with particular expertise in serving institutional and insurance company clients. The firm's foundational strengths lie in active fixed-income management, originating credit assets, and delivering bespoke investment solutions tailored to client needs. Guggenheim's disciplined, team-based approach emphasizes loss avoidance and risk-adjusted returns, leveraging deep sector specialization and proprietary research across market segments. |

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Guggenheim employs a highly skilled team of over 222 investment professionals and more than 828 total employees globally. The firm's investment teams are led by portfolio managers with an average of 18+ years of experience (as of December 31, 2025), ensuring deep expertise and steady leadership. Its collaborative, team-based structure minimizes biases and "star manager" risks while fostering a culture of innovation and meticulous research to deliver consistent performance for clients.

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| **Q:** | **What are your investment objectives?** |

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| **A:** | Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. |

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| **Q:** | **What is your investent strategy?** |

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|:---|:---|
| **A:** | The Fund will seek to meet its investment objectives by investing in a portfolio consisting primarily of highly negotiated debt investments in middle market and upper-middle market companies, consisting of loans (primarily senior secured) but also including bonds and other debt instruments, along with associated equity kickers (*i.e.,* a financial incentive in the form of a warrant or option, usually attached to a debt instrument, that grants the lender, such as the Fund, a share of the borrower's equity), securities with equity-like characteristics and other equity investments. The term "middle market" refers to borrowers with earnings before interest, taxes, depreciation and amortization ("EBITDA") of less than $75 million and "upper-middle market" generally refers to borrowers with EBITDA between $75 million and $250 million. |

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The Fund will target private debt investments in a variety of transactions, including leveraged buyouts, refinancings, acquisitions, recapitalizations and later-stage growth financings, and will be permitted to invest a limited portion of its assets in syndicated bank loans, as further described herein.

Our investment strategy also includes an allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We intend to use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns.

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| **Q:** | **What types of investments do you intend to make?** |

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| **A:** | Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments. The term "private credit investments" means credit and credit-related instruments issued in private offerings and/or by private companies and includes loans, |

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bonds, structured credit and other credit instruments. Once a substantial portion of the offering proceeds is invested, under normal circumstances, we anticipate that the majority of our portfolio will consist of privately originated and negotiated investments.

Our primary focus will be directly or indirectly investing in U.S. private companies in the middle market and upper-middle market in the form of first lien and senior secured loans. We will also occasionally invest in second lien and subordinated loans (including loans that rank senior only to a borrower's equity securities and rank junior to all of such borrower's other indebtedness in priority of payment) of private companies. Such investments may also include investments in collateralized loan obligations ("CLOs"), asset-backed securities and other structured credit products.

Additionally, we may invest in:

&nbsp;&nbsp;&nbsp;&nbsp;• Credit Secondaries, GP-led and Fund Secondaries (collectively, "Secondaries Investments"):
We will opportunistically acquire credit secondaries (*i.e.,* interests in credit-oriented private equity vehicles acquired from
their original holder in a secondary transaction), including interests in private credit portfolios, directly originated loans, and structured
credit transactions. Additionally, we may invest in general partner ("GP")-led secondary transactions (*i.e.,* transactions
led by a credit-oriented private equity vehicle's GP in order to provide liquidity for limited partners or to extend the holding
period of certain underlying assets), including continuation funds (a type of GP-led secondary transaction involving the formation of
a new investment vehicle with the purposes of acquiring assets from an expiring private equity vehicle), providing liquidity solutions
to private equity sponsors seeking to extend the holding period of high-quality assets. Fund secondaries may also be considered, particularly
those backed by high-quality private credit portfolios that align with our investment strategy. Such Secondaries Investments may be acquired
at a discount to their reported fair value, which may result in unrealized gains at the time the Fund next calculates its NAV. See the
subsection below titled "Risk Factors—Risks Associated with Secondaries Investments" for more information.

&nbsp;&nbsp;&nbsp;&nbsp;• Broadly Syndicated Loans.

To a lesser extent, we will also invest in publicly traded securities of large corporate issuers (*e.g.,* publicly traded debt securities) termed "Opportunistic Credit." These liquid investments serve to maintain liquidity for our share repurchase program and cash management while also offering potential for attractive returns. While our primary focus is on U.S. private companies, we may also invest in European and other non-U.S. companies, adhering to the requirement that at least 70% of our assets are invested in "eligible portfolio companies." We are not restricted by company size or capitalization in our investment selections. Subject to the limitations of the 1940 Act, we may invest in loans or other securities that refinance or repay debt or securities of companies whose debt is owned by other affiliated funds. We generally intend to co-invest with other affiliated funds, in accordance with applicable regulations and exemptive relief granted by the SEC. This strategy is designed to provide investors with current income and downside protection through a diversified portfolio of private credit investments while maintaining flexibility to adapt to evolving market opportunities.

Under normal circumstances, we expect to make investments that typically will have position sizes under 1% of our portfolio, on average. Selectively, we may invest more than 1% of our portfolio in specific portfolio companies and generally expect that the size of our individual investments will vary proportionately with the size of our capital base, particularly during the Fund's ramp-up period. After we have invested a significant portion of our proceeds from this offering, under normal circumstances, we expect that a significant portion (i.e., up to approximately 25%) of our investments in non-broadly syndicated loans may have a payment-in-kind ("PIK") component, and the target effective interest rate, including from PIK interest, after accounting for all associated costs (i.e., "all-in margins") of our non-broadly syndicated loans are between approximately 4.50% and 6.00%. Under normal circumstance, our target discount rates for the original issue discount ("OID") instruments in which we may invest are between 0% to 2.00%.

In alignment with Guggenheim's investment philosophy, our debt investment strategy emphasizes flexibility and a focus on floating interest rate instruments. We primarily invest in senior secured loans and unitranche loans with stated maturities typically ranging from five to eight years. For mezzanine, unsecured, or subordinated debt investments, maturities may extend up to ten years. Despite these terms, we anticipate an average holding period of approximately three to five years for our debt investments because of debt repayment either via refinancing or repayments from cash flow. We do not impose strict limits on the maturity or duration of the securities in our portfolio, allowing us to adapt to diverse investment opportunities. Additionally, loans and securities acquired in the secondary market generally have shorter remaining maturities compared to newly issued investments. We expect that a significant portion of our debt investments will be unrated; however, when ratings are available from nationally recognized statistical rating organizations, these instruments are generally anticipated to be below investment grade (rated lower than 'Baa3' by Moody's Investors Service, Inc. or 'BBB-' by S&P Global Ratings).

We expect that our unrated debt investments will generally have credit quality consistent with below investment grade securities. In connection with our investments in CLOs, we will generally have the right to receive payments only from the CLOs, and will generally not have direct rights against the underlying borrowers or entities that sponsored the CLOs.

We may, but are not required to, enter into interest rate, foreign exchange or other derivative agreements to hedge interest rate, currency, credit or other risks, but we do not generally intend to enter into any such derivative agreements for speculative purposes. Any derivative agreements entered into for speculative purposes are not expected to be material to our business or results of operations. These hedging activities, which will be in compliance with applicable legal and regulatory requirements, may include the use of futures, options and forward contracts. We will bear the costs incurred in connection with entering into, administering and settling any such derivative contracts. There can be no assurance any hedging strategy we employ will be successful.

Our investments are subject to a number of risks, including risks related to potential concentration in the software industry. Such a concentration can be amended at the discretion of the Fund and the Adviser. See "Investment Objectives and Strategies" and "Risk Factors."

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| **Q:** | **What is an originated loan?** |

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|:---|:---|
| **A:** | An originated loan is a loan where we source and lend directly to the borrower and hold the loan to exit / realization. This is distinct from a syndicated loan, which is generally underwritten by a bank and then syndicated, or sold, in several pieces to other investors. Originated loans are generally held until maturity or until they are refinanced by the borrower. Syndicated loans, unlike originated loans, often have liquid markets and can be traded by investors. |

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| **Q:** | **Why do you intend to invest in liquid credit investments in addition to originated loans?** |

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|:---|:---|
| **A:** | We believe that our liquid credit investments will help maintain liquidity, satisfy any share repurchases we choose to make and manage cash before investing subscription proceeds into originated loans while also seeking attractive investment returns. |

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| **Q:** | **What potential strengths does the Adviser offer?** |

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|:---|:---|
| **A:** | Since 2002, Guggenheim has been originating private debt investments for its portfolios. Guggenheim's entry into the private debt market was based on its belief that a privately negotiated debt transaction offered a more attractive combination of risk and return than was available in the more liquid loan and high-yield bond markets. With that relative value focus in mind, Guggenheim has invested over $29 billion in over 550 privately negotiated investments over the last 23 years (as of June 30, 2025). We continue to believe that private debt offers a compelling opportunity to achieve a more attractive risk-adjusted return today than is generally available in the liquid credit markets. |

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Guggenheim intends to utilize the same credit-intensive, bottom-up research approach with respect to the Fund that is the foundation of Guggenheim's fundamental fixed income investing. For the Fund,

Guggenheim will seek to invest in growing businesses that have demonstrated durable competitive advantages with capable management. We believe these companies generally possess distinguishing business characteristics such as a leading competitive position in a well-defined market niche, unique brands, sustainable profitability and cash flow, experienced management and well-defined managerial controls. A critical criterion for selecting investments is preservation of invested capital. Accordingly, Guggenheim will generally seek to invest in situations where it believes the enterprise value (the "EV" or "Enterprise Value") of a company comfortably exceeds the value of a given debt claim within the company's capital structure (e.g., first lien bank debt, second lien bank debt or unsecured debt). Guggenheim defines the EV of a company as all debt (implicit or explicit) plus the value of all equity securities less cash and cash equivalents. Guggenheim also believes that the amount of discount relative to EV at the time of investment (i.e., low loan to value ratio) is a critical factor in generating returns primarily from income and secondarily from capital appreciation.

With the goal of supporting our investment strategy, Guggenheim has developed a disciplined investment process, which includes substantial due diligence, collaborative discussions, detailed financial models and thorough Investment Committee (as defined below) review. In addition, Guggenheim's investment professionals monitor portfolio companies through financial reviews, industry analysis and regular discussions with management, ownership and industry participants.

While the Fund will have a focus on secured debt, the Adviser will maintain the flexibility to invest throughout much of the capital structure, from senior debt to equity and securities with equity-like characteristics when appropriate, which broadens the opportunity set. Often, borrowers require financing that does not fit squarely into the traditional lending criteria of commercial banks or other lenders and is not large enough for the broadly syndicated loan and high-yield bond markets. In these situations, Guggenheim has been successful in tailoring financing solutions to meet the borrowers' needs. Furthermore, we believe Guggenheim's ability to partner with other Guggenheim-managed funds or accounts in making investments will enable the Fund to participate in larger transactions than would otherwise be possible. See "Regulation – Exemptive Relief." We believe this collective funding capacity expands the market opportunity and allows Guggenheim to invest its clients in larger, more complex transactions with attractive risk-adjusted return characteristics.

In our view, Guggenheim has differentiated itself from other lenders by providing creative financing solutions to borrowers that company owners (i.e., founder, private equity or public shareholders) value due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A willingness to evaluate complex transactions that other capital providers are less willing
to analyze.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to finance entire capital structures, with Guggenheim representing the sole lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The flexibility to create financing solutions that are outside of most lenders' typical
"box" and are tailored to the borrower's specific needs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The analytical resources that allow us to perform due diligence quickly and commit to a term
sheet and fund the investment within a short time frame.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A high level of certainty related to closing once we have completed due diligence.

Guggenheim believes that these competitive strengths will help enable us to execute on a large quantity of what we consider high-quality investment opportunities. The prevailing economic climate and credit market volatility will serve to enhance our ability to do so over the coming years.

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| **Q:** | **What is the market opportunity?** |

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| **A:** | We believe that the market opportunity in direct lending and private credit remains substantial in today's environment. As of June 2024, according to Preqin, global private equity firms have accumulated approximately $2.6 trillion in "dry powder", which is committed capital that remains undeployed. |

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Assuming a typical loan-to-value ratio of approximately 60% on private equity transactions, this dry powder represents roughly a $3.5 trillion opportunity for credit providers.

At the same time, the broadly syndicated loan market has historically averaged around $371 billion in annual issuance. Over a three-year deployment horizon, these dynamics reveal a significant financing gap. This gap is compounded by the evolving landscape in which traditional commercial banks are increasingly constrained by regulatory and balance sheet limitations, and the syndicated market is often unable to fully service the capital requirements of large private equity transactions.

In response, we see a compelling opportunity to partner with banks that are actively seeking to supplement their lending capabilities. By collaborating with these financial institutions, we can jointly provide the comprehensive capital solutions that private equity sponsors require. Our platform is designed to leverage our deep underwriting expertise and scale to address this gap meeting the significant financing needs of borrowers and taking advantage of favorable risk-adjusted returns in the current market.

In summary, we believe our strategy positions us to effectively capitalize on the sizeable market opportunity driven by robust private equity dry powder and the limitations of traditional syndicated lending, through strategic partnerships with banks and the deployment of scalable direct lending solutions.

Guggenheim has a specific focus in the middle market (which we define as borrowers with less than $75 million of EBITDA) and upper-middle market (which generally refers to borrowers with between $75 million and $250 million of EBITDA). The middle market is unique in its size and contribution to U.S. gross domestic product, as middle market companies represent a large segment of the economy and are expected to account for one-third of U.S. private sector employment. The middle market has historically been an attractive source of financing opportunities to private lenders and the potential growth of middle market companies is expected to drive an ongoing need for credit in the future. Furthermore, Guggenheim believes upper-middle market borrowers often present more attractive risk/reward as their size and scale makes them better able to withstand market and economic downturns.

We also believe that senior secured loans provide an attractive opportunity because of the defensive characteristics of the asset class. While all asset classes have inherent risks, senior secured debt is on top of the capital structure and thus has priority in payment among an issuer's security holders (i.e., senior lenders receive payments before all other capital providers including junior creditors and equityholders). Further, these investments are secured by substantially all of the issuer's assets, which may be monetized in the event of a default, if necessary. Senior secured debt often has restrictive covenants, providing principal protection and preserving collateral to protect against credit deterioration.

As the credit markets and economy evolve over the coming years, Guggenheim believes that having the scale to source and underwrite transactions across the yield and capital structure spectrum provides investors with greater flexibility to take advantage of opportunities in any credit cycle.

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| **Q:** | **How do you identify investments?** |

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| **A:** | The Corporate Credit platform provides the private debt team with real-time market intelligence with the goal of allowing the Fund to identify potential privately negotiated investments originating from the syndicated middle market (e.g., a private recapitalization of a syndicated loan) and facilitating proper risk-adjusted pricing. Our focus on relative value across the corporate credit spectrum influences how we analyze private debt investments and when we choose to make such investments. Guggenheim takes a selective approach, striving to only invest in private debt when there is a clear illiquidity premium and a better package of risk/return than we believe is available in the liquid credit markets. Over the last several years, Guggenheim has reviewed thousands of private debt transactions and typically closes on only a fraction of the investment opportunities reviewed into our private debt vehicles. |

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We believe the scale and integration of Guggenheim's Corporate Credit platform creates attractive sourcing opportunities for the Fund. Guggenheim also works with a variety of relationships including banks, direct lenders, and sponsors to source direct loans. Guggenheim's multifaceted relationships coupled with more than 1,500 existing credit positions held across the platform assist the origination

team in identifying what we view as attractive opportunities to provide capital and offer proprietary solutions to borrowers. Often, by virtue of existing credit positions in syndicated loans or high-yield bonds, Guggenheim develops relationships with management and ownership providing for the opportunity to proactively offer private debt solutions. We believe this network allows Guggenheim to find potential financing opportunities in companies not already owned by private equity firms. It also provides research analysts with a network of industry experts that they can draw on for valuable information to aid in assessing risk while underwriting a transaction.

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| **Q:** | **Will you use leverage?** |

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| **A:** | Yes. To seek to enhance our returns, we use and continue to expect to use leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act. As a BDC, we generally are required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred shares that we may issue in the future, of at least 150%. While we intend to target a leverage ratio of 1.25x to 1.50x debt-to-equity, this limitation will not prevent us from incurring additional leverage or otherwise exceeding such leverage ratio to the full extent permissible under the 1940 Act. We use and continue to expect to use leverage in the form of borrowings, including loans from certain financial institutions and issuances of debt securities. We may also use leverage in the form of the issuance of preferred shares or by using reverse repurchase agreements or similar transactions and derivatives, including credit default swaps. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings, as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Fund. Additionally, some of our portfolio companies may be highly leveraged, which may have adverse consequences to these companies and to us as an investor. |

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| **Q:** | **What is the allocation policy of Guggenheim?** |

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| **A:** | Guggenheim, including the Adviser, provides investment management services to other registered investment companies, investment funds, client accounts and proprietary accounts that Guggenheim may establish (other than the Fund) (the "Other Clients"). See "Potential Conflicts of Interest." |

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Guggenheim will share any investment and sale opportunities with its other clients and the Fund in accordance with the Investment Advisers Act of 1940, as amended (the "Advisers Act") and firm-wide allocation policies, which govern the allocation of investment opportunities among clients in a fair and equitable manner, taking into account the needs and investment objectives of the clients as well as prevailing market conditions.

In addition, as a BDC regulated under the 1940 Act, the Fund is subject to certain limitations relating to co-investments and joint transactions with affiliates, which likely in certain circumstances limit the Fund's ability to make investments or enter into other transactions alongside other clients.

We intend to co-invest with certain affiliates of the Adviser. Guggenheim has received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons, including certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us, but the Adviser will be required to report such investment and the rationale for its determination for us to not participate in the investment to the Fund's board of trustees (the "Board" or "Board of Trustees" and each member of the Board of Trustees, a "Trustee") at the next quarterly board meeting.

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| **Q:** | **How is an investment in shares of your Common Shares different from an investment in shares of listed BDCs?** |

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| **A:** | An investment in our Common Shares generally differs from an investment in listed BDCs in a number of ways, including: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shares of listed BDCs are priced by the trading market, which is influenced generally by
numerous factors, not all of which are related to the underlying value of the entity's assets and liabilities. Our

Board of Trustees, rather than the "market," determined the initial offering price of our shares in its sole discretion after considering the initial public offering prices per share of other blind pool non-traded BDCs. The estimated value of our assets and liabilities will be used to determine our net asset value ("NAV") following the date on which we break escrow for this offering. As a result, non-traded BDCs are generally less volatile and more closely correlated with the values of their underlying loans as opposed to other conditions that may impact public markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment in our Common Shares has limited or no liquidity outside of our share repurchase
program and our share repurchase program may be amended or suspended at the discretion of the Board of Trustees at any time (including
to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the best interest of shareholders, such
as when a repurchase offer would place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact
on us that would outweigh the benefit of the repurchase offer. In contrast, an investment in a listed BDC is a liquid investment, as
shares can be sold on an exchange at any time the exchange is open.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Listed BDCs may be reasonable alternatives to the Fund and may be less costly and less complex
with fewer and/or different risks than we have. Such listed BDCs will likely have a longer track record that investors can evaluate and
transactions for listed securities often involve nominal or no commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlike the offering of a listed BDC, this offering will be registered in every state in which
we are offering and selling Common Shares. As a result, we include certain limits in our governing documents that are not typically provided
for in the charter of a listed BDC. For example, our charter may limit the fees we may pay to the Adviser. A listed BDC does not typically
provide for these restrictions within its charter. A listed BDC is, however, subject to the governance requirements of the exchange on
which its shares are traded, including requirements relating to its board of trustees, audit committee, independent trustee oversight
of executive compensation and the trustee nomination process, code of conduct, shareholder meetings, related party transactions, shareholder
approvals and voting rights.

Although we expect to follow many of these same governance guidelines, there is no requirement that we do so unless it is required for other reasons. Both listed BDCs and non-traded BDCs are subject to the requirements of the 1940 Act and the Securities Exchange Act of 1934, as amended (the "Exchange Act").

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| | |
|:---|:---|
| **Q:** | **For whom may an investment in your Common Shares be appropriate?** |

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| | |
|:---|:---|
| **A:** | An investment in our Common Shares may be appropriate for you if you: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• meet the minimum suitability standards described above under "Suitability Standards;"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to allocate a portion of your investment portfolio to a direct investment vehicle with
an income- oriented portfolio of primarily U.S. credit investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• seek to receive current income through regular distribution payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• wish to obtain the potential benefit of long-term capital appreciation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are able to hold your Common Shares as a long-term investment and do not need liquidity from
your investment in the near future.

We cannot assure you that an investment in our Common Shares will allow you to realize any of these objectives. An investment in our Common Shares is only intended for investors who do not need the ability to sell their Common Shares in the near future since we are not obligated to offer to repurchase any of our Common Shares in any particular quarter. See "Share Repurchase Program."

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| | |
|:---|:---|
| **Q:** | **Are there any non-investment related risks involved in buying your Common Shares?** |

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| | |
|:---|:---|
| **A:** | Investing in our Common Shares involves a high degree of risk. If we are unable to effectively manage the impact of these risks, we may not meet our investment objectives and, therefore, you should purchase our |

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Common Shares only if you can afford a complete loss of your investment. An investment in our Common Shares involves significant risks and is intended only for investors with a long-term investment horizon and who do not require immediate liquidity or guaranteed income. Some of the more significant risks relating to an investment in our Common Shares include those listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have no prior operating history and there is no assurance that we will achieve our investment
objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This is a "blind pool" offering and thus you will not have the opportunity to
evaluate our investments before we make them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should not expect to be able to sell your Common Shares regardless of how we perform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You should consider that you may not have access to the money you invest for an extended
period of time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We do not intend to list our Common Shares on any securities exchange, and we do not expect
a secondary market in our Common Shares to develop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because you may be unable to sell your Common Shares, you will be unable to reduce your exposure
in any market downturn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We intend to implement a share repurchase program, but only a limited number of Common Shares
will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An investment in our Common Shares is not suitable for you if you need access to the money
you invest. See "Suitability Standards" and "Share Repurchase Program."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will bear substantial fees and expenses in connection with your investment. See "Fees
and Expenses."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We cannot guarantee that we will make distributions, and if we do, we may fund such distributions
from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds,
and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts
we may pay from such sources. A return of capital (1) is a return of the original amount invested, (2) does not constitute earnings or
profits and (3) will have the effect of reducing the basis such that when a shareholder sells its Common Shares the sale may be subject
to taxes even if the Common Shares are sold for less than the original purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distributions may also be funded in significant part, directly or indirectly, from temporary
waivers or expense reimbursements borne by the Adviser or its affiliates, that may be subject to reimbursement to the Adviser or its
affiliates. The repayment of any amounts owed to our affiliates will reduce future distributions to which you would otherwise be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect to use leverage, which will magnify the potential for loss on amounts invested
in us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We qualify as an "emerging growth company" as defined in the Jumpstart Our Business
Startups Act and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our Common
Shares less attractive to investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We intend to invest in securities that are rated below investment grade by rating agencies
or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "junk,"
have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They
may also be illiquid and difficult to value.

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| | |
|:---|:---|
| **Q:** | **Do you currently own any investments?** |

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| | |
|:---|:---|
| **A:** | No. |

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|:---|:---|
| **Q:** | **What is the role of your Board of Trustees?** |

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| | |
|:---|:---|
| **A:** | We operate under the direction of our Board of Trustees, the members of which are accountable to us and our shareholders as fiduciaries. We have 7 Trustees, 5 of whom have been determined to be independent of us, the Adviser, Guggenheim and its affiliates ("Independent Trustees"). Our Independent Trustees are responsible for, among other things, reviewing the performance of the Adviser and approving the compensation paid to the Adviser and its affiliates. The names and biographical information of our Trustees are provided under "Management of the Fund—Board of Trustees and Executive Officers." |

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| | |
|:---|:---|
| **Q:** | **What is the difference between the Class S, Class D and Class I Common Shares being offered?** |

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| | |
|:---|:---|
| **A:** | We are offering to the public three classes of Common Shares, Class S shares, Class D shares and Class I shares. The differences among the share classes relate to ongoing shareholder servicing and/or distribution fees. In addition, although no upfront sales loads be paid with respect to Class S shares, Class D shares or Class I shares, if you buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Selling agents will not charge such fees on Class I shares. See "Description of Our Shares" and "Plan of Distribution" for a discussion of the differences between our Class S, Class D and Class I shares. |

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Assuming a constant NAV per share of $25.00, we expect that a one-time investment in 400 shares of each class of our Common Shares (representing an aggregate NAV of $10,000 for each class) would be subject to the following shareholder servicing and/or distribution fees:

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annual**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shareholder**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Servicing and/or**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Distribution Fees** | <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Over**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Five Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | $0 | $0 |

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Class S shares are available through brokerage and transaction-based accounts. Class D shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class D shares, (2) through participating brokers that have alternative fee arrangements with their clients to provide access to Class D shares, (3) through transaction/ brokerage platforms at participating brokers, (4) through certain registered investment advisers, (5) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers or (6) other categories of investors that we name in an amendment or supplement to this prospectus. Class I shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating intermediaries that have alternative fee arrangements with their clients to provide access to Class I shares, (4) through certain registered investment advisers, (5) by our executive officers and trustees and their immediate family members, as well as officers and employees of the Adviser, Guggenheim or other affiliates and their immediate family members, and joint venture partners, consultants and other service providers or (6) other categories of investors that we name in an amendment or supplement to this prospectus. In certain cases, where a holder of Class S or Class D shares exits a relationship with a participating broker for this offering and does not enter into a new relationship with a participating broker for this offering, such holder's Common Shares may be exchanged into an equivalent NAV amount of Class I shares. Before making your investment decision, please consult with your investment adviser regarding your account type and the classes of Common Shares you may be eligible to purchase.

If you are eligible to purchase all three classes of Common Shares, then in most cases you should purchase Class I shares because participating brokers will not charge transaction or other fees, including upfront placement fees or brokerage commissions, on Class I shares and Class I shares have no shareholder

servicing and/or distribution fees, which will reduce the NAV or distributions of the other Common Share classes. However, Class I shares generally will not receive shareholder services.

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| | |
|:---|:---|
| **Q:** | **At what point will the initial proceeds of this offering be released from escrow?** |

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| | |
|:---|:---|
| **A:** | We will take purchase orders and hold investors' funds in an interest-bearing escrow account until we receive purchase orders for at least $100 million (excluding any shares purchased by our Adviser, its affiliates and our Trustees and officers), and our Board of Trustees has authorized the release of the escrowed purchase order proceeds to us so that we can commence operations. Even if we receive purchase orders for $100 million, our Board of Trustees may elect to wait a substantial amount of time before authorizing, or may elect not to authorize, the release of the escrowed proceeds. If we do not raise the minimum amount and commence operations by [ ], 2027 (one year following the effective date of the registration statement of which this prospectus is a part), this offering will be terminated and our escrow agent will promptly send you a full refund of your investment with interest and without deduction for escrow expenses. Notwithstanding the foregoing, you may elect to withdraw your purchase order and request a full refund of your investment with interest and without deduction for escrow expenses at any time before the escrowed funds are released to us. If we break escrow for this offering and commence operations, interest earned on funds in escrow will be released to our account and constitute part of our net assets. |

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| | |
|:---|:---|
| **Q:** | **What is the per share purchase price?** |

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| | |
|:---|:---|
| **A:** | During the escrow period, the per share purchase price for our Common Shares will be $25.00. After the close of the escrow period, shares will be sold at the then-current NAV per share, as described below. |

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| | |
|:---|:---|
| **Q:** | **How will your NAV per share be calculated?** |

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| | |
|:---|:---|
| **A:** | At the conclusion of the escrow period, NAV for our shares will be equal to the net proceeds received by us from purchases of shares during the escrow period, less our liabilities. Thereafter, our NAV will be determined based on the value of our assets less our liabilities, including accrued fees and expenses, as of any date of determination. |

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Investments for which market quotations are readily available will typically be valued at those market quotations. To validate market quotations, we will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Securities that are not publicly traded or for which market prices are not readily available are valued at fair value as determined in good faith by the Board of Trustees, based on, among other things, the input of the Adviser, the Audit Committee of the Board of Trustees (the "Audit Committee") and independent valuation firms engaged on the recommendation of the Adviser and at the direction of the Board of Trustees. 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. Our Board of Trustees may modify our valuation procedures from time to time. See "Determination of Net Asset Value."

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| | |
|:---|:---|
| **Q:** | **Is there any minimum investment required?** |

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| | |
|:---|:---|
| **A:** | The minimum initial investment in our Common Shares is $2,500, and the minimum subsequent investment in our shares is $500 per transaction, except that the minimum subsequent investment amount does not apply to purchases made under our distribution reinvestment plan and that the minimum investment in Class I is $25,000. In addition, Guggenheim Funds Distributors, LLC (the "Intermediary Manager"), an affiliate of the Adviser, may elect to accept smaller investments in its discretion. |

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| | |
|:---|:---|
| **Q:** | **What is a "best efforts" offering?** |

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| | |
|:---|:---|
| **A:** | This is our initial public offering of our Common Shares on a "best efforts" basis. A "best efforts" offering means the Intermediary Manager and the participating brokers are only required to use their best efforts to sell the shares. When shares are offered to the public on a "best efforts" basis, no underwriter, broker-dealer or other person has a firm commitment or obligation to purchase any of the shares. Therefore, we cannot guarantee that any minimum number of shares will be sold. |

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| | |
|:---|:---|
| **Q:** | **What is the expected term of this offering?** |

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| | |
|:---|:---|
| **A:** | We have registered $2,500,000,000 in Common Shares. It is our intent, however, to conduct a continuous offering for an extended period of time, by filing for additional offerings of our Common Shares, subject to regulatory approval and continued compliance with the rules and regulations of the SEC and applicable state laws. |

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We will endeavor to take all reasonable actions to avoid interruptions in the continuous offering of our Common Shares. There can be no assurance, however, that we will not need to suspend our continuous offering while the SEC and, where required, state securities regulators, review such filings for additional offerings of our Common Shares until such filings are declared effective, if at all.

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| | |
|:---|:---|
| **Q:** | **When may I make purchases of Common Shares and at what price?** |

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| | |
|:---|:---|
| **A:** | Subscriptions to purchase our Common Shares may be made on an ongoing basis, but after the time we break escrow for this offering, investors may only purchase our Common Shares pursuant to accepted subscription orders effective as of the first day of each month (based on the NAV per share as determined as of the previous day, being the last day of the preceding month), and to be accepted, a subscription request including the full subscription amount must be received in good order at least seven business days prior to the first day of the month (unless waived by the Intermediary Manager). During the escrow period, the per share purchase price for our Common Shares will be $25.00. |

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Notice of each share transaction will be furnished to shareholders (or their financial representatives) as soon as practicable but not later than seven business days after the Fund's NAV is determined and credited to the shareholder's account, together with information relevant for personal and tax records. While a shareholder will not know our NAV applicable on the effective date of the share purchase, our NAV applicable to a purchase of Common Shares will be available on our website at www.guggenheiminvestments.com generally within 20 business days after the effective date of the share purchase; at that time, the number of Common Shares based on that NAV and each shareholder's purchase will be determined and Common Shares are credited to the shareholder's account as of the effective date of the share purchase.

See "How to Subscribe" for more details.

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| | |
|:---|:---|
| **Q:** | **When will the NAV per share be available after the escrow period?** |

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| | |
|:---|:---|
| **A:** | We will report our NAV per share as of the last day of each month on our website within 20 business days of the last day of each month. Because subscriptions must be submitted at least seven business days prior to the first day of each month, you will not know the NAV per share at which you will be subscribing at the time you subscribe. |

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For example, if you are subscribing in October, your subscription must be submitted at least seven business days prior to November 1. The purchase price for your Common Shares will be the NAV per share determined as of October 31. The NAV per share as of October 31 will generally be available within 20 business days from October 31.

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| | |
|:---|:---|
| **Q:** | **May I withdraw my subscription request once I have made it?** |

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| | |
|:---|:---|
| **A:** | Yes. Subscribers are not committed to purchase Common Shares at the time their subscription orders are submitted and any subscription may be canceled at any time before the time it has been accepted by the Fund. You may withdraw your purchase request by notifying the transfer agent, through your financial intermediary or directly on our automated telephone line, [___]. |

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| | |
|:---|:---|
| **Q:** | **When will my subscription be accepted?** |

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| | |
|:---|:---|
| **A:** | Completed subscription requests will not be accepted by us any earlier than seven business days before the first day of each month. |

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| | |
|:---|:---|
| **Q:** | **Will I receive distributions and how often?** |

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| | |
|:---|:---|
| **A:** | We expect to pay regular monthly distributions commencing with the first full calendar quarter after the escrow period concludes. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital and liquidity needs and general financial |

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**11**

condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

Our Board of Trustees' discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the RIC requirements. To maintain our tax treatment as a RIC, we generally are required to make aggregate annual distributions to our shareholders of at least 90% of the sum of our investment company taxable income (as that term is defined in the Code, determined without regard to the deduction for dividends paid) and net tax-exempt income, if any. See "Description of our Shares" and "Certain U.S. Federal Income Tax Considerations."

The per share amount of distributions on Class S, Class D and Class I shares generally differ because of different class-specific shareholder servicing and/or distribution fees that are deducted from the gross distributions for each share class. Specifically, distributions on Class S shares will be lower than Class D shares, and Class D shares will be lower than Class I shares because we are required to pay higher ongoing shareholder servicing and/or distribution fees with respect to the Class S shares (compared to Class D shares and Class I shares) and we are required to pay higher ongoing shareholder servicing and/or distribution fees with respect to Class D shares (compared to Class I shares).

There is no assurance we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, how quickly we invest the proceeds from this and any future offering and the performance of our investments. Funding distributions from the sales of assets, borrowings or return of capital will result in us having less funds available to acquire investments. As a result, the return you realize on your investment may be reduced. Doing so may also negatively impact our ability to generate cash flows. Likewise, funding distributions from the sale of additional securities will dilute your interest in us on a percentage basis and may impact the value of your investment especially if we sell these securities at prices less than the price you paid for your Common Shares. We believe the likelihood that we pay distributions from sources other than cash flow from operations will be higher in the early stages of the offering.

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| | |
|:---|:---|
| **Q:** | **Will the distributions I receive be taxable as ordinary income?** |

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| | |
|:---|:---|
| **A:** | Generally, distributions that you receive, including cash distributions that are reinvested pursuant to our distribution reinvestment plan, will be taxed as ordinary income to the extent they are paid from our current or accumulated earnings and profits. Dividends received will generally not be eligible to be taxed at the lower U.S. federal income tax rates applicable to individuals for "qualified dividends." |

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We may designate a portion of distributions as capital gain dividends taxable at capital gain rates to the extent we recognize net capital gains from sales of assets. In addition, a portion of your distributions may be considered return of capital for U.S. federal income tax purposes. Amounts considered a return of capital generally will not be subject to tax, but will instead reduce the tax basis of your investment. This, in effect, defers a portion of your tax until your Common Shares are repurchased, you sell your Common Shares or we are liquidated, at which time you generally will be taxed at capital gains rates. Because each investor's tax position is different, you should consult with your tax advisor. In particular, non-U.S. investors should consult their tax advisors regarding potential withholding taxes on distributions that they receive. See "Certain U.S. Federal Income Tax Considerations."

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| | |
|:---|:---|
| **Q:** | **May I reinvest my cash distributions in additional Common Shares?** |

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| | |
|:---|:---|
| **A:** | Yes. We have adopted a distribution reinvestment plan whereby shareholders (other than Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Tennessee, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan) will have their cash distributions automatically reinvested in additional Common Shares unless they elect |

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to receive their distributions in cash. Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Tennessee, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. If you participate in our distribution reinvestment plan, the cash distributions attributable to the class of Common Shares that you own will be automatically invested in additional Common Shares. The purchase price for Common Shares purchased under our distribution reinvestment plan will be equal to the most recent NAV per share for such Common Shares at the time the distribution is payable. Shareholders will not pay upfront selling commissions when purchasing Common Shares under our distribution reinvestment plan; however, all Common Shares, including those purchased under our distribution reinvestment plan, will be subject to ongoing shareholder servicing and/or distribution fees. Participants may terminate their participation in the distribution reinvestment plan by providing written notice to the Plan Administrator (defined below) five business days in advance of the first calendar day of the next month in order for a shareholder's termination to be effective for such month. See "Description of Our Shares" and "Distribution Reinvestment Plan."

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| | |
|:---|:---|
| **Q:** | **Can I request that my Common Shares be repurchased?** |

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| | |
|:---|:---|
| **A:** | Yes, subject to limitations. Beginning no later than the first full calendar quarter from the date on which we break escrow for this offering, and at the discretion of our Board of Trustees, we intend to commence a share repurchase program in which we intend to repurchase, in each quarter, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Our Board of Trustees may amend, suspend or terminate the share repurchase program at any time if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. |

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Upon a determination by the Board to (i) suspend our share repurchase program or (ii) materially modify our share repurchase program in a manner that reduces liquidity available to our shareholders, our share repurchase program requires the Board to consider, at least quarterly, whether continuing to restrict repurchases or resuming repurchases at the original repurchase limits set forth in the share repurchase program would be in the best interest of the company and our shareholders. However, our Board is not required to authorize the recommencement of our share repurchase program within any specified period of time. Our Board may also determine to terminate our share repurchase program if required by applicable law or in connection with a transaction in which our shareholders receive liquidity for their Common Shares, such as a sale or merger of the Fund or listing of our Common Shares on a national securities exchange.

We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

Under our share repurchase program, to the extent we offer to repurchase Common Shares pursuant to a tender offer in any particular quarter, we expect to repurchase Common Shares at a price equal to the NAV per share, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the subscription date immediately following the Valuation Date used in the repurchase of such Common Shares. The Early Repurchase Deduction may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance; and due to trade or operational error. In addition, the Fund's Common Shares are sold to certain feeder vehicles primarily created to hold the Fund's Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, the Fund may not apply the Early Repurchase Deduction to the feeder vehicles or underlying investors, often because of

administrative or systems limitations. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders.

In the event the amount of Common Shares tendered exceeds the repurchase offer amount, Common Shares will be repurchased on a pro rata basis. All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable.

The majority of our assets will consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. In order to provide liquidity for share repurchases, we intend to generally maintain under normal circumstances an allocation to syndicated loans and other liquid investments. We may fund repurchase requests from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. Should making repurchase offers, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on us as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our Common Shares is in the best interests of the Fund as a whole, then we may choose to offer to repurchase fewer shares than described above, or none at all. See "Share Repurchase Program."

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| | |
|:---|:---|
| **Q:** | **What is a business development company, or BDC?** |

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| | |
|:---|:---|
| **A:** | BDCs are subject to certain restrictions applicable to investment companies under the 1940 Act. As a BDC, at least 70% of our assets must be the type of "qualifying" assets listed in Section 55(a) of the 1940 Act, as described herein, which are generally privately offered securities issued by U.S. private or thinly traded companies. We may also invest up to 30% of our portfolio opportunistically in "non-qualifying" portfolio investments, such as investments in non-U.S. companies. See "Regulation." |

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| | |
|:---|:---|
| **Q:** | **What is a regulated investment company, or RIC?** |

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| | |
|:---|:---|
| **A:** | We intend to elect to be treated for federal income tax purposes, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code. |

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In general, a RIC is a company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is a BDC or registered investment company that combines the capital of many investors to
acquire securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offers the benefits of a securities portfolio under professional management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• satisfies various requirements of the Code, including an asset diversification requirement;
and is generally not subject to U.S. federal corporate-level income taxes on its net taxable income that it currently distributes to
its shareholders, which substantially eliminates the "double taxation" (i.e., taxation at both the corporate and shareholder
levels) that generally results from investments in a C corporation.

---

| | |
|:---|:---|
| **Q:** | **What is a non-exchange traded, perpetual-life BDC?** |

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| | |
|:---|:---|
| **A:** | A non-exchange traded BDC is a BDC whose shares are not listed for trading on a stock exchange or other securities market. We use the term "perpetual-life BDC" to describe an investment vehicle of indefinite duration, whose common shares are intended to be sold by the BDC monthly on a continuous basis at a price generally equal to the BDC's monthly NAV per share. In our perpetual-life structure, we may offer investors an opportunity to repurchase their Common Shares on a quarterly basis, but we are not obligated to offer to repurchase any in any particular quarter in our discretion. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of the Fund being a forced seller of assets in market downturns compared to non-perpetual BDCs. While we may consider a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event, and we are not obligated by our Second Amended |

---

and Restated Declaration of Trust (as may be amended and amended and restated from time to time, the "Declaration of Trust"), or otherwise to effect a liquidity event at any time.

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| | |
|:---|:---|
| **Q:** | **Will I be notified of how my investment is doing?** |

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| | |
|:---|:---|
| **A:** | Yes. We will provide you with periodic updates on the performance of your investment with us, including: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• three quarterly financial reports and investor statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an annual report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in the case of certain U.S. shareholders, an annual Internal Revenue Service ("IRS")
Form 1099-DIV or IRS Form 1099-B, if required, and, in the case of non-U.S. shareholders, an annual IRS Form 1042-S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• confirmation statements (after transactions affecting your balance, except reinvestment of
distributions in us and certain transactions through minimum account investment or withdrawal programs); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a quarterly statement providing material information regarding your participation in the
distribution reinvestment plan and an annual statement providing tax information with respect to income earned on Common Shares under
the distribution reinvestment plan for the calendar year.

Depending on legal requirements, we may post this information on our website, www.guggenheiminvestments.com, when available, or provide this information to you via U.S. mail or other courier, electronic delivery, or some combination of the foregoing. Information about us will also be available on the SEC's website at www.sec.gov.

In addition, after the escrow period, our monthly NAV per share is posted on our website promptly after it has become available.

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| | |
|:---|:---|
| **Q:** | **What fees do you pay to the Adviser?** |

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| | |
|:---|:---|
| **A:** | Pursuant to the investment advisory agreement between us and the Adviser (the "Investment Advisory Agreement"), the Adviser is responsible for, among other things, identifying investment opportunities, monitoring our investments and determining the composition of our portfolio. We will pay the Adviser a fee for its services under the Investment Advisory Agreement consisting of two components: a management fee and an incentive fee. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The management fee is payable monthly and is settled and paid quarterly in arrears at an
annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. For the first
calendar month in which the Fund has operations, net assets will be measured as the beginning net assets as of the date on which the
Fund breaks escrow. In addition, the Adviser has agreed to waive its management fee for the first six months following the date on which
we break escrow for this offering (the "Waiver Period"). The longer an investor holds shares of our common stock during the
Waiver Period, the longer such investor will receive the benefit of the Waiver Period. The fees waived during the Waiver Period will
not be subject to recoupment by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The incentive fee consists of two components as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The first part of the incentive fee is based on income, whereby we will pay the Adviser quarterly
in arrears 12.5% of our Pre-Incentive Fee Net Investment Income Returns (as defined herein) for each calendar quarter subject to a 5.0%
annualized hurdle rate, with a catch-up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The second part of the incentive fee is based on realized capital gains, whereby we will
pay the Adviser at the end of each calendar year in arrears 12.5% of cumulative realized capital gains from inception through the end
of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the
aggregate amount of any previously paid incentive fee on capital gains, as calculated in accordance with GAAP.

See "Investment Advisory Agreement and Administration Agreement."

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| | |
|:---|:---|
| **Q:** | **Who administers the Fund?** |

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| | |
|:---|:---|
| **A:** | The Bank of New York Mellon, our Administrator, provides, or oversees the performance of, administrative, fund accounting and certain other services. We have agreed to pay the Administrator an asset-based fee calculated and accrued daily and paid monthly and will reimburse the Administrator for reasonable out-of-pocket expenses incurred by the Administrator in performing its obligations under the Administration Agreement. See "Investment Advisory Agreement and Administration Agreement—Administration Agreement." |

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| | |
|:---|:---|
| **Q:** | **What are the offering and servicing costs?** |

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| | |
|:---|:---|
| **A:** | No upfront sales load will be paid with respect to Class S shares, Class D shares or Class I shares, however, if you buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class S shares. Pursuant to separate agreements with such financial intermediaries, during the Waiver Period, the Adviser will bear the cost of any transaction or other fees, including upfront fees or brokerage commissions, that such financial intermediaries may charge you when purchasing our Common Shares. Selling agents will not charge such fees on Class I shares. Please consult your selling agent for additional information. |

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Subject to FINRA limitations on underwriting compensation, we will pay the following shareholder servicing and/or distribution fees to the Intermediary Manager: (a) for Class S shares, a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class S shares and (b) for Class D shares, a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class D shares, in each case, payable monthly. No shareholder servicing and/or distribution fees will be paid with respect to the Class I shares. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/or distribution fees charged. The shareholder servicing and/or distribution fees will be payable to the Intermediary Manager, but the Intermediary Manager anticipates that all or a portion of the shareholder servicing and/or distribution fees will be retained by, or reallowed (paid) to, participating brokers. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services. The Fund also may pay for these sub-transfer agency, sub-accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. The total amount that will be paid over time for other underwriting compensation depends on the average length of time for which shares remain outstanding, the term over which such amount is measured and the performance of our investments. We will also pay or reimburse certain organization and offering expenses, including, subject to FINRA limitations on underwriting compensation, certain wholesaling expenses. See "Plan of Distribution" and "Use of Proceeds." The total underwriting compensation and total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from this offering.

The Adviser has agreed to advance all of our organization and offering expenses on our behalf (including legal, accounting, printing, mailing, subscription processing and filing fees and expenses and other offering expenses, including costs associated with technology integration between the Fund's systems and those of our participating broker-dealers, reasonable bona fide due diligence expenses of participating broker-dealers supported by detailed and itemized invoices, costs in connection with preparing sales materials and other marketing expenses, design and website expenses, fees and expenses of our escrow agent and transfer agent, fees to attend retail seminars sponsored by participating broker-dealers and costs, expenses and reimbursements for travel, meals, accommodations, entertainment and other similar expenses related to meetings or events with prospective investors, broker-dealers, registered investment advisors or financial or other advisors, but excluding the shareholder servicing and/or distribution fee) through the date on which we break escrow for this offering. Unless the Adviser elects to cover such expenses pursuant to the Expense Support Agreement ("Expense Support Agreement") we have entered into with the Adviser, we will be

obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for this offering. See "Plan of Distribution" and "Plan of Operations—Expenses—Expense Support Agreement."

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| | |
|:---|:---|
| **Q:** | **What are your expected operating expenses?** |

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| | |
|:---|:---|
| **A:** | We expect to incur operating expenses in the form of our management and incentive fees, shareholder servicing and/or distribution fees, interest expense on our borrowings and other expenses, including the expenses we pay to our Administrator. See "Fees and Expenses." |

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| | |
|:---|:---|
| **Q:** | **What are your policies related to conflicts of interests with Guggenheim and its affiliates?** |

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| | |
|:---|:---|
| **A:** | An investment in the Fund is subject to a number of actual or potential conflicts of interest. For example, the Adviser and its affiliates are engaged in a variety of business activities that are unrelated to managing the Fund, which may give rise to actual, potential or perceived conflicts of interest in connection with making investment decisions for the Fund. The Fund and the Adviser (and its affiliates) have established various policies and procedures that are designed to minimize conflicts and prevent or limit the Fund from being disadvantaged. There can be no guarantee that these policies and procedures will be successful in every instance. In certain circumstances, these various activities may prevent the Fund from participating or restrict the Fund's participation in an investment decision, disadvantage the Fund or benefit the Adviser or its affiliates. For more information about conflicts of interest, see "Potential Conflicts of Interest". |

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| | |
|:---|:---|
| **Q:** | **Are there any ERISA considerations in connection with an investment in our Common Shares?** |

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| | |
|:---|:---|
| **A:** | We intend to conduct our affairs so that our assets should not be deemed to constitute "plan assets" under the Employee Retirement Income Security Act of 1974, as amended ("ERISA") and certain U.S. Department of Labor regulations promulgated thereunder, as modified by Section 3(42) of ERISA (the "Plan Asset Regulations"). In this regard, until such time as the Common Shares are considered "publicly-offered securities" within the meaning of the Plan Asset Regulations, the Fund intends to limit investment in our Common Shares by "benefit plan investors" to less than 25% of the total value of each class of our Common Shares, within the meaning of the Plan Asset Regulations. |

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In addition, each prospective investor that is, or is acting on behalf of any (i) "employee benefit plan" (within the meaning of Section 3(3) of ERISA) that is subject to Title I of ERISA, (ii) "plan" described in Section 4975(e)(1) of the Code that is subject to Section 4975 of the Code (including, for example, an individual retirement account and a "Keogh" plan), (iii) plan, account or other arrangement that is subject to the provisions of any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, "Similar Laws"), or (iv) entity whose underlying assets are considered to include the assets of any of the foregoing described in clauses (i), (ii) and (iii) (each of the foregoing described in clauses (i), (ii), (iii) and (iv) referred to as a "Plan"), must independently determine that our Common Shares are an appropriate investment for the Plan, taking into account its obligations under ERISA, the Code and applicable Similar Laws, and the facts and circumstances of each investing Plan.

Prospective investors should carefully review the matters discussed under "Certain ERISA Considerations" and should consult with their own advisors as to the consequences of making an investment in the Fund.

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| | |
|:---|:---|
| **Q:** | **When is the impact of being an "emerging growth company"?** |

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| | |
|:---|:---|
| **A:** | We are an "emerging growth company," as defined by the JOBS Act. As an emerging growth company, we are eligible to take advantage of certain exemptions from various reporting and disclosure requirements that are applicable to public companies that are not emerging growth companies. For so long as we remain an emerging growth company, we will not be required to: |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have an auditor attestation report on our internal control over financial reporting pursuant
to Section 404(b) of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• submit certain executive compensation matters to shareholder advisory votes pursuant to the
"say on frequency" and "say on pay" provisions (requiring a non-binding shareholder vote to approve compensation of certain executive officers) and the "say
on golden parachute" provisions (requiring

a non-binding shareholder vote to approve golden parachute arrangements for certain executive officers in connection with mergers and certain other business combinations) of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose certain executive compensation related items, such as the correlation between executive
compensation and performance and comparisons of the chief executive officer's compensation to median employee compensation.

In addition, the JOBS Act provides that an emerging growth company may take advantage of an extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies. This means that an emerging growth company can delay adopting certain accounting standards until such standards are otherwise applicable to private companies.

We will remain an emerging growth company for up to five years, or until the earliest of: (1) the last date of the fiscal year during which we had total annual gross revenues of $1.235 billion or more; (2) the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or (3) the date on which we are deemed to be a "large accelerated filer" as defined under Rule 12b-2 under the Exchange Act.

We do not believe that being an emerging growth company will have a significant impact on our business or this offering. We have elected to opt in to the extended transition period for complying with new or revised accounting standards available to emerging growth companies. Also, because we are not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as our Common Shares are not traded on a securities exchange, we will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once we are no longer an emerging growth company. In addition, so long as we are externally managed by the Adviser and we do not directly compensate our executive officers, or reimburse the Adviser or its affiliates for the salaries, bonuses, benefits and severance payments for persons who also serve as one of our executive officers or as an executive officer of the Adviser, we do not expect to include disclosures relating to executive compensation in our periodic reports or proxy statements and, as a result, do not expect to be required to seek shareholder approval of executive compensation and golden parachute compensation arrangements pursuant to Section 14A(a) and (b) of the Exchange Act.

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| | |
|:---|:---|
| **Q:** | **When will I get my detailed tax information?** |

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| | |
|:---|:---|
| **A:** | In the case of certain U.S. shareholders, we expect your IRS Form 1099-DIV tax information, if required, to be mailed by January 31 of each year. |

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| | |
|:---|:---|
| **Q:** | **Who can help answer my questions?** |

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| | |
|:---|:---|
| **A:** | If you have more questions about this offering or if you would like additional copies of this prospectus, you should contact your financial adviser or our transfer agent, The Bank of New York Mellon at [___]. |

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**FEES AND EXPENSES**

The following table is intended to assist you in understanding the costs and expenses that an investor in Common Shares will bear, directly or indirectly. Other expenses are estimated and may vary. Actual expenses may be greater or less than shown.

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| | | | |
|:---|:---|:---|:---|
| | **Class S**<br>**Shares** | **Class D**<br>**Shares** | **Class I**<br>**Shares** |
| **Shareholder transaction expenses (fees paid directly from**<br>**your investment)** | | | |
| Maximum Sales Load<sup>(1)</sup> |  |  |  |
| Maximum Early Repurchase Deduction<sup>(2)</sup> | 2.00% | 2.00% | 2.00% |

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| | | | |
|:---|:---|:---|:---|
| **Annual expenses (as a percentage of net assets attributable**<br>**to our Common Shares)<sup>(3)</sup>** | | | |
| Base management fees<sup>(4)</sup> | 1.25% | 1.25% | 1.25% |
| Incentive fees<sup>(5)</sup> |  |  |  |
| Shareholder servicing and/or distribution fees<sup>(6)</sup> | 0.85% | 0.25% |  |
| Interest payment on borrowed funds<sup>(7)</sup> | 7.94% | 7.94% | 7.94% |
| Acquired Fund Fees and Expenses<sup>(8)</sup> | 0.00% | 0.00% | 0.00% |
| Other expenses<sup>(9)</sup> | 1.02% | 1.02% | 1.02% |
| Total annual expenses | 11.06% | 10.46% | 10.21% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) No upfront sales load will be paid with respect to Class S
shares, Class D shares or Class I shares, however, if you buy Class S shares or Class D shares through certain financial intermediaries,
they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as
they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class
S shares. Pursuant to separate agreements with such financial intermediaries, during the first six months following the date on which
the Fund breaks escrow for this offering (i.e., the "Waiver Period"), the Adviser will bear the cost of any transaction or
other fees, including upfront fees or brokerage commissions, that such financial intermediaries may charge you when purchasing our Common
Shares. Selling agents will not charge such fees on Class I shares. Please consult your selling agent for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Under our share repurchase program, to the extent we offer
to repurchase Common Shares in any particular quarter, we expect to repurchase Common Shares at a price equal to the NAV per share, except
that Common Shares that have not been outstanding for at least one year will be subject to the Early Repurchase Deduction. The one-year
holding period will be satisfied if at least one year has elapsed from (a) the issuance date of the applicable Common Shares to (b) the
subscription date immediately following the Valuation Date used in the repurchase of such Common Shares. The Early Repurchase Deduction
may be waived in the case of repurchase requests arising from the death, divorce or qualified disability of the holder; in the event
that a shareholder's Common Shares are repurchased because the shareholder has failed to maintain the $500 minimum account balance;
and due to trade or operational error. In addition, the Fund's Common Shares are sold to certain feeder vehicles primarily created
to hold the Fund's Common Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles
and similar arrangements in certain markets, the Fund will not apply the Early Repurchase Deduction to the feeder vehicles or underlying
investors, often because of administrative or systems limitations. The Early Repurchase Deduction will be retained by the Fund for the
benefit of remaining shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The average net assets employed as the denominator for expense
ratio computation is $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The base management fee paid to our Adviser is calculated at
an annual rate of 1.25% on of the value of our net assets as of the beginning of the first calendar day of the applicable month. The
Adviser has agreed to waive its management fee during the Waiver Period, which is the six month period following the date on which the
Fund breaks escrow for this offering. The longer an investor holds shares of our common stock during this period, the longer such investor
will receive the benefit of the Waiver Period. The effect of this waiver is not reflected in the table above. The fees waived during
the Waiver Period will not be subject to recoupment by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;(5) We may have capital gains and investment income that could result in the payment of an incentive fee in the first year of investment operations. The incentive fees, if any, are divided into two parts: The first part of the incentive fee is based on income, whereby we will pay the Adviser quarterly in arrears 12.5% of our Pre-Incentive Fee Net Investment Income Returns (as defined below) for each calendar quarter subject to a 5.0% annualized hurdle rate, with a catch-up. The second part of the incentive fee is based on realized capital gains, whereby we will
pay the Adviser at the end of each calendar year in arrears 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains.

**As we cannot predict whether we will meet the necessary performance targets, we have assumed no incentive fee for this chart. We expect the incentive fees we pay to increase to the extent we earn greater income or generate capital gains through our investments in portfolio companies. If we achieved an annualized total return of 5.0% for each quarter made up entirely of net investment income, no incentive fees would be payable to the Adviser because the hurdle rate was not exceeded. If instead we achieved a total return of 5.0% in a calendar year made up of entirely realized capital gains net of all realized capital losses and unrealized capital depreciation, an incentive fee equal to 0.63% of our net assets would be payable. See "Investment Advisory Agreement and Administration Agreement" for more information concerning the incentive fees.**

&nbsp;&nbsp;&nbsp;&nbsp;(6) Subject to FINRA limitations on underwriting compensation,
we will also pay the following shareholder servicing and/or distribution fees to the Intermediary Manager: (a) for Class S shares, a
shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV as of the beginning of the first calendar
day of the month for the Class S shares and (b) for Class D shares only, a shareholder servicing and/or distribution fee equal to 0.25%
per annum of the aggregate NAV as of the beginning of the first calendar day of the month for the Class D shares, in each case, payable
monthly. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than
the amount of shareholder servicing and/or distribution fees charged. All or a portion of the shareholder servicing and/ or distribution
fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services. The Fund also may pay for these
sub-transfer agency, sub-accounting and certain other administrative services outside of the shareholder servicing and/or distribution
fees and its Distribution and Servicing Plan. No shareholder servicing and/ or distribution fees will be paid with respect to the Class
I shares. The total amount that will be paid over time for other underwriting compensation depends on the average length of time for
which shares remain outstanding, the term over which such amount is measured and the performance of our investments. We will cease paying
the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following:
(i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all
or substantially all of our assets or (iii) the date following the completion of the primary portion of this offering on which, in the
aggregate, underwriting compensation from all sources in connection with this offering, including the shareholder servicing and/or distribution
fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with
the anticipated exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Intermediary Manager
in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage
commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder's account
would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary
Manager or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on the Class S shares
and Class D shares in such shareholder's account. Compensation paid with respect to the shares in a shareholder's account
will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering
price of such share. We may modify this requirement in a manner that is consistent with applicable exemptive relief. There is no assurance
that such exemptive relief will be granted by the SEC. At the end of such month, the Class S shares or Class D shares in such shareholder's
account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class
S or Class D shares. See "Plan of Distribution" and "Use of Proceeds." The total underwriting compensation and
total organization and offering expenses will not exceed 10% and 15%, respectively, of the gross proceeds from this offering.

&nbsp;&nbsp;&nbsp;&nbsp;(7) We may borrow funds to make investments, including before we
have fully invested the proceeds of this continuous offering. To the extent that we determine it is appropriate to borrow funds to make
investments, the costs associated with such borrowing will be indirectly borne by shareholders. The figure in the table assumes that
we borrow for investment purposes an amount equal to 125% of our weighted average net assets, and that the average annual cost of borrowings,
including the amortization of cost associated with obtaining borrowings and unused commitment fees, on the amount borrowed is currently
estimated to be 6.35%. Our ability to incur leverage depends, in large part, on the availability of financing in the market.

&nbsp;&nbsp;&nbsp;&nbsp;(8) "Acquired Fund Fees and Expenses" are expenses
incurred indirectly by the Fund through its ownership of shares in other investment companies. The Fund may invest in BDCs or registered
investment companies advised by the Adviser. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund.
Acquired Fund Fees and Expenses are not direct costs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(9) "Other expenses" include accounting, legal and
auditing fees, reimbursement of expenses to our Administrator, organization and offering expenses and fees payable to our Trustees. Other
expenses represent the estimated annual other expenses of the Fund based on other expenses for the fiscal year ending December 31, 2026.

**Example**

&nbsp;&nbsp;&nbsp;&nbsp; We have provided an example of the projected dollar amount of total expenses that would be incurred over various periods with respect to a hypothetical $1,000 investment in each class of our Common Shares. In calculating the following expense amounts, we have assumed that: (1) our annual operating expenses and offering expenses remain at the levels set forth in the table above, except to reduce annual expenses upon completion of organization and offering expenses, (2) the annual return before fees and expenses is 5.0%, (3) the net return after payment of fees and expenses is distributed to shareholders and reinvested at NAV and (4) your financial intermediary does not directly charge you transaction or other fees.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class S shares**<br>**Return Assumption** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | <br>**10 Years** |
| You would pay the following expenses on a $1,000 investment, |  |  |  |  |
| assuming a 5.0% annual return from net investment income: | $107 | $298 | $467 | $810 |
| Total expenses assuming a 5.0% annual return solely from net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;realized capital gains: | $113 | $312 | $487 | $832 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class D shares**<br>**Return Assumption** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | <br>**10 Years** |
| You would pay the following expenses on a $1,000 investment, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assuming a 5.0% annual return from net investment income: | $102 | $284 | $448 | $786 |
| Total expenses assuming a 5.0% annual return solely from net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;realized capital gains: | $107 | $299 | $468 | $810 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class I shares**<br>**Return Assumption** | <br>**1 Year** | <br>**3 Years** | <br>**5 Years** | <br>**10 Years** |
| You would pay the following expenses on a $1,000 investment, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;assuming a 5.0% annual return from net investment income: | $99 | $278 | $440 | $776 |
| Total expenses assuming a 5.0% annual return solely from net |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;realized capital gains: | $105 | $293 | $460 | $801 |

---

While the examples assume a 5.0% annual return on investment before fees and expenses, our performance will vary and may result in an annual return that is greater or less than this. **These examples should not be considered a representation of your future expenses.** If we achieve sufficient returns on our investments to trigger a quarterly incentive fee on income and/or if we achieve net realized capital gains in excess of 5.0%, both our returns to our shareholders and our expenses would be higher. See "Investment Advisory Agreement and Administration Agreement" for information concerning incentive fees.

We have entered into an Expense Support Agreement with the Adviser. The Adviser may elect to pay certain of our expenses on our behalf, including organization and offering expenses (each, an "Expense Payment"), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Fund. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates. Following any calendar month in which Available Operating Fund (as defined below) exceed the cumulative distributions accrued to the Fund's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), we shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed. Because the Adviser's obligation to pay certain of our expenses is voluntary, the table above does not reflect the impact of any expense support from the Adviser.

**RISK FACTORS**

&nbsp;&nbsp;&nbsp;&nbsp; *Investing in our Common Shares involves a number of significant risks. The following information is a discussion of the material risk factors associated with an investment in our Common Shares specifically, as well as those factors generally associated with an investment in a company with investment objectives, investment policies, capital structure or trading markets similar to ours. In addition to the other information contained in this prospectus, you should consider carefully the following information before making an investment in our Common*

*Shares. The risks below are not the only risks we face but do represent the known material risks and uncertainties that we believe are most significant to our business, operating results, financial condition, prospects and forward-looking statements. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such cases, the NAV of our Common Shares could decline, and you may lose all or part of your investment.*

**Risks Related to Our Business**

**Our ability to achieve our investment objectives depends on the Adviser's ability to manage and support our investment process. If the Adviser were to lose a significant number of its key professionals, or terminate the Investment Advisory Agreement, our ability to achieve our investment objectives could be significantly harmed.**

&nbsp;&nbsp;&nbsp;&nbsp; We do not have employees. Additionally, we have no internal management capacity other than our appointed executive officers and are dependent upon the investment expertise, skill and network of business contacts of our Adviser to achieve our investment objectives. Our Adviser evaluates, negotiates, structures, executes, monitors and services our investments. Our success will depend to a significant extent on the continued service and coordination of our Adviser, including its key professionals. The departure of a significant number of key professionals from Guggenheim could have a material adverse effect on our ability to achieve our investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp; Our ability to achieve our investment objectives also depends on the ability of our Adviser to identify, analyze, invest in, finance and monitor companies that meet our investment criteria. Our Adviser's capabilities in structuring the investment process, providing competent, attentive and efficient services to us, and facilitating access to financing on acceptable terms depend on the involvement of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. To achieve our investment objectives, our Adviser may need to retain, hire, train, supervise and manage new investment professionals to participate in our investment selection and monitoring process. Our Adviser may not be able to find qualified investment professionals in a timely manner or at all. Any failure to do so could have a material adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, the Investment Advisory Agreement has termination provisions that allow the agreement to be terminated, without payment of any penalty, by us upon 60 days' notice. In addition, the Adviser may terminate the Investment Advisory Agreement upon 120 days' written notice, without payment of any penalty. The termination of the Investment Advisory Agreement may adversely affect the quality of our investment opportunities and it may be difficult for the Fund to replace the Adviser.

**We are dependent on key personnel**

&nbsp;&nbsp;&nbsp;&nbsp; We depend on the diligence, skill, experience, network of business contacts and continued services of our investment team and other key management personnel. There can be no assurances that such personnel will continue to provide investment services to the Fund. If the Fund were to lose any of these investment management personnel or other key management personnel it could limit the Fund's ability to achieve its investment objectives and operate as anticipated, which could in turn have a negative effect on the Fund's investment performance.

**We have no prior operating history and there is no assurance that we will achieve our investment objective.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund is a newly formed vehicle and has no operating history. The Fund is subject to all of the business risks and uncertainties associated with any new fund, including the risk that it could not achieve its investment objectives and that the value of an investment in the Fund could decline substantially (or entirely). On any given investment, loss of principal is possible.

**Because our business model depends to a significant extent upon relationships with corporations, financial institutions and investment firms, the inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.**

&nbsp;&nbsp;&nbsp;&nbsp; We expect that Guggenheim will depend on its relationships with corporations, financial institutions and investment firms, and we rely indirectly to a significant extent upon these relationships to provide us with potential investment opportunities. If Guggenheim fails to maintain its existing relationships, or develop new relationships or sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom Guggenheim has relationships are not obligated to provide us with investment opportunities, and, therefore, there is no assurance that such relationships will generate investment opportunities for us.

**We may face increasing competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.**

&nbsp;&nbsp;&nbsp;&nbsp; We may compete for investments with other BDCs and investment funds (including registered investment companies, private equity funds and private credit 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, continue to increase their investment focus in our target market of privately-owned U.S. companies. Moreover, we have experienced, and may continue to experience, increased competition from banks and investment vehicles who may continue to lend to the middle market, including lending activity in our target market of privately-owned U.S. companies. Additionally, the Federal Reserve and other bank regulators may periodically provide incentives to U.S. commercial banks to originate more loans in the middle market for private companies. As a result of these new entrants and regulatory incentives, competition for investment opportunities in privately-owned U.S. companies may intensify. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, some competitors may have a lower cost of capital and access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments than we have. These characteristics could allow our competitors to consider a wider variety of investments, establish more relationships and offer better pricing and more flexible structuring than we are able to do.

&nbsp;&nbsp;&nbsp;&nbsp; We may lose investment opportunities if we do not match our competitors' pricing, terms and investment structure criteria. If we are forced to match these competitors' investment terms criteria, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant increase in the number and/or the size of our competitors in this target market could force us to accept less attractive investment terms. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source of income, asset diversification and distribution requirements we must satisfy to maintain our RIC status under Subchapter M of the Code. The competitive pressures we face, and the manner in which we react or adjust to these competitive pressures, may have a material adverse effect on our business, financial condition, results of operations, effective yield on investments, investment returns, leverage ratio and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time. Also, we may not be able to identify and make investments that are consistent with our investment objectives.

**For expedited transactions, the information available to the Adviser could be limited.**

&nbsp;&nbsp;&nbsp;&nbsp; Investment analyses and decisions by the Adviser could be undertaken on an expedited basis in order for the Fund to take advantage of investment opportunities. In such cases, information available to the Adviser at the time of an investment decision could be limited, and the Adviser could not have access to the detailed information that is necessary for a full evaluation of the investment opportunity. In addition, the Adviser could rely upon independent consultants in connection with the evaluation of proposed investments. There can be no assurance that these consultants will accurately evaluate such investments. Further, the Fund could conduct its due diligence activities in a very brief period and could assume the risks of obtaining certain consents or waivers under contractual obligations. While the Adviser expects to negotiate purchase price adjustments, termination rights and other protections with respect to such risks, such rights could not be available or, if available, the Adviser could elect not to exercise them.

**The amount of any distributions we may make is uncertain. We may not be able to pay distributions or be able to sustain distributions at any particular level, and our distributions per share may not grow over time or may decline. We have not established any limit on the extent to which we may use borrowings, if any, or offering proceeds to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).**

&nbsp;&nbsp;&nbsp;&nbsp; We expect to pay distributions out of assets legally available for distribution based on our investment performance. However, we cannot assure you that we will achieve investment results that will allow us to make a consistent targeted level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of the risks described in this prospectus. In addition, the inability to satisfy the asset coverage test applicable to us as a BDC can limit our ability to pay distributions. Distributions from offering proceeds or from borrowings could also reduce the amount of capital we ultimately invest in interests of portfolio companies. We cannot assure you that we will pay distributions to our shareholders in the future.

**Our distributions may exceed our taxable earnings and profits. Therefore, portions of the distributions that we pay may represent a return of capital to you, which will lower your tax basis in your Common Shares, which may cause you to experience increases in capital gains in subsequent sales of your Common Shares, and reduce the amount of funds we have for investment in portfolio companies.**

&nbsp;&nbsp;&nbsp;&nbsp; In the event that we encounter delays in locating suitable investment opportunities, we may pay our distributions from offering proceeds or from borrowings in anticipation of future cash flow, which may constitute a return of your capital and will lower your tax basis in your Common Shares, which may cause you to experience increases in capital gains in subsequent sales of your Common Shares. Distributions from offering proceeds or from borrowings also could reduce the amount of capital we ultimately have available to invest in interests of portfolio companies.

**A significant portion of our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board of Trustees and, as a result, there is and will be uncertainty as to the value of our portfolio investments.**

&nbsp;&nbsp;&nbsp;&nbsp; As a BDC, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by our Board of Trustees. There is not a public market or active secondary market for many of the securities of the privately-held companies in which we intend to invest. The majority of our investments may not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately-negotiated, over-the-counter secondary market for institutional investors, if at all. As a result, we will value a significant portion of these securities at fair value as determined in good faith in accordance with procedures established by our Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp; The determination of fair value, and thus the amount of unrealized gains or losses we may recognize in any year, is to a degree subjective, and our Adviser has a conflict of interest in making recommendations of fair value. We will value these securities at fair value as determined in good faith in accordance with procedures established by our Board of Trustees and based on input from our Adviser and our Audit Committee. Our Board of Trustees may utilize the services of independent third-party valuation firms to aid it in determining the fair value of any securities and generally expects to do so with respect to Level 3 assets on a quarterly basis. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly-traded companies, discounted cash flow, current market interest rates and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures established by our Board of Trustees may differ materially from the values that would have been used if an active market and market quotations existed for these investments. Our NAV could be adversely affected if the determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such investments.

**We are dependent on information systems and system failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.**

&nbsp;&nbsp;&nbsp;&nbsp; Our business is dependent on our third parties' communications and information systems. Any failure or interruption of those systems, including as a result of the termination of an agreement with any third-party service provider, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. There could be:

&nbsp;&nbsp;&nbsp;&nbsp;• sudden electrical or telecommunications outages;

&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters such as earthquakes, wildfires, tornadoes and hurricanes;

&nbsp;&nbsp;&nbsp;&nbsp;• disease pandemics;

&nbsp;&nbsp;&nbsp;&nbsp;• events arising from local or larger scale political or social matters, including terrorist
acts; and

&nbsp;&nbsp;&nbsp;&nbsp;• cyber-attacks.

&nbsp;&nbsp;&nbsp;&nbsp; These events, in turn, could have a material adverse effect on our operating results and negatively affect the NAV of our Common Shares and our ability to pay dividends to our shareholders.

**Cybersecurity risks and cyber incidents may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information and/or damage to our business relationships, all of which could negatively impact our business, results of operations or financial condition.**

&nbsp;&nbsp;&nbsp;&nbsp; A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. Any such attack could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. We face risks posed to our information systems, both internal and those provided to us by third-party service providers. We, Guggenheim and its affiliates have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awareness of the nature and extent of a risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur or that our financial results, operations or confidential information will not be negatively impacted by such an incident.

&nbsp;&nbsp;&nbsp;&nbsp; Third parties with which we do business (including those that provide services to us) may also be sources or targets of cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing of our information and assets, as well as certain investor, counterparty, employee and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Privacy and information security laws and regulation changes, and compliance with those changes, may also result in cost increases due to system changes and the development of new administrative processes.

**Any unrealized losses we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.**

&nbsp;&nbsp;&nbsp;&nbsp; As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith in accordance with procedures established by our Board of Trustees. Decreases in the market values or fair values of our investments relative to amortized cost will be recorded as unrealized depreciation. Any unrealized losses in our loan portfolio could be an indication of a portfolio company's inability to meet its repayment obligations to us with respect to the affected loans. This could result in realized losses in the future and ultimately in reductions of our income available for distribution in future periods. In addition, decreases in the market value or fair value of our investments will reduce our NAV.

**Our Board of Trustees may change our operating policies and strategies without prior notice or shareholder approval, the effects of which may be adverse to our shareholders.**

&nbsp;&nbsp;&nbsp;&nbsp; Our Board of Trustees has the authority to modify or waive our current operating policies, investment criteria and strategies without prior notice and without shareholder approval. We cannot predict the effect any changes to our current operating policies, investment criteria and strategies would have on our business, NAV, operating results and the value of our Common Shares. However, the effects might be adverse, which could negatively impact our ability to pay you distributions and cause you to lose all or part of your investment. Moreover, we will have significant flexibility in investing our capital and we may invest our capital in ways that our investors may not agree with.

**Certain investment analysis and decisions by the Adviser may be undertaken with limited information.**

&nbsp;&nbsp;&nbsp;&nbsp; Given the nature of our investments, the same level of information that would exist for a publicly-traded company may not be available to the Adviser. Therefore, at times, the Adviser may be forced to make investment decisions with limited information regarding factors that may adversely affect an investment.

**Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.**

&nbsp;&nbsp;&nbsp;&nbsp; Changes in law or regulations could adversely affect the value of investments held by the Fund, affect the ability of the Fund to pursue its investment strategy, and increase the amount of fees or expenses borne by the Fund and shareholders indirectly. The time and attention as well as the financial costs associated with compliance with such laws or regulations could divert the Adviser's resources away from managing the Fund's investment program, which could adversely affect both the Fund and its portfolio investments. Similarly, the cost of new compliance obligations attributable to the Fund—such as the costs associated with quarterly reporting or audit requirements—will increase the financial burden on the Fund to the extent those costs are treated as Fund expenses and could reduce shareholder distributions. Further, the impact of such rules or regulations is uncertain and could become subject to increased uncertainty in the event the rules are challenged in court by industry groups or other market participants. Any legal or regulatory uncertainty with respect to these or other rules is likely to result in a diversion of the Adviser's time and resources as well as expose the Adviser to regulatory risk, all of which in turn could negatively impact the Fund and its investments.

&nbsp;&nbsp;&nbsp;&nbsp; Changes in federal policy, including tax policies, and at regulatory agencies occur over time through policy and personnel changes following elections, which lead to changes involving the level of oversight and focus on the financial services industry or the tax rates paid by corporate entities. The nature, timing and economic effects of potential changes to the current legal and regulatory framework affecting financial institutions remain highly uncertain. Future changes could adversely affect the Fund's operating environment and therefore the Fund's business, financial condition and results of operations. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying deferral government spending, could negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity of capital markets. There can be no assurance that any changes in laws, regulations or governmental policy will not have an adverse impact on the Fund and its investments, including the ability of the Fund and its ability to execute its investment objectives and to receive attractive returns.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, changes in U.S. social, political, regulatory and economic conditions or in laws and policies governing foreign trade, manufacturing, development and investment in the territories and countries where the Fund could invest, and any negative sentiments towards the United States as a result of such changes, could adversely affect the performance of the Fund's portfolio investments. Furthermore, negative sentiments toward the United States among non-U.S. customers and among non-U.S. employees or prospective employees could adversely affect sales or hiring and retention, respectively, of the Fund's portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp; While the Fund intends to invest in companies and other entities that seek to comply with applicable laws and regulations, the laws and regulations relating to certain industries are complex, could be ambiguous or could lack clear judicial or regulatory interpretive guidance. An adverse review or determination by any applicable judicial or regulatory authority of any such law or regulation, or an adverse change in applicable regulatory requirements or reimbursement programs, could have a material adverse effect on the operations and/or financial performance of the companies in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp; In this regard, there is significant uncertainty with respect to legislation, regulation and government policies at the federal level, as well as at the state and local government levels. Such changes could differ materially from our strategies and plans as set forth in this prospectus and may shift our investment focus from the areas of expertise of Guggenheim. Thus, any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment.

**We may experience fluctuations in our quarterly results.**

&nbsp;&nbsp;&nbsp;&nbsp; We could experience fluctuations in our quarterly operating results due to a number of factors, including our ability or inability to make investments in companies that meet our investment criteria, the interest rate payable and default rates on the debt securities we acquire, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. These occurrences could have a material adverse effect on our results of operations, the value of your investment in us and our ability to pay distributions to you and our other shareholders.

**We may be subject to litigation from time to time.**

&nbsp;&nbsp;&nbsp;&nbsp; In the ordinary course of its business, the Fund could be subject to litigation from time to time. The outcome of such proceedings could materially adversely affect the value of the Fund's investments and could continue without resolution for long periods of time. Any litigation could consume substantial amounts of the Adviser's and its personnel's time and attention, and that time and the devotion of these resources to litigation could, at times, be disproportionate to the amounts at stake in the litigation.

**Risks Related to Our Investments**

**Global capital markets could enter a period of severe disruption and instability. These conditions have historically affected and could again materially and adversely affect debt and equity capital markets in the United States and around the world and could negatively impact our business, financial condition and results of operations.**

&nbsp;&nbsp;&nbsp;&nbsp; Market and macro-economic disruptions may, in the future, affect the U.S. capital markets, which could adversely affect our business and that of our portfolio companies. These market disruptions may also affect the broader financial and credit markets and may reduce the availability of debt and equity capital for the market as a whole and to financial firms, in particular. At various times, these macro-disruptions have resulted in, and may in the future result in, a lack of liquidity in parts of the debt capital markets, significant write-offs in the financial services sector and the repricing of credit risk. These conditions may reoccur for a prolonged period of time again or materially worsen in the future, including as a result of further downgrades to the U.S. government's sovereign credit rating or the perceived credit worthiness of the United States or other large global economies. Unfavorable macro-economic conditions, including future recessions, also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. We may in the future have difficulty accessing debt and equity capital on attractive terms, or at all, and a severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions may cause us to reduce the volume of loans we originate and/or fund, adversely affect the value of our portfolio investments or otherwise have a material adverse effect on our business, financial condition, results of operations and cash flows. There has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. The current U.S. presidential administration, along with the U.S. Congress, has created 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 the impacted nations and the United States. The spread of an epidemic or pandemic and efforts to contain it may result in severe disruptions to financial markets, supply chains, availability of raw materials, goods, and services. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes, including by providing direct capital infusions into companies, introducing new monetary programs and considerably lowering interest rates, which, in some cases resulted in negative interest rates. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, heighten investor uncertainty and adversely affect the value of our investments and our overall performance. 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.

**Our investments are subject to credit risk.**

&nbsp;&nbsp;&nbsp;&nbsp; One of the fundamental risks associated with the Fund's investments is credit risk, which is the risk that a borrower will be unable or unwilling to make principal and interest payments on its outstanding debt obligations when due. The Fund's returns to shareholders would be adversely impacted if a borrower to which the Fund lends becomes unable to make such payments when due. While the Fund will generally target investments it believes are able to repay their indebtedness, these entities could still present a high degree of business and credit risk. Entities in which the Fund invests could deteriorate as a result of, among other factors, an adverse development in their businesses, a change in the competitive environment or the continuation or worsening of any economic and financial market downturns and dislocations. As a result, entities that the Fund expected to be stable or improve could operate, or expect to operate, at a loss or have significant variations in operating results, could require substantial additional

capital to support their operations or maintain their competitive position, or could otherwise have a weak financial condition or experience financial distress.

**Our investments in portfolio companies may be risky and we could lose all or part of our investment.**

&nbsp;&nbsp;&nbsp;&nbsp; We intend to pursue a strategy focused on investing primarily in the debt of privately-owned U.S. companies, with a focus on originated transactions sourced through the networks of our Adviser. The following are risks associated with our investments:

&nbsp;&nbsp;&nbsp;&nbsp;• *Senior Secured Loans, Senior Unsecured Loans and Second Lien Loans*. Senior loans hold
the most senior position in the capital structure of a business entity, and are typically secured with specific collateral. When we invest
in senior secured term loans and second lien loans, we generally seek to take a security interest in the available assets of these portfolio
companies, including the equity interests of their subsidiaries. We expect this security interest to help mitigate the risk that we will
not be repaid. However, there is a risk that the collateral securing our loans may decrease in value over time or lose its entire value,
may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon the success of the business
and market conditions, including as a result of the inability of the portfolio company to raise additional capital. Also, in some circumstances,
with respect to our second lien loans, our security interest could be subordinated to claims of other creditors. In addition, deterioration
in a portfolio company's financial condition and prospects, including its inability to raise additional capital, may be accompanied
by deterioration in the value of the collateral for the loan. Consequently, the fact that a loan is secured does not guarantee that we
will receive principal and interest payments according to the loan's terms, or at all, or that we will be able to collect on the
loan should we be forced to enforce our remedies.

Senior unsecured loans are structured as loans that are not subordinate in right of payment to any other debt incurred by the borrower under such loan, but are not secured with any collateral that could help ensure repayment of the loan. In the event of non-payment by a borrower of a senior unsecured loan, the lender may be unable to collect the unpaid balance because there is no specific collateral on which the lender can foreclose. In particular, if there are also any outstanding secured loans, the lender of such loans may be able to foreclose on the collateral securing such loans, and such proceeds may be applied towards the repayment of such secured loans before any remaining proceeds may be applied towards repayment of senior unsecured loans. Consequently, senior unsecured loans may be subject to a greater risk of non-payment in the event of default than secured loans, particularly during periods of deteriorating economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;• *Subordinated Debt.* Our subordinated, or mezzanine, debt investments will rank junior
in priority of payment to senior loans and will generally be unsecured. These characteristics may result in a heightened level of risk
and volatility or a loss of principal, which could lead to the loss of the entire investment. These investments may involve additional
risks that could adversely affect our investment returns. To the extent interest payments associated with such debt are deferred, such
debt may be subject to greater fluctuations in valuations, and such debt could subject us and our shareholders to non-cash income, including
PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term, and OID. Loans structured
with these features may represent a higher level of credit risk than loans that require interest to be paid in cash at regular intervals
during the term of the loan. Since we generally will not receive any principal repayments prior to the maturity of some of our subordinated
debt investments, such investments will have greater risk than amortizing loans.

&nbsp;&nbsp;&nbsp;&nbsp;• *Unitranche Debt.* The Fund could invest in unitranche debt, which is an instrument
that combines senior secured debt and subordinated debt into a single loan. Unitranche loans are subject to similar risks associated
with loans in general. Further, the complex terms of unitranche debt have not yet been widely tested in bankruptcy and workout situations.
As a result, default and loss expectations are more difficult to estimate with respect to unitranche debt as compared to other forms
of debt securities such as senior loans. In particular, in a bankruptcy proceeding involving a unitranche loan, there is a risk that
the entire unitranche loan will be viewed as a single secured claim. If the collateral is insufficient to secure the entire unitranche
loan, it could be deemed as an unsecured claim in its entirety. The untested nature of unitranche loan arrangements also exposes the
Fund to a heightened risk of litigation among the lender group in the event of bankruptcy.

&nbsp;&nbsp;&nbsp;&nbsp;• *Structured Products.* We may also invest, to a limited extent, in structured products,
which may include collateralized debt obligations ("CDOs"), CLOs, structured notes, and credit-linked notes. These investment
entities may be structured as trusts or other types of pooled investment vehicles. They may also involve the deposit with or purchase
by an entity of the underlying investments and the issuance by that entity of one or more classes of securities backed by, or representing
interests in, the underlying investments or referencing an indicator related to such investments. CDOs and CLOs are types of asset-backed
securities issued by special purpose vehicles created to reapportion the risk and return characteristics of a pool of assets. The underlying
pool for a CLO, for example, may include domestic and foreign senior loans, senior unsecured loans and subordinate corporate loans. Generally,
these are not qualified as eligible portfolio companies ("EPCs"). Investments in the equity tranche or any similarly situated
tranche of a structured product involve a greater degree of risk than investments in other tranches, and such investments will be the
first to bear losses incurred by a structured product.

&nbsp;&nbsp;&nbsp;&nbsp;• *Equity Investments.* We expect to make selected equity investments in the common or
preferred stock of a company. In addition, when we invest in senior and subordinated debt, we may acquire warrants or options to purchase
equity securities or benefit from other types of equity participation. Our goal is ultimately to dispose of these equity interests and
realize gains upon our disposition of such interests. However, the equity interests we receive may not appreciate in value and, in fact,
may decline in value. Accordingly, we may not be able to realize gains from our equity interests and any gains that we do realize on
the disposition of any equity interests may not be sufficient to offset any other losses we experience.

&nbsp;&nbsp;&nbsp;&nbsp;• *Investments in Private Investment Funds.* We may invest in private investment funds,
including hedge funds, private equity funds, limited liability companies and other business entities. In valuing our investments in private
investment funds, we rely primarily on information provided by managers of such funds. Valuations of illiquid securities, such as interests
in certain private investment funds, involve various judgments and consideration of factors that may be subjective. There is a risk that
inaccurate valuations provided by managers of private investment funds could adversely affect the value of our Common Shares. We may
not be able to withdraw our investment in certain private investment funds promptly after we have made a decision to do so, which may
result in a loss to us and adversely affect our investment returns.

&nbsp;&nbsp;&nbsp;&nbsp;• *Derivatives.* We may invest in derivative investments. If a counterparty becomes bankrupt
or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, we may experience significant
delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding, or may not recover
at all. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically
be terminated at its fair value. If we are owed this fair value in the termination of the derivative contract and its claim is unsecured,
we will be treated as a general creditor of such counterparty and will not have any claim with respect to the underlying security. Certain
of the derivative investments in which we may invest may, in certain circumstances, give rise to a form of financial leverage, which
may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the
Adviser to predict pertinent market movements, which cannot be assured. In addition, amounts paid by us as premiums and cash or other
assets held in margin accounts with respect to our derivative investments would not be available to us for other investment purposes,
which may result in lost opportunities for gain.

&nbsp;&nbsp;&nbsp;&nbsp; Most debt securities in which we intend to invest will not be rated by any rating agency and, if they were rated, would be rated as below investment grade quality. Debt securities rated below investment grade quality (*e.g.,* junk bonds) are generally regarded as having predominantly speculative characteristics and may carry a greater risk with respect to a borrower's capacity to pay interest and repay principal.

&nbsp;&nbsp;&nbsp;&nbsp; Prices of below investment grade securities could be volatile, and will generally fluctuate due to a variety of factors that are inherently difficult to predict, including but not limited to changes in interest rates, prevailing credit spreads, general economic conditions, financial market conditions, domestic and international economic or political events, developments or trends in any particular industry, and the financial condition of the obligors of loans. The current uncertainty affecting the United States economy and the economies of other countries in which issuers are domiciled or operate and the possibility of increased volatility in financial markets could adversely affect the value and performance of such securities.

&nbsp;&nbsp;&nbsp;&nbsp; Below investment grade investments have historically experienced greater default rates than has been the case for investment grade securities. There can be no assurance as to the levels of defaults or recoveries that could be experienced on the investments, and an increase in default levels could adversely affect payments on the investments.

&nbsp;&nbsp;&nbsp;&nbsp; A below investment grade loan or other debt obligation or an interest in a below investment grade loan or other debt obligation is generally considered speculative in nature and could become a defaulted obligation for a variety of reasons. Upon any investment becoming a defaulted obligation, such defaulted obligation could become subject to either substantial workout negotiations or restructuring, which could entail, among other things, a substantial reduction in the interest rate, a substantial write down of principal, and a substantial change in the terms, conditions and covenants with respect to such defaulted obligation. In addition, such negotiations or restructuring could be quite extensive and protracted over time, and therefore could result in substantial uncertainty with respect to the ultimate recovery on such defaulted obligation. The liquidity for defaulted obligations will likely be limited, and to the extent that defaulted obligations are sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon.

**The default rates of our high-yield investments could be higher than expected.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could make credit investments that could be classified as "higher-yielding" (and, therefore, higher risk). In most cases, such investments will be rated below "investment grade" or will be unrated and face 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 instruments has experienced periods of volatility and reduced liquidity. Securities in the lower rated categories and comparable non-rated securities are subject to greater risk of loss of principal and interest than higher rated and comparable non-rated securities and are generally considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. They are also generally considered to be subject to greater risk than securities with higher ratings or comparable nonrated securities in the case of deterioration of general economic conditions. High-yield securities could be subordinated to certain other outstanding securities and obligations of the issuer, which could be secured by all or substantially all of the issuer's assets. High-yield securities could also not be protected by financial covenants or limitations on additional indebtedness. The market values of certain of these portfolio investments could reflect individual corporate developments. General economic recessions or a major decline in the demand for products and services which the company provides would likely have a materially adverse impact on the value of such instruments 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, could also decrease the value and liquidity of these high-yield portfolio investments. In addition, the historical performance of the high-yield market is not necessarily indicative of its future performance, and the numerous methods for calculating default rates leave a significant amount of uncertainty in the potential profitability of the Fund's investment in such instruments. Should increases in default rates occur with respect to the instruments acquired by the Fund, the actual default rates of the instruments held by the Fund could exceed those of the calculation methodology used by the Fund in determining to purchase such instruments, resulting in substantial losses to the Fund.

**We may be exposed to cross-collateralization.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could engage in financings where several investments are cross-collateralized, thereby subjecting multiple investments to the risk of loss. As a result, the Fund could lose its interests in performing investments in the event such investments are cross-collateralized with poorly performing or non-performing investments.

**We may enter into repurchase and reverse repurchase agreements.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could lend securities or other assets, raise cash or borrow securities or other assets by entering into repurchase and reverse repurchase agreements. When the Fund enters into a reverse repurchase agreement, it "sells" securities or other assets to a financial institution and receives cash; simultaneously, it agrees to repurchase such securities or other assets on a specified date in the future for the price paid by the financial institution, plus interest at a negotiated rate (such transaction, a "Reverse Repo"). When the Fund enters into a repurchase transaction, it "buys" securities or other assets from a financial institution and delivers cash; simultaneously, it agrees to sell such securities or other assets on a specified date in the future for the price sold to the financial institution, and the financial institution delivers cash in such amount plus interest at a negotiated rate (such a transaction, a "Repo"). The use of Repos and Reverse Repos involves certain risks. With respect to a Repo, in the event that the financial

institution does not perform its obligations under the contract to return the security or other asset for any reason, such as an insolvency or restructuring of the financial institution, the Fund could not be able to recover the security or other asset. In such a circumstance, while the Fund will hold the cash it received at the outset of the transaction, such cash amount could be less than the value of security or other asset sold. In addition, Repos could be considered to be a form of leverage and subject to the risks associated with leverage. In the event the buyer under a repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver could receive an extension of time to determine whether to enforce the obligation of the Fund to repurchase the assets in question and the Fund's use of the proceeds of the repurchase agreement could effectively be restricted pending such decision. To the extent that, in the meantime, the value of the assets that the Fund has purchased has decreased, the Fund could experience a loss. With respect to a Reverse Repo, if the financial institution defaults on its obligation to repurchase the underlying securities or other assets on a specified date in the future, as a result of its bankruptcy or otherwise, the Fund will seek to sell the securities or other assets into the market for cash in order be paid what it would otherwise have been paid by such financial institution on the anticipated repurchase date. However, the Fund could encounter costs or delays in liquidating those securities or other assets and it could incur a loss if the amount realized by the sale into the market does not equal or exceed the repurchase price of such securities or other assets plus the agreed interest amount. In addition, the estate of the financial institution could have claims to the security and could subject the Fund to litigation risk. For example, if the seller becomes insolvent and subject to liquidation or reorganization under applicable bankruptcy or other laws, the Fund's ability to dispose of the underlying assets could be restricted. It is possible, in a bankruptcy or liquidation scenario, that the Fund could not be able to substantiate its interest in the underlying financial instruments.

**We may invest in balloon loans and bullet loans that have limited amortization.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's investments can include balloon loans (*i.e.,* loans for which the final payment at maturity is much larger than the prior regular payments), bullet loans (*i.e.,* loans that typically involve periodic interest-only payments, with the entire principal repaid in a single lump sum at maturity) or loans that have limited mandatory amortization requirements. Such loans involve a greater degree of risk than other types of transactions because they are structured to allow for either small or no principal payments over the term of the loan, requiring the obligor to make a large final payment upon the maturity of the loan.

&nbsp;&nbsp;&nbsp;&nbsp; While these loans could obligate a borrower to repay the loan out of asset sale proceeds or with annual excess cash flow, repayment requirements could be subject to substantial carve outs that would allow a borrower 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 could increase the risk that an issuer will not be able to repay or refinance the loans held by the Fund when they mature.

&nbsp;&nbsp;&nbsp;&nbsp; The ability of such obligor to make this final payment upon the maturity of the loan typically depends upon its ability either to refinance the loan prior to maturity or to generate sufficient cash flow to repay the loan at maturity. The ability of any obligor to accomplish any of these goals will be affected by many factors, including the availability of financing at acceptable rates to such obligor, the financial condition of such obligor, the marketability of the collateral (if any) securing such loan, the operating history of the related business, tax laws and the prevailing general economic conditions. Consequently, such obligor could not have the ability to repay the loan at maturity, and the Fund could lose all or a portion of the principal of the loan. Given their relative size and limited resources and access to capital, some obligors could have difficulty in repaying or refinancing such loans on a timely basis or at all.

**Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies.**

&nbsp;&nbsp;&nbsp;&nbsp; We intend to pursue a strategy focused on investing primarily in the debt of privately-owned U.S. companies with a focus on originated transactions sourced through the networks of our Adviser. Our portfolio companies may have, or may be permitted to incur, other debt that ranks equally with, or senior to, the debt in which we invest. By their terms, such debt instruments may entitle the holders to receive payment of interest or principal on or before the dates on which we are entitled to receive payments with respect to the debt instruments in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution. After repaying such senior creditors, such portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with

debt instruments in which we invest, we would have to share on an equal basis any distributions with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company.

**We will hold non-controlling interests in our portfolio companies and, therefore, could have a limited ability to manage the risk profile of our investment in such companies.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund will hold debt obligations and other non-controlling interests in companies and, therefore, could have a limited ability to manage the risk profile of the Fund's investment in such companies. However, the Fund will seek appropriate creditor and shareholder rights to help protect the Fund's interests in such companies. Debt obligations could be syndicated to a number of different financial market participants and the terms of such debt obligations could require either a majority consent or, in certain cases, unanimous approval for certain actions in respect of the credit, such as waivers, amendments, or the exercise of remedies. In addition, voting to accept or reject the terms of a restructuring of a credit pursuant to a bankruptcy plan of reorganization is done on a class basis. As a result of these voting regimes, the Fund could not have the ability to control any decision in respect of any amendment, waiver, exercise of remedies, restructuring or reorganization of debts owed to the Fund. Accordingly, the other holders of the class of securities or other instruments held by the Fund could approve an action that is contrary to the interests of the Fund or that it does not agree with. Conversely, the Fund could want to take some action that requires the approval of the other holders of the class of security or other instrument, which the Fund could be unable to obtain. These holders could have interests that conflict with or differ from the interests of the Fund.

**Subordinated liens on collateral securing debt investments that we will make to our portfolio companies may be subject to control by senior creditors with first priority liens. If there is a default, the value of the collateral may not be sufficient to repay both the first priority creditors and us in full.**

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

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

&nbsp;&nbsp;&nbsp;&nbsp; The rights we may have with respect to the collateral securing the debt investments we make in our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more inter-creditor agreements that we enter into with the holders of senior debt. Under such an inter-creditor agreement, at any time that obligations having the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: the ability to cause the commencement of enforcement proceedings against the collateral, the ability to control the conduct of such proceedings, the approval of amendments to collateral documents, releases of liens on the

collateral and waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected.

**There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims.**

&nbsp;&nbsp;&nbsp;&nbsp; Although we intend to generally structure certain of our investments as senior debt, if one of our portfolio companies were to file for bankruptcy proceedings, depending on the facts and circumstances, including the extent to which we provided managerial assistance to that portfolio company or a representative of us or the Adviser sat on the board of trustees of such portfolio company, a bankruptcy court might re-characterize our debt investment and subordinate all or a portion of our claim to that of other creditors.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, a number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a similar duty owed to the borrower, or has assumed an excessive degree of control over the borrower, resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of our investments in portfolio companies (including that, as a BDC, we may be required to provide managerial assistance to those portfolio companies), we may be subject to allegations of lender liability.

**We generally will not control the business operations of our portfolio companies and, due to the illiquid nature of our holdings in our portfolio companies, may not be able to dispose of our interest in our portfolio companies.**

&nbsp;&nbsp;&nbsp;&nbsp; We do not expect to control most of our portfolio companies, although we may have board representation or board observation rights, and our debt agreements may impose certain restrictive covenants on our borrowers. As a result, we are subject to the risk that a portfolio company in which we invest may make business decisions with which we disagree and the management of such company, as representatives of the holders of their common equity, may take risks or otherwise act in ways that do not serve our interests as debt investors. Due to the lack of liquidity for our investments in private companies, we may not be able to readily dispose of our portfolio company holdings or to sell our holdings at an appropriate valuation. As a result, a portfolio company may make decisions that could decrease the value of our portfolio holdings.

**We will be exposed to risks associated with changes in interest rates.**

&nbsp;&nbsp;&nbsp;&nbsp; We are subject to financial market risks, including changes in interest rates. Because we may borrow money to finance a portion of our investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates when we have debt outstanding, our cost of funds will increase, which could reduce our net investment income.

&nbsp;&nbsp;&nbsp;&nbsp; In the event of a significant rising interest rate environment, our portfolio companies with adjustable-rate loans could see their interest payments increase and there may be a significant increase in the number of our portfolio companies who are unable or unwilling to pay interest and repay their loans. Our investment portfolio of adjustable-rate loans may also decline in value in response to rising interest rates if the adjustable interest rates do not rise as much, or as quickly, as market interest rates in general. Similarly, during periods of rising interest rates, our investments with fixed interest will likely decline in value.

&nbsp;&nbsp;&nbsp;&nbsp; In periods of market volatility, the market values of fixed income securities, and portfolio companies with adjustable-rate loans, may be more sensitive to changes in interest rates. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent such activities are not prohibited by the 1940 Act. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp; General interest rate fluctuations may have a substantial negative impact on our investments, our incentive fee, the value of our Common Shares and our rate of return on invested capital. During periods of declining interest rates, borrowers or issuers may exercise their option to prepay principal earlier than scheduled.

**General economic and market conditions could adversely affect the performance of our investments and operations.**

&nbsp;&nbsp;&nbsp;&nbsp; The investment industry generally and the success of the Fund's investment activities will be affected by general economic and market conditions, as well as by changes in laws, currency exchange controls, and national and international political and socioeconomic circumstances. A renewed downturn in the U.S. or global economy (or any particular segment thereof) could adversely affect the Fund's profitability, impede the ability of the Fund's portfolio investments to perform under or refinance their existing obligations, and impair the Fund's ability to effectively exit its portfolio investment on favorable terms. Any of the foregoing events could result in substantial or total losses to the Fund in respect of certain portfolio investments, which losses will likely be exacerbated by the presence of leverage in a portfolio investment's capital structure.

&nbsp;&nbsp;&nbsp;&nbsp; The capital markets have experienced great volatility and financial turmoil. Moreover, governmental measures undertaken in response to turmoil in the markets (whether regulatory or financial in nature) could have a negative effect on market conditions. General fluctuations in the market prices of securities and economic conditions generally could reduce the availability of attractive investment opportunities for the Fund and could affect the Fund's ability to make investments. Instability in the securities markets and economic conditions generally (including a slow-down in economic growth and/or changes in interest rates or foreign exchange rates) could also increase the risks inherent in the Fund's investments and could have a negative impact on the performance and/or valuation of the portfolio investments. The Fund's performance can be affected by deterioration in the capital markets and by market events, such as the onset of the credit crisis in the summer of 2007 or the downgrading of the credit rating of the United States in 2011, which, among other things, can impact the public market comparable earnings multiples used to value privately held portfolio investments and investors' risk-free rate of return. Movements in foreign exchange rates could adversely affect the value of investments in portfolio investments and the Fund's performance. Volatility and illiquidity in the financial sector could have an adverse effect on the ability of the Fund to sell and/or partially dispose of its portfolio investments. Such adverse effects could include the requirement of the Fund to pay breakup, termination or other fees and expenses in the event the Fund is not able to close a transaction (whether due to the lenders' unwillingness to provide previously committed financing or otherwise) and/or the inability of the Fund to dispose of investments at prices that the Adviser believes reflect the fair value of such investments. The impact of market and other economic events could also affect the Fund's ability to raise funding to support its investment objectives.

&nbsp;&nbsp;&nbsp;&nbsp; Global financial markets have experienced increased volatility because of uncertainty surrounding the level and sustainability of the sovereign debt of various countries. There can be no assurance as to the resolution of the economic problems in those countries, nor as to whether such problems will spread to other countries or otherwise negatively affect economies or markets. A debt default by a sovereign nation, including the United States, or other potential consequences of these economic problems could trigger additional crises in the global credit markets and overall economy which could have a significant adverse effect on the Fund and its investments.

**Inflation has and may continue to adversely affect our business.**

&nbsp;&nbsp;&nbsp;&nbsp; The United States and certain non-U.S. countries have experienced and could experience substantial, and in some periods extremely high, rates of inflation for many years. Measures taken by the governments to control inflation potentially include maintaining a tight monetary policy with high interest rates, thereby restricting the availability of credit and hindering economic growth. In particular, as inflation continues to rise, the Federal Reserve could raise interest rates in the near term, which could have a negative impact on the cost of debt and the market value of fixed income securities. Further, inflation and rapid fluctuations in inflation rates have had and could continue to have very negative effects on the economies and securities markets (both public and private) of certain countries in which the Fund could invest. Inflation rates could continue to increase in the future, and government measures to control inflation, adopted presently or in the future, remain uncertain. Measures taken by the governments to control inflation potentially include maintaining a tight monetary policy with high interest rates, thereby restricting the availability of credit and hindering economic growth. Inflation, measures to combat inflation and public speculation about possible additional actions have contributed materially to economic uncertainty in many countries.

&nbsp;&nbsp;&nbsp;&nbsp; Inflation could significantly increase the Fund's costs of operations, adversely impact the availability of suitable investments or the performance thereof, and otherwise impact the Fund's financial condition.

&nbsp;&nbsp;&nbsp;&nbsp; Inflation could adversely affect the Fund investments. During periods of rising inflation, interest and dividend rates of any instruments issued by the Fund's portfolio investments could increase, which would tend to reduce returns to the shareholders. There can be no assurance that high rates of inflation will not have a material adverse effect on the investments of the Fund.

**An increase or decrease in commodity supply or demand may adversely affect our business.**

&nbsp;&nbsp;&nbsp;&nbsp; A decrease in the production of natural gas, natural gas liquids, crude oil, coal or other energy commodities, a decrease in the volume of such commodities available for transportation, mining, processing, storage or distribution, or a sustained decline in demand for such commodities may adversely impact the financial performance or prospects of energy or other commodity-focused companies in which we may invest. Energy and other commodity-focused companies are subject to supply and demand fluctuations in the markets they serve which will be impacted by a wide range of factors, including fluctuating commodity prices, weather, increased conservation or use of alternative fuel sources, increased governmental or environmental regulation, depletion of natural gas, natural gas liquids, crude oil or coal production, rising interest rates, declines in domestic or foreign production of natural gas, natural gas liquids and crude oil, accidents or catastrophic events and economic conditions, among others.

**An increase or decrease in commodity pricing may adversely affect our business.**

&nbsp;&nbsp;&nbsp;&nbsp; The return on our prospective investments in energy and other commodity-sensitive companies will be dependent on the margins received by those companies for the exploration, development, production, gathering, transportation, processing, storing, refining, distribution, mining, generation or marketing of natural gas, natural gas liquids, crude oil, refined products, coal or power. These margins may fluctuate widely in response to a variety of factors including global and domestic economic conditions, weather conditions, natural disasters, the supply and price of imported energy commodities, the production and storage levels of energy commodities in certain regions or in the world, political instability, terrorist activities, transportation facilities, energy conservation, domestic and foreign governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices may also make it more difficult for energy companies in which we may invest to raise capital to the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.

**We may continue to be subject to certain contingent liabilities arising from the sale or other disposition of our investments.**

&nbsp;&nbsp;&nbsp;&nbsp; A significant portion of our investments involve private securities. In connection with the sale or other disposition of an investment in private securities, we may be required to make representations about the business and financial affairs of the portfolio company, typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations are determined to be inaccurate with respect to potential liabilities. These arrangements may constitute contingent liabilities that ultimately could result in funding obligations that we must satisfy through our return of distributions previously made to us on such investment. If this occurs, we could incur losses associated with the payments of amounts in satisfaction of such liabilities. Consequently, the value of our Common Shares may decline and our future distributions to shareholders may be reduced, although in no event would shareholders be required to return distributions previously paid by us to them on account of such liabilities.

**International investments create additional risks.**

&nbsp;&nbsp;&nbsp;&nbsp; We expect to make investments in portfolio companies that are domiciled outside of the United States. We anticipate that up to 30% of our investments may be in these types of assets. Our investments in foreign portfolio companies will be deemed "non-qualifying assets," which means, as required by the 1940 Act, they may not constitute more than 30% of our total assets at the time of our acquisition of any asset, after giving effect to the acquisition. Notwithstanding the limitation on our ownership of foreign portfolio companies, such investments may subject us to many of the same risks as our domestic investments, as well as certain additional risks, including the following:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foreign currency devaluations that reduce the value of and returns on our foreign investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse changes in the availability, cost and terms of investments due to the varying economic
policies of a foreign country in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse changes in tax rates, the tax treatment of transaction structures and other changes
in operating expenses of a particular foreign country in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the assessment of foreign-country taxes (including withholding taxes, transfer taxes and
value added taxes, any or all of which could be significant) on income or gains from our investments in the foreign country;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes that adversely affect the social, political and/or economic stability of a foreign
country in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• high inflation in the foreign countries in which we invest, which could increase the costs
to us of investing in those countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deflationary periods in the foreign countries in which we invest, which could reduce demand
for our assets in those countries and diminish the value of such investments and the related investment returns to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal and logistical barriers in the foreign countries in which we invest that materially
and adversely limit our ability to enforce our contractual rights with respect to those investments.

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

**We will be exposed to certain risks associated with our investments in Secondaries Investments.**

&nbsp;&nbsp;&nbsp;&nbsp; We will opportunistically acquire Secondaries Investments as part of our investment program. Such investments include credit secondaries, including interests in private credit portfolios, directly originated loans, and structured credit transactions. Additionally, we may invest in GP-led secondary transactions, including continuation funds, providing liquidity solutions to private equity sponsors seeking to extend the holding period of high-quality assets. Fund secondaries may also be considered, particularly those backed by high-quality private credit portfolios that align with our investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp; Valuation of Secondaries Investments may be difficult, as there generally will be no established market for such investments. Our overall performance with respect to such investments will depend in large part on the acquisition price paid by us for such investments and the structure of such acquisitions. The acquisition price paid by us generally will not be identical to the subsequent fair value of the Secondary Investment, which may be, at times, higher or lower than such acquisition price. The Fund can only value private funds at NAV if permitted by applicable accounting standards. Secondary Investments acquired at a discount may result in unrealized gains at the time we next calculate our NAV. Such unrealized gains will increase our NAV and performance by the difference between the most recent value of the Secondary Investment reported by the holder and the negotiated purchase price. Conversely, a Secondary Investment sold at a discount will result in a decrease in our NAV and performance by the difference between the value of the Secondary Investment as reflected in our books and records and the negotiated sale price. Our overall performance will depend in large part on the acquisition price paid by us for our Secondary Investments and the structure of such acquisitions. In addition, Secondary Investments acquired at a discount may cause us 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, we may have difficulty meeting the minimum annual distribution requirement necessary to maintain RIC tax treatment. Because this income will be included in our investment company taxable income for the tax year it is accrued, we may be required to make a distribution to shareholders to meet the distribution requirements described above, even though we will not have received any corresponding cash or property. See

"We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income."

&nbsp;&nbsp;&nbsp;&nbsp; In some instances, we may have the opportunity to acquire a portfolio of interests from a seller on an "all or nothing" basis. Certain of the interests in the portfolio may be less attractive than others, and certain of the sponsors of such interests may be more familiar to us than others, or may be more experienced or highly regarded than others. In certain instances, the purchase of an interest in a new fund may be less attractive than a secondary market purchase of an existing limited partner interest. In such cases, it may not be possible for us to exclude from such purchases those investments that the Adviser considers (for commercial, tax, legal or other reasons) less attractive.

**To the extent OID and PIK interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.**

&nbsp;&nbsp;&nbsp;&nbsp; Our investments may include OID and PIK instruments. To the extent OID and PIK interest income constitute a portion of our income, we will be exposed to risks associated with such income being required to be included in an accounting income and taxable income prior to receipt of cash, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID instruments may have unreliable valuations because the accretion of OID as interest income
requires judgments about its collectability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OID instruments may create heightened credit risks because the inducement to the borrower
to accept higher interest rates in exchange for the deferral of cash payments typically represents, to some extent, speculation on the
part of the borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For accounting purposes, cash distributions to shareholders that include a component of accreted
OID income do not come from paid-in capital, although they may be paid from the offering proceeds. Thus, although a distribution of accreted
OID income may come from the cash invested by the shareholders, the 1940 Act does not require that shareholders be given notice of this
fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The presence of accreted OID income and PIK interest income create the risk of non-refundable
cash payments to the Adviser in the form of subordinated incentive fees on income based on non-cash accreted OID income and PIK interest
income accruals that may never be realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of PIK "toggle" debt (debt for which the issuer may defer an interest
payment by agreeing to pay an increased coupon in the future, provided that all deferred payments must be made by the instrument's
maturity), the PIK interest election has the simultaneous effects of increasing the investment income, thus increasing the potential
for realizing incentive fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The required recognition of OID and PIK interest for U.S. federal income tax purposes may
have a negative impact on liquidity, as such amount represent non-cash income that may require cash distributions to shareholders in
order to maintain our ability to be subject to tax as a RIC.

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

&nbsp;&nbsp;&nbsp;&nbsp; Our investments in private investment funds, including hedge funds, private equity funds, limited liability companies and other business entities, expose us to the risks associated with the businesses of such funds or entities. These private investment funds are not registered investment companies and, thus, are not subject to protections afforded by the 1940 Act covering, among other areas, liquidity requirements, governance by an independent board, affiliated transaction restrictions, leverage limitations, public disclosure requirements and custody requirements.

&nbsp;&nbsp;&nbsp;&nbsp; We rely primarily on information provided by managers of private investment funds in valuing our investments in such funds. There is a risk that inaccurate valuations provided by managers of private investment funds could adversely affect the value of our Common Shares. In addition, there can be no assurance that a manager of a private investment fund will provide advance notice of any material change in such private investment fund's investment program or policies, therefore our investment portfolio may be subject to additional risks, which may not be promptly identified by our Adviser.

&nbsp;&nbsp;&nbsp;&nbsp; Private investment funds often have complex fee structures. Investments in the securities of private investment funds may also involve duplication of investment advisory fees and certain other expenses. By investing in private

investment funds indirectly through us, you bear a *pro rata* portion of our investment advisory fees and other expenses, and also indirectly bear a *pro rata* portion of the investment advisory fees, performance-based allocations and other expenses borne by us as an investor in the private investment funds regardless of the performance of the private investment fund or the Fund itself.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, certain private investment funds may not provide us with the liquidity we require and would thus subject us to liquidity risk. Further, even if an investment in a private investment fund is deemed liquid at the time of investment, the private investment fund may, in the future, alter the nature of its investments and cease to be a liquid investment fund, subjecting us to liquidity risk.

**We may acquire various structured financial instruments for purposes of "hedging" or reducing our risks, which may be costly and ineffective and could reduce our cash available for distribution to our shareholders.**

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

**We may enter into one or more swap agreements.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund may enter into one or more swap agreements. Swap agreements are two-party contracts entered into primarily by institutional investors for extended periods often exceeding more than one year. In a standard swap transaction, two parties agree to exchange payment streams derived by reference to different reference points, including asset values, rates or indices. A swap contract may not be assigned without the consent of the counterparty, and could result in losses in the event of a default or bankruptcy of the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp; Swap transactions, like other financial transactions, involve a variety of significant risks. The specific risks presented by a particular swap transaction necessarily depend upon the terms of the transaction and the Fund's circumstances. In general, however, all swap transactions involve some combination of market risk, credit risk, counterparty credit risk, funding risk, liquidity risk and operational risk. Highly customized swap transactions in particular could increase liquidity risk. Highly leveraged transactions could experience substantial gains or losses in value as a result of relatively small changes in the value or level of an underlying or related market factor. In evaluating the risks and contractual obligations associated with a particular swap transaction, it is important to consider that a swap transaction may be modified or terminated only by mutual consent of the original parties and subject to agreement on individually negotiated terms. Therefore, it could not be possible to modify, terminate or offset the Fund's obligations or the Fund's exposure to the risks associated with a transaction prior to its scheduled termination date.

&nbsp;&nbsp;&nbsp;&nbsp; *Total Return Swaps.* TRS' are swap agreements where a party agrees to pay the counterparty the total return of a specified underlying asset in return for fixed or floating rate payments. In the case of the Fund, the TRS' will be based on specific bank loans identified and selected by the Fund. TRS' are a relatively recent development in the financial markets. Consequently, there are certain legal, tax and market uncertainties that present risks in entering into such swaps. Besides swap regulations implemented by the Dodd-Frank Act, there is currently little or no case law or litigation characterizing TRS', interpreting their provisions, or characterizing their tax treatment. In addition, additional regulations and laws could apply to TRS' that have not heretofore been applied. There can be no assurance that future decisions construing similar provisions to those in any TRS' agreement or other related documents or additional regulations and laws will not have a material adverse effect on the Fund. TRS' could also expose the Fund to liquidity risk. Although the Fund will generally have the ability to terminate a TRS' transaction or program at any time, doing so could subject the Fund to certain early termination charges. In addition, there could not be a liquid market within which to dispose of an outstanding TRS' even if a permitted disposal might avoid an early termination charge.

&nbsp;&nbsp;&nbsp;&nbsp; *Counterparty Risk.* The Adviser is not restricted from dealing with any particular counterparty or from concentrating any or all of the Fund's transactions with one counterparty. Moreover, the Adviser has no formal credit function which evaluates the creditworthiness of the Fund's counterparties.

&nbsp;&nbsp;&nbsp;&nbsp; Accordingly, the Fund takes credit risk with regard to the swap counterparties with whom it will trade and will also bear the risk of settlement default by such swap counterparties. These risks could differ materially from those entailed in exchange-traded transactions which generally are backed by clearing organization guarantees, daily marking-to-market and settlement and segregation and minimum capital requirements applicable to intermediaries. Transactions entered directly between two counterparties generally do not benefit from such protections. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such "counterparty risk" could be accentuated by the fact that the Fund could concentrate its transactions with a single or small group of counterparties. In addition, in the case of a default, the Fund could become subject to adverse market movements while replacement transactions are executed. The Fund is not restricted from dealing with any particular TRS' counterparty or from concentrating any or all of its transactions with one counterparty. Although certain of the TRS' counterparties could be entities that are rated by recognized rating agencies, the Fund has no formal internal credit function that evaluates the creditworthiness of its TRS' counterparties. The ability of the Fund to transact business with any one or number of counterparties, the possible lack of a meaningful and independent evaluation of such counterparties' financial capabilities, and the absence of a regulated market to facilitate settlement could increase the potential for losses by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; The TRS' counterparties with which the Fund does business could encounter financial difficulties, fail, or otherwise become unable to meet their obligations. Any such development would impair the operational capabilities of the Fund or cause damaging losses, or even complete loss, of its capital. To help mitigate this risk, the Fund will generally contract with banks and other financial institutions with significant experience in issuing TRS'.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, the counterparties with which the Fund effects transactions could, from time to time, cease making markets or quoting prices in the desired instrument. In such instances, the Fund could be unable to enter into a desired transaction, or to enter into an offsetting transaction with respect to an open position, which might adversely affect its performance. Further, in contrast to exchange-traded instruments, certain swaps could not provide a trader with the right to offset its obligations through an equal and opposite transaction. For this reason, in entering into swaps, the Fund is expected to be required, and must be able, to perform its obligations under the contract.

&nbsp;&nbsp;&nbsp;&nbsp; *Pending Legislation.* Certain relatively recently enacted legislation in the United States generally requires derivatives that were previously entered into on an OTC basis to be cleared through a central clearinghouse, subject to certain limited exceptions. Other similar measures could be proposed in other jurisdictions. It is expected that such requirements will lead to the standardization of the terms of any derivative instruments cleared in such manner. Any such standardized terms are yet to be formulated and, thus, it is not possible to assess the degree to which any such standardized terms might permit the Adviser to implement, or prevent the Adviser from implementing, the Fund's investment program. Accordingly, to the extent that the Adviser relies on the use of OTC derivatives incorporating specific terms in seeking to implement certain aspects of the Fund's investment program, and to the extent that such terms become unavailable as a result of any such standardization of terms, there can be no assurance that the Adviser would be able to utilize alternate methods to seek to implement such aspects of the Fund's investment program. In such cases, if the Adviser were unable to utilize such alternate methods, the impact on the Fund could be substantial and adverse.

**We may invest in portfolio companies involved in special situations.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could invest in companies or other entities involved in (or the target of) acquisition attempts or tender offers or in companies or other entities involved in or undergoing work-outs, liquidations, spinoffs, reorganizations, bankruptcies or other catalytic changes or similar transactions. In any investment opportunity involving any such type of special situation, there exists the risk that the contemplated transaction either will be unsuccessful, will take considerable time or will result in a distribution of cash or a new security the value of which will be less than the purchase price to the Fund of the security or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Fund could be required to sell its

investment at a loss. Because there is substantial uncertainty concerning the outcome of transactions involving financially troubled companies or other entities in which the Fund could invest, there is a potential risk of loss by the Fund of its entire investment in such companies or other entities. In connection with such transactions (or otherwise), the Fund could purchase securities on a when-issued basis, which means that delivery and payment take place sometime after the date of the commitment to purchase and is often conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, reorganization or debt restructuring. The purchase price and/or interest rate receivable with respect to a when-issued security are fixed when the Fund enters into the commitment. Such securities are subject to a change in value prior to their delivery.

**We may invest in distressed securities from time to time.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund is permitted to invest in distressed investments from time to time (e.g., investments in defaulted, out of favor or distressed bank loans and debt securities or other nonperforming, underperforming or other troubled assets), including debt obligations that are in covenant or payment default, of companies in weak financial condition, experiencing poor operating results, significant financial difficulties and/or material operating issues, having substantial capital needs or negative net worth, facing special competitive or product obsolescence problems, including companies that could have been, are or will become involved in bankruptcy or reorganization proceedings or other restructuring, recapitalization or liquidation processes.

&nbsp;&nbsp;&nbsp;&nbsp; While such investments offer the opportunity for significant capital gains, they also involve a high degree of risk that could result in substantial losses. Investments in such companies involve a substantial degree of risk that is generally higher than the risk involved in investing in companies that are not in financial or operational distress. Among the risks inherent in investments in entities experiencing significant financial or business difficulties is the fact that it frequently could be difficult to obtain information as to the true condition of such issuers. Given the heightened difficulty of the financial analysis required to evaluate distressed companies, there can be no assurance that the Fund will correctly evaluate the value of the assets of a distressed company securing its debt and other obligations or correctly project the prospects for the successful restructuring, recapitalization or liquidation of such company. The market prices of such investments are also subject to abrupt and erratic market movements and above average price volatility, and the spread between the bid and asked prices of such investments could be greater than those prevailing in other markets. It could take a number of years for the market price of such investments to reflect their intrinsic value. Investments in distressed securities, particularly in connection with reorganizations, often involve litigation generally related to issues related to control and preference among classes, claimants and other related matters. Such litigation can be time consuming and expensive, and can frequently lead to unpredicted delays or losses that by their nature involve business, financial, market and/or legal risks. Such investments also could be adversely affected by U.S. state and federal laws relating to, among other things, fraudulent transfers and other voidable transfers or payments, lender liability and the U.S. bankruptcy court's power to disallow, reduce, subordinate or disenfranchise particular claims. Therefore, in the event that the Fund does become involved in bankruptcy proceedings or a restructuring, recapitalization or liquidation is required, the Fund could lose some or all of its investment or could be required to accept illiquid securities or other instruments with rights that are materially different than the original securities or other instruments in which the Fund invested.

&nbsp;&nbsp;&nbsp;&nbsp; In a bankruptcy or other proceeding, the Fund as a creditor could be unable to enforce its rights in any collateral or could have its security interest in any collateral challenged or disallowed, and its claims could be subordinated to the claims of other creditors. In some cases, the Fund could be prohibited by contract from selling investments for a period of time. Investments could include (i) capital infusions to companies facing liquidity issues or significant debt maturities, (ii) capital to finance operations or growth for companies facing a cyclical downturn, non-recurring losses or contractual issues, (iii) capital infusions or debtor-in-possession financings to companies in bankruptcy, (iv) financing for acquisitions of businesses, frequently from distressed sellers or assets that are non-core to the seller or (v) businesses facing capital structure, cyclical or operational distress. The Fund could also make "rescue" financings ranging from secured debt to equity infusions including, without limitation, investments in companies that are in need of liquidity or facing debt maturities, or provide growth capital to companies that cannot access the capital markets due to cyclical factors or financial market dislocation. In addition, the Fund could also selectively pursue the acquisition of "fulcrum" securities/loan-to-own debt purchases as a means to gain control of assets upon a restructuring. The securities of the Fund described in this paragraph could be considered speculative, and the ability of such companies to pay their debts on schedule could be adversely affected by interest rate movements, changes in

the general economic climate or the economic factors affecting a particular industry, or specific developments within such companies.

&nbsp;&nbsp;&nbsp;&nbsp; Moreover, such investments could also subject the Fund to litigation risks or prevent the Fund from disposing of securities. In any reorganization or liquidation proceeding relating to an issuer or investment, the Fund could lose its entire investment, could be required to accept cash or securities with a value less than the Fund's original investment and/or could be required to accept payment over an extended period of time. Furthermore, at times, a major portion of an issue of distressed securities could be held by relatively few investors, and the market could be limited to a narrow range of potential counterparties, such as other financial institutions. Under adverse market or economic conditions or in the event of adverse changes in the financial condition of the issuer, the Fund could find it more difficult to sell such securities when the Adviser believes it advisable to do so or could only be able to sell such securities at a loss.

&nbsp;&nbsp;&nbsp;&nbsp; Investments in companies operating in workout or bankruptcy modes also present additional legal risks, including fraudulent conveyance, voidable preference and equitable subordination risks. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. In liquidation (both in and out of bankruptcy) and other forms of corporate reorganization, there exists the risk that the reorganization either will be unsuccessful (due to, for example, failure to obtain requisite approvals), will be delayed (for example, until various liabilities, actual or contingent, have been satisfied) or will result in a distribution of cash or a new security or other instrument, the value of which will be less than the purchase price to the Fund of the security or other instrument in respect to which such distribution was made. There is no assurance that the Adviser will correctly evaluate the value of the assets collateralizing the Fund's loans or the prospects for a successful reorganization or similar action.

**A significant portion of our investments in loans could be loans acquired on a secondary basis.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could invest a significant portion of its investments in loans acquired on a secondary basis. To the extent it does so, the Adviser is unlikely to be able to negotiate the terms of such debt as part of its acquisition and, as a result, these loans could not include some of the covenants and protections the Fund would have preferred. Even if such covenants and protections are included in the investments held by the Fund, the terms of the loans could provide obligors substantial flexibility in determining compliance with such covenants. In addition, the terms on which loans are traded on the secondary market could represent a combination of the general state of the market for such investments and either favorable or unfavorable assessments of particular investments by the sellers thereof.

**We may invest in bank loans and participations.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's investment program can include investments in bank loans, participations in loans by way of syndication or otherwise and credit-linked notes ("CLNs"). These obligations are subject to unique risks, including (i) the possible invalidation of an investment transaction as a fraudulent conveyance under relevant creditors' rights and bankruptcy laws, (ii) so called lender liability claims by the issuer of the obligations, (iii) environmental liabilities that could arise with respect to collateral securing the obligations and (iv) limitations on the ability of the Fund to enforce directly its rights with respect to participations and CLNs. In analyzing each bank loan or participation or CLN, the Adviser compares the relative significance of the risks against the expected benefits of the investment. Successful claims by third parties arising from these and other risks, absent certain conduct by the Adviser, its respective affiliates and certain other individuals, will be borne by the Fund. In addition, the settlement process for the purchase of bank loans can take significantly longer than the timeframes established by the Loan Syndications & Trading Association and comparable non-U.S. bodies. The longer a trade is outstanding between the counterparties, the greater the risk of additional operational and settlement issues and the potential for the Fund's counterparty to fail to perform.

&nbsp;&nbsp;&nbsp;&nbsp; If the Fund purchases a participation or CLN, it will not have established any direct contractual relationship with nor acquired any voting rights related to any corporate actions by the borrower. The Fund will be required to rely on the lender or the participant that sold the participation not only for the enforcement of the Fund's rights against the borrower but also for the receipt and processing of payments due to the Fund under the participation or CLN. The Fund will thus be subject to the credit risk of both the borrower and the selling lender or participant. Because it could be necessary to assert through the selling lender or participant such rights as could exist against the borrower, in the event the borrower fails to pay principal and interest when due, such assertion of rights against the

borrower could be subject to delays, expenses and risks that are greater than those that would be involved if the Fund could enforce its rights against the borrower directly.

**We may invest in preferred and convertible securities.**

&nbsp;&nbsp;&nbsp;&nbsp; Investments in preferred and/or convertible equity or debt securities involve special risks, such as the risk of deferred distributions, credit risk, illiquidity and limited voting rights. Preferred securities could permit the issuer to defer distributions for a stated period without any adverse consequences to the issuer. If the Fund owns a preferred security that defers distributions, the Fund could be required to report income for tax purposes before it receives such distributions. Preferred securities are generally subordinated to debt securities in terms of priority to income and liquidation payments, and therefore will be subject to greater credit risk than an investment in debt securities. Preferred securities could be substantially less liquid than many other securities, such as common stock. Generally, preferred security holders have no voting rights, subject to limited exceptions (e.g., with respect to matters that would materially and adversely impact the holder of the preferred securities).

**We may invest in hybrid securities.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could obtain exposure to an issuer or asset by investing in hybrid instruments, which contain characteristics of both a debt security and an equity security. Therefore, hybrid securities are subject to the risks of equity securities and the risks of debt securities. The terms of hybrid instruments could vary substantially, and certain hybrid securities could be subject to similar risks as preferred stocks, such as interest rate risk, issuer risk, dividend risk, call risk and extension risk. The claims of holders of hybrid securities of an issuer are generally subordinated to those of holders of traditional debt securities in bankruptcy, and thus hybrid securities could be more volatile and subject to greater risk than traditional debt securities, and could in certain circumstances even be more volatile than traditional equity securities. At the same time, hybrid securities could not fully participate in gains of their issuer and thus potential returns of such securities are generally more limited than traditional equity securities, which would participate in such gains. Hybrid securities could also be more limited in their rights to participate in management decisions of an issuer. Certain hybrid securities could be more thinly traded and less liquid than either publicly issued equity securities or debt securities, especially hybrid securities that are "customized" to meet the needs of particular investors, potentially making it difficult for the Fund to sell such securities at a favorable price or at all. Any of these features could cause a loss in market value of hybrid securities held by the Fund.

**We may invest in "covenant-light" loans.**

&nbsp;&nbsp;&nbsp;&nbsp; Some of the investments could be "covenant-light" or "cov-lite" loans. These loans do not have financial or maintenance covenants, and these loans could be riskier than loans with stricter covenant packages and could be less liquid than other types of loans. An investment in such loans could potentially hinder the ability to re-price credit risk associated with a company's performance and reduce the creditors' ability to restructure a non-performing loan and mitigate potential loss. These flexible covenants (or the absence of covenants) could cause obligors to experience a significant downturn in their results of operation without triggering any default that would permit holders of directly originated senior secured loans to accelerate indebtedness or negotiate terms and pricing, which could result in an adverse impact on Fund.

**We may invest in unfunded loans.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's investments could be comprised of loan commitments that are unfunded at the time of investment. A loan commitment is a written agreement in which the lender commits itself to make a loan or loans up to a specified amount within a specified time period. The loan commitment sets out the terms and conditions of the lender's obligation to make the loans. The portion of the amount committed by a lender under a loan commitment that the borrower has not drawn down is referred to as "unfunded." A lender typically is obligated to advance the unfunded amount of a loan commitment at the borrower's request, subject to certain conditions regarding the creditworthiness of the borrower. Borrowers with deteriorating creditworthiness could continue to satisfy their contractual conditions and therefore be eligible to borrow at times when the lender might prefer not to lend. In addition, a lender could have assumptions as to when a company in which the Fund invests could draw on an unfunded loan commitment when the lender enters into the commitment. If the borrower does not draw as expected, the commitment could not prove as attractive an investment as originally anticipated. Further, any failure to advance requested funds to a company in which the Fund invests could result in possible assertions of offsets against amounts previously lent.

**We may invest in the securities and debt issued by publicly held companies.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's investment portfolio could contain securities and debt issued by publicly held companies. Such investments could subject the Fund to risks that differ in type or degree from those involved with investments in privately held companies. Such risks include greater volatility in the valuation of such companies, increased obligations to disclose information regarding such companies, limitations on the ability of the Fund to dispose of such securities and debt at certain times, increased likelihood of shareholder litigation and insider trading allegations against such companies' executives and board members, including the principals, and increased costs associated with each of the aforementioned risks.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could invest in distressed publicly traded assets. The Fund's investments in publicly traded companies could be sensitive to movements in the stock market and trends in the overall economy. In addition, by investing in publicly traded investments the Fund will be subject to applicable laws and regulations which could, among other things, restrict or prohibit the Fund's ability to sell an investment. Furthermore, the Fund could be limited in its ability to make investments and to sell existing investments in public securities because the Adviser comes into possession of material, non-public information regarding the issuers of those securities or as a result of other policies or obligations of the Adviser. Should this occur, the Adviser could be restricted from buying or selling securities, derivatives or loans of the issuer on behalf of the Fund until such time as the information became public or was no longer deemed material to preclude the Fund from participating in an investment. Transactions in certain public securities, therefore, could be restricted. The inability to sell securities in these circumstances could materially adversely affect the investment results of the Fund.

**The nonpayment of principal and interest of certain of the Fund's investments would hurt the value of such investments.**

&nbsp;&nbsp;&nbsp;&nbsp; Certain of the Fund's investments could be subject to the risk of nonpayment of scheduled interest or principal by the issuers with respect to such investments. Such nonpayment would likely result in a reduction of income to the Fund and a reduction in the value of the investments experiencing nonpayment. Although the Fund could make investments that the Fund believes are secured by specific collateral, the value of which typically exceeds the principal amount of the investment at the time of initial investment, there can be no assurance that the liquidation of any such collateral would satisfy the issuer's obligation in the event of nonpayment of scheduled interest or principal payments with respect to such investment, or that such collateral could be readily liquidated. In addition, in the event of bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing an investment.

&nbsp;&nbsp;&nbsp;&nbsp; Under certain circumstances, collateral securing an investment could be released without the consent of the Fund. Moreover, the Fund's secured loans could be unperfected for a variety of reasons, including the failure to make required filings and, as a result, the Fund could not have priority over other creditors as initially anticipated. Senior first lien loans made by the Fund could, in certain cases, provide a first priority lien over some, but not all, of the assets of the relevant company. The Fund could also invest in senior second lien 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 first lien loans. Furthermore, the Fund's right to payment and its security interest, if any, could be subordinated to the payment rights and security interests of other secured lenders with respect to some or all of the assets of a company. Certain investments could have an interest only payment schedule, with the principal amount remaining outstanding and at risk until the maturity of the investment. In such cases, a company's ability to repay the principal of an investment could be dependent upon a liquidity event or the long-term success of the company, the occurrence of which is uncertain.

**Defaults by our portfolio companies will harm our operating results.**

&nbsp;&nbsp;&nbsp;&nbsp; A portfolio company's failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its debt financing and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize a portfolio company's ability to meet its obligations under the debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company.

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

&nbsp;&nbsp;&nbsp;&nbsp; We intend to invest primarily in privately-held companies. Investments in private companies pose certain incremental risks as compared to investments in public companies, including that they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• have reduced access to the capital markets, resulting in diminished capital resources and
ability to withstand financial distress;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• may have limited financial resources and may be unable to meet their obligations under their
debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood
of us realizing any guarantees we may have obtained in connection with our investment;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• are more likely to depend on the management talents and efforts of a small group of persons;
therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on
our portfolio company and, in turn, on us; and

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

&nbsp;&nbsp;&nbsp;&nbsp; Finally, little public information generally exists about private companies and these companies may not have third-party credit ratings or audited financial statements. We must therefore rely on the ability of our Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in these companies. Additionally, these companies and their financial information will not generally be subject to the Sarbanes-Oxley Act and other rules that govern public companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision and we may lose money on our investments.

**There is no assurance that the ratings given by credit rating agencies are accurate.**

&nbsp;&nbsp;&nbsp;&nbsp; The ratings that could be assigned by various credit rating agencies to loans or other debt instruments that could be acquired by the Fund reflect only the views of those agencies. Explanations of the significance of ratings should be obtained from such credit rating agencies. No assurance can be given that ratings assigned will not be withdrawn or revised downward if, in the view of such credit rating agency, circumstances so warrant.

**We may be unable execute an attractive exit strategy.**

&nbsp;&nbsp;&nbsp;&nbsp; There is risk that the Fund will be unable to realize its investment objective through the sale or disposition of investments at an attractive price, within any given period of time, or will otherwise be unable to complete any exit strategy with respect to its investments. In particular, these risks could arise from the absence of an established market for an investment, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions and changes in laws, regulations or fiscal policies of jurisdictions in which a property is located.

&nbsp;&nbsp;&nbsp;&nbsp; Although the Fund will often invest with the intention of holding a loan to maturity, in some cases the Fund could determine it is advisable to exit a position earlier. However, due to the illiquid nature of the positions which the Fund is expected to acquire, the Fund is unable to predict with confidence what the exit strategy will ultimately be for any given position, or that one will definitely be available at an attractive price, or at all. Exit strategies which appear to be viable or profitable when an investment is initiated could be precluded or unprofitable by the time the investment is ready to be realized due to market, economic, legal, political or other factors.

**The lack of liquidity in our investments may adversely affect our business.**

&nbsp;&nbsp;&nbsp;&nbsp; We may acquire a significant percentage of our portfolio company investments from privately-held companies in directly negotiated transactions. The securities of private companies are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately-negotiated, over-the-counter secondary market for institutional investors, if at all. These over-the-counter secondary markets may be inactive during an economic downturn or a credit crisis. In addition, the securities in these companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly-traded securities. We typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing or initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp; The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp; Moreover, securities purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions or investor perceptions.

&nbsp;&nbsp;&nbsp;&nbsp; We may also face other restrictions on our ability to liquidate an investment in a portfolio company to the extent that we, Guggenheim, or any of its affiliates have material nonpublic information regarding such portfolio company, or where the sale would be an impermissible joint transaction. The reduced liquidity of our investments may make it difficult for us to dispose of them at a favorable price, and, as a result, we may suffer losses.

&nbsp;&nbsp;&nbsp;&nbsp; Dislocations in certain parts of markets are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve. Liquidity of financial markets may also be affected by government intervention.

**We may not have the funds or ability to make additional investments in our portfolio companies.**

&nbsp;&nbsp;&nbsp;&nbsp; After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant or other right to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, we prefer other opportunities, we are limited in our ability to do so by compliance with BDC requirements, or we desire to maintain our RIC status. Our ability to make follow-on investments may also be limited by Guggenheim's allocation policies. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation, or may reduce the expected return on the investment.

**Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.**

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

**To the extent that we borrow money, the potential for gain or loss on amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available to service our debt or for distribution to our shareholders and result in losses.**

&nbsp;&nbsp;&nbsp;&nbsp; The use of borrowings, also known as leverage, increases the volatility of investments by magnifying the potential for gain or loss on invested equity capital. If we use leverage to partially finance our investments, through borrowing from banks and other lenders, you will experience increased risks of investing in our Common Shares. If

the value of our assets decreases, leveraging would cause NAV to decline more sharply than it otherwise would if we had not borrowed and employed leverage. Similarly, any decrease in our income would cause net income to decline more sharply than it would have if we had not borrowed and employed leverage. Such a decline could negatively affect our ability to make distributions to our shareholders. In addition, our shareholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the management or incentive fees payable to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp; The amount of leverage that we employ will depend on our assessment of market and other factors at the time of any proposed borrowing. There can be no assurance that leveraged financing will be available to us on favorable terms or at all. However, to the extent that we use leverage to finance our assets, our financing costs will reduce cash available for distributions to shareholders. Moreover, we may not be able to meet our financing obligations and, to the extent that we cannot, we risk the loss of some or all of our assets to liquidation or sale to satisfy the obligations. In such an event, we may be forced to sell assets at significantly depressed prices due to market conditions or otherwise, which may result in losses.

&nbsp;&nbsp;&nbsp;&nbsp; As a BDC, we are required to maintain a minimum coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred stock that we may issue in the future, subject to any then-current asset coverage requirements. We cannot incur additional debt and could be required to sell a portion of our investments to repay some debt when it is disadvantageous to do so, if any then-current asset coverage requirements are not met. This could have a material adverse effect on our operations and we may not be able to make distributions.

***We are subject to risks associated with forming CLOs.***

&nbsp;&nbsp;&nbsp;&nbsp; To finance investments, we may securitize certain of our assets, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments. This would involve contributing a pool of assets to a special purpose entity and selling debt interests in such entity on a non-recourse or limited-recourse basis to purchasers.

&nbsp;&nbsp;&nbsp;&nbsp; If we create a CLO, we will depend in part on distributions from the CLO's assets out of its earnings and cash flows to enable us to make distributions to shareholders. The ability of a CLO to make distributions will be subject to various limitations, including the terms and covenants of the debt it issues. Also, a CLO may take actions that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or the CLO may be obligated to retain cash or other assets to satisfy over-collateralization requirements commonly provided for holders of the CLO's debt, which could impact our ability to receive distributions from the CLO. If we do not receive cash flow from any such CLO that is necessary to satisfy the annual distribution requirement for maintaining RIC status, and we are unable to obtain cash from other sources necessary to satisfy this requirement, we may not maintain our qualification as a RIC, which would have a material adverse effect on an investment in the shares.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, a decline in the credit quality of loans in a CLO due to poor operating results of the relevant borrower, declines in the value of loan collateral or increases in defaults, among other things, may force a CLO to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for distribution to us for distribution to shareholders. To the extent that any losses are incurred by the CLO in respect of any collateral, such losses will be borne first by us as owner of equity interests in the CLO.

**We may acquire non-performing debt instruments, loans and participations.**

&nbsp;&nbsp;&nbsp;&nbsp; Debt instruments and loans acquired by the Fund could be at the time acquired or could thereafter become non-performing following their acquisition for a wide variety of reasons. Such non-performing instruments or loans could require a substantial amount of workout negotiations or restructuring, which could entail, among other things, a substantial reduction in the interest rate and a substantial write-down of principal. It is possible that the Adviser could find it necessary or desirable to foreclose on collateral securing one or more loans purchased by the Fund. The foreclosure process, which is subject to applicable law, varies jurisdiction by jurisdiction and can be lengthy and expensive. Borrowers often resist foreclosure actions, which often prolongs and complicates an already difficult and time-consuming process. In some states or other jurisdictions, foreclosure actions can take up to several years or more to conclude, especially as new laws related to foreclosures could delay the ability to collect interest from payors. During the foreclosure proceedings, a borrower could have the ability to file for bankruptcy, potentially staying the foreclosure action and further delaying the foreclosure process. Foreclosure litigation tends

to create a negative public image of the collateral assets and could result in disrupting ongoing management of the company. There can be no assurance as to the amount and timing of payments, if any, with respect to any such debt instruments.

**We may invest in leveraged loans, including broadly syndicated loans.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's investments could be comprised of leveraged loans, including broadly syndicated loans, which have significant liquidity and market value risks since they are not generally traded on organized exchange markets but are traded by banks and other institutional investors engaged in loan syndications. Because loans are privately syndicated and loan agreements are privately negotiated and customized, loans are not purchased or sold as easily as publicly traded securities.

&nbsp;&nbsp;&nbsp;&nbsp; Historically the trading volume in loan markets has been small relative to high yield debt securities markets. In addition, leveraged loans, including broadly syndicated loans, have historically experienced greater default rates than has been the case for investment grade securities. There can be no assurance as to the levels of defaults and/ or recoveries that could be experienced on leveraged loans, including broadly syndicated loans, and an increase in default levels could have a material adverse effect on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; A non-investment grade loan or debt obligation (or an interest therein) is generally considered speculative in nature and could become a defaulted obligation for a variety of reasons. A defaulted obligation could become subject to either substantial workout negotiations or restructuring, which could entail, among other things, a substantial reduction in the interest rate, a substantial write down of principal, and a substantial change in the terms, conditions and covenants with respect to such defaulted obligation. In addition, such negotiations or restructuring could be quite extensive and protracted over time, and therefore could result in substantial uncertainty with respect to the ultimate recovery on such defaulted obligation. The liquidity for defaulted obligations could be limited, and to the extent that defaulted obligations are sold, it is highly unlikely that the proceeds from such sale will be equal to the amount of unpaid principal and interest thereon. Furthermore, there can be no assurance that the ultimate recovery on any defaulted obligation will not be lower than the recovery rate assumed by the Fund.

**We may invest in zero-coupon and deferred interest bonds.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could invest in zero coupon bonds and deferred interest bonds, which are debt obligations issued at a significant discount from face value. The original discount approximates the total amount of interest the bonds will accrue and compound over the period until maturity or the first interest accrual date at a rate of interest reflecting the market rate of the security at the time of issuance. While zero coupon bonds do not require the periodic payment of interest, deferred interest bonds generally provide for a period of delay before the regular payment of interest begins. Such investments experience greater volatility in market value due to changes in interest rates than debt obligations that provide for regular payments of interest.

**We may invest in convertible debt.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could make investments in convertible debt securities and/or other instruments. Such debt could be unsecured and structurally or contractually subordinated to substantial amounts of senior indebtedness, all or a significant portion of which could be secured. Moreover, such debt investments could not be protected by financial covenants or limitations upon additional indebtedness and there is no minimum credit rating for such debt investments. Other factors could materially and adversely affect the market price and yield of such debt investments, including investor demand, changes in the financial condition of the applicable issuer, government fiscal policy and domestic or worldwide economic conditions.

**We may invest in assignments.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could also purchase assignments, which are arrangements whereby a creditor assigns an interest in a loan to the Fund. The purchaser of an assignment typically succeeds to all the rights and obligations of the assignor of the loan and becomes a lender under the loan agreement and other operative agreements relating to the portfolio investment. Assignments are, however, arranged through private negotiations between potential assignees and potential assignors, and the rights and obligations acquired by the purchaser of an assignment could differ from, and be more limited than, those held by the assignor of the loan. In contrast to the rights of the Fund as an owner of a participation, the Fund, as an assignee, will generally have the right to receive directly from the obligor all payments of principal, interest and any fees to which it is entitled. In some assignments, the obligor could have the right to continue to make payments to the assignor with respect to the assigned portion of the loan. In such a case,

the assignor would be obligated to receive such payments as agent for the Fund and to promptly pay over to the Fund such amounts as are received. As a purchaser of an assignment, the Fund typically will have the same voting rights as other lenders under the applicable loan agreement and will have the right to vote to waive enforcement of breaches of covenants. The Fund will also have the same rights as other lenders to enforce compliance by the obligor with the terms of the loan agreement, to set off claims against the obligor and to have recourse to collateral supporting the portfolio investment. As a result, the Fund is expected to not bear the credit risk of the assignor and the insolvency of an assignor of a loan should have little effect on the ability of the Fund to continue to receive payments of principal, interest or fees from the obligor. The Fund will, however, assume the credit risk of the obligor.

**We could become involved in bankruptcy proceedings.**

&nbsp;&nbsp;&nbsp;&nbsp; In the event of a default or bankruptcy, certain investments could require the Fund to conduct substantial workout negotiations or restructuring. There are a number of significant risks when investing in entities that become involved in bankruptcy proceedings, including the following issues: (i) many events in a bankruptcy are the product of contested matters and adversary proceedings that are beyond the control of the creditors; (ii) a bankruptcy filing could have adverse and permanent effects on a property or an entity (for instance, the entity could lose its market position and key employees and otherwise become incapable of restoring itself as a viable entity, and, if the proceeding is converted to a liquidation, the liquidation value of the entity could not equal the liquidation value that was believed to exist at the time of the investment); (iii) the duration of a bankruptcy proceeding is difficult to predict and a creditor's return on investment can be impacted adversely by delays while the plan of reorganization is being negotiated, approved by the creditors and confirmed by the bankruptcy court, and until it ultimately becomes effective; (iv) certain claims, such as claims for taxes, wages, employee and worker pensions and certain trade claims, could have priority by law over the claims of certain creditors; (v) the administrative costs in connection with a bankruptcy proceeding are frequently high and will be paid out of the debtor's estate prior to any return to creditors; (vi) creditors can lose their ranking and priority in a variety of circumstances, including if they exercise "domination and control" over a debtor and other creditors can demonstrate that they have been harmed by such actions; and (vii) the Fund is permitted to seek representation on creditors' committees and as a member of a creditors' committee it will generally owe certain obligations generally to all creditors similarly situated that the committee represents and it will generally be subject to various trading or confidentiality restrictions. Furthermore, bankruptcy laws could delay the ability of the Fund to realize on collateral for loan positions held by it or could adversely affect the priority of such loans through doctrines such as equitable subordination or could result in a restructuring of the debt through principles such as the "cramdown" provisions of the bankruptcy laws. In addition, the bankruptcy laws and regimes of certain jurisdictions outside the United States could be untested, subject to manipulation or change and not provide a proven venue to resolve a portfolio investment's bankruptcy estate.

**Economic recessions or downturns could impair our portfolio companies and harm our operating results.**

&nbsp;&nbsp;&nbsp;&nbsp; Many of our portfolio companies may be susceptible to economic slowdowns or recessions and may be unable to repay our debt investments during these periods. Therefore, our non-performing assets may increase and the value of our portfolio is likely to decrease during these periods. Adverse economic conditions may also decrease the value of any collateral securing our senior secured first or second lien loans. A severe recession may further decrease the value of such collateral and result in losses of value in our portfolio and a decrease in our revenues, net income, assets and net worth. Unfavorable economic conditions could also increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us on terms we deem acceptable. These events could prevent us from increasing investments and harm our operating results.

&nbsp;&nbsp;&nbsp;&nbsp; A return of recessionary conditions and/or continued negative developments in the domestic and international credit markets may significantly affect the markets in which we do business, the value of our loans and investments, and our ongoing operations, costs and profitability. Any such unfavorable economic conditions, including rising interest rates, may also increase our funding costs, limit our access to capital markets or negatively impact our ability to obtain financing, particularly from the debt markets. In addition, any future financial market uncertainty could lead to financial market disruptions and could further impact our ability to obtain financing. These events could limit our investment originations, limit our ability to grow and negatively impact our operating results and financial condition.

**We may engage in origination activities.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund is expected to engage in the origination of debt or debt-linked securities, including hybrid debt, shareholder loans with associated debt-linked warrants, and preferred equity.

&nbsp;&nbsp;&nbsp;&nbsp; When it originates debt or debt-linked securities, the Fund expects to rely significantly upon representations made by the issuer. There can be no assurance that such representations are accurate or complete, or that any due diligence undertaken would identify any misrepresentation or omission. Any misrepresentation or omission by an issuer to which the Fund originates debt could adversely affect the valuation of the collateral underlying the debt, or could adversely affect the ability of the Fund to perfect or foreclose on a lien on the collateral securing the debt, or could result in liability of the Fund to a subsequent purchaser of the debt.

**There can be no assurance that our investments will have adequate lender protections.**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund will seek investments that include structural, covenant and other contractual protections determined appropriate under the circumstances. There can be no assurance that such protections will achieve their desired effect and potential investors should regard an investment in the Fund as being speculative and having a high degree of risk. The lending market is competitive and the ability of the Fund to own investments including strong protections will generally be affected by competition and terms that other lenders are willing to accept from borrowers. One concern of the Fund is the possibility of material misrepresentation or omission on the part of a borrower or other credit support providers. Such inaccuracy or incompleteness or breach of covenants could adversely affect the value of the borrower, any collateral securing an investment or the ability of the Fund to perfect or enforce a lien on the collateral securing an investment or otherwise impair the value of an investment.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund will rely upon the accuracy and completeness of representations made by borrowers, but cannot guarantee the accuracy or completeness of such representations. In addition, the Fund intends to rely on administrative agents and their representative to take actions that result in properly perfected liens, but there can be no guarantee that the intended results will be achieved.

**Frequent purchases and sales of investments could result in higher transaction costs.**

&nbsp;&nbsp;&nbsp;&nbsp; Purchases and sales of investments could be frequent and could result in higher transaction costs to the Fund. In addition, the Fund will bear the costs of structuring and ongoing administration and maintenance of any subsidiaries or other vehicles utilized in connection with the Fund's investment program, and such costs can be material.

**There is no assurance that mispriced securities and instruments will be successfully recognized or acquired.**

&nbsp;&nbsp;&nbsp;&nbsp; The identification of investment opportunities that are mispriced by the market is a difficult task, and there is no assurance that such opportunities will be successfully recognized or acquired. While investments in mispriced securities and other instruments offer opportunities for above average capital appreciation, these investments involve a high degree of financial risk and can result in substantial losses. Returns generated from the Fund's investments could not adequately compensate for the business and financial risks assumed.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund could make certain speculative investments in securities and/or other instruments which the Fund believes to be mispriced by the market. However, there are no assurances that the securities and/or other instruments purchased are in fact mispriced by the market. In addition, the Fund could be required to hold such securities and/ or other instruments for a substantial period of time before realizing their anticipated value. During this period, a portion of the Fund's capital would be committed to the securities and/or other instruments purchased, thus possibly preventing the Fund from investing in other opportunities. In addition, the Fund could finance such purchases with borrowed funds and thus will have to pay interest on such funds during such waiting period.

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

**We are susceptible to "widening" risk.**

&nbsp;&nbsp;&nbsp;&nbsp; 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 portfolio investments in which the Fund invests could decline substantially. In particular, purchasing assets at what could appear to be "undervalued" of "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 could not be possible to predict, or to hedge against, such "spread widening" risk. Additionally, the perceived discount in pricing from previous environments described herein could still not reflect the true value of the portfolio investments invested by the Fund.

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

**The Adviser and its affiliates, including our officers and some of our Trustees, may face conflicts of interest caused by compensation arrangements with us and our affiliates, which could result in increased risk-taking by us.**

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser and its affiliates will receive substantial fees from us in return for its services, including certain incentive fees based on the amount of appreciation of our investments. These fees could influence the advice provided to us. Generally, the more equity we sell in public offerings and the greater the risk assumed by us with respect to our investments, the greater the potential for growth in our assets and profits (and, correlatively, the fees payable by us to the Adviser). These compensation arrangements could affect our Adviser's or its affiliates' judgment with respect to public offerings of equity and investments made by us, which allow the Adviser to earn increased investment advisory fees.

**The time and resources that individuals associated with the Adviser devote to us may be diverted, and we may face additional competition due to the fact that Guggenheim is not prohibited from raising money for or managing another entity that makes the same types of investments that we target.**

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser currently manages other investment entities and is not prohibited from raising money for and managing future investment entities that make the same types of investments as those we target. As a result, the time and resources that our Adviser devotes to us may be diverted, and during times of intense activity in other programs, it may devote less time and resources to our business than is necessary or appropriate. In addition, we may compete with any such investment entity for the same investors and investment opportunities.

**The Adviser will experience conflicts of interest in connection with the management of our business affairs.**

&nbsp;&nbsp;&nbsp;&nbsp; Our Adviser will experience conflicts of interest in connection with the management of our business affairs, including those relating to the allocation of investment opportunities by the Adviser and its affiliates; compensation to the Adviser; services that may be provided by the Adviser and its affiliates to issuers in which we invest; investments by us and other clients of the Adviser, subject to the limitations of the 1940 Act; the formation of additional investment funds by the Adviser; differing recommendations given by the Adviser to us versus other clients; the Adviser's use of information gained from issuers in our portfolio for investments by other clients, subject to applicable law; and restrictions on the Adviser's use of "inside information" with respect to potential investments by us.

**The Adviser may face conflicts of interest with respect to services performed for issuers in which we invest.**

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser and its affiliates may provide a broad range of financial services to companies in which we invest, in compliance with applicable law, and will generally be paid fees for such services. In addition, affiliates of the Adviser may act as underwriters or placement agents in connection with an offering of securities by one of the companies in our portfolio. Any compensation received by the Adviser for providing these services will not be shared with us and may be received before we realize a return on our investment. The Adviser may face conflicts of interest with respect to services performed for these companies, on the one hand, and investments recommended to us, on the other hand.

**The Adviser has incentives to favor its other accounts and clients over us, which may result in conflicts of interest that could be harmful to us.**

&nbsp;&nbsp;&nbsp;&nbsp; Because our Adviser manages assets for other investment companies, pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals), certain conflicts of interest are present. For instance, the Adviser may receive fees from certain accounts that are higher than the fees received by the Adviser from us, or receive a more favorable performance-based fee on certain accounts. In those instances, a portfolio manager for the Adviser has an incentive to favor the higher fee and/or higher performance-based fee accounts over us. In addition, a conflict of interest exists to the extent the Adviser has proprietary investments in certain accounts, where its portfolio managers or other employees have personal investments in certain accounts, or when certain accounts are investment options in the Adviser's employee benefit plans. The

Adviser has an incentive to favor these accounts over us. Our Board of Trustees will be responsible for monitoring these conflicts.

**The Adviser is not restricted from entering into other investment advisory relationships; the Adviser's actions on behalf of its other accounts and clients may be adverse to us and our investments.**

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser manages assets for accounts other than us, including private investment funds (for purposes of this section, "Adviser Funds"). Actions taken by the Adviser on behalf of its Adviser Funds may be adverse to us and our investments, which could harm our performance. For example, we may invest in the same credit obligations as other Adviser Funds, and, to the extent permitted under the 1940 Act, our investments may include different obligations of the same issuer. Decisions made with respect to the securities held by one Adviser Fund may cause (or have the potential to cause) harm to the different class of securities of the issuer held by other Adviser Funds (including us). As a further example, the Adviser may manage accounts that engage in short sales of (or otherwise take short positions in) securities or other instruments of the type in which we invest, which could harm our performance for the benefit of the accounts taking short positions, if such short positions cause the market value of the securities to fall.

**Our Adviser will face restrictions on its use of inside information about existing or potential investments that it acquires through its relationships with other advisory clients, and those restrictions may limit the freedom of our Adviser to enter into or exit from investments for us, which could have an adverse effect on our results of operations.**

&nbsp;&nbsp;&nbsp;&nbsp; In the course of performing its duties, the members, officers, directors, employees, principals or affiliates of our Adviser may come into possession of material, non-public information. The possession of such information may be detrimental to us, limiting the ability of our Adviser to buy or sell a security or otherwise to participate in an investment opportunity for us. In certain circumstances, employees of our Adviser may serve as board members or in other capacities for portfolio or potential portfolio companies, which could restrict our ability to trade in the securities of such companies. For example, if personnel of the Adviser come into possession of material non-public information with respect to our investments, such personnel will be restricted by Guggenheim's information-sharing policies and procedures, or by law or contract from sharing such information with our management team, even where the disclosure of such information would be in our best interests or would otherwise influence decisions taken by the members of the management team with respect to that investment. This conflict and these procedures and practices may limit the freedom of our Adviser to enter into or exit from potentially profitable investments for us, which could have an adverse effect on our results of operations. Accordingly, there can be no assurance that we will be able to fully leverage the resources and industry expertise of our Adviser's other businesses. Additionally, there may be circumstances in which one or more individuals associated with the Adviser will be precluded from providing services to us because of certain confidential information available to those individuals or to other parts of the Adviser.

**We may be obligated to pay our Adviser incentive fees even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.**

&nbsp;&nbsp;&nbsp;&nbsp; The Investment Advisory Agreement entitles Guggenheim to receive an incentive fee based on our pre-incentive fee net investment income regardless of any capital losses. In such case, we may be required to pay Guggenheim an incentive fee for a fiscal quarter even if there is a decline in the value of our portfolio or if we incur a net loss for that quarter.

&nbsp;&nbsp;&nbsp;&nbsp; Any incentive fee payable by us that relates to our pre-incentive fee net investment income may be computed and paid on income that may include interest that has been accrued but not yet received or interest in the form of securities received rather than cash (*i.e.,* PIK income). If a portfolio company defaults on a loan that is structured to provide accrued interest income, it is possible that accrued interest income previously included in the calculation of the incentive fee will become uncollectible. Our Adviser is not obligated to reimburse us for any part of the incentive fee it received that was based on accrued interest income that we never received as a result of a subsequent default, and such circumstances would result in our paying a subordinated incentive fee on income we never receive. PIK income will be counted toward the incentive fee that we are obligated to pay our Adviser, even though we do not receive the income in the form of cash.

&nbsp;&nbsp;&nbsp;&nbsp; The quarterly incentive fee on income that we pay is recognized and paid without regard to: (i) the trend of pre-incentive fee net investment income on adjusted capital over multiple quarters in arrears, which may in fact be consistently less than the preference return, or (ii) the net income or net loss in the current calendar quarter, the current year or any combination of prior periods.

**Our incentive fee may induce our Adviser to make speculative investments.**

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser and its affiliates receive substantial fees from us in return for their services, and these fees could influence the advice provided to us. We pay the Adviser an incentive fee that is based on the performance of our portfolio and an annual base management fee that is based on the value of our net assets as of the beginning of the first business day of the month. Because the incentive fee is based on the performance of our portfolio, the Adviser may be incentivized to make investments on our behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. The way in which the incentive fee is determined may also encourage the Adviser to use leverage to increase the return on our investments. Our compensation arrangements could therefore result in our making riskier or more speculative investments than would otherwise be the case. This could result in higher investment losses, particularly during cyclical economic downturns.

**Our ability to enter into transactions with our affiliates will be restricted.**

&nbsp;&nbsp;&nbsp;&nbsp; We will be prohibited under the 1940 Act from participating in certain transactions with certain of our affiliates without the prior approval of a majority of the Independent Trustees and, in some cases, the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be our affiliate for purposes of the 1940 Act, and we will generally be prohibited from buying or selling any securities from or to such affiliate on a principal basis, absent the prior approval of our Board of Trustees and, in some cases, the SEC. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, which in certain circumstances could include investments in the same portfolio company (whether at the same or different times to the extent the transaction is considered a joint transaction), without prior approval of our Board of Trustees and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers, trustees or their affiliates. The SEC has interpreted the BDC regulations governing transactions with affiliates to prohibit certain joint transactions involving entities that share a common investment adviser. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any portfolio company that is controlled by a fund managed by the Adviser or its affiliates without the prior approval of the SEC, which may limit the scope of investment opportunities that would otherwise be available to us.

&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim has received an exemptive order from the SEC that permits us to, among other things, co-invest in privately-negotiated transactions alongside other funds, including funds managed by the Adviser and certain of its affiliates. Our exemptive order is subject to certain terms and conditions. Accordingly, when we co-invest in privately-negotiated transactions with other entities managed by the Adviser, those transactions will be subject to the various conditions contained in the SEC exemptive order pertaining to co-investment transactions. However, if we co-invest in transactions with other entities managed by the Adviser which are not subject to the various conditions contained in our exemptive order, then those transactions will be subject to the limited circumstances currently permitted by applicable SEC staff guidance and interpretations. We have adopted Guggenheim's allocation policy, which is designed to fairly and equitably distribute investment opportunities among funds or pools of capital managed by Guggenheim. Such allocation policy will ensure that we will be presented with all investment opportunities that fit within our investment strategy and that we will have the ability to invest in those opportunities alongside other Guggenheim clients on equal terms.

&nbsp;&nbsp;&nbsp;&nbsp; In situations when co-investment with affiliates' other clients is not permitted under the 1940 Act and related rules, existing or future staff guidance or the terms and conditions of exemptive relief granted to us by the SEC (as discussed above), our Adviser will need to decide which client or clients will proceed with the investment. Generally, we will not have an entitlement to make a co-investment in these circumstances and, to the extent that another client elects to proceed with the investment, we will not be permitted to participate. Moreover, except in certain circumstances, we will be unable to invest in any issuer in which an affiliate's other client holds a controlling interest.

**We may make investments that could give rise to a conflict of interest.**

&nbsp;&nbsp;&nbsp;&nbsp; We do not expect to invest in, or hold securities of, companies that are controlled by our affiliates' other clients. However, an affiliate's other clients may invest in, and gain control over, one of our portfolio companies. If an affiliate's other client, or clients, gains control over one of our portfolio companies, it may create conflicts of interest and may subject us to certain restrictions under the 1940 Act. As a result of these conflicts and restrictions, our Adviser may be unable to implement our investment strategies as effectively as it could have in the absence of such conflicts or restrictions. For example, as a result of a conflict or restriction, our Adviser may be unable to engage in certain transactions that it would otherwise pursue. In order to avoid these conflicts and restrictions, our Adviser may choose to exit these investments prematurely and, as a result, we would forego any positive returns associated with such investments. In addition, to the extent that an affiliate's other clients hold a different class of securities than us as a result of such transactions, our interests may not be aligned.

**The recommendations given to us by the Adviser may differ from those rendered to its other clients.**

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser and its affiliates may give advice and recommend securities to other clients that may differ from advice given to, or securities recommended or bought for, us even though such other clients' investment objectives may be similar to ours.

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

&nbsp;&nbsp;&nbsp;&nbsp; Our Adviser has not assumed any responsibility to us other than to render the services described in the Investment Advisory Agreement, and its assets will not be available to satisfy our debts and obligations. The Adviser will not be responsible for any action of our Board of Trustees in declining to follow our Adviser's advice or recommendations. Pursuant to the Investment Advisory Agreement, our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, the Adviser will not be liable to us for their acts under the Investment Advisory Agreement (absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties). We have also agreed to indemnify, defend and protect our Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, the Adviser with respect to all damages, liabilities, costs and expenses resulting from acts of our Adviser (not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties). These protections may lead our Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account.

**An affiliate of the Adviser (the "Affiliate") is party to a settlement agreement with the SEC and is subject to remedial sanctions and a cease-and-desist order.**

&nbsp;&nbsp;&nbsp;&nbsp; In August 2015, the Affiliate settled all matters relating to an investigation by the SEC, including matters relating to a failure to disclose a potential conflict of interest in connection with a $50 million loan that a senior executive received from an advisory client and inadvertently billing management fees of $6.5 million to non-managed assets of one client. The Affiliate neither admitted nor denied the findings contained in the SEC order. In connection with implementing the settlement agreement, remedial sanctions and a cease-and-desist order have been entered against the Affiliate. Additionally, the SEC censured the Affiliate and ordered it to pay a $20 million civil penalty. This settlement does not impose any restrictions on the Affiliate's future business activities.

**Risks Related to Business Development Companies**

**The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.**

&nbsp;&nbsp;&nbsp;&nbsp; As a BDC, the 1940 Act prohibits us from acquiring any assets other than certain qualifying assets, unless at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. Therefore, we may be precluded from investing in what we believe are attractive investments if such investments are not qualifying assets. Conversely, if we fail to invest a sufficient portion of our assets in qualifying assets, we could lose our status as a BDC, which would have a material adverse effect on our business, financial condition and result of operations. Similarly, these rules could prevent us from making additional investments in existing portfolio companies, which

could result in the dilution of our position, or could require us to dispose of investments at an inopportune time to comply with the 1940 Act. If we were forced to sell non-qualifying investments in the portfolio for compliance purposes, the proceeds from such sale could be significantly less than the current value of such investments.

**Failure to maintain our status as a BDC would reduce our operating flexibility.**

&nbsp;&nbsp;&nbsp;&nbsp; If we do not remain a BDC, we might be regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions and correspondingly decrease our operating flexibility.

**Regulations governing our operation as a BDC and RIC will affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.**

&nbsp;&nbsp;&nbsp;&nbsp; As a result of our need to satisfy the annual distribution requirement in order to be subject to tax as a RIC, we may need to access the capital markets periodically to raise cash to fund new investments in portfolio companies. We may issue "senior securities," including borrowing money from banks or other financial institutions, only in amounts such that our asset coverage is at least equal to any then-current asset coverage requirements under the 1940 Act. Recent legislation has reduced the asset coverage requirements for BDCs, subject to certain approvals and conditions. If we issue senior securities, we will be exposed to risks associated with leverage, including an increased risk of loss. Our ability to issue different types of securities is also limited. Compliance with these distribution requirements may unfavorably limit our investment opportunities and reduce our ability in comparison to other companies to profit from favorable spreads between the rates at which we can borrow and the rates at which we can lend.

&nbsp;&nbsp;&nbsp;&nbsp; We may borrow for investment purposes. If the value of our assets declines, we may be unable to satisfy the asset coverage test, which would prohibit us from paying distributions and could prevent us from being subject to tax as a RIC, which would generally result in a corporate-level tax on any income and net gains. If we cannot satisfy the asset coverage test, we may be required to sell a portion of our investments and, depending on the nature of our debt financing, repay a portion of our indebtedness at a time when such sales may be disadvantageous. Also, any amounts that we use to service our indebtedness would not be available for distributions to our shareholders.

**If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.**

&nbsp;&nbsp;&nbsp;&nbsp; The net proceeds from the sale of Common Shares will be used for our investment opportunities, and, if necessary, the payment of operating expenses and the payment of various fees and expenses, such as management fees, incentive fees and other fees and distributions. Any working capital reserves we maintain may not be sufficient for investment purposes, and we may require additional debt financing or equity capital to operate. Pursuant to tax rules that apply to us, we will be required to distribute dividends for U.S. federal income tax purposes each taxable year generally of an amount at least equal to 90% of the sum of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our shareholders in order to maintain our ability to be subject to tax as a RIC. Accordingly, in the event that we need additional capital in the future for investments or for any other reason, we may need to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. These sources of funding may not be available to us due to unfavorable economic conditions, which could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. Consequently, if we cannot obtain further debt or equity financing on acceptable terms, our ability to acquire additional investments and to expand our operations will be adversely affected. As a result, we would be less able to achieve portfolio diversification and our investment objectives, which may negatively impact our results of operations and reduce our ability to make distributions to our shareholders.

**We are uncertain of our sources for funding our future capital needs; if we cannot obtain debt or equity financing on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.**

&nbsp;&nbsp;&nbsp;&nbsp; The net proceeds from the sale of Common Shares will be used for our investment opportunities, operating expenses and for payment of various fees and expenses such as base management fees, incentive fees and other

expenses. Any working capital reserves we maintain may not be sufficient for investment purposes, and we may require debt or equity financing to operate. Accordingly, in the event that we develop a need for additional capital in the future for investments or for any other reason, these sources of funding may not be available to us. Consequently, if we cannot obtain debt or equity financing on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected. As a result, we would be less able to create and maintain a broad portfolio of investments and achieve our investment objectives, which may negatively impact our results of operations and reduce our ability to make distributions to our shareholders.

**We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer.**

&nbsp;&nbsp;&nbsp;&nbsp; We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Under the 1940 Act, a "diversified" investment company is required to invest at least 75% of the value of its total assets in cash and cash items, government securities, securities of other investment companies and other securities limited in respect of any one issuer to an amount not greater than 5% of the value of the total assets of such company and no more than 10% of the outstanding voting securities of such issuer. As a non-diversified investment company, we are not subject to this requirement. To the extent that we assume large positions in the securities of a small number of issuers, or within a particular industry, our NAV may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market's assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company or to a general downturn in the economy. However, we will be subject to the diversification requirements applicable to RICs under Subchapter M of the Code.

**Risks Related to Debt Financing**

**Utilizing leverage in our investment strategy amplifies the potential downside risk associated with amounts invested in our securities. In effect, the use of borrowed funds may magnify losses during adverse market conditions, thereby increasing the inherent risk for our investors. Moreover, the associated financing costs and increased debt servicing obligations can adversely impact the overall return on our assets and diminish the cash flow available for distributions, potentially resulting in material losses.**

&nbsp;&nbsp;&nbsp;&nbsp; The use of borrowings—commonly referred to as leverage—amplifies the volatility of our investments by increasing both the potential for gains and the risk of losses on our invested equity capital. When we finance a portion of our investments through borrowings from banks, other lenders, or through reverse repurchase agreements, our shareholders are exposed to heightened risks. Although the Fund may, in the future, add leverage through the issuance of preferred shares, we currently do not intend to do so.

&nbsp;&nbsp;&nbsp;&nbsp; Leverage increases the variability of our net income, distributions, and NAV relative to market fluctuations. For example, if the value of our assets declines, the negative impact on NAV will be magnified, and any decrease in income will similarly result in a sharper decline in net income and distributions. In this context, higher costs and expense sensitivity are inherent: increased interest expenses—coupled with potential rises in management and incentive fees—reduce the cash available for distributions to shareholders. Moreover, should financing costs increase, the cost of leverage may exceed the yield on our investments.

Additionally, our use of leverage is subject to several key risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Covenant and Liquidity Risks: Credit facilities and unsecured notes impose financial and
operating covenants that may restrict our business activities. If these covenants are breached or if financing is not available on favorable
terms—or at all—we may be forced to sell assets at depressed prices to satisfy our obligations. Such scenarios could materially
impair our operations, limit our ability to incur additional borrowings, or restrict distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subordination and Collateral Risks: In certain financing arrangements, including reverse
repurchase agreements, the Fund's assets and even shareholders' investments may be used as collateral. In a default scenario,
the rights of our shareholders could be subordinated to those of our lenders, potentially resulting in forced liquidation or asset sales
at unfavorable prices.

&nbsp;&nbsp;&nbsp;&nbsp; Our overall leverage strategy is determined by the Adviser in conjunction with our Board of Trustees, a majority of whom are Independent Trustees, based on prevailing market conditions and other relevant factors. There can be no assurance that leveraged financing will always be available on favorable terms, and any use of leverage will result in financing costs that reduce cash available for distributions. Furthermore, if we are unable to meet our financing obligations, we risk the loss of some or all of our assets on account of, among other reasons, our needing to liquidate or otherwise sell our investments at disadvantageous times and/or prices to meet our obligations.

&nbsp;&nbsp;&nbsp;&nbsp; Finally, credit facilities and unsecured notes also impose additional restrictions. Failure to renew or secure new or replacement financing on acceptable terms could force asset sales under unfavorable conditions, further magnifying the risks associated with leverage. While leverage has the potential to enhance returns when investment yields exceed the cost of funds, it equally increases the risk of capital losses when yields fall short.

&nbsp;&nbsp;&nbsp;&nbsp; Our status as a RIC under Subchapter M of the Code is contingent upon our ability to make timely and sufficient distributions to our shareholders. A failure to make the distributions required to maintain our tax-favored status could result in adverse tax consequences for both the Fund and its shareholders, potentially undermining the Fund's overall performance.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, our ongoing operations depend on our ability to secure and renew financing facilities on favorable terms. A failure to renew existing credit facilities, or to secure new or replacement debt facilities, issue additional debt securities, or otherwise obtain evidences of indebtedness, could materially impair our business, financial condition, results of operations, and liquidity. In such a scenario, we may be forced to sell assets under unfavorable market conditions, thereby exacerbating our financial difficulties and further restricting our ability to make required distributions.

&nbsp;&nbsp;&nbsp;&nbsp; The combined risk of failing to meet distribution requirements and the inability to access adequate financing may ultimately jeopardize our tax status as a RIC, diminish shareholder returns, and have a material adverse effect on the Fund's ability to pursue its investment strategy.

**We may default under our credit facilities.**

&nbsp;&nbsp;&nbsp;&nbsp; In the event we default under a credit facility or other borrowings, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment obligations and/or support working capital requirements under such borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under such borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows.

**Our current or future credit ratings may not reflect all risks of an investment in our debt securities.**

&nbsp;&nbsp;&nbsp;&nbsp; Any current or future credit ratings of us are an assessment by third parties of our ability to pay our obligations. Consequently, real or anticipated changes in our current or future credit ratings will generally affect the market value of our debt securities. Our current or future credit ratings, however, may not reflect the potential impact of risks related to market conditions generally or other factors discussed above on the market value of or trading market for the publicly issued debt securities.

**If we issue preferred shares or convertible debt securities, the NAV of our Common Shares may become more volatile.**

&nbsp;&nbsp;&nbsp;&nbsp; We cannot assure you that the issuance of preferred shares and/or convertible debt securities would result in a higher yield or return to the holders of our Common Shares. The issuance of preferred shares or convertible debt would likely cause the NAV of our Common Shares to become more volatile. If the dividend rate on the preferred shares, or the interest rate on the convertible debt securities, were to approach the net rate of return on our investment portfolio, the benefit of such leverage to the holders of our Common Shares would be reduced. If the dividend rate on the preferred shares, or the interest rate on the convertible debt securities, were to exceed the net rate of return on our portfolio, the use of leverage would result in a lower rate of return to the holders of Common Shares than if we had not issued the preferred shares or convertible debt securities. Any decline in the NAV of our investment would be borne entirely by the holders of our Common Shares. Therefore, if the market value of our

portfolio were to decline, the leverage would result in a greater decrease in NAV to the holders of our Common Shares than if we were not leveraged through the issuance of preferred shares or debt securities.

&nbsp;&nbsp;&nbsp;&nbsp; There is also a risk that, in the event of a sharp decline in the value of our net assets, we would be in danger of failing to maintain required asset coverage ratios, which may be required by the preferred shares or convertible debt, or our current investment income might not be sufficient to meet the dividend requirements on the preferred shares or the interest payments on the debt securities. In order to counteract such an event, we might need to liquidate investments in order to fund the redemption of some or all of the preferred shares or convertible debt. In addition, we would pay (and the holders of our Common Shares would bear) all costs and expenses relating to the issuance and ongoing maintenance of the preferred shares, debt securities, convertible debt, or any combination of these securities. Holders of preferred shares or convertible debt may have different interests than holders of Common Shares and may at times have disproportionate influence over our affairs.

**Holders of any preferred shares that we may issue will have the right to elect certain members of our Board of Trustees and have class voting rights on certain matters.**

&nbsp;&nbsp;&nbsp;&nbsp; The 1940 Act requires that holders of preferred shares must be entitled as a class to elect two trustees at all times and to elect a majority of the trustees if dividends on such preferred shares are in arrears by two years or more, until such arrearage is eliminated. In addition, certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred shares, including changes in fundamental investment restrictions and conversion to open-end status and, accordingly, preferred shareholders could veto any such changes. Restrictions imposed on the declarations and payment of dividends or other distributions to the holders of our Common Shares and preferred shares, both by the 1940 Act and by requirements imposed by rating agencies, might impair our ability to maintain our tax treatment as a RIC for U.S. federal income tax purposes.

**Provisions in a credit facility may limit our investment discretion.**

&nbsp;&nbsp;&nbsp;&nbsp; A credit facility may be backed by all or a portion of our loans and securities on which the lenders will have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In connection with one or more credit facilities entered into by the Fund, distributions to shareholders may be subordinated to payments required in connection with any indebtedness contemplated thereby.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, any security interests and/or negative covenants required by a credit facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under a credit facility were to decrease, we may be required to secure additional assets in an amount sufficient to cure any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under a credit facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make distributions.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, we may be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under a credit facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse

effect on our business and financial condition. This could reduce our liquidity and cash flow and impair our ability to grow our business.

**Changes in interest rates may affect our cost of capital and net investment income.**

&nbsp;&nbsp;&nbsp;&nbsp; Since we use debt to finance a portion of our investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates will not have a material adverse effect on our net investment income. In periods of rising interest rates when we have debt outstanding, our cost of funds will increase, which could reduce our net investment income. We expect that our long-term fixed-rate investments will be financed primarily with equity and long-term debt. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. These techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. These activities may limit our ability to participate in the benefits of lower interest rates with respect to the hedged portfolio. Adverse developments resulting from changes in interest rates or hedging transactions could have a material adverse effect on our business, financial condition and results of operations.

**Compliance with SEC Rule 18f-4 governing derivatives and use of leverage may limit our investment discretion.**

&nbsp;&nbsp;&nbsp;&nbsp; Among other things, Rule 18f-4 under the 1940 Act, eliminates the asset segregation framework arising from prior SEC guidance for covering positions in derivatives and certain financial instruments. Rule 18f-4 also limits a fund's derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. Subject to certain conditions, limited derivatives users (as defined in Rule 18f-4), such as the Fund, however, would not be subject to the full requirements of Rule 18f-4. The Fund has adopted policies and procedures to comply with the requirements of the rule. Compliance with Rule 18f-4 may limit our ability to use derivatives and/or enter into certain other financial contracts.

**Risks Related to an Investment in Our Common Shares**

**Investing in our Common Shares involves a high degree of risk.**

&nbsp;&nbsp;&nbsp;&nbsp; The investments we make in accordance with our investment objectives may result in a higher amount of risk than alternative investment options and volatility or loss of principal. Our investments in portfolio companies may be highly speculative and aggressive and, therefore, an investment in our Common Shares may not be suitable for someone with lower risk tolerance.

**We may have difficulty paying distributions and the tax character of any distributions is uncertain.**

&nbsp;&nbsp;&nbsp;&nbsp; We generally intend to distribute substantially all of our available earnings annually by paying distributions on a monthly basis, as determined by the Board of Trustees in its discretion. We cannot assure investors that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this prospectus. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. In addition, if we enter into a credit facility or any other borrowing facility, for so long as such facility is outstanding, we anticipate that we may be required by its terms to use all payments of interest and principal that we receive from our current investments as well as any proceeds received from the sale of our current investments to repay amounts outstanding thereunder, which could adversely affect our ability to make distributions.

&nbsp;&nbsp;&nbsp;&nbsp; Furthermore, the tax treatment and characterization of our distributions may vary significantly from time to time due to the nature of our investments. The ultimate tax characterization of our distributions made during a taxable year may not finally be determined until after the end of that taxable year. We may make distributions during a taxable year that exceed our investment company taxable income and net capital gains for that taxable year. In such a situation, the amount by which our total distributions exceed investment company taxable income and net capital gains generally would be treated as a return of capital up to the amount of a shareholder's tax basis in the Common Shares, with any amounts exceeding such tax basis treated as a gain from the sale or exchange of such Common Shares. A return of capital generally is a return of a shareholder's investment rather than a return of earnings or gains derived from our investment activities. Moreover, we may pay all or a substantial portion of our distributions from borrowings or sources other than cash flow from operations in anticipation of future cash flow, which could

constitute a return of shareholders' capital and will lower such shareholders' tax basis in our Common Shares, which may result in increased tax liability to shareholders when they sell such Common Shares.

**Certain investors will be subject to 1934 Act filing requirements.**

&nbsp;&nbsp;&nbsp;&nbsp; Because our Common Shares will be registered under the 1934 Act, ownership information for any person who beneficially owns 5% or more of our Common Shares will have to be disclosed in a Schedule 13G or other filings with the SEC. Beneficial ownership for these purposes is determined in accordance with the rules of the SEC, and includes having voting or investment power over the securities. In some circumstances, our shareholders who choose to reinvest their dividends may see their percentage stake in the Fund increased to more than 5%, thus triggering this filing requirement. Each shareholder is responsible for determining their filing obligations and preparing the filings. In addition, our shareholders who hold more than 10% of a class of our Common Shares may be subject to Section 16(b) of the 1934 Act, which recaptures for the benefit of the Fund profits from the purchase and sale of registered stock (and securities convertible or exchangeable into such registered stock) within a six-month period.

**Our Common Shares are not listed on a securities exchange and our shareholders have limited liquidity. In addition, the timing of our repurchase offers pursuant to our share repurchase program may be at a time that is disadvantageous to our shareholders, and to the extent our shareholders are able to sell their Common Shares under the share repurchase program, our shareholders may not be able to recover the amount of their investment in our Common Shares.**

&nbsp;&nbsp;&nbsp;&nbsp; Our Common Shares are illiquid investments for which there is not and will likely not be a secondary market. We do not currently intend to list our Common Shares on a national securities exchange. There can be no guarantee that we will conduct a public offering and list our Common Shares on a national securities exchange. Investment in the Fund is suitable only for sophisticated investors and requires the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Fund. Therefore, our shareholders will have limited liquidity and may not receive a full return of invested capital upon selling their Shares or upon liquidation of the Company. While we may consider a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event, and we are not obligated by our Declaration of Trust or otherwise to effect a liquidity event at any time.

&nbsp;&nbsp;&nbsp;&nbsp; Liquidity for your Common Shares will be limited to participation in our share repurchase program, which we have no obligation to maintain. When we make quarterly repurchase offers pursuant to the share repurchase program, we will offer to repurchase Common Shares at a price that is estimated to be equal to our NAV per share as of the expiration date of the tender offer, which may be lower than the price you paid for our Common Shares. As a result, to the extent you paid a price that includes the related sales load and to the extent you have the ability to sell your Common Shares pursuant to our share repurchase program, the price at which you may sell Common Shares may be lower than the amount you paid in connection with the purchase of our Common Shares.

**We may be unable to invest a significant portion of our investment capital on acceptable terms in an acceptable timeframe.**

&nbsp;&nbsp;&nbsp;&nbsp; Delays in investing our capital may impair our performance. We cannot assure you that we will be able to identify investments that meet our investment objectives or that any investment that we make will produce a positive return. We may be unable to invest the net proceeds of our offering on acceptable terms within the time period that we anticipate or at all, which could harm our financial condition and operating results.

&nbsp;&nbsp;&nbsp;&nbsp; Before making investments, we may invest available capital primarily in cash, cash equivalents, U.S. government securities, repurchase agreements and/or other high-quality debt instruments maturing in one year or less from the time of investment. This will produce returns that are significantly lower than the returns we expect to achieve when our portfolio is fully invested in securities meeting our investment objectives. As a result, any distributions that we pay while our portfolio is not fully invested in securities meeting our investment objectives may be lower than the distributions that we may be able to pay when our portfolio is fully invested in securities meeting our investment objectives.

**Your interest in us may be diluted if we issue additional Common Shares, which could reduce the overall value of an investment in us.**

&nbsp;&nbsp;&nbsp;&nbsp; All distributions declared in cash payable to shareholders that are participants in our distribution reinvestment plan will generally be automatically reinvested in our Common Shares. As a result, shareholders that do not participate in our distribution reinvestment plan may experience dilution over time.

&nbsp;&nbsp;&nbsp;&nbsp; Holders of our Common Shares will not have preemptive rights to any shares we issue in the future. Our Declaration of Trust allows us to issue an unlimited number of Common Shares. After you purchase Common Shares in the offering, our Board of Trustees may elect, without shareholder approval, to: (1) sell additional Common Shares in this or future public offerings; (2) issue Common Shares or interests in any of our subsidiaries in private offerings; (3) issue Common Shares upon the exercise of the options we may grant to our Independent Trustees or future employees; or (4) subject to applicable law, issue Common Shares in payment of an outstanding obligation to pay fees for services rendered to us. To the extent we issue additional Common Shares after your purchase in the offering, your percentage ownership interest in us will be diluted. Because of these and other reasons, our shareholders may experience substantial dilution in their percentage ownership of our Common Shares or their interests in the underlying assets held by our subsidiaries.

**Preferred shares could be issued with rights and preferences that would adversely affect holders of our Common Shares.**

&nbsp;&nbsp;&nbsp;&nbsp; Under the terms of our Declaration of Trust, our Board of Trustees is authorized to issue preferred shares in one or more series without shareholder approval, which could potentially adversely affect the interests of existing shareholders. The issuance of preferred shares with dividend or conversion rights, liquidation preferences or other economic terms favorable to the holders of preferred shares could adversely affect our Common Shares by making an investment in the Common Shares less attractive. In addition, the dividends on any preferred shares we issue must be cumulative. Payment of dividends and repayment of the liquidation preference of preferred shares must take preference over any distributions or other payments to our shareholders, and holders of preferred shares are not subject to any of our expenses or losses and are not entitled to participate in any income or appreciation in excess of their stated preference (other than convertible preferred shares that converts into Common Shares). In addition, under the 1940 Act, participating preferred shares constitutes a "senior security" for purposes of any then-current asset coverage test.

**Special considerations for certain benefit plan investors.**

&nbsp;&nbsp;&nbsp;&nbsp; We intend to conduct our affairs so that our assets should not be deemed to constitute "plan assets" under ERISA and certain U.S. Department of Labor regulations promulgated thereunder, as modified by Section 3(42) of ERISA (the "Plan Asset Regulations"). In this regard, if any class of the Common Shares were not considered "publicly-offered securities" within the meaning of the Plan Asset Regulations, we intend to prohibit "benefit plan investors" within the meaning of the Plan Asset Regulations from acquiring Common Shares that are part of a class of Common Shares which are not considered "publicly-offered securities." As of the date of this prospectus, we believe all classes of Common Shares that are currently outstanding are "publicly-offered securities" within the meaning of the Plan Asset Regulations.

&nbsp;&nbsp;&nbsp;&nbsp; If, notwithstanding our intent, the assets of the Fund were deemed to be "plan assets" of any shareholder that is a "benefit plan investor" under the Plan Asset Regulations (a "Benefit Plan Investor"), this would result, among other things, in (i) the application of the prudence and other fiduciary responsibility standards of ERISA to investments made by the Fund, and (ii) the possibility that certain transactions in which the Fund might seek to engage could constitute "prohibited transactions" under ERISA and the Code. If a prohibited transaction occurs for which no exemption is available, the Adviser and/or any other fiduciary that has engaged in the prohibited transaction could be required to (i) restore to the Benefit Plan Investor any profit realized on the transaction and (ii) reimburse the Benefit Plan Investor for any losses suffered by the Benefit Plan Investor as a result of the investment. In addition, each disqualified person (within the meaning of Section 4975 of the Code) involved could be subject to an excise tax equal to 15% of the amount involved in the prohibited transaction for each year the transaction continues and, unless the transaction is corrected within statutorily required periods, to an additional tax of 100%. The fiduciary of a Benefit Plan Investor who decides to invest in the Fund could, under certain circumstances, be liable for prohibited transactions or other violations as a result of their investment in the Fund or as co-fiduciaries for actions taken by or on behalf of the Fund or the Adviser. With respect to a Benefit Plan Investor that is an IRA that invests in the

Fund, the occurrence of a prohibited transaction involving the individual who established the IRA, or his or her beneficiaries, would cause the IRA to lose its tax-exempt status.

&nbsp;&nbsp;&nbsp;&nbsp; For any class of Common Shares deemed not to be "publicly traded securities" within the meaning of the Plan Asset Regulations, we have the power to (a) exclude any shareholder or potential shareholder from purchasing such class of Common Shares; (b) prohibit any redemption of such class of Common Shares; and (c) redeem some or all Common Shares held by any holder if, and to the extent that, our Board of Trustees determines that there is a substantial likelihood that such holder's purchase, ownership or redemption of Common Shares would result in our assets to be characterized as "plan assets," for purposes of the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code, and all Common Shares of the Fund shall be subject to such terms and conditions.

**No shareholder approval is required for certain mergers.**

&nbsp;&nbsp;&nbsp;&nbsp; The Independent Trustees of our Board of Trustees may undertake to approve mergers between us and certain other funds or vehicles. Subject to the requirements of the 1940 Act, such mergers will not require shareholder approval so you will not be given an opportunity to vote on these matters unless such mergers are reasonably anticipated to result in a material dilution of the NAV per share of the Fund. These mergers may involve funds managed by affiliates of Guggenheim. The Independent Trustees may also convert the form and/or jurisdiction of organization, including to take advantage of laws that are more favorable to maintaining board control in the face of dissident shareholders.

**Certain provisions of our Declaration of Trust and actions of the Board of Trustees could deter takeover attempts and have an adverse impact on the value of our Common Shares.**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust, as well as certain statutory and regulatory requirements, contains certain provisions that may have the effect of discouraging a third party from attempting to acquire us. Our Board of Trustees may, without shareholder action, authorize the issuance of shares in one or more classes or series, including shares of preferred shares; and our Board of Trustees may, without shareholder action, amend our Declaration of Trust to increase the number of our shares, of any class or series, that we will have authority to issue. These anti-takeover provisions may inhibit a change of control in circumstances that could give the holders of our Common Shares the opportunity to realize a premium over the value of our Common Shares.

**The NAV of our Common Shares may fluctuate significantly.**

&nbsp;&nbsp;&nbsp;&nbsp; The NAV and liquidity, if any, of the market for our Common Shares may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of our portfolio of investments and derivative instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of RIC or BDC status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distributions that exceed our net investment income and net income as reported according
to GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in earnings or variations in operating results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the value of our portfolio of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting guidelines governing valuation of our investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any shortfall in revenue or net income, or any increase in losses from levels expected by
investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• departure of our Adviser or certain of its key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operating performance of companies comparable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic trends and other external factors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of a major funding source.

**Economic events that may cause our shareholders to request that we repurchase their shares may materially adversely affect our cash flow and our results of operations and financial condition.**

&nbsp;&nbsp;&nbsp;&nbsp; Events affecting economic conditions in the U.S. and/or elsewhere or globally, such as the general negative performance of the credit sector (including as a result of inflation or higher interest rates), actual or perceived instability in the U.S banking system, or market volatility (including as a result of the ongoing hostilities between Russia and Ukraine and other armed conflicts globally) could cause our shareholders to seek the repurchase of their shares pursuant to our share repurchase program at a time when such events are adversely affecting the performance of our assets. Even if we decide to satisfy all resulting repurchase requests, our cash flow and liquidity could be materially adversely affected and we may incur additional leverage. In addition, if we determine to sell assets to satisfy repurchase requests, we may not be able to realize the return on such assets that we may have been able to achieve had we sold at a more favorable time, and our results of operations and financial condition could be materially adversely affected.

**Tax Risks**

**We will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code or if we make investments through taxable subsidiaries.**

&nbsp;&nbsp;&nbsp;&nbsp; To maintain RIC tax treatment under the Code, we must meet the following minimum annual distribution, income source, and asset diversification requirements.

&nbsp;&nbsp;&nbsp;&nbsp; The minimum annual distribution requirement for a RIC will be satisfied if we distribute dividends for U.S. federal income tax purposes to our shareholders each taxable year an amount generally at least equal to 90% of the sum of our net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillover dividend" provisions of Subchapter M of the Code. Upon satisfying this requirement, we would be taxed on any retained income and/or gains, including any short-term capital gains or long-term capital gains. We must also satisfy an additional annual distribution requirement in respect of each calendar year in order to avoid the imposition of a 4% excise tax on the amount of any under-distribution. Because we may use debt financing, we are subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, we could fail to qualify for RIC tax treatment, or could be required to retain a portion of our income or gains, and thus become subject to corporate-level income or excise tax.

&nbsp;&nbsp;&nbsp;&nbsp; The income source requirement will be satisfied if we obtain at least 90% of our gross income each taxable year from dividends, interest, gains from the sale of stock or securities or other income derived from the business of investing in stock or securities.

&nbsp;&nbsp;&nbsp;&nbsp; The asset diversification requirement will be satisfied if we meet certain asset diversification requirements at the end of each quarter of our taxable year, which may be more difficult to achieve as we liquidate our portfolio. To satisfy this requirement, at least 50% of the value of our assets must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs and other acceptable securities; and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled (as determined under applicable Code rules) by us and that are engaged in the same or similar or related trades or businesses, or of certain "qualified publicly-traded partnerships." Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

&nbsp;&nbsp;&nbsp;&nbsp; If we fail to qualify for or maintain RIC tax treatment for any reason and are subject to corporate-level income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us, the NAV of our Common Shares and the total return, if any, earned from an investment in our Common Shares.

**We may invest in certain debt and equity investments through taxable subsidiaries and the net taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes.**

&nbsp;&nbsp;&nbsp;&nbsp; We may invest in certain debt instruments and equity securities through taxable subsidiaries, and the taxable income of these taxable subsidiaries will be subject to federal and state corporate income taxes. A "subsidiary" for these purposes means an entity that engages in investment activities in securities or other assets that are primarily controlled by the Fund. The Fund will comply with the 1940 Act provisions governing capital structure and leverage (Section 18 as modified by Section 61) on an aggregate basis with respect to any subsidiaries so that the Fund will treat the debt of the subsidiaries as its own for purposes of Section 18, as modified by Section 61, of the 1940 Act. A subsidiary will comply with the 1940 Act provisions related to affiliated transactions and custody (Section 17 as modified by Section 57).

&nbsp;&nbsp;&nbsp;&nbsp; We may invest in certain foreign debt instruments and equity securities which could be subject to foreign taxes (such as income tax, withholding and value added taxes).

**We may have difficulty paying our required distributions if we recognize income before or without receiving cash representing such income.**

&nbsp;&nbsp;&nbsp;&nbsp; For federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, since we will likely hold debt instruments that are treated under applicable tax rules as having OID (such as debt instruments with PIK interest provisions, secondary market purchase of debt securities at discount to par (including certain Secondary Investments), interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), each taxable year we must include a portion of the OID that accrues over the life of the obligation in our taxable income, regardless of whether cash representing such income is received by us in the same taxable year. We may also have to include in our taxable income other amounts that we have not yet received in cash, such as deferred loan origination fees that are paid after origination of a loan or are paid in non-cash compensation such as warrants or stock. Furthermore, we may invest in non-U.S. corporations (or other non-U.S. entities treated as corporations for U.S. federal income tax purposes) that could be treated under the Code and U.S. Treasury regulations as "passive foreign investment companies" and/ or "controlled foreign corporations." The rules relating to investment in these types of non-U.S. entities are designed to ensure that U.S. taxpayers are either, in effect, subject to tax currently (or on an accelerated basis with respect to corporate level events) or taxed at increased tax rates at distribution or disposition. In certain circumstances this could require us to recognize income where we do not receive a corresponding payment in cash.

&nbsp;&nbsp;&nbsp;&nbsp; We anticipate that a portion of our income may constitute OID or other income required to be included in taxable income prior to receipt of cash. Further, we may elect to amortize market discount with respect to debt securities acquired in the secondary market and include such amounts in our taxable income in the current taxable year, instead of upon disposition, as an election not to do so would limit our ability to deduct interest expense for tax purposes. Because any OID or other amounts accrued will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the annual distribution requirement, even if we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to obtain and maintain RIC tax treatment under the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital, make a partial share distribution or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, and choose not to make a qualifying share distribution, we may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax. The resulting corporate-level taxes could substantially reduce our net assets, the amount of income available for distribution, as well as the amount of our distributions and, as such, could have a material adverse effect on us, the NAV of our Common Shares and the total return, if any, earned from an investment in our Common Shares.

**Portfolio investments held by us may present special tax issues.**

&nbsp;&nbsp;&nbsp;&nbsp; Investments in below-investment grade debt instruments and certain equity securities may present special tax issues for us. U.S. federal income tax rules are not entirely clear about issues such as when a taxpayer may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless debt in equity securities, how payments received on obligations in default should be allocated between principal and interest income, as well as whether exchanges of debt instruments in a bankruptcy or workout

context are taxable. Such matters could cause us to recognize taxable income for U.S. federal income tax purposes, even in the absence of cash or economic gain, and require us to make taxable distributions to our shareholders in connection with maintaining our RIC tax status or precluding the imposition of either U.S. federal corporate income or excise taxation. Additionally, because such taxable income may not be matched by corresponding cash received by us, we may be required to borrow money or dispose of other investments to be able to make distributions to our shareholders.

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

&nbsp;&nbsp;&nbsp;&nbsp; At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any of those new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of us or our shareholders. Therefore, changes in tax laws, regulations or administrative interpretations or any amendments thereto could diminish the value of an investment in our Common Shares or the value or the resale potential of our investments.

**USE OF PROCEEDS**

&nbsp;&nbsp;&nbsp;&nbsp; We intend to use the net proceeds from this offering to (1) make investments in accordance with our investment strategy and policies, (2) reduce borrowings and repay indebtedness incurred under various financing agreements we may enter into and (3) fund repurchases under our share repurchase program. Substantially all of the proceeds will be used to make investments in accordance with our investment strategy and policies, as set forth in the tables below. Generally, our policy will be to pay distributions and operating expenses from cash flow from operations, however, we are not restricted from funding these items from proceeds from this offering or other sources and may choose to do so, particularly in the earlier part of this offering.

&nbsp;&nbsp;&nbsp;&nbsp; We will seek to invest the net proceeds received in this offering as promptly as practicable after receipt thereof, and in any event generally within 60 days of each subscription closing. However, depending on market conditions and other factors, including the availability of investments that meet our investment objectives, we may be unable to invest such proceeds within the time period we anticipate. Pending such investment, we may have a greater allocation to syndicated loans or other liquid investments than we otherwise would or we may make investments in cash or cash equivalents (such as U.S. government securities or certain high quality debt instruments).

&nbsp;&nbsp;&nbsp;&nbsp; We estimate that we will incur approximately $2,523,250 of organizational and offering expenses (excluding the shareholder servicing and/or distribution fee) in connection with this offering, or approximately 0.1009% of the gross proceeds, assuming maximum gross proceeds of $2,500,000,000. The Adviser has agreed to advance all of our organization and offering expenses on our behalf through the date on which we break escrow for this offering. Unless the Adviser elects to cover such expenses pursuant to the Expense Support Agreement we have entered into with the Adviser, we will be obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for this offering. Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp; The following tables set forth our estimate of how we intend to use the gross proceeds from this offering. Information is provided assuming that the Fund sells the maximum number of Common Shares registered in this offering, or 100,000,000 Common Shares. The amount of net proceeds may be more or less than the amount depicted in the table below depending on the public offering price of our Common Shares and the actual number of Common Shares we sell in this offering. The table below assumes that Common Shares are sold at the offering price of $25 per share. Such amount is subject to increase or decrease based upon our NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp; The following tables present information about the net proceeds raised in this offering for each class, assuming that we sell the minimum primary offering amount of $100,000,000 and the maximum primary offering amount of $2,500,000,000. The tables assume that 1/3 of our gross offering proceeds are from the sale of Class S shares, 1/3 of our gross offering proceeds are from the sale of Class D shares and 1/3 of our gross offering proceeds are from the sale of Class I shares. The number of shares of each class sold and the relative proportions in which the classes of Common Shares are sold are uncertain and may differ significantly from what is shown in the tables below. Because amounts in the following tables are estimates, they may not accurately reflect the actual receipt or use of the gross

proceeds from this offering. Amounts expressed as a percentage of net proceeds or gross proceeds may be higher or lower due to rounding.

&nbsp;&nbsp;&nbsp;&nbsp; The following table presents information regarding the use of proceeds raised in this offering with respect to Class S shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Minimum Offering of $33,333,333 in** | **Minimum Offering of $33,333,333 in** | **Maximum Offering of $833,333,333 in** | **Maximum Offering of $833,333,333 in** |
|  | **Class S Shares** | **Class S Shares** | **Class S Shares** | **Class S Shares** |
| Gross Proceeds<sup>(1)</sup> | $33333333 | 100% | $833333333 | 100% |
| Upfront Sales Load<sup>(2)</sup> | $— | $— | $— | $— |
| Organization and Offering Expenses<sup>(3)</sup> | $841083 | 2.52% | $841083 | 0.10% |
| Net Proceeds Available for Investment | $32492250 | 97.48% | $832492250 | 99.90% |

---

The following table presents information regarding the use of proceeds raised in this offering with respect to

Class D shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Minimum Offering of $33,333,333 in** | **Minimum Offering of $33,333,333 in** | **Maximum Offering of $833,333,333 in** | **Maximum Offering of $833,333,333 in** |
|  | **Class D Shares** | **Class D Shares** | **Class D Shares** | **Class D Shares** |
| Gross Proceeds<sup>(1)</sup> | $33333333 | 100% | $833333333 | 100% |
| Upfront Sales Load<sup>(2)</sup> | $— | $— | $— | $— |
| Organization and Offering Expenses<sup>(3)</sup> | $841083 | 2.52% | $841083 | 0.10% |
| Net Proceeds Available for Investment | $32492250 | 97.48% | $832492250 | 99.90% |

---

The following table presents information regarding the use of proceeds raised in this offering with respect to

Class I shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Minimum Offering of $33,333,333 in** | **Minimum Offering of $33,333,333 in** | **Maximum Offering of $833,333,333 in** | **Maximum Offering of $833,333,333 in** |
|  | **Class I Shares** | **Class I Shares** | **Class I Shares** | **Class I Shares** |
| Gross Proceeds<sup>(1)</sup> | $33333333 | 100% | $833333333 | 100% |
| Upfront Sales Load<sup>(2)</sup> | $— | $— | $— | $— |
| Organization and Offering Expenses<sup>(3)</sup> | $841083 | 2.52% | $841083 | 0.10% |
| Net Proceeds Available for Investment | $32492250 | 97.48% | $832492250 | 99.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) We intend to conduct a continuous offering of an unlimited
number of Common Shares over an unlimited time period by filing a new registration statement prior to the end of the three-year period
described in Rule 415 under the Securities Act; however, in certain states this offering is subject to annual extensions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) No upfront sales load will be paid with respect to Class S
shares, Class D shares or Class I shares, however, if you buy Class S shares or Class D shares through certain financial intermediaries,
they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as
they may determine, provided that selling agents limit such charges to a 1.5% cap on NAV for Class D shares and 3.5% cap on NAV for Class
S shares. Pursuant to separate agreements with such financial intermediaries, during the Waiver Period, the Adviser will bear the cost
of any transaction or other fees, including upfront fees or brokerage commissions, that such financial intermediaries may charge you
when purchasing our Common Shares. Selling agents will not charge such fees on Class I shares. We will pay the following shareholder
servicing and/or distribution fees to the Intermediary Manager, subject to FINRA limitations on underwriting compensation: (a) for Class
S shares only, a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and
(b) for Class D shares only, a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for the Class
D shares, in each case, payable monthly. The shareholder servicing and/or distribution fees are similar to sales commissions. The distribution
and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder
servicing and/or distribution fees charged. All or a portion of the shareholder servicing and/or distribution fee may be used to pay
for sub-transfer agency, sub-accounting and certain other administrative services. The Fund also may pay for these sub-transfer agency,
sub-accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution
and Servicing Plan. The total amount that will be paid over time for shareholder servicing and/ or distribution fees depends on the average
length of time for which shares remain outstanding, the term over which such amount is measured and the performance of our investments,
and is not expected to be paid from sources other than cash flow from operating activities. We will cease paying the shareholder servicing
and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares,
(ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets
or (iii) the date following the completion of the primary portion of this offering on which,

in the aggregate, underwriting compensation from all sources in connection with this offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with the anticipated exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), we will cease paying the shareholder servicing and/ or distribution fee on the Class S shares and Class D shares in such shareholder's account. Compensation paid with respect to the shares in a shareholder's account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. We may modify this requirement in a manner that is consistent with applicable exemptive relief. There is no assurance that such exemptive relief will be granted by the SEC. At the end of such month, the Class S shares or Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The organization and offering expense numbers shown above represent
our estimates of expenses to be incurred by us in connection with this offering and include estimated wholesaling expenses reimbursable
by us. See "Plan of Distribution" for examples of the types of organization and offering expenses we may incur.

**PLAN OF OPERATION**

&nbsp;&nbsp;&nbsp;&nbsp; The information in this section contains forward-looking statements that involve risks and uncertainties. Please see "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" for a discussion of the uncertainties, risks and assumptions associated with these statements. You should read the following discussion in conjunction with the financial statements and related notes and other financial information appearing elsewhere in this prospectus.

**Overview**

&nbsp;&nbsp;&nbsp;&nbsp; We are a newly organized, externally managed, non-diversified closed-end management investment company that intends to elect to be treated as a BDC under the 1940 Act. Formed as a Delaware statutory trust on March 6, 2025, we are externally managed by the Adviser, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments and monitoring our portfolio on an ongoing basis. Our Adviser is registered as investment adviser with the SEC. We also intend to elect to be treated, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp; Under our Investment Advisory Agreement, we have agreed to pay the Adviser an annual management fee as well as an incentive fee based on our investment performance. Also, under the Administration Agreement, we have agreed to pay the Administrator an asset-based fee calculated and accrued daily and paid monthly and will reimburse the Administrator for reasonable out-of-pocket expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

&nbsp;&nbsp;&nbsp;&nbsp; Our investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, we will invest at least 80% of our total assets (net assets plus borrowings for investment purposes) in private credit investments. Private credit investments mean instruments that are issued in private offerings or issued by private companies and includes loans, bonds, structured credit and other credit instruments. Once we have invested a substantial amount of proceeds from this offering, under normal circumstances, we expect that the majority of our portfolio will be in private credit investments. To a lesser extent, we will also invest in Opportunistic Credit. We expect that the Opportunistic Credit investments will generally be liquid and may be used for the purpose of maintaining liquidity for our share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

&nbsp;&nbsp;&nbsp;&nbsp; While our primary focus is on U.S. private companies, we may also invest in European and other non-U.S. companies, adhering to the requirement that at least 70% of our assets are invested in "eligible portfolio companies." We are not restricted by company size or capitalization in our investment selections. Subject to the limitations of the Investment Company Act of 1940, we may invest in loans or other securities that refinance or repay debt or securities of companies whose debt is owned by other affiliated funds. See "Regulation – Exemptive Relief." We generally intend to co-invest with other affiliated funds, in accordance with applicable regulations and exemptive relief granted by the SEC. This strategy is designed to provide investors with current income and downside protection through a diversified portfolio of private credit investments while maintaining flexibility to adapt to evolving market opportunities.

&nbsp;&nbsp;&nbsp;&nbsp; To seek to enhance our returns, we intend to employ leverage as market conditions permit and at the discretion of the Adviser, but in no event will leverage employed exceed the limitations set forth in the 1940 Act. As a BDC, we generally are required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred shares that we may issue in the future, of at least 150%. While we intend to target a leverage ratio of 1.25x to 1.50x debt-to-equity, this limitation will not prevent us from incurring additional leverage or otherwise exceeding such leverage ratio to the full extent permissible under the 1940 Act. We intend to use leverage in the form of borrowings, including loans from certain financial institutions and the issuance of debt securities. We may also use leverage in the form of the issuance of preferred shares, but do not currently intend to do so. In determining whether to borrow money, we will analyze the maturity, covenant package and rate structure of the proposed borrowings as well as the risks of such borrowings compared to our investment outlook. Any such leverage, if incurred, would be expected to increase the total capital available for investment by the Fund. See "Risk Factors—Risk Related to Debt Financing." To finance investments, we may securitize certain of our secured loans or other investments, including through the formation of one or more CLOs, while retaining all or most of the exposure to the performance of these investments.

&nbsp;&nbsp;&nbsp;&nbsp; See "Investment Objectives and Strategies" for more information about our investment strategies. Our investments are subject to a number of risks. See "Risk Factors."

**Revenues**

&nbsp;&nbsp;&nbsp;&nbsp; We plan to generate revenue in the form of interest income on debt investments, syndicated loans, capital gains, and dividend income from our equity investments in our portfolio companies. Our senior and subordinated debt investments are expected to bear interest at a fixed or floating rate. Interest on debt securities is generally payable quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. Original issue discounts and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

**Expenses**

&nbsp;&nbsp;&nbsp;&nbsp; Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Adviser or its affiliates will bear all fees, costs, and expenses incurred that are not assumed by the Fund under the Advisory Agreement or under the Administration Agreement. The Fund will bear all other costs and expenses of the Fund's operations, other administration costs and expenses, and transactions, including, but not limited to: (i) expenses (or allocable portion of compensation) related to attendance by employees or the Adviser at meetings of the Board or any committees thereof that are unrelated to the Adviser's advisory services provided under the Advisory Agreement; (ii) all fees, costs and expenses associated with the Fund's market data and research and expenses and fees charged or specifically attributed or allocated by Adviser and/or its affiliates for data-related services provided to the Fund and/or its portfolio companies (including in connection with prospective investments); and (iii) interest and fees 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; Unless the Adviser elects to cover the Fund's organization and/or operating expenses pursuant to the Expense Support Agreement we have entered into with the Adviser, we will be obligated to reimburse the Adviser for such advanced expenses upon breaking escrow for this offering. See "—Expense Support Agreement." Any reimbursements will not exceed actual expenses incurred by the Adviser and its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp; From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders, subject to the cap on organization and offering expenses described above.

*Expense Support Agreement*

&nbsp;&nbsp;&nbsp;&nbsp; We have entered into an Expense Support Agreement with the Adviser. The Adviser may elect to pay certain of our expenses on our behalf (each, an "Expense Payment"), provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Fund. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to us in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from us to the Adviser or its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp; Following any calendar month in which Available Operating Fund (as defined below) exceed the cumulative distributions accrued to the Fund's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), we shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Fund shall be referred to herein as a "Reimbursement Payment." Any recoupment of expenses by the Adviser from the Fund will only occur provided that such Reimbursement Payment does not cause the Fund's annual operating expenses for the Shares to exceed the lesser of the expense limitation in place at the time the fees were waived or the expense limitation in place at the time the expenses were reimbursed. "Available Operating Fund" means the sum of (i) our net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) our net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to us on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

**Financial Condition, Liquidity and Capital Resources**

&nbsp;&nbsp;&nbsp;&nbsp; We expect to generate cash primarily from (i) the net proceeds of the offering, (ii) cash flows from our operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt securities. Immediately after we meet our minimum offering requirement, gross subscription funds will total at least $100 million, which will be available to us immediately upon commencing operations. Once our minimum offering requirement has been met, we intend to sell our shares on a continuous monthly basis at a per share price equal to the then-current NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp; Our primary uses of cash will be for (i) investments in portfolio companies and other investments, (ii) the cost of operations (including paying the Adviser and the Administrator) (iii) cost of any borrowings or other financing arrangements and (iv) cash distributions to the holders of our shares.

*Net Worth of Sponsors*

&nbsp;&nbsp;&nbsp;&nbsp; The NASAA, in its Omnibus Guidelines Statement of Policy adopted on March 29, 1992 and as amended on May 7, 2007 and further amended effective January 1, 2026 and as may be further amended from time to time (the "Omnibus Guidelines"), requires that our affiliates and Adviser, or our Sponsor as defined under the Omnibus Guidelines, have an aggregate financial net worth, exclusive of home, automobiles and home furnishings, of the greater of either $100,000, or 5.0% of the first $20 million of both the gross amount of securities currently being offered in this offering and the gross amount of any originally issued direct participation program securities sold by our affiliates and sponsors within the past 12 months, plus 1.0% of all amounts in excess of the first $20 million. Based on these requirements, our Adviser and its affiliates, while not liable directly or indirectly for any indebtedness we may incur, have an aggregate financial net worth in excess of those amounts required by the Omnibus Guidelines Statement of Policy.

**Critical Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp; This discussion of our expected operating plans is based upon our expected financial statements, which will be prepared in accordance with GAAP. The preparation of these financial statements will require our management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such

estimates could cause actual results to differ. In addition to the discussion below, we will describe our critical accounting policies in the notes to our future financial statements.

**Fair Value Measurements**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund is required to report its investments for which current market values are not readily available at fair value. The Fund values its investments in accordance with FASB ASC 820, Fair Value Measurements ("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 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. See "Determination of Net Asset Value" for more information on how we value our investments.

**Revenue Recognition**

*Interest Income*

&nbsp;&nbsp;&nbsp;&nbsp; Interest income is recorded on an accrual basis and includes the accretion of discounts and amortizations of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

*PIK Income*

&nbsp;&nbsp;&nbsp;&nbsp; The Fund may have loans in its portfolio that contain PIK provisions. PIK represents interest that is accrued and recorded as interest income at the contractual rates, increases the loan principal on the respective capitalization dates, and is generally due at maturity. Such income is included in interest income in the Fund's statement of operations. If at any point the Fund believes PIK is not expected to be realized, the investment generating PIK will be placed on non-accrual status. When a PIK investment is placed on non-accrual status, the accrued, uncapitalized interest is generally reversed through interest income. To maintain the Fund's status as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends, even though the Fund has not yet collected cash.

*Dividend Income*

&nbsp;&nbsp;&nbsp;&nbsp; Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

*Fee Income*

&nbsp;&nbsp;&nbsp;&nbsp; The Fund may receive various fees in the ordinary course of business such as structuring, consent, waiver, amendment, syndication fees as well as fees for managerial assistance rendered by the Fund to the portfolio companies. Such fees are recognized as income when earned or the services are rendered.

*Non-Accrual Income*

&nbsp;&nbsp;&nbsp;&nbsp; Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. Accrued interest is generally reversed when a loan is placed on non-accrual status. Additionally, any original issue discount and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management's judgment, are likely to remain current. Management may make exceptions to this treatment and determine to not place a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

***Distributions***

&nbsp;&nbsp;&nbsp;&nbsp; To the extent that the Fund has taxable income available, the Fund intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion

of our Board and will depend on our earnings, financial condition, maintenance of our tax treatment as a RIC, compliance with applicable BDC regulations and such other factors as our Board may deem relevant from time to time.

***Income Taxes***

&nbsp;&nbsp;&nbsp;&nbsp; The Fund intends to elect to be treated as a BDC under the 1940 Act. The Fund intends to elect to be treated as a RIC under Subchapter M of the Code. So long as the Fund maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Fund would represent obligations of the Fund's investors and would not be reflected in the financial statements of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund evaluates tax positions taken or expected to be taken in the course of preparing its financial statements to determine whether the tax positions are "more-likely-than-not" to be sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, on-going analyses of tax laws, regulations and interpretations thereof.

&nbsp;&nbsp;&nbsp;&nbsp; To qualify for and maintain qualification as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Fund must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its "investment company taxable income" for that year (without regard to the deduction for dividends paid), which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses and (ii) its net tax-exempt income, if any.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, pursuant to the excise tax distribution requirements, the Fund is subject to a 4% nondeductible federal excise tax on undistributed income unless the Fund distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of capital gain net income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate-level income tax is considered to have been distributed.

**Contractual Obligations**

&nbsp;&nbsp;&nbsp;&nbsp; We have entered into the Investment Advisory Agreement with the Adviser to provide us with investment advisory services and the Administration Agreement with the Administrator to provide us with administrative services. Payments for investment advisory services under the Investment Advisory Agreement and reimbursements under the Administration Agreement are described in "Investment Advisory Agreement and Administration Agreement."

&nbsp;&nbsp;&nbsp;&nbsp; We intend to establish one or more credit facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to-be-determined spreads over SOFR (or other applicable reference rate). We cannot assure shareholders that we will be able to enter into a credit facility on favorable terms or at all. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations.

**Quantitative and Qualitative Disclosures About Market Risk**

&nbsp;&nbsp;&nbsp;&nbsp; We will be subject to financial market risks, including changes in interest rates. A rise in the general level of interest rates can be expected to lead to higher interest rates applicable to the variable rate investments we may hold and to declines in the value of any fixed rate investments we may hold. A rise in interest rates would also be expected to lead to higher cost on our floating rate borrowings. If deemed prudent, we may use interest rate risk management techniques in an effort to minimize our exposure to interest rate fluctuations.

&nbsp;&nbsp;&nbsp;&nbsp; We plan to invest primarily in illiquid debt securities of private companies. Most of our investments will not have a readily available market price, and we will value these investments at fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board in accordance with our valuation policy.

There is no single standard for determining fair value in good faith. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. See "Determination of Net Asset Value."

**PRINCIPAL INVESTMENT OBJECTIVES AND STRATEGIES**

&nbsp;&nbsp;&nbsp;&nbsp; We were formed on March 6, 2025, as a Delaware statutory trust. We were organized to invest primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies.

&nbsp;&nbsp;&nbsp;&nbsp; We intend to elect to be regulated as a BDC under the 1940 Act. We also intend to elect to be treated, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code. As a BDC and a RIC, we are required to comply with certain regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund will seek to meet its investment objectives by investing in a portfolio consisting primarily of highly negotiated debt investments in middle market and upper-middle market companies, consisting of loans (primarily senior secured) but also including bonds and other debt instruments, along with associated equity kickers (*i.e.,* a financial incentive in the form of a warrant or option, usually attached to a debt instrument, that grants the lender, such as the Fund, a share of the borrower's equity), securities with equity-like characteristics and other equity investments. The term "middle market" refers to borrowers with EBITDA less than $75 million and "upper-middle market" generally refers to borrowers with EBITDA between $75 million and $250 million of EBITDA. Our investment strategy also includes an allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We intend to use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund will target private debt investments in a variety of transactions, including leveraged buyouts, refinancings, acquisitions, secondary transactions, recapitalizations and later-stage growth financings.

&nbsp;&nbsp;&nbsp;&nbsp; Our investment strategy also includes an allocation to more liquid credit investments such as broadly syndicated loans and corporate bonds. We intend to use these investments to maintain liquidity for our share repurchase program and manage cash before investing subscription proceeds into originated loans, while also seeking attractive investment returns. After we have invested a significant portion of our proceeds from this offering, under normal circumstances, we expect that a significant portion (i.e., up to approximately 25%) of our investments in non-broadly syndicated loans may have a payment-in-kind ("PIK") component, and the target effective interest rate, including from PIK interest, after accounting for all associated costs (i.e., "all-in margins") of our non-broadly syndicated loans are between approximately 4.50% and 6.00%. Under normal circumstance, our target discount rates for the original issue discount ("OID") instruments in which we may invest are between 0% to 2.00%.

&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim intends to utilize the same credit-intensive, bottom-up research approach with respect to the Fund that is the foundation of Guggenheim's fundamental fixed income investing. For the Fund, Guggenheim will seek to invest in growing businesses that have demonstrated durable competitive advantages with capable and honest management. We believe these companies generally possess distinguishing business characteristics such as a leading competitive position in a well-defined market niche, unique brands, sustainable profitability and cash flow, experienced management and well-defined managerial controls. A critical criterion for selecting investments is preservation of invested capital. Accordingly, Guggenheim will generally seek to invest in situations where it believes the EV of a company comfortably exceeds the value of a given debt claim within the company's capital structure (e.g., first lien bank debt, second lien bank debt or unsecured debt). Guggenheim defines the EV of a company as all debt (implicit or explicit) plus the value of all equity securities less cash and cash equivalents. Guggenheim also believes that the amount of discount relative to EV at the time of investment (i.e., low loan to value ratio) is a critical factor in generating returns primarily from income and secondarily from capital appreciation. Guggenheim has consistently originated transactions with an LTV at 65% or below.

&nbsp;&nbsp;&nbsp;&nbsp; With the goal of supporting our investment strategy, Guggenheim has developed a disciplined investment process, which includes substantial due diligence, collaborative discussions, detailed financial models and thorough Investment Committee review. In addition, Guggenheim's investment professionals monitor portfolio companies

through financial reviews, industry analysis and regular discussions with management, ownership and industry participants.

&nbsp;&nbsp;&nbsp;&nbsp; Our investment objectives may be changed without prior shareholder approval.

&nbsp;&nbsp;&nbsp;&nbsp; Our investments are subject to a number of risks, including risks related to potential concentration in the software industry. Such a concentration can be amended at the discretion of the Fund and the Adviser. See "Risk Factors."

**The Adviser and the Administrator**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's investment activities are managed by Guggenheim Private Investments, LLC, an investment adviser registered with the SEC under the Advisers Act. Our Adviser will be responsible for originating prospective investments, conducting research and due diligence investigations on potential investments, analyzing investment opportunities, negotiating and structuring our investments and monitoring our investments and portfolio companies on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon, as our Administrator, provides, or oversees the performance of, fund accounting, administrative and certain other services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring and portfolio compliance services), preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of our Board of Trustees, managing the payment of expenses and the performance of administrative and professional services rendered by others and providing office space, equipment and office services.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser is an affiliate of Guggenheim. As such, our Adviser has access to the broader resources of Guggenheim, subject to Guggenheim's policies and procedures regarding the management of conflicts of interest. As such, the term "Guggenheim" may be used when describing advisory services and resources.

&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim's platform provides competitive advantages including scale, expertise across industries and capital structures, and deep relationships with companies and financial sponsors.

&nbsp;&nbsp;&nbsp;&nbsp; FINRA Rule 2310(b)(3)(D) requires that we disclose the liquidity of prior public programs sponsored by the Adviser, in which disclosed in the offering materials was a date or time period at which the program might be liquidated, and whether the prior program(s) in fact liquidated on or around that date or during the time period. A direct participation program is a program that provides for flow-through tax consequences regardless of the structure of the legal entity or vehicle for distribution, regardless of the industry represented by the program. A direct participation program includes business development companies, such as the Fund. As of the date of this prospectus, the Adviser has not sponsored any prior public programs responsive to FINRA Rule 2310(b)(3)(D).

**Market Opportunity**

&nbsp;&nbsp;&nbsp;&nbsp; Since 2002, Guggenheim has been originating private debt investments for its portfolios. Guggenheim's entry into the private debt market was based on its belief that a privately negotiated debt transaction offered a more attractive combination of risk and return than was available in the more liquid loan and high-yield bond markets. With that relative value focus in mind, Guggenheim has invested over $29 billion in over 550 privately negotiated investments over the last 23 years (as of June 30, 2025). We continue to believe that private debt offers a compelling opportunity to achieve a more attractive risk-adjusted return today than is generally available in the liquid credit markets.

&nbsp;&nbsp;&nbsp;&nbsp; We believe that the market opportunity in direct lending and private credit remains substantial in today's environment. As of June 2024, according to Preqin global private equity firms have accumulated approximately $2.6 trillion in "dry powder"—committed capital that remains undeployed.

&nbsp;&nbsp;&nbsp;&nbsp; Assuming a typical loan-to-value ratio of approximately 60% on private equity transactions, this dry powder represents roughly a $3.5 trillion opportunity for credit providers.

&nbsp;&nbsp;&nbsp;&nbsp; At the same time, the broadly syndicated loan market has historically averaged around $371 billion in annual issuance. Over a three-year deployment horizon, these dynamics reveal a significant financing gap. This gap is compounded by the evolving landscape in which traditional commercial banks are increasingly constrained by regulatory and balance sheet limitations, and the syndicated market is often unable to fully service the capital requirements of large private equity transactions.

&nbsp;&nbsp;&nbsp;&nbsp; In response, we see a compelling opportunity to partner with banks that are actively seeking to supplement their lending capabilities. By collaborating with these financial institutions, we can jointly provide the comprehensive capital solutions that private equity sponsors require. Our platform is designed to leverage our deep underwriting expertise and scale to address this gap meeting the significant financing needs of borrowers and taking advantage of favorable risk-adjusted returns in the current market.

&nbsp;&nbsp;&nbsp;&nbsp; In summary, we believe our strategy positions us to effectively capitalize on the sizeable market opportunity driven by robust private equity dry powder and the limitations of traditional syndicated lending, through strategic partnerships with banks and the deployment of scalable direct lending solutions.

&nbsp;&nbsp;&nbsp;&nbsp; Within private credit, Guggenheim has a specific focus in the middle market (which we define as borrowers with less than $75 million of EBITDA) and upper-middle market (which generally refers to borrowers with between $75 million and $250 million of EBITDA). The middle market is unique in its size and contribution to U.S. gross domestic product as middle market companies represent a large segment of the economy and are expected to account for one-third of U.S. private sector employment. The middle market has historically been an attractive source of financing opportunities to private lenders and the potential growth of middle market companies is expected to drive an ongoing need for credit in the future. Furthermore, Guggenheim believes upper-middle market borrowers often present more attractive risk/reward as their size and scale makes them better able to withstand market and economic downturns.

&nbsp;&nbsp;&nbsp;&nbsp; We also believe that senior secured loans provide an attractive opportunity because of the defensive characteristics of the asset class. While all asset classes have inherent risks, senior secured debt is on top of the capital structure and thus has priority in payment among an issuer's security holders (i.e., senior lenders receive payments before all other capital providers including junior creditors and equityholders). Further, these investments are secured by substantially all of the issuer's assets, which may be monetized in the event of a default, if necessary. Senior secured debt often has restrictive covenants, providing principal protection and preserving collateral to protect against credit deterioration.

&nbsp;&nbsp;&nbsp;&nbsp; As the credit markets and economy evolve over the coming years, Guggenheim believes that having the scale to source and underwrite transactions across the yield and capital structure spectrum provides investors with greater flexibility to take advantage of opportunities in any credit cycle.

**Potential Competitive Strengths**

&nbsp;&nbsp;&nbsp;&nbsp; While the Fund will have a focus on secured debt, the Adviser will maintain the flexibility to invest throughout much of the capital structure, from senior debt to preferred equity when appropriate, which broadens the opportunity set. Often, borrowers require financing that does not fit squarely into the traditional lending criteria of commercial banks or other lenders and is not large enough for the broadly syndicated loan and high-yield bond markets. In these situations, Guggenheim has been successful in tailoring financing solutions to meet the borrowers' needs. Furthermore, we believe Guggenheim's ability to partner with other Guggenheim-managed funds or accounts in accordance with "Exemptive Relief" in making investments will enable the Fund to participate in larger transactions than would otherwise be possible. We believe this collective funding capacity expands the market opportunity and allows Guggenheim to invest its clients in larger, more complex transactions with attractive risk adjusted return characteristics.

&nbsp;&nbsp;&nbsp;&nbsp; In our view, Guggenheim has differentiated itself from other lenders by providing creative financing solutions to borrowers that company owners (i.e., founder, private equity or public shareholders) value due to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A willingness to evaluate complex transactions that other capital providers are less willing
to analyze;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to finance entire capital structures, with Guggenheim representing the sole lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The flexibility to create financing solutions that are outside of most lenders' typical
"box" and are tailored to the borrower's specific needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The analytical resources that allow us to perform due diligence quickly and commit to a term
sheet and fund the investment within a short time frame; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A high level of certainty related to closing once we have completed due diligence.

&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim believes that these potential competitive strengths will help enable us to execute on a large quantity of what we consider high-quality investment opportunities for the Fund. The prevailing economic climate and credit market volatility will serve to enhance our ability to do so over the coming years.

&nbsp;&nbsp;&nbsp;&nbsp; Unlike certain other direct lenders, Guggenheim does not focus solely on financing private equity owned businesses.

**The Board of Trustees**

&nbsp;&nbsp;&nbsp;&nbsp; Overall responsibility for the Fund's oversight rests with the Board of Trustees. We have entered into the Investment Advisory Agreement with the Adviser, pursuant to which the Adviser will manage the Fund on a day-to-day basis. The Board of Trustees is responsible for overseeing the Adviser and other service providers in our operations in accordance with the provisions of the 1940 Act, the Fund's bylaws and applicable provisions of state and other laws. The Adviser will keep the Board of Trustees well informed as to the Adviser's activities on our behalf and our investment operations and provide the Board of Trustees with additional information as the Board of Trustees may, from time to time, request. The Board of Trustees is currently composed of 7 members, 5 of whom are Independent Trustees.

**Investment Selection**

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser expects to use fundamental analysis and technical analysis to formulate investment opportunities for the Fund. The Adviser's credit-intensive, bottom-up research approach seeks to identify, among other things, businesses that have demonstrated competitive and strategic advantages and investment opportunities where there is a clear illiquidity premium and a better package of risk/return than the Adviser believes is available in the liquid credit markets.

&nbsp;&nbsp;&nbsp;&nbsp; A critical criterion for selecting investments is preservation of invested capital. Accordingly, the Adviser will generally seek to invest in situations where it believes the Enterprise Value of a company comfortably exceeds the value of a given debt claim within the company's capital structure (e.g., first lien bank debt, second lien bank debt or unsecured debt). The Adviser defines the Enterprise Value of a company as all debt (implicit or explicit) plus the value of all equity securities less cash and cash equivalents. The Adviser also believes that the amount of discount relative to a company's Enterprise Value at the time of investment (i.e., low loan to value ratio) is a critical factor in generating recoveries in restructuring and, thus, preserving principal.

The Adviser also expects many of the Fund's investments to have the following attributes:

&nbsp;&nbsp;&nbsp;&nbsp; *Strong Intrinsic Value*. In general, the key traits of a portfolio company with strong intrinsic value include: (i) differentiated product or service; (ii) defensible market niche, (iii) significant market share within their respective markets; (iv) the potential to maintain sufficient cash flows and profitability; (v) compelling customer value proposition; and /or (vi) strong operating margins. The Adviser believes that middle market and upper-middle market borrowers often present more attractive risk/reward as they maintain all or a subset of the foregoing attributes, which makes them better able to withstand market and economic downturns.

&nbsp;&nbsp;&nbsp;&nbsp; *Attractive Capital Structures.* In general, and under normal market conditions, the Adviser expects focus on secured debt, although it retains the flexibility to invest throughout much of the capital structure if attractive opportunities exist.

&nbsp;&nbsp;&nbsp;&nbsp; *Experienced Management Teams.* The Adviser focuses on investments in which the target portfolio company has an experienced and high-quality management team with an established track record of success.

&nbsp;&nbsp;&nbsp;&nbsp; *Broad Exposure.* The Adviser seeks to invest broadly among companies and industries, thereby potentially reducing the risk of a downturn in any one company or industry having a disproportionate impact on the value of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp; *Viable Exit Strategy.* In addition to payments of principal and interest, we expect the refinancings, sales of portfolio companies, and in some cases initial public offerings and secondary offerings to be the primary methods by which our strategy will realize returns on our investments.

**Investment Process Overview**

&nbsp;&nbsp;&nbsp;&nbsp; With the goal of supporting the Fund's investment strategy, the Adviser has developed a disciplined investment process, which includes substantial due diligence, collaborative discussions, detailed financial models and thorough Investment Committee review. In addition, the Adviser's investment professionals monitor portfolio companies through financial reviews, industry analysis and regular discussions with management, ownership and industry participants.

***Loan Origination***

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser's investment process begins with a significant network of relationships to source investment opportunities and extends into a repeatable process for the analysis, approval, documentation and monitoring of investments. The global presence of Guggenheim generates access to a substantial amount of directly originated transactions with what the Adviser believes to be attractive investment characteristics. With respect to syndicate deals, Guggenheim has built a network of relationships with commercial and investment banks, finance companies and other investment funds as a result of the long track record of its investment professionals in the marketplace.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's portfolio managers are supported by a dedicated direct lending team and the deep resources of the Corporate Credit platform. The Corporate Credit team encompasses over 100 people and includes the origination team, as well as research analysts, operations, portfolio management, trading, restructuring and legal teams. The origination team helps to coordinate communication and consolidates the different information streams on potential opportunities. In addition, the origination team is responsible for organizing the pipeline on new opportunities and existing investments that may have the potential for future capital or refinancing needs. The origination team strives to consistently mine existing credit positions and manages relationships with deal brokers, sponsors, and lenders for transaction opportunities. Industry analysts are also encouraged to continuously broaden their contacts and network with the goal of facilitating deal flow. The Adviser does not limited itself to one avenue of deal flow, but instead seeks to pursue a broad array of potential deal facilitators.

***Research and Due Diligence***

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser believes that having the scale to source opportunities, conduct rigorous research and due diligence and underwrite transactions across the yield and capital structure spectrum provides investors with greater flexibility to take advantage of opportunities in any credit cycle. Often, by virtue of existing credit positions in syndicated loans or high-yield bonds, Guggenheim develops relationships with management and ownership providing for the opportunity to proactively offer private debt solutions. This network, in turn, often provides research analysts with a network of industry experts that they can draw on for valuable information to aid in assessing risk while performing due diligence on and/or underwriting a transaction.

&nbsp;&nbsp;&nbsp;&nbsp; While the Guggenheim origination team members have strong experience in originating direct lending transactions, they also have extensive backgrounds in credit research and diligencing investment opportunities. Guggenheim's direct lending team approaches opportunities with a "research first" attitude. The Adviser believes this approach is differentiated from many in the market who view origination as a "client service" role (with the borrower being thought of as the "client"), rather than that of a research analyst.

&nbsp;&nbsp;&nbsp;&nbsp; Our research analyst team of over 55 members are organized by industry verticals and seek to employ a disciplined, repeatable bottom-up process. The research team is led by senior team members who have been with the firm for many years. The research team is organized by industry vertical to help ensure that the analysts have the time and resources we believe necessary to build expertise in their designated industry. Each senior research analyst is staffed with multiple junior resources to support the due diligence and credit underwriting process.

&nbsp;&nbsp;&nbsp;&nbsp; In assessing a potential transaction, members of the Corporate Credit team will use their own comprehensive knowledge of similar opportunities, Guggenheim and the Adviser's many industry relationships and those of other financial market participants and Guggenheim's strong network of industry experts for information. When the investment team pursues an opportunity, it will review and analyze diligence materials that typically address a potential portfolio company's industry trends, competitive dynamics, customer base, economic drivers, historical financial performance, financial projections and other factors. The investment team will often conduct direct diligence with a potential portfolio company's management team. The team's due diligence reviews may include, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a full operational analysis to identify the key risks and opportunities of the target's
business, including a detailed review of historical and estimated financial results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a detailed analysis of industry and customer dynamics, competitive position, regulatory,
tax and legal matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a detailed financial modeling and scenario analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reference calls within the Guggenheim network on the company and relevant industry outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on-site visits and customer and supplier reference calls, if deemed necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• background checks to further evaluate management and other key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a review by legal and accounting professionals, environmental or other industry consultants,
if necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a review of financial sponsor due diligence, including portfolio company and lender reference
checks, if necessary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a review of management's experience and track record.

&nbsp;&nbsp;&nbsp;&nbsp; Third parties may also be involved in the Adviser's due diligence process, whether they are hired by the Adviser or, if applicable, by the lead sponsor in a transaction. Utilizing consultants to help evaluate a business and test an investment thesis is typically beneficial.

&nbsp;&nbsp;&nbsp;&nbsp; The foregoing assessment is then typically followed by extensive credit analysis, including asset valuation, financial analysis, cash flow analysis and scenario analysis, legal and accounting review, and comparable credit and equity analyses. A thorough assessment of structure and leverage of a transaction and how the particular investment fits into the overall investment strategy of the Fund's portfolio is conducted.

***Investment Committee***

&nbsp;&nbsp;&nbsp;&nbsp; If the investment team elects to proceed with a transaction following the due diligence process and their other research efforts, the investment team leading the transaction will detail to the Investment Committee their analysis, conclusions, risk/reward profile of the opportunity and other information they deem relevant. Such investment opportunities and follow-on investments in existing portfolio companies will generally require the unanimous approval of the Investment Committee, which utilizes a consensus-driven approach. The Investment Committee includes the portfolio managers and four other individuals selected by the Adviser who have direct lending and other relevant experience and who shall be Joe McCurdy, Rusty Parks and Steve Brown, as well as Robert Zable (with respect to broadly syndicated loans and liquid credit investments). Prior to approving an investment, the Investment Committee seeks to rigorously review the research output of the investment team's analysts and discuss the strengths and weaknesses of a potential investment over the course of one or more meetings. In addition, the Investment Committee reviews and determines whether to make prospective investments identified by the Adviser and monitors the performance of our investment portfolio. The day-to-day management of investments approved by the Investment Committee will be overseen by investment personnel.

***Documentation***

&nbsp;&nbsp;&nbsp;&nbsp; Once the Investment Committee approves an investment, our investment team undertakes a documentation process to ensure that the terms of the investment provide the Fund with the appropriate contractual protections. While each senior secured credit opportunity is unique and requires customized documentation, the investment team will, when appropriate, utilize precedent documentation with both private equity sponsors and other junior lenders to minimize closing risks. The investment team will also work closely with time-tested, trusted attorneys with whom they have worked previously and who are familiar with the intricacies of such documentation.

***Ongoing Monitoring***

&nbsp;&nbsp;&nbsp;&nbsp; Upon the consummation of a transaction, the investment team monitors the investment on an ongoing basis. A particular point of focus for the investment team is the continuous assessment of potential new risks and reassessment of risks identified during the due diligence phase. Accordingly, post-investment monitoring activities will be determined based on assessed risks and often includes reviews of financial reports detailing operating performance, sales volumes, margins, cash flows, financial position and other key operating metrics on a monthly

or quarterly basis from portfolio companies. Guggenheim will use this data, combined with due diligence gained through contact with the company's customers, suppliers, competitors, market research and other methods, to conduct an ongoing rigorous assessment of the company's operating performance and prospects.

***Managerial Assistance***

&nbsp;&nbsp;&nbsp;&nbsp; As a BDC, we must offer, and provide upon request, significant managerial assistance to certain of our portfolio companies except where the Fund purchases securities of an issuer in conjunction with one or more other persons acting together, one of the other persons in the group makes available such managerial assistance. This assistance could involve, among other things, monitoring the operations of our portfolio companies, participating in board and management meetings, consulting with and advising officers of portfolio companies and providing other organizational and financial guidance. The Adviser will provide such managerial assistance to portfolio companies that request this assistance. To the extent fees are paid for these services, the Fund, rather than the Adviser, will retain any fees paid for such assistance.

***Exit***

&nbsp;&nbsp;&nbsp;&nbsp; The investment team regularly reviews investments and related market conditions in order to determine if an opportunity exists to realize returns on a particular investment. The Adviser utilizes numerous internal resources, including public market traders, research analysis and capital markets functions, to gain access to current market information where the opportunity may exist to sell positions into the market at attractive prices.

**Allocation of Investment Opportunities and Potential Conflicts of Interest**

**General**

&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim, including the Adviser, provides investment management services to Other Clients. In addition, Guggenheim provides investment management services to other registered investment companies, investment funds, client accounts and proprietary accounts that Guggenheim may establish.

&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim will share any investment and sale opportunities with its other clients and the Fund in accordance with the Advisers Act and firm-wide allocation policies, which govern the allocation of investment opportunities among clients in a fair and equitable manner, taking into account the needs and investment objectives of the clients as well as prevailing market conditions.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, as a BDC regulated under the 1940 Act, the Fund is subject to certain limitations relating to co-investments and joint transactions with affiliates, which likely in certain circumstances limit the Fund's ability to make investments or enter into other transactions alongside other clients.

**Co-Investment Relief**

&nbsp;&nbsp;&nbsp;&nbsp; We intend to co-invest with certain affiliates of the Adviser. Guggenheim has received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions which could limit our ability to participate in co-investment transactions. If the Adviser determines that such investment is not appropriate for us, the investment will not be allocated to us, but the Adviser will be required to report such investment and the rationale for its determination for us to not participate in the investment to the Board of Trustees at the next quarterly board meeting.

**Competition**

&nbsp;&nbsp;&nbsp;&nbsp; We compete for investments with other BDCs and investment funds (including private equity funds, mezzanine funds, performing and other credit funds, and funds that invest in CLOs, structured notes, derivatives and other types of collateralized securities and structured products), as well as traditional financial services companies such as commercial banks and other sources of funding. These other BDCs and investment funds might be reasonable investment alternatives to us and may be less costly or complex with fewer and/or different risks than we have. Moreover, alternative investment vehicles, such as hedge funds, have begun to invest in areas in which they have not traditionally invested, including making investments in private U.S. companies. As a result of these new entrants, competition for investment opportunities in private U.S. companies may intensify. We may lose investment opportunities if we do not match our competitors' pricing, terms or structure. If we are forced to match our competitors' pricing, terms or structure, we may not be able to achieve acceptable returns on our investments or may bear substantial risk of capital loss. A significant part of our competitive advantage stems from the fact that the

market for investments in private U.S. companies is underserved by traditional commercial banks and other financial sources. A significant increase in the number and/or the size of our competitors in this target market could force us to accept less attractive investment terms. Furthermore, many of our competitors have greater experience operating under, or are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC.

**Non-Exchange Traded, Perpetual-Life BDC**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund is non-exchange traded, meaning its Common Shares are not listed for trading on a stock exchange or other securities market and a perpetual-life BDC, meaning it is an investment vehicle of indefinite duration, whose Common Shares are intended to be sold by the BDC monthly on a continuous basis at a price generally equal to the BDC's monthly NAV per share. In our perpetual-life structure, we may offer investors an opportunity to repurchase their Common Shares on a quarterly basis, but we are not obligated to offer to repurchase any in any particular quarter in our discretion. We believe that our perpetual nature enables us to execute a patient and opportunistic strategy and be able to invest across different market environments. This may reduce the risk of the Fund being a forced seller of assets in market downturns compared to non-perpetual funds. While we may consider a liquidity event at any time in the future, we currently do not intend to undertake a liquidity event, and we are not obligated by our Declaration of Trust or otherwise to effect a liquidity event at any time.

**Human Resource Capital**

&nbsp;&nbsp;&nbsp;&nbsp; We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Adviser or its affiliates pursuant to the terms of the Investment Advisory Agreement and the Administrator or its affiliates pursuant to the Administration Agreement. Each of our executive officers described under "Management of the Fund" is employed by the Adviser or its affiliates. Our day-to-day investment operations are managed by the Adviser. The services necessary for the sourcing and administration of our investment portfolio will be provided by investment professionals employed by the Adviser or its affiliates. The investment team will focus on origination, non-originated investments and transaction development and the ongoing monitoring of our investments. In addition, we will reimburse the Administrator for its costs, expenses and allocable portion of overhead, including compensation paid by the Administrator (or its affiliates) to the Fund's chief compliance officer and chief financial officer and their respective staffs as well as other administrative personnel (based on the percentage of time such individuals devote, on an estimated basis, to the business and affairs of the Fund).

**MANAGEMENT OF THE FUND**

**Management**

&nbsp;&nbsp;&nbsp;&nbsp; Our business and affairs are managed under the direction of the Board of Trustees. The responsibilities of the Board of Trustees include, among other things, the oversight of our investment activities, the quarterly and non-quarterly valuation of our assets, oversight of our financing arrangements and corporate governance activities. Each Trustee shall serve until the earlier of his or her death, removal or resignation or until his or her successor is duly elected and qualified. Our Board of Trustees consists of 7 members, 5 of whom are not "interested persons" of the Fund or of the Adviser as defined in Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board of Trustees. These individuals are referred to as Independent Trustees. Our Board of Trustees elects the Fund's executive officers, who serve at the discretion of the Board of Trustees.

**Trustees**

Information regarding the Board of Trustees is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name** | <br>**Year of**<br>**Birth** | <br>**Position(s) held**<br>**with the Fund** | <br>**Trustee Since** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of**<br>**Portfolios in**<br>**Fund Complex**<br>**Overseen by**<br>**Trustee** | <br>**Other Directorships**<br>**Held by Director** |
| ***Interested Trustees:*** | ***Interested Trustees:*** | | | | | |
| Brian E. Binder | 1972 | Chief Executive | Inception | Current: President, Mutual Funds | 1 | Chairman of the Board of |
|  |  | Officer, Chairperson |  | Boards, Guggenheim Investments |  | Managers, Guggenheim |
|  |  | and Trustee |  | (2022-present); President and |  | Funds investment |
|  |  |  |  | Chief Executive Officer, certain |  | Advisors, LLC, (2018 - |
|  |  |  |  | other funds in the Fund Complex |  | present) |
|  |  |  |  | (2018-present); President, |  |  |
|  |  |  |  | Mutual Funds Board and Senior |  | Board Member, |
|  |  |  |  | Managing Director, Guggenheim |  | Guggenheim Partners |
|  |  |  |  | Funds Investment Advisors, LLC |  | Investment Funds |
|  |  |  |  | and Security Investors, LLC |  | plc (2022-present) |
|  |  |  |  | (2018-present) |  |  |
|  |  |  |  |  |  | Board Member, |
|  |  |  |  | Former: Board Member, |  | Guggenheim Global |
|  |  |  |  | Guggenheim Partners Fund |  | Investments plc (2022- |
|  |  |  |  | Management (Europe) Limited |  | present) |
|  |  |  |  | (2018-2024); Senior Managing |  |  |
|  |  |  |  | Director and Chief Administrative |  |  |
|  |  |  |  | Officer, Guggenheim Investments |  |  |
|  |  |  |  | (2018-2022); Managing Director |  |  |
|  |  |  |  | and President, Deutsche Funds, |  |  |
|  |  |  |  | and Head of US Product, Trading |  |  |
|  |  |  |  | and Fund Administration, |  |  |
|  |  |  |  | Deutsche Asset Management |  |  |
|  |  |  |  | (2013-2018); Managing Director, |  |  |
|  |  |  |  | Chairman of North American |  |  |
|  |  |  |  | Executive Committee and Head |  |  |
|  |  |  |  | of Business Management and |  |  |
|  |  |  |  | Consulting, Invesco Ltd. (2010- |  |  |
|  |  |  |  | 2012). | 2012). | 2012). |
| Robert Camacho | 1982 | Trustee | Inception | Investor: TWG Global; Senior | 1 | N/A |
|  |  |  |  | Managing Director, The |  |  |
|  |  |  |  | Blackstone Group (2019-2024); |  |  |
|  |  |  |  | Board Member, George Jackson |  |  |
|  |  |  |  | Academy (2020-2025). |  |  |
| ***Independent Trustees:*** | ***Independent Trustees:*** |  |  |  |  |  |
| Todd M. Corbin | 1976 | Trustee | Inception | Managing Director: Mother | 1 | N/A |
|  |  |  |  | Cabrini Health Foundation |  |  |
|  |  |  |  | (2024-Present); Managing |  |  |
|  |  |  |  | Director, Summit Rock Advisors |  |  |
|  |  |  |  | (2017-2024). |  |  |
| James P. | 1973 | Trustee | Inception | Managing Partner and Vice | 1 | N/A |
| Fortescue |  |  |  | Chairman of U.S. Capital Wealth |  |  |
|  |  |  |  | (2018 - Present); Chief Executive |  |  |
|  |  |  |  | Officer, Piton Investment<br> Management, L.P. |  |  |
|  |  |  |  | (2019-Present). |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Name** | <br>**Year of**<br>**Birth** | <br>**Position(s) held**<br>**with the Fund** | <br>**Trustee Since** | <br>**Principal Occupation(s)**<br>**During Past 5 Years** | **Number of**<br>**Portfolios in**<br>**Fund Complex**<br>**Overseen by**<br>**Trustee** | <br>**Other Directorships**<br>**Held by Director** |
| Marc S. | 1948 | Trustee; Chair, | Inception | Managing Director, Conyers | 1 | N/A |
| Goodman |  | Nominating and |  | Consulting Group, (2014-present); |  |  |
|  |  | Governance |  | Managing Director, Statsure |  |  |
|  |  | Committee |  | Financial Services (2017-present); |  |  |
|  |  |  |  | Chairman, Board of the Stacy |  |  |
|  |  |  |  | Joy Goodman Memorial |  |  |
|  |  |  |  | Foundation (1994 - present); |  |  |
|  |  |  |  | National Board and Executive |  |  |
|  |  |  |  | Committee, Diabetes Research |  |  |
|  |  |  |  | Institute Foundation (1996 - |  |  |
|  |  |  |  | present); Director, Duet |  |  |
|  |  |  |  | Commodities Fund Limited, |  |  |
|  |  |  |  | (2014-2017); Director, Electrum |  |  |
|  |  |  |  | Special Acquisitions |  |  |
|  |  |  |  | Corporation, (2015-2018) |  |  |
|  |  |  |  | Co-Executive Chairman, Co-Chief |  |  |
|  |  |  |  | Investment Officer, Kenmar |  |  |
|  |  |  |  | Olympia Group, (1983-2014) |  |  |
| Peter E. Roth | 1959 | Trustee; Chair, Audit | Inception | Managing Partner, Rothpoint | 1 | Non Executive Direc- |
|  |  | Committee |  | Group llc, (2017-present); |  | tor, City of London |
|  |  |  |  | Board Member, St. Mary's |  | Investment Group plc, |
|  |  |  |  | Healthcare System for Children |  | (2019-present); Non |
|  |  |  |  | (2010-present) |  | Executive Director, |
|  |  |  |  |  |  | City of London |
|  |  |  |  |  |  | Investment Management, |
|  |  |  |  |  |  | (2019-present); |
|  |  |  |  |  |  | Director, Stone Point |
|  |  |  |  |  |  | Credit Corporation (2020 |
|  |  |  |  |  |  | - present) and Stone Point |
|  |  |  |  |  |  | Credit Income Fund |
|  |  |  |  |  |  | (2024-present). |
| Stephanie T. Yeh | 1984 | Trustee | Inception | Chief Financial Officer: | 1 | N/A |
|  |  |  |  | Homebound (2024-Present); |  |  |
|  |  |  |  | Managing Director: KKR & Co. |  |  |
|  |  |  |  | (2021-2024); Managing Director: |  |  |
|  |  |  |  | Credit Suisse (2014-2021). |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp; The address for each trustee is c/o Guggenheim Investments Private Credit Fund, 330 Madison Avenue, New York, NY 10017.

**Executive Officers Who are Not Trustees**

Information regarding our executive officers who are not Trustees is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Name** | **Year of**<br>**Birth** | **Position(s) held with**<br>**the Fund** | **Officer**<br>**Since** | <br>**Principal Occupation(s) During Past 5 Years** |
| James Howley | 1972 | Chief Financial Officer, Chief | Inception | Current: Managing Director, Guggenheim Investments (2004- |
|  |  | Accounting Officer and |  | present); Chief Financial Officer, Chief Accounting Officer, and |
|  |  | Treasurer |  | Treasurer, certain other funds in the Fund Complex (2022-present). |
|  |  |  |  | Former: Assistant Treasurer, certain other funds in the Fund Complex |
|  |  |  |  | (2006-2022); Manager, Mutual Fund Administration of |
|  |  |  |  | Van Kempen Investments/Morgan Stanley, Inc. (1996-2004). |
| Joanna M. Catalucci | 1966 | Chief Compliance Officer | Inception | Current: Senior Managing Director, Guggenheim |
|  |  |  |  | Investments (2014-present). |
|  |  |  |  | Former: Chief Compliance Officer, certain other funds in the Fund Complex |
|  |  |  |  | (2012-2025); AML Officer, certain other funds in the Fund Complex |
|  |  |  |  | (2016-2017); Chief Compliance Officer and Secretary certain other |
|  |  |  |  | funds in the Fund Complex (2008-2012); Senior Vice President |
|  |  |  |  | and Chief Compliance Officer, Security Investor, LLC and certain |
|  |  |  |  | affiliates (2010-2012); Chief Compliance Officer and Senior Vice |
|  |  |  |  | President, Rydex Advisors, LLC and certain affiliates (2010-2011). |
| Mark E. Mathiasen | 1978 | Secretary | Inception | Current: Secretary, certain other funds in the Fund Complex |
|  |  |  |  | (2007-present); and Managing Director, Guggenheim Investments |
|  |  |  |  | (2007-present). |

---

&nbsp;&nbsp;&nbsp;&nbsp; The address for each executive officer and Trustee is c/o Guggenheim Investments Private Credit Fund, 330 Madison Avenue, New York, NY 10017.

**Trustee Qualifications**

&nbsp;&nbsp;&nbsp;&nbsp; The Trustees were selected to serve on the Board based upon their skills, experience, judgment, analytical ability, diligence, ability to work effectively with other Trustees, availability and commitment to attend meetings and perform the responsibilities of a Trustee and a willingness to take an independent and questioning view of management.

&nbsp;&nbsp;&nbsp;&nbsp; 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 prospectus, that each Trustee should serve as a Trustee in light of the Fund's business and structure.

***Interested Trustees***

**Brian E. Binder**

&nbsp;&nbsp;&nbsp;&nbsp; Brian E. Binder serves as trustee, Chairman of the Board and Chief Executive Officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp; Mr. Binder also serves as Senior Managing Director and President, Mutual Funds Boards for Guggenheim Investments; President and Chief Executive Officer of the mutual funds and closed-end funds in the Guggenheim Funds complex (2018 to the present); President, Mutual Funds Board and Senior Managing Director of Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018 to the present); Board Member, Guggenheim Partners Investment Funds plc (2022 to the present); and Board Member, Guggenheim Global Investments plc (2022 to the present).

&nbsp;&nbsp;&nbsp;&nbsp; Mr. Binder formerly served as Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018 to 2022) and Board Member, Guggenheim Partners Fund Management (Europe) Limited (2019 to 2024); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013 to 2018); and Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010 to 2012).

&nbsp;&nbsp;&nbsp;&nbsp; Mr. Binder has extensive experience in the financial industry and is experienced in financial, regulatory, investment, and governance matters. He also has considerable familiarity with the Company, its advisor and other service providers, and their operations, and has served as a Board member of other Guggenheim-affiliated funds.

**Robert Camacho**

&nbsp;&nbsp;&nbsp;&nbsp; Robert Camacho, CFA serves as a trustee of the Company. He is an investor at TWG Global. Prior to his role at TWG, Mr. Camacho served as the Global Head of Blackstone Asset Based Finance within Blackstone's Structured

Finance Group and was a member of the Asset Based Finance Investment Committee. Before joining Blackstone, Mr. Camacho was a partner at Goldman Sachs, where he was responsible for financing transactions across multiple asset classes, including corporate credit, structured products, and fund finance. He spent over 14 years at Goldman Sachs, most recently in the Structured Funding Investing and Lending business. Mr. Camacho graduated from Lehigh University and holds a CFA® charter. Robert is passionate about finding a cure for Cystic Fibrosis ("CF") and supports the Take a Breather Foundation, which assists families affected by CF. He also served on the board of George Jackson Academy, a children's school in New York City until 2025, and sponsors Student Sponsor Partners ("SSP") in their mission to provide underprivileged children with access to private school education in New York City.

***Independent Trustees***

**Todd M. Corbin**

&nbsp;&nbsp;&nbsp;&nbsp; Todd M. Corbin, CFA serves as an Independent Trustee. Mr. Corbin is a Managing Director at the Mother Cabrini Health Foundation in New York, where he has oversight responsibility for a $4 billion investment portfolio across both traditional and alternative asset classes. He was previously a Managing Director at Summit Rock Advisors, a $25 billion New York-based firm managing the investment programs of a select number of high net worth families and philanthropic organizations, and he was also the Chief Investment Officer for The New York Public Library's $1.2 billion endowment for nearly a decade. Todd had previous investment roles at Citi Alternative Investments and The Brookings Institution, and he began his investment career at Cambridge Associates. Todd received a BA from Colgate University, and he is a CFA Charterholder.

**James P. Fortescue**

&nbsp;&nbsp;&nbsp;&nbsp; Mr. Fortescue serves as an Independent Trustee. Jim Fortescue is a Managing Partner and Vice Chairman of U.S. Capital Wealth. Jim is also the CEO of Piton Investment Management and runs the public investments for JP DeJoria Family. He has over 25 years of experience building, operating and managing companies, investment portfolios and relationships in the financial services space. Prior to joining the firm, Jim served as the Chief Operating Officer at Annaly Capital Management, Inc. (NYSE: NLY). He began his career at Annaly in 1995 and served there until 2014 in various roles including COO, Head of Liabilities, Chief of Staff, Executive Vice President and was a member of Annaly's Executive, Operations, and Risk Committees.

&nbsp;&nbsp;&nbsp;&nbsp; Jim has served on multiple industry panels including a Financial Stability Board panel in front of the G-20 at the Federal Reserve Bank of New York, a Markets Stability panel in front of the US Treasury Department, and the Risk Management Association Securities Lending and Borrowing Legal & Regulatory Round Table. Jim serves as the Treasurer on the Board of Trustees of Don Bosco Prep High School and serves on the board of Halo Investing, Inc. Jim received his B.S. in Finance from Siena College and attended the New York Institute of Finance for intense mortgage-backed securities studies.

**Marc S. Goodman**

&nbsp;&nbsp;&nbsp;&nbsp; Marc S. Goodman serves as an Independent Trustee. He is a Co-Founder and Managing Director of Conyers Consulting Group, LLC, a consulting firm for asset management companies. Until March 31, 2014, he was Co-Executive Chairman and Global Co-Chief Investment Officer of the Kenmar Olympia Group. Prior to that Mr. Goodman was the President, Co-Chief Executive Officer, and Co-Chief Investment Officer of The Kenmar Group. Prior to co-founding The Kenmar Group in 1983, Mr. Goodman was a Vice President and Director of Pasternak, Baum and Co., Inc., a global dealer of cash commodities. Mr. Goodman graduated from the Bernard M. Baruch School of Business of the City University of New York with a BBA degree and an MBA in Finance and Investments. He was awarded an Economics and Finance Department Fellowship during his studies. Mr. Goodman is the Chairman of the Board of the Stacy Joy Goodman Memorial Foundation, a non-profit charity committed to finding a cure for juvenile diabetes. Mr. Goodman also serves on the Diabetes Research Institute Foundation's National Board and Executive Committee.

**Peter E. Roth**

&nbsp;&nbsp;&nbsp;&nbsp; Peter E. Roth serves as an Independent Trustee. Mr. Roth is the Managing Partner of the Rothpoint Group LLC, a consulting firm specializing in the financial services industry. Mr. Roth is a Non-Executive Director and Senior

Independent Director of the City of London Investment Group plc, a publicly traded (London Stock Exchange) asset management firm. He is also Chairman of the Audit Committee and a member of the Nominations and Remuneration Committees. He also serves on the boards of the Stone Point Credit Corporation, Stone Point Credit Income Fund and Stone Point Credit Income Fund — Select (together "Stone Point Boards"). On the Stone Point Boards, he serves as Chairman of the Audit Committee and a member of the Nomination and Corporate Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp; In the non-profit sector, Mr. Roth serves on the Board of St. Mary's Healthcare System for Children and is Chairman of the Finance and Investment Committee and a member of the Executive Committee. Prior to establishing Rothpoint, Mr. Roth had a 35 year plus career in the financial services industry. He was the head of investment banking at Fox, Pitt, Kelton Inc for thirteen years and a member of the firm's Operating Committee. Mr. Roth received a Bachelor of Arts degree from the University of Pennsylvania and Master's of Business Administration from The Wharton School at the University of Pennsylvania.

**Stephanie T. Yeh**

&nbsp;&nbsp;&nbsp;&nbsp; Stephanie T. Yeh serves as an Independent Trustee. Ms. Yeh is Chief Financial Officer at Homebound, a tech-enabled homebuilder. Prior to Homebound, Ms. Yeh spent 20 years on Wall Street providing and raising asset-backed capital for a wide range of companies. She served as a Managing Director for KKR & Co. Inc., where she co-led the sourcing effort for Asset-Backed Finance, as well as Managing Director at Credit Suisse, where she launched the firm's Early Stage Financing business. Ms. Yeh began her career at Goldman Sachs in various roles including Vice President, Associate and Analyst. She received her B.S. in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology.

**Communications with Trustees**

&nbsp;&nbsp;&nbsp;&nbsp; The Independent Trustees serving on our Board of Trustees intend to meet in executive sessions at the conclusion of or preceding each regularly scheduled meeting of the Board of Trustees, and additional as needed, without the presence of any trustees or other persons who are part of our management.

&nbsp;&nbsp;&nbsp;&nbsp; Shareholders and other interested parties may contact any member (or all members) of the Board of Trustees by mail. To communicate with the Board of Trustees, any individual Trustees or any group or committee of Trustees, correspondence should be addressed to the Board of Trustees or any such individual Trustees or group or committee of Trustees by either name or title. All such correspondence should be sent c/o Guggenheim Investments Private Credit Fund, 330 Madison Avenue, New York, NY 10017, Attention: Chief Compliance Officer.

**Corporate Governance**

*Committees*

&nbsp;&nbsp;&nbsp;&nbsp; Our Board of Trustees has an Audit Committee and a Nominating and Governance Committee. We do not have a compensation committee because our executive officers do not receive any direct compensation from us.

*Audit Committee*

&nbsp;&nbsp;&nbsp;&nbsp; The Audit Committee operates pursuant to a charter approved by our Board of Trustees. 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 of Trustees in selecting, engaging and discharging our independent accountants, reviewing the plans, scope and results of the audit engagement with our independent accountants, approving professional services provided by our independent accountants (including compensation therefore), reviewing the independence of our independent accountants and reviewing the adequacy of our internal controls over financial reporting. The Audit Committee is presently composed of five persons, including Todd M. Corbin, James P. Fortescue, Marc S. Goodman, Peter E. Roth and Stephanie T. Yeh, all of whom are considered independent for purposes of the 1940 Act. Peter E. Roth serves as the chair of the Audit Committee. Our Board of Trustees has determined that Peter E. Roth 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.

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

*Nominating and Governance Committee*

&nbsp;&nbsp;&nbsp;&nbsp; The Nominating and Governance Committee operates pursuant to a charter approved by our Board of Trustees. 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 five persons, including Todd M. Corbin, James P. Fortescue, Marc S. Goodman, Peter E. Roth and Stephanie T. Yeh, all of whom are considered independent for purposes of the 1940 Act. Marc S. Goodman serves as the chair of the Nominating and Governance Committee.

&nbsp;&nbsp;&nbsp;&nbsp; The Nominating and Governance Committee will consider nominees to the Board of Trustees recommended by a shareholder, if such shareholder complies with the advance notice provisions of our bylaws. Our bylaws provide that a shareholder who wishes to nominate a person for election as a Trustee at a meeting of shareholders must deliver written notice to our 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 Trustee by a shareholder, such potential nominee must deliver to our 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 of Trustees, and would be in compliance with all of our publicly disclosed corporate governance, conflict of interest, confidentiality and share ownership and trading policies and guidelines.

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

**Compensation of Trustees**

&nbsp;&nbsp;&nbsp;&nbsp; Our Trustees who do not also serve in an executive officer capacity for us or the Adviser are entitled to receive annual cash retainer fees, fees for participating in the in-person board and committee meetings, telephonic special meetings and annual fees for serving as a committee chairperson, determined based on our net assets as of the end of each fiscal quarter. These Trustees are Todd M. Corbin, James P. Fortescue, Marc S. Goodman, Peter E. Roth and Stephanie T. Yeh. Amounts payable under the arrangement are determined and paid quarterly in arrears as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Annual Committee Chair** | **Annual Committee Chair** | **Annual Committee Chair** | **Annual Committee Chair** |
|  |  | **Cash Retainer** | **Cash Retainer** | **Cash Retainer** | **Cash Retainer** |
|  | Board | Committee |  | Audit Committee Chair and |  |
|  | Meeting | Meeting | Telephonic Special | Independent Lead Trustee | Nominating and Governance |
| Annual Cash Retainer | Fee | Fee | Meeting Fee | Retainer | Chair Fee |
| $95000 | $2500 | $2500 | $1000 | $35000 | $10000 |

---

&nbsp;&nbsp;&nbsp;&nbsp; We also reimburse each of the Trustees for all reasonable and authorized business expenses in accordance with our 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.

&nbsp;&nbsp;&nbsp;&nbsp; We will not pay compensation to our Trustees who also serve in an executive officer capacity for us or the Adviser.

**Compensation of Executive Officers**

&nbsp;&nbsp;&nbsp;&nbsp; None of our executive officers will receive direct compensation from us. We will reimburse the Administrator the allocable portion of the compensation paid by the Administrator (or its affiliates) to our chief compliance officer and chief financial officer and their respective staffs as well as other administrative personnel (based on the percentage of time such individuals devote, on an estimated basis, to our business and affairs). The members of the Investment Committee, through their financial interests in the Adviser, are entitled to a portion of the profits earned by the Adviser, which includes any fees payable to the Adviser under the terms of the Investment Advisory Agreement, less expenses incurred by the Adviser in performing its services under the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp; Further, we are prohibited under the 1940 Act from issuing equity incentive compensation, including stock options, stock appreciation rights, restricted stock and stock, to our officers, directors and employees.

**Staffing**

&nbsp;&nbsp;&nbsp;&nbsp; We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees of the Adviser, pursuant to the terms of the Investment Advisory Agreement and the Administration Agreement. Our day-to-day investment operations are managed by our Adviser. In addition, we reimburse the Administrator for our allocable portion of expenses incurred by it in performing its obligations under the Administration Agreement, including our allocable portion of the cost of our officers and their respective staffs.

**Board Leadership Structure**

&nbsp;&nbsp;&nbsp;&nbsp; The primary responsibility of the Board of Trustees is to represent the interest of the Fund and to provide oversight of the management of the Fund. The Fund's day-to-day operations are managed by the Adviser and other service providers who have been approved by the Board of Trustees. The Board of Trustees is currently comprised of 7 Trustees, 5 of whom are Independent Trustees. The Board of Trustees generally acts by majority vote of all the Trustees and, if required by applicable laws, also by a majority vote of the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp; The Board of Trustees has appointed a Chair, Brian Binder, who presides at Board meetings and who is responsible for, among other things, participating in the planning of Board meetings, setting the tone of Board meetings and seeking to encourage open dialogue and independent inquiry among the Trustees and management. In addition, the Chair acts as a liaison with officers, counsel and other Trustees between meetings of the Board of Trustees. The Chair may also perform such other functions as may be delegated by the Board of Trustees from time to time. In addition, the Independent Trustees have designated Peter Roth, an Independent Trustee, to serve as the lead Independent Trustee on our Board of Trustees. The lead Independent Trustee may succeed himself or herself in that position. If the lead Independent Trustee is unavailable for a meeting, his or her immediate predecessor or an Independent Trustee designated by the other Independent Trustees will serve as lead Independent Trustee for such meeting. The lead Independent Trustee serves as a liaison between the Independent Trustees and the Adviser on a wide variety of matters, including agenda items for meetings of the Board of Trustees. Designation as such does not impose on the lead Independent Trustee any obligations or standards greater than or different from those of our other Trustees.

&nbsp;&nbsp;&nbsp;&nbsp; The Board of Trustees has established two standing committees (as described below) and has delegated certain responsibilities to those committees, each of which is comprised solely of Independent Trustees. The Board of Trustees and its committees meet periodically throughout the year to oversee the Fund's activities, including through the review of the Fund's: contractual arrangements with service providers and financial statements, compliance with regulatory requirements, and performance. The Board of Trustees may also establish informal working groups from time to time to review and address the policies and practices of the Fund or the Board of Trustees with respect to certain specified matters. The Board of Trustees has determined that this leadership structure, including a lead Independent Trustee, a supermajority of Independent Trustees and committee membership limited to Independent Trustees, is appropriate in light of the characteristics and circumstances of the Fund because it allocates responsibilities among the Committees and the Board of Trustees in a manner that further enhances effective oversight. The Board of Trustees considered, among other things: the number of portfolios that comprise the Fund and other trusts in the Guggenheim Family of Funds overseen by members of the Board of Trustees; the variety of asset classes those portfolios include; the net assets of each Fund, the Fund and the Guggenheim Family of Funds; and the management, distribution and other service arrangements of each Fund, the Fund and the Guggenheim Family of Funds. The Board of Trustees may at any time and in its discretion change this leadership structure.

**Board's Role in Risk Oversight**

&nbsp;&nbsp;&nbsp;&nbsp; The day-to-day business of the Fund, including the day-to-day management and administration of the Fund and of the risks that arise from the Fund's investments and operations, is performed by third-party service providers, primarily the Adviser. Consistent with its responsibility for oversight of the Fund, the Board of Trustees is responsible for overseeing the service providers and thus, has oversight responsibility with respect to the risk management functions performed by those service providers. Risks to the Fund include, among others, investment

risk, credit risk, derivatives risk, liquidity risk, valuation risk, compliance risk and operational risk, as well as the overall business risk relating to the Fund. The risk management function seeks to identify and mitigate the potential effects of risks, i.e., events or circumstances that could have material adverse effects on the business, operations, investment performance or reputation of the Fund. Under the oversight of the Board of Trustees, the service providers to the Fund employ a variety of processes, procedures and controls to seek to identify risks relevant to the operations of the Fund and to lessen the probability of the occurrence of such risks and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Fund's business and consequently, for managing risks associated with that activity. Each of the Adviser and other service providers has its own independent interest in risk management, and its policies and methods of carrying out risk management functions will depend, in part, on its analysis of the risks, functions and business models. Accordingly, Board oversight of different types of risks may be handled in different ways. As part of the Board of Trustees' periodic review of the Fund's advisory and other service provider agreements, the Board of Trustees may consider risk management aspects of the service providers' operations and the functions for which they are responsible.

&nbsp;&nbsp;&nbsp;&nbsp; The Board of Trustees oversees risk management for the Fund directly and through the committee structure it has established. The Board of Trustees has established the Audit Committee and the Nominating and Governance Committee to assist in its oversight functions, including its oversight of the risks each Fund faces. For instance, the Audit Committee receives reports from the Fund's independent registered public accounting firm on internal control and financial reporting matters. Each committee reports its activities to the Board on a regular basis, as applicable. The Board of Trustees also oversees the risk management of the Fund's operations by requesting periodic reports from and otherwise communicating with various personnel of the Fund and its service providers, including, in particular, the Fund's Chief Compliance Officer, its independent registered public accounting firm and Guggenheim's risk management personnel and internal auditors for the Adviser or its affiliates, as applicable. In this connection, the Board of Trustees requires officers of the Fund to report a variety of matters at regular and special meetings of the Board of Trustees and its committees, as applicable, including matters relating to risk management. On at least a quarterly basis, the Board of Trustees meets with the Fund's Chief Compliance Officer, including separate meetings with the Independent Trustees in executive session, to discuss compliance matters and, on at least an annual basis, receives a report from the Chief Compliance Officer regarding the adequacy of the policies and procedures of the Fund and certain service providers and the effectiveness of their implementation. The Board of Trustees, with the assistance of Fund management, reviews investment policies and risks in connection with its review of the Fund's performance. In addition, the Board of Trustees receives reports from the Adviser on the investments and securities trading of the Fund. With respect to valuation, the Board oversees the Adviser as valuation designee in the performance of fair value determinations of the Fund's securities and/or other assets in accordance with Rule 2a-5 under the 1940 Act. The Board of Trustees has approved the Fund's valuation policy and procedures and the Adviser's Rule 2a-5 fair valuation policy and procedures applicable to valuing the Fund's securities and other assets, which the Audit Committee periodically reviews. The Audit Committee reviews, at least annually, a written report from the valuation designee that assesses the adequacy and effectiveness of the valuation designee's fair value process and also receives periodic and prompt reporting on fair value matters from the valuation designee, in accordance with the Adviser's valuation policy and procedures. The Board of Trustees also requires the Adviser to report to the Board of Trustees on other matters relating to risk management on a regular and as-needed basis.

&nbsp;&nbsp;&nbsp;&nbsp; The Board of Trustees recognizes that not all risks that may affect the Fund can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to seek to achieve the Fund's investment objectives, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. As part of its oversight function, the Board of Trustees receives and reviews various risk management reports and assessments and discusses these matters with appropriate management and other personnel. Moreover, despite the periodic reports the Board of Trustees receives, it may not be made aware of all of the relevant information of a particular risk. Most of the Fund's investment management and business affairs are carried out by or through the Adviser and other service providers, most of whom employ professional personnel who have risk management responsibilities and each of whom has an independent interest in risk management, which interest could differ from or conflict with that of the other funds that

are advised by the Adviser. The role of the Board of Trustees and of any individual Trustee is one of oversight and not of management of the day-to-day affairs of the Fund and its oversight role does not make the Board of Trustees a guarantor of the Fund's investments, operations or activities. As a result of the foregoing and other factors, the Board of Trustees' risk management oversight is subject to limitations. The Board of Trustees may at any time and in its discretion change how it administers its risk oversight function.

**PORTFOLIO MANAGEMENT**

&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim Private Investments, LLC will serve as our investment adviser. The Adviser is registered as an investment adviser under the Advisers Act. Subject to the overall supervision of our Board of Trustees, the Adviser will manage the day-to-day operations of, and provide investment advisory and management services to, us.

***Investment Personnel***

&nbsp;&nbsp;&nbsp;&nbsp; Our senior staff of investment personnel currently consists of the members of the Investment Committee. The Investment Committee is currently comprised of Akshay Joshi, Joe Kucevich, Joe McCurdy, Rusty Parks, Robert Zable and Steve Brown. The portfolio managers primarily responsible for the day-to-day management of the Fund are Akshay Joshi and Joe Kucevich. In addition, the Adviser may retain additional investment personnel in the future based upon its needs.

&nbsp;&nbsp;&nbsp;&nbsp; The table below shows the dollar range of Common Shares owned by the portfolio managers as of the date hereof:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Name of Portfolio Manager</u>** | &nbsp;&nbsp; **Dollar Range of Equity<br> Securities in the Company<sup>(1)</sup>** |
| &nbsp;&nbsp;Akshay Joshi |  |
| &nbsp;&nbsp;Joe Kucevich |  |

---

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

***Other Accounts Managed by Portfolio Managers***

&nbsp;&nbsp;&nbsp;&nbsp; The portfolio managers primarily responsible for the day-to-day management of the Fund also manage other registered investment companies, other pooled investment vehicles and other accounts, as indicated below. The following table identifies, as of December 31, 2025: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Akshay Joshi**<br>**Type of Account** | <br>**Number of**<br>**Accounts** | <br>**Assets of Accounts** | <br>**Number of**<br>**Accounts Subject**<br>**to a Performance**<br>**Fee** | <br>**Assets Subject to a**<br>**Performance Fee** |
| Registered investment companies |  |  |  |  |
| Other pooled investment vehicles<sup>(1)</sup> |  |  |  |  |
| Other accounts | 5 | $15748971 |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Joe Kucevich**<br>**Type of Account** | <br>**Number of**<br>**Accounts** | <br>**Assets of Accounts** | <br>**Number of**<br>**Accounts Subject**<br>**to a Performance**<br>**Fee** | <br>**Assets Subject to a**<br>**Performance Fee** |
| Registered investment companies |  |  |  |  |
| Other pooled investment vehicles<sup>(1)</sup> |  |  |  |  |
| Other accounts | 5 | $15748971 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes management investment companies that have elected
to be regulated as business development companies under the 1940 Act.

**The Adviser** ***Investment Committee***

&nbsp;&nbsp;&nbsp;&nbsp; Investment opportunities and follow-on investments in existing portfolio companies will generally require the unanimous approval of the Investment Committee. The Investment Committee will meet regularly to consider our investments, direct our strategic initiatives and supervise the actions taken by the Adviser on our behalf. In addition, the Investment Committee reviews and determines whether to make prospective investments identified by the Adviser and monitors the performance of our investment portfolio. The day-to-day management of investments approved by the Investment Committee will be overseen by investment personnel.

**Members of the Investment Committee and Portfolio Managers Who Are Not Our Trustees or Executive Officers**

**Steven H. Brown, CFA (Chief Investment Officer, Fixed Income, Guggenheim Partners Investment Management)**

&nbsp;&nbsp;&nbsp;&nbsp; Mr. Brown is Chief Investment Officer, Fixed Income, Senior Managing Director, and a Portfolio Manager for Guggenheim's Active Fixed Income, Total Return, and Insurance Mandates. He joined Guggenheim in 2010. Mr. Brown works with the Chief Investment Officer, the Sector Teams, Portfolio Management, Macroeconomic Research, and the Portfolio Construction Group to develop and execute investment strategy. Mr. Brown was previously a member of the structured credit sector team at Guggenheim. Prior to joining Guggenheim, he held roles focused on structured products at Bank of America and ABN AMRO. Mr. Brown received a B.S. in Finance from Indiana University's Kelley School of Business. He has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

**Joe McCurdy (Senior Managing Director)**

&nbsp;&nbsp;&nbsp;&nbsp; Mr. McCurdy is a Senior Managing Director and Head of Origination in the Corporate Credit Group. He leads Guggenheim's effort in sourcing and structuring directly negotiated transactions for both middle market private debt investments and larger underwritten co-arranger transactions. He is a member of the Investment Committee and a portfolio manager. Mr. McCurdy was previously Co-Head of Research and has been with Guggenheim Partners since 2004. Mr. McCurdy continues to be active in Guggenheim's European Lending business based in Dublin, Ireland, an office he helped establish from 2007 to 2009. Mr. McCurdy received a B.A. in History from Williams College.

**Russell W. Parks III (Senior Managing Director)**

&nbsp;&nbsp;&nbsp;&nbsp; Mr. Parks joined Guggenheim in 2013, as a Senior Managing Director focusing on originating, structuring, and evaluating private debt, preferred, and equity investments for the firm across a broad range of industries. Prior to joining, he worked with Wells Fargo Capital Finance where he was a Managing Director in the Originations and Structuring group for six years focused on direct lending to public, private equity backed, and founder owned companies. Before beginning at Wells Fargo, Mr. Parks was a high yield credit / special situations analyst at ORIX USA for roughly five years. Mr. Parks earned his Master's in Business Administration and Master's of Science from Baylor University and his Bachelor's Degree in History from Southwestern University.

**Robert Zable (Senior Managing Director, Global Head of CLOs and Liquid Bank Loans)**

&nbsp;&nbsp;&nbsp;&nbsp; Mr. Zable is Senior Managing Director, Global Head of CLOs and Liquid Bank Loans at Guggenheim Investments. He joined the firm in 2025. Prior to his role at Guggenheim, Mr. Zable was with Blackstone where he was most recently Global Head of Liquid Credit Strategies, which included the firm's Global CLO business, leveraged loan and corporate bond strategies. Mr. Zable joined Blackstone in 2007 as part of GSO Capital Partners.

He began his career at JP Morgan where he focused on leveraged finance in New York and London. Mr. Zable received his undergraduate degree from Cornell University and MBA from The Wharton School.

**Akshay Joshi (Managing Director, Senior Portfolio Manager)**

&nbsp;&nbsp;&nbsp;&nbsp; Mr. Joshi is a Senior Portfolio Manager and Managing Director of Guggenheim Private Investments. He joined the firm in 2025. Mr. Joshi graduated from the University of Mumbai with a Bachelor of Commerce in 2009 and Boston College, Carrol Graduate School of Management, in 2016 with a Master's in Business Administration. Prior to joining GPI in 2025, Mr. Joshi was a Principal and Investment Team lead at Turning Rock Partners from 2022 to 2025. Prior to joining Turning Rock Partners, Mr. Joshi was a Vice President at Golub Capital, LLC on the Opportunistic Credit team. Prior to Golub Capital, Mr. Joshi was in the Structured Finance Investing & Lending business at Goldman Sachs & Co.

**Joe Kucevich (Managing Director, Senior Portfolio Manager)**

&nbsp;&nbsp;&nbsp;&nbsp; Mr. Kucevich is a Managing Director and Senior Portfolio Manager at Guggenheim Private Investments. He joined the firm in 2025. Mr. Kucevich previously worked at 26North as a Managing Director, focused on investing and capital markets activities. Before that, he worked as Principal at Blackstone in its Asset Based Finance group from 2021 to 2024. Prior, he worked at Goldman Sachs as a Vice President in its Structured Finance Investing & Lending group until 2021. He began his career in the Global Investment Research division at Goldman Sachs in 2015. He graduated from the University of Maryland in 2014.

**INVESTMENT ADVISORY AGREEMENT AND ADMINISTRATION AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp; Guggenheim Private Investments, LLC is located at 330 Madison Ave, New York, NY 10017. The Adviser is registered as an investment adviser under the Advisers Act. Subject to the overall supervision of our Board of Trustees and in accordance with the 1940 Act, the Adviser manages our day-to-day operations and provides investment advisory services to us.

**Investment Advisory Agreement**

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser will provide management services to us pursuant to the Investment Advisory Agreement. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the composition and allocation of our portfolio, the nature and timing of the
changes to our portfolio and the manner of implementing such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying, evaluating, negotiating and structuring the investments we make, including negotiation the terms of investments in, and dispositions of, portfolio securities and other instruments on our behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• performing due diligence on prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• executing, closing, servicing and monitoring the investments we make;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• determining the securities and other assets that we will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exercising voting rights in respect of portfolio securities and other investments for us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• serving on, and exercising observer rights for, boards of directors and similar committees
of our portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiating, obtaining and managing financing facilities and other forms of leverage, subject
to oversight and approval of the Board of Trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing us with such other investment advisory, research and related services as we may
reasonably require for the investment of our capital.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to us are not impaired.

**Compensation of Adviser**

&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the Investment Advisory Agreement, we will pay the Adviser a fee for investment advisory and management services consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders.

**Management Fees**

&nbsp;&nbsp;&nbsp;&nbsp; The management fee is payable monthly and is settled and paid quarterly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month. For purposes of the Investment Advisory Agreement, net assets means our total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. For the first calendar month in which we have operations, net assets will be measured as the beginning net assets as of the date on which the Fund breaks escrow. In addition, the Adviser has agreed to waive its management fee for the Waiver Period. The longer an investor holds shares of our common stock during this period, the longer such investor will receive the benefit of the Waiver Period.

**Incentive Fees**

&nbsp;&nbsp;&nbsp;&nbsp; The incentive fees consist of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component of the incentive fee is based on a percentage of our income and the other component is based on a percentage of our capital gains, each as described below.

*Income Based Incentive Fees*

&nbsp;&nbsp;&nbsp;&nbsp; The first part of incentive fees is based on our income based on Pre-Incentive Fee Net Investment Income Returns. **"Pre-Incentive Fee Net Investment Income Returns"** means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Shareholders may be charged a fee on an income amount that is higher than the income shareholders may ultimately receive.

&nbsp;&nbsp;&nbsp;&nbsp; Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. For purposes of computing the Fund's Pre-Incentive Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly.

&nbsp;&nbsp;&nbsp;&nbsp; Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

&nbsp;&nbsp;&nbsp;&nbsp; We will pay the Adviser an income based incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar
quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect
to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate
of return of 1.43% (5.72% annualized). We refer to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds
the hurdle rate but is less than 1.43%) as the "catch-up." The "catch-up" is meant to provide the Adviser with
approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income
exceeds 1.43% in any calendar quarter; and

![](gipcfprospectus-1edgarx99x1.jpg)

**Percentage of Pre-Incentive Fee Net Investment Income Allocated to Incentive Fee**

&nbsp;&nbsp;&nbsp;&nbsp; These calculations are pro-rated for any period of less than three months and adjusted for any share issuances or repurchases during the relevant quarter. You should be aware that a rise in the general level of interest rates can be expected to lead to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates would make it easier for us to meet or exceed the incentive fee hurdle rate and may result in a substantial increase of the amount of incentive fees payable to the Adviser with respect to Pre-Incentive Fee Net Investment Income Returns. Because of the structure of the incentive fee, it is possible that we may pay an incentive fee in a calendar quarter in which we incur an overall loss taking into account capital account losses. For example, if we receive Pre-Incentive Fee Net Investment Income Returns in excess of the quarterly hurdle rate, we will pay the applicable incentive fee even if we have incurred a loss in that calendar quarter due to realized and unrealized capital losses.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser agreed to waive the incentive fee based on income for the Waiver Period. The longer an investor held our Common Shares during this period, the longer such investor will have received the benefit of the Waiver Period.

*Capital Gains based Incentive Fee*

&nbsp;&nbsp;&nbsp;&nbsp; The second component of the incentive fee, the capital gains incentive fee, is determined and payable in arrears as of the end of each calendar year in arrears. The amount payable equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 12.5% of cumulative realized capital gains from inception through the end of such calendar,
computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any
previously paid incentive fee on capital gains as calculated in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp; Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. We will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if we were to sell the relevant investment and realize a capital gain. For the purpose of computing the capital gains incentive fee, the calculation methodology will look through derivative financial instruments or swaps as if the Fund owned the reference assets directly. In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

&nbsp;&nbsp;&nbsp;&nbsp; The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

**Administration Agreement**

&nbsp;&nbsp;&nbsp;&nbsp; Under the terms of the Administration Agreement, the Administrator will provide, or oversee the performance of, fund accounting, administrative and certain other services, including, but not limited to, maintaining financial records, overseeing the calculation of NAV, compliance monitoring and portfolio compliance services, preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of our Board of Trustees, 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. We have agreed to pay the Administrator an asset-based fee calculated and accrued daily and paid monthly and will reimburse the Administrator for reasonable out-of-pocket expenses incurred by the Administrator in performing its obligations under the Administration Agreement, subject to any limitations described in the Investment Advisory Agreement and the Administration Agreement. In addition, pursuant to the terms of the Administration Agreement, the Administrator may delegate its obligations under the Administration Agreement to

an affiliate or to a third party and we will reimburse the Administrator for any services performed for us by such affiliate or third party. We will not reimburse the Administrator for any services for which it receives a separate fee.

**Certain Terms of the Investment Advisory Agreement and Administration Agreement**

&nbsp;&nbsp;&nbsp;&nbsp; Each of the Investment Advisory Agreement and the Administration Agreement has been approved by the Board of Trustees. Unless earlier terminated as described below, each of the Investment Advisory Agreement and the Administration Agreement will remain in effect for a period of two years from the date it first became effective and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board of Trustees or by the holders of a majority of our outstanding voting securities and, in each case, a majority of the Independent Trustees. We may terminate the Investment Advisory Agreement or the Administration Agreement, without payment of any penalty, upon 60 days' written notice. The decision to terminate either agreement may be made by a majority of the Board of Trustees or the shareholders holding a majority outstanding voting securities, which means the lesser of (1) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (2) more than 50% of the outstanding voting securities of such company. In addition, the Adviser may terminate the Investment Advisory Agreement upon 120 days' written notice and the Administrator may terminate the Administration Agreement upon 60 days' written notice, without payment of any penalty. The Investment Advisory Agreement will automatically terminate within the meaning of the 1940 Act and related SEC guidance and interpretations in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser and the Administrator 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 the Investment Advisory Agreement and Administration Agreement, respectively, relate, provided that the Adviser and Administrator shall not be protected against any liability to the Fund or its shareholders to which the Adviser or 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 ("disabling conduct"). Each of the Investment Advisory Agreement and the Administration Agreement provides that, absent disabling conduct, each of our Adviser and our Administrator, as applicable, and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with it (collectively, the "Indemnified Parties") will be entitled to indemnification from us for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) arising from the rendering of our Adviser's services under the Investment Advisory Agreement and our Administrator's services under the Administration Agreement or otherwise as adviser or administrator for us. The Adviser and the Administrator shall not be liable under their respective agreements with us or otherwise for any loss due to the mistake, action, inaction, negligence, dishonesty, fraud or bad faith of any broker or other agent; provided, that such broker or other agent shall have been selected, engaged or retained and monitored by the Adviser or 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 Adviser or Administrator had reasonable cause to believe its conduct was unlawful. In addition, we will not provide for indemnification of an Indemnified Party for any liability or loss suffered by such Indemnified Party, nor will we provide that an Indemnified Party be held harmless for any loss or liability suffered by us, unless: (1) we have determined, in good faith, that the course of conduct that caused the loss or liability was in our best interest; (2) the Indemnified Party was acting on our behalf or performing services for us; (3) such liability or loss was not the result of negligence or misconduct, in the case that the Indemnified Party is the Adviser or Administrator, as applicable, an affiliate of the Adviser or Administrator or one of our officers; and (4) the indemnification or agreement to hold harmless is recoverable only out of our net assets and not from our shareholders. The foregoing descriptions do not purport to be complete and are qualified by reference to the full text of each of the Investment Advisory Agreement and Administration Agreement.

**Payment of Our Expenses Under the Investment Advisory Agreement and Administration Agreement**

Except as specifically provided below, all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to us, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Adviser or its affiliates will bear all fees, costs, and expenses incurred that are not assumed by the Fund under the Advisory Agreement or under the Administration Agreement. The Fund will bear all other costs and expenses of the Fund's operations, other administration costs and expenses, and transactions, including, but not limited to: (i) expenses (or allocable portion of compensation) related to attendance by employees or the Adviser

at a meetings of the Board or any committees thereof that are unrelated to the Adviser's advisory services provided under the Advisory Agreement; (ii) all fees, costs and expenses associated with the Fund's market data and research and expenses and fees charged or specifically attributed or allocated by Adviser and/or its affiliates for data-related services provided to the Fund and/or its portfolio companies (including in connection with prospective investments); and (iii) interest and fees 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.

From time to time, the Adviser, Administrator or their affiliates may pay third-party providers of goods or services. We will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on our behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses. All of the foregoing expenses will ultimately be borne by our shareholders.

Unless expenses are specifically assumed by the Adviser, Administrator or their affiliates under the Investment Advisory Agreement or the Administration Agreement, the Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf.

***Board Approval of the Investment Advisory Agreement***

Our Board, including our Independent Trustees, approved the Investment Advisory Agreement at a meeting held on January 14, 2026. In reaching a decision to approve the Investment Advisory Agreement, the Board reviewed a significant amount of information and considered, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature, quality and extent of the advisory and other services to be provided to the Fund
by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proposed investment advisory fee rates to be paid by the Fund to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fee structures of comparable externally managed business development companies that engage
in similar investing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our projected operating expenses and expense ratio compared to business development companies
with similar investment objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information about the services to be performed and the personnel who would be performing
such services under the Investment Advisory Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the organizational capability and financial condition of the Adviser and its affiliates.

Based on the information reviewed and the discussion thereof, the Board, including a majority of the non-interested Trustees, concluded that the investment advisory fee rates are reasonable in relation to the services to be provided and approved the Investment Advisory Agreement as being in the best interests of our shareholders.

***Prohibited Activities***

Our activities are subject to compliance with the 1940 Act. In addition, our Declaration of Trust prohibits the following activities among us, the Adviser and its affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not purchase or lease assets in which the Adviser or its affiliates has an interest
unless (i) the transaction occurs at our formation and we disclose the terms of the transaction to our shareholders, the terms are reasonable
and fair to us and the price does not exceed the lesser of cost or fair market value, as determined by an independent expert or (ii)
such purchase or lease of assets is consistent with the 1940 Act or an exemptive order under the 1940 Act issued to us by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not invest in general partnerships or joint ventures with affiliates and non-affiliates
unless certain conditions are met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser and its affiliates may not acquire assets from us unless (i) approved by our
shareholders entitled to cast a majority of the votes entitled to be cast on the matter or (ii) such acquisition is consistent with the
1940 Act or an exemptive order under the 1940 Act issued to us by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not lease assets to the Adviser or its affiliates unless the transaction occurs at
our formation, we disclose the terms of the transaction to our shareholders and such terms are fair and reasonable to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not make any loans, credit facilities, credit agreements or otherwise to the Adviser
or its affiliates except for the advancement of funds as permitted by our Declaration of Trust or unless otherwise permitted by the 1940
Act or applicable guidance or exemptive relief of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not acquire assets in exchange for our Common Shares without approval of a majority
of our Board, including a majority of the Independent Trustees with consideration to an independent appraisal of such assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may not pay a commission or fee, either directly or indirectly to the Adviser or its affiliates,
except as otherwise permitted by our Declaration of Trust, in connection with the reinvestment of cash flows from operations and available
reserves or of the proceeds of the resale, exchange or refinancing of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser may not charge duplicate fees to us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser may not provide financing to us with a term in excess of 12 months.

In addition, in the Investment Advisory Agreement, the Adviser agrees that its activities will at all times be in compliance in all material respects with all applicable federal and state securities laws governing its operations and investments.

**Compliance with the Omnibus Guidelines Published by NASAA**

***Rebates, Kickbacks and Reciprocal Arrangements***

Our Declaration of Trust prohibits our Adviser from: (i) receiving or accepting any rebate, give-ups or similar arrangement that is prohibited under applicable federal or state securities laws, (ii) participating in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws governing conflicts of interest or investment restrictions or (iii) entering into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal or state securities laws. In addition, our Adviser may not directly or indirectly pay or award any fees or commissions or other compensation to any person or entity engaged to sell our shares or give investment advice to a potential shareholder; provided, however, that our Adviser may pay a registered broker or other properly licensed agent sales commissions or other compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing our Common Shares, including out of the Adviser's own assets, including those amounts paid to the Adviser under the Investment Advisory Agreement.

***Commingling***

The Adviser may not permit our funds to be commingled with the funds of any other entity.

**POTENTIAL CONFLICTS OF INTEREST**

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Potential Conflicts Related to the Sale of Common Shares</u>.** The Adviser, its affiliates and their respective employees may have relationships with distributors, consultants and others who recommend, or engage in transactions with or for, the Fund. The Fund and/or the Adviser or its affiliates may compensate such distributors, consultants and other parties in connection with such relationships. As a result of these relationships, distributors, consultants and other parties may have conflicts that create incentives for them to promote the Fund over other funds or financial products.

&nbsp;&nbsp;&nbsp;&nbsp; To the extent permitted by applicable law, the Adviser and its affiliates and the Fund may make payments to authorized dealers and other financial intermediaries and to salespersons to promote the Fund. These payments may be made out of the assets of the Adviser or its affiliates or amounts payable to the Adviser or its affiliates. These payments may create an incentive for such persons to highlight, feature or recommend the Fund over other funds or financial products.

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Potential Conflicts Related to Management of the Fund by the Adviser.</u>**

&nbsp;&nbsp;&nbsp;&nbsp; The following are descriptions of certain conflicts, financial or otherwise, that the Adviser and its employees may have in managing the Fund. The descriptions below are not intended to be a complete enumeration or explanation of all of the conflicts of interests that may arise from the business activities of the Adviser, its affiliates, or their respective clients. To address these and other actual or potential conflicts, the Adviser and the Fund have

established various policies and procedures that are reasonably designed to identify and mitigate such conflicts and to ensure that such conflicts are appropriately resolved taking into consideration the best interest of all clients involved, consistent with the Adviser's fiduciary obligations and in accordance with applicable law. However, there can be no guarantee that these policies and procedures will be successful in every instance. In certain cases, transactions involving potential conflicts of interest described below may be elevated for review by a conflicts review committee, the members of which are senior personnel of the Adviser's affiliates and are not employees or clients of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp; Additional information about potential conflicts of interest regarding the Adviser is set forth in the Adviser's Form ADV. A copy of Part 1 and Part 2A of the Adviser's Form ADV is available on the SEC's website at www. adviserinfo.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp; **<u>The Adviser and its Affiliates Provide a Broad Array of Services and Have Various Investment Banking, Advisory and Other Relationships.</u>** The Adviser is an affiliate of Guggenheim, which is a global, full service financial services firm. Guggenheim and its affiliates, including the Adviser (collectively, "Guggenheim Entities"), provide their clients with a broad array of investment management, insurance, broker-dealer, investment banking and other similar services ("Other Business Activities"). These Other Business Activities create actual and potential conflicts of interest for the Adviser in managing the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; For example, the Other Business Activities may create conflicts between the interests of the Fund, on the one hand, and the interests of the Adviser, its affiliates and their respective other clients, on the other hand. The Adviser and its affiliates may act as advisers to clients in investment banking, loan arranging and structuring, financial advisory, restructuring, liability management, asset management and other capacities related to securities and instruments that may be purchased, sold or held by the Fund, and the Adviser or an affiliate may issue, or be engaged as underwriter for the issuer of, securities and instruments that the Fund may (in accordance with applicable rules) purchase, sell or hold. At times, these activities may cause the Adviser and its affiliates to give advice to their clients that may cause these clients to take actions in conflict with or adverse to the interest of the Fund. In addition, Guggenheim Entities may take action that differs from, potentially conflicts with or is adverse to advice given or action taken for the Adviser's clients. The Guggenheim Entities and their respective officers, directors, managing directors, partners, employees and consultants may act in a proprietary capacity with long or short positions in securities and instruments of all types, including those that may be purchased, sold or held by the Fund. Such activities can give rise to interests different from or adverse to those of the Fund, and they could affect the prices and availability of the securities and instruments that the Fund holds or that the Adviser seeks to buy or sell for the Fund's account, which could adversely impact the financial returns of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; These Other Business Activities may create other potential conflicts of interests in managing the Fund, may cause the Fund to be subject to additional regulatory limits and, in certain circumstances, may prevent the Fund from participating or limit the Fund's participation in an investment opportunity that the Fund's portfolio managers view to be favorable. As a result, activities and dealings of the Adviser and its affiliates may affect the Fund in ways that may disadvantage or restrict the Fund or be deemed to benefit the Adviser, its affiliates or other client accounts.

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Adviser and its Affiliates' Activities on Behalf of Other Clients</u>**. The Adviser and its affiliates currently manage and expect to continue to manage a variety of other client accounts, including (without limitation) separately managed accounts, open-end registered funds, closed-end registered funds, private investment funds and other collective investment vehicles, and may serve as asset or collateral manager or in other capacities for certain non-registered structured products (collectively, "Other Clients"). Investors in such Other Clients include insurance companies affiliated with or related to the Adviser, as described below. Other Clients invest pursuant to the same or different investment objectives, strategies and philosophies as those employed by the Fund and may seek to make or sell investments in the same securities, instruments, sectors or strategies as the Fund. This "side-by-side" management of multiple accounts may create potential conflicts, particularly in circumstances where the availability or liquidity of investment opportunities is limited, or when accounts trade in opposite directions. For example, there is a risk that sales (including short sales) of one client portfolio security adversely affects the market value of securities held in another client portfolio, or trading terms could be adversely affected when opposite trades are executed. In addition, Other Clients may also be subject to different legal restrictions or regulatory regimes than the Fund. Regardless of the similarity in investment objectives and strategies between the Fund and Other Clients, the Adviser may give advice and recommend investments to Other Clients that may differ from advice given to, or

investments bought or sold for, the Fund, and the Fund and Other Clients may vote differently on or take or refrain from taking different actions with respect to the same security or instrument. These practices, limitations and conflicts may be disadvantageous to the Fund and adversely affect its performance.

&nbsp;&nbsp;&nbsp;&nbsp; The investment policies, fee arrangements and other characteristics of the Fund may also vary from those of Other Clients. In some cases, the Adviser or an affiliate may receive a potentially larger financial benefit from managing one or more such Other Clients as compared to the Fund (for example, some Other Clients are charged performance or incentive fees constituting a percentage of profits or gains), which may provide an incentive to favor such Other Clients over the Fund or to recommend favorable investments to Other Clients who pay higher fees or who have the potential to generate greater fees over the Fund. The Adviser on behalf of the Fund or Other Clients may, pursuant to one transaction or in a series of transactions over time, invest in different parts of an issuer's or borrower's capital structure (including but not limited to investments in public versus private securities, investments in debt versus equity, or investments in senior versus subordinated debt or when the same or similar investments have different rights or benefits), depending on the respective client's investment objectives and policies. Relevant issuers or borrowers may also include special purpose issuers or borrowers in structured finance, asset backed, collateralized loan obligation, collateralized debt obligation or similar transactions. As a result of the foregoing, the interests of one group of clients could conflict with those of other clients with respect to the same issuer or borrower. In managing such investments, the Adviser will consider the interests of all affected clients in deciding what actions to take with respect to a given issuer or borrower, but at times will pursue or enforce rights on behalf of some clients in a manner that may have an adverse effect on, or result in asymmetrical financial outcomes to, other clients owning a different, including more senior or junior, investment in the same issuer or borrower. In these types of scenarios, the Adviser may occasionally engage and appoint an independent party to provide independent analysis or recommendations with respect to consents, proxy voting, or other similar shareholder or debt holder rights decision (or a series of consents, votes or similar decisions) pertaining to the Fund and other clients. These potential conflicts of interests between the Adviser's clients may become more pronounced in situations in which an issuer or borrower experiences financial or operational challenges, or as a result of the Fund's use of certain investment strategies, including small capitalization, distressed or less liquid strategies.

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Adviser Activities on Behalf of Affiliated or Related Accounts.</u>** To the extent permitted by the 1940 Act and other laws, the Adviser, from time to time, may initiate or recommend transactions in the loans or securities of companies in which the Adviser, its related persons, or their respective affiliates have a controlling or other material direct or indirect interest.

&nbsp;&nbsp;&nbsp;&nbsp; Sammons Enterprises, Inc., a diversified company with several insurance company subsidiaries (together with its subsidiaries, "Sammons"), holds indirect economic and voting interests in Guggenheim Capital, LLC ("Guggenheim Capital"), the Adviser's ultimate parent company. As a result of its ownership stake in Guggenheim Capital, Sammons is the largest individual stakeholder of the Adviser. Certain of Sammons' wholly owned insurance company and other subsidiaries are advisory clients of, and pay fees to, the Adviser. As a result, Sammons is the largest individual source of annual advisory fees paid to the Adviser. Sammons also has other relationships with the Adviser and various Guggenheim Entities.

&nbsp;&nbsp;&nbsp;&nbsp; Furthermore, some officers and directors of Guggenheim Capital and its subsidiaries, including the Adviser ("Guggenheim Related Persons"), have economic interests or voting interests in companies, including insurance companies that are advisory clients of the Adviser. Guggenheim Related Persons from time to time enter into transactions, including loans and other financings, with these companies. Some Guggenheim Related Persons also may have economic interests or voting interests in issuers, which may be controlling or otherwise material interests, or may serve as a director on the board of issuers, in which the Adviser has invested or will invest on behalf of its clients or to which the Adviser has provided or will provide financing on behalf of its clients. Additionally, Guggenheim Related Persons may have direct or indirect investments in and/or have financial or other relationships with some of the Adviser's clients or other investment vehicles that may create potential conflicts of interest. Sammons and certain advisory or other clients in which Guggenheim Related Persons have interests have provided, and from time to time may provide, significant loans and other financing to the Adviser and its affiliates. In addition, Guggenheim Related Persons have direct or indirect proprietary or personal investments in and/or have financial or other relationships with financial industry participants or other entities (including trading platforms) that may perform services on behalf of, or in connection with, investments made by the Adviser on behalf of its clients. The Adviser does not expect these transactions to be material.

&nbsp;&nbsp;&nbsp;&nbsp; The relationships described above create potential conflicts of interest for the Adviser in managing the Fund and could create an incentive for the Adviser to favor the interests of these companies over its clients. These incentives are more pronounced where the Adviser has multiple relationships with the client. For example, the Adviser has invested, and may in the future invest, on behalf of its clients in issuers or transactions in which affiliated insurance companies or Guggenheim Related Persons have direct and/or indirect interests, which may include a controlling or significant beneficial interest. In addition, Guggenheim Related Persons and the accounts of affiliated insurance companies and other Adviser clients have invested, and may in the future invest, in securities at different levels of the capital structure of the same issuer, in some cases at the same time and in other cases at different times as the Fund and other clients of the Adviser. The following conflicts may arise in such situations: (i) enforcement of rights or determination not to enforce rights by the Adviser on behalf of the Fund and other clients may have an adverse effect on the interests of its affiliates or related persons, and vice versa, (ii) the Adviser may have an incentive to invest client funds in the issuer or borrower to either facilitate or obtain preferable terms for a proposed investment by an affiliate or related person in such issuer or borrower, or (iii) the Adviser may have an incentive to preserve or protect the value or rights associated with an existing economic interest of an affiliate or related person in the issuer or borrower, which may have an adverse effect on the interests of other clients, including the Fund. In addition, the Adviser may be subject to conflicts of interest with respect to financial industry participants or other entities (including trading platforms) because transactions on or through such platforms may result in compensation directly being paid to these entities that indirectly benefits Guggenheim Related Persons.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser mitigates potential conflicts of interest in the foregoing and similar situations, including through policies and procedures (i) designed to identify and mitigate conflicts of interest on a transaction-by-transaction basis and (ii) that require investment decisions for all client accounts be made independently from those of other client accounts and be made with specific reference to the individual needs and objectives of each client account, without consideration of the Adviser's pecuniary or investment interests (or those of their respective employees or affiliates). The Fund and the Adviser also maintain procedures to comply with applicable laws, notably relevant provisions of the 1940 Act that prohibit Fund transactions with affiliates (or exemptive rules thereunder).

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Allocation of Investment Opportunities.</u>** As described above, the Adviser and its affiliates currently manage and expect to continue to manage Other Clients that may invest pursuant to the same or different strategies as those employed by the Fund, and such Other Clients could be viewed as being in competition with the Fund for appropriate investment opportunities, particularly where there is limited capacity with respect to such investment opportunities. The investment policies, fee arrangements and other circumstances of the Fund may vary from those of the Other Clients, and the Adviser may face potential conflicts of interest because the Adviser may have an incentive to favor particular client accounts (such as client accounts that pay performance-based fees) over other client accounts that may be less lucrative in the allocation of investment opportunities.

&nbsp;&nbsp;&nbsp;&nbsp; At times, in order to minimize execution costs for clients, trades in the same security transacted on behalf of more than one client will generally be aggregated (i.e., blocked or bunched) by the Adviser unless the Adviser believes that doing so would conflict or otherwise be inconsistent with its duty to seek best execution for the clients and/or the terms of the respective investment advisory contracts and other agreements and understandings relating to the clients for which trades are being aggregated. In particular, the Adviser expects that trades will be aggregated between the Adviser's clients and the Adviser's affiliates' clients, unless they believe that doing so would conflict or otherwise be inconsistent with their duty to seek best execution for the clients and/or the terms of the respective investment advisory contracts and other agreements and understandings relating to the clients for which trades are being aggregated. When the Adviser believes that it can effectively obtain best execution for the clients by aggregating trades, it will do so for all clients participating in the trade for which aggregated trades are consistent with the respective investment advisory contracts, investment guidelines, and other agreements and understandings relating to the clients.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser has implemented policies and procedures that govern the allocation of investment opportunities among clients in a fair and equitable manner, taking into account the needs and investment objectives of the clients, their specific objectives and constraints for each account, as well as prevailing market conditions. If an investment opportunity would be appropriate for more than one client, the Adviser will be required to choose among those clients in allocating the opportunity, or to allocate less of the opportunity to a client than it would ideally allocate if it did not have to allocate to multiple clients. In addition, the Adviser may determine that an investment opportunity is appropriate for a particular client account, but not for another.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser allocates transactions on an objective basis and in a manner designed to assure that no participating client is favored over any other participating client. If an investment is suitable and desirable for more than one client account, an initial allocation study will be determined based upon demand ascertained from the portfolio managers. With respect to fixed income and private equity, this initial allocation study is overseen by a central allocation group and generally reflects a pro rata participation in the investment opportunity among the participating client accounts that expressed demand. Final allocation decisions are made or verified independently by the central allocation group. With respect to public equity securities and public securities with equity-like characteristics, the allocation generally reflects a pro rata participation in the investment opportunity among participating accounts. Allocations may be adjusted under specific circumstances, such as situations of scarcity where pro rata allocations would result in de minimis positions or odd lots.

&nbsp;&nbsp;&nbsp;&nbsp; The application of relevant allocation factors can result in non-pro rata allocations, and particular client accounts (including client accounts in which the Adviser and its affiliates or related persons, or their respective officers, directors or employees, including portfolio managers or senior managers, have an interest) will receive an allocation when other client accounts do not or receive a greater than pro-rata allocation. There can be no assurance that a particular investment opportunity will be allocated in any particular manner, and circumstances may occur in which an allocation could have adverse effects on the Fund with respect to the price or size of securities positions obtainable or saleable. All of the foregoing procedures could in certain circumstances adversely affect the price paid or received by the Fund or the size of the position purchased or sold by the Fund (including prohibiting the Fund from purchasing a position) or may limit the rights that the Fund may exercise with respect to an investment.

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Allocation of Limited Time and Attention.</u>** The portfolio managers for the Fund may devote as much time to the Fund as the Adviser deems appropriate to perform their duties in accordance with reasonable commercial standards and the Adviser's duties. However, as described above, these portfolio managers are presently committed to and expect to be committed in the future to providing investment advisory and other services for Other Clients and engage in Other Business Activities in which the Fund may have no interest. As a result of these separate business activities, the Adviser may have conflicts of interest in allocating management time, services and functions among the Fund and Other Business Activities or Other Clients in that the time and effort of the Fund's portfolio managers would not be devoted exclusively to the business of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Potential Restrictions and Issues Related to Material Non-Public Information.</u>** By reason of Other Business Activities as well as services and advice provided to Other Clients, the Adviser and its affiliates may acquire confidential or material non-public information and may be restricted from initiating transactions in certain securities and instruments. The Adviser will not be free to divulge, or to act upon, any such confidential or material non-public information and, due to these restrictions, the Adviser may be unable to initiate a transaction for the Fund's account that it otherwise might have initiated. As a result, the Fund may be frozen in an investment position that it otherwise might have liquidated or closed out or may not be able to acquire a position that it might otherwise have acquired.

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Valuation of the Fund's Investments.</u>** Fund assets are valued in accordance with the Fund's valuation policy and procedures and the Adviser's Rule 2a-5 fair valuation policy and Rule 2a-5 fair valuation procedures. The valuation of a security or other asset for the Fund may differ from the value ascribed to the same asset by affiliates of the Adviser (particularly difficult-to-value assets) or Other Clients because, among other things, they may have procedures that differ from the Fund's procedures or may have access to different information or pricing vendors or use different models or techniques. The Adviser has been designated as the valuation designee to perform fair value determinations for the Fund with respect to all Fund's investments and may face a potential conflict with respect to such valuations.

**<u>Potential Conflicts Associated with the Adviser and its Affiliates Acting in Multiple Capacities Simultaneously</u>**

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Principal and Cross Transactions.</u>** The Adviser may, to the extent permitted under applicable law, effect client cross transactions where the Adviser causes a transaction to be effected between the Fund and an Other Client; provided, that conditions set forth in SEC rules under the 1940 Act are followed. Cross transactions present an inherent conflict of interest because the Adviser represents the interests of both the selling account and the buying account in the same transaction, and the Adviser could seek to treat one party to the cross transaction more favorably than the other party. The Adviser has policies and procedures designed to mitigate these conflicts and help ensure

that any cross transactions are in the best interests of, and appropriate for, all clients involved and the transactions are consistent with the Adviser's fiduciary duties and obligation to seek best execution and applicable rules.

&nbsp;&nbsp;&nbsp;&nbsp; **<u>The Adviser and its Affiliates May Act in Multiple Commercial Capacities.</u>** Subject to applicable law and subject to the provisions of the 1940 Act and rules thereunder, the Adviser may cause the Fund to invest in securities, bank loans or other obligations of companies or structured product vehicles that result in commissions, initial or ongoing fees, or other remuneration paid to (and retained by) the Adviser or one of its affiliates. Such investments may include (i) investments that the Adviser or one of its affiliates originated, arranged or placed, (ii) investments in which the Adviser's affiliate provided investment banking, financial advisory or similar services to a party involved in the transaction to which the investment relates (such as acquisition financing in a transaction in which the Adviser's affiliate represented the buyer or seller); (iii) investments where the Adviser or its affiliates provided other services to a transaction participant or other third party, (iv) investments where the Adviser or one of its affiliates acts as the collateral agent, administrator, originator, manager, or other service provider, and (v) investments that are secured or otherwise backed by collateral that could include assets originated, sold or financed by the Adviser or its affiliates, investment funds or pools managed by the Adviser or its affiliates or assets or obligations managed by the Adviser or its affiliates. Commissions, fees, or other remuneration payable to the Adviser or its affiliates in these transactions may present a potential conflict in that the Adviser may be viewed as having an incentive to purchase such investments to earn, or facilitate its affiliates' ability to earn, such additional fees or compensation.

&nbsp;&nbsp;&nbsp;&nbsp; In some circumstances, and also subject to applicable law, the Adviser may cause the Fund to invest in or provide financing to issuers or borrowers, or otherwise participate in transactions, in which the issuer, borrower or another transaction party (such as a placement agent or arranger) is, or is a subsidiary or affiliate of or otherwise related to, (a) an Other Client or (b) a company with which Guggenheim Related Persons, or officers or employees of the Adviser, have investment, financial or other interests or relationships (including but not limited to directorships or equivalent roles). The financial interests of the Adviser's affiliates or their related persons in issuers or borrowers create potential conflict between the economic interests of these affiliates or related persons and the interests of the Adviser's clients. In addition, to the extent that a potential issuer or borrower (or one of its affiliates) is an advisory client of the Adviser, or the Adviser's advisory client is a lender or financing provider to the Adviser or its affiliates (including a parent), a potential conflict may exist as the Adviser may have an incentive to favor the interests of those clients relative to those of its other clients.

&nbsp;&nbsp;&nbsp;&nbsp; Because of limitations imposed by applicable law, notably by provisions of the 1940 Act and rules thereunder, the involvement or presence of the Adviser's affiliates in the offerings described above or the financial markets more broadly may restrict the Fund's ability to acquire some securities or loans, even if they would otherwise be desirable investments for the Fund, or affect the timing or price of such acquisitions or the sale of an investment, which may adversely affect Fund performance.

&nbsp;&nbsp;&nbsp;&nbsp; Subject to applicable law and regulation, personnel of the Guggenheim Entities may support the overall investment management functions of the Adviser but may be subject to potential conflicts of interest with respect to certain investment opportunities and, as such, may have an incentive to identify investment opportunities for, and allocate investment opportunities to, third-parties. Similarly, to the extent that other Guggenheim Entities sponsor and manage funds that compete with the Fund's investment programs, these funds may reduce capacity otherwise available to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser's parent, Guggenheim Private Investments Holdings, LLC ("GPIH") and Guggenheim Partners Investment Management Holdings, an intermediate parent entity of certain affiliates of the Adviser ("GPIMH") have entered into a services agreement with TWG Global Holdings, LLC ("TWG"), a party that owns a minority interest in the Adviser's parent company, where, among other services, TWG will introduce GPIMH and certain of its subsidiaries to potential sources of originated transactions and to potential investors. Other services provided by TWG through this arrangement consist primarily of technology services and marketing consulting. The Adviser and its affiliates that are investment advisers will, in turn, provide periodic non-advisory services to TWG consisting of, among other services, review, analysis and evaluation of assets, investment operations and technology services. Due to the common ownership of the Adviser and TWG, the Adviser has an incentive to direct investments to clients affiliated with TWG. The Adviser maintains policies, procedures and controls to mitigate any such potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp; To the extent permitted by applicable law, the Adviser and its affiliates may create, write, sell, issue, invest in or act as placement agent or distributor of derivative instruments related to the Fund, or with respect to portfolio holdings of the Fund, or which may be otherwise based on or seek to replicate or hedge the performance of the Fund. Such derivative transactions, and any associated hedging activity, may differ from and be adverse to the interests of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; Some of the Adviser's employees (and others acting as consultants or advisors) may serve as directors or otherwise serve a role within a portfolio company in which the Fund invests. These services are separate from the services the Adviser renders to the Fund and may thus create conflicts.

&nbsp;&nbsp;&nbsp;&nbsp; Certain professionals, including investment professionals, of the Adviser may, from time to time, also serve as investment professionals of affiliates. These arrangements, and the relationship between the Adviser and its affiliates, present potential conflicts of interest, including those described herein.

&nbsp;&nbsp;&nbsp;&nbsp; Present and future activities of the Adviser and its affiliates (and the role and relationships of the Adviser's personnel with other Guggenheim Entities), in addition to those described in this prospectus, may give rise to additional or different conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp; **<u>Portfolio Manager Compensation.</u>** As discussed above, portfolio managers may own Common Shares and a portion of their compensation may include equity in the form of shares of certain funds (other than the Fund) managed by the particular portfolio manager. As a result, a potential conflict of interest may arise to the extent a portfolio manager owns or has an interest in shares of the Fund or a fund that he or she manages. These personal investments may create an incentive for a portfolio manager to favor the Fund or such fund over other advisory clients, including other funds.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp; The following table sets forth, as of January 5, 2026, the beneficial ownership of each current trustee, the Fund's executive officers and the executive officers and trustees as a group. We are not aware of any person that beneficially owns 5% or more of the outstanding voting shares. Percentage of beneficial ownership is based on 400 Common Shares outstanding as of January 5, 2026.

&nbsp;&nbsp;&nbsp;&nbsp; Beneficial ownership is determined in accordance with the rules of the SEC and includes voting or investment power with respect to the securities. There are no Common Shares subject to options that are currently exercisable or exercisable within 60 days of the offering.

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| | | |
|:---|:---|:---|
|  | **Number** | **Percentage** |
| **Greater than 5% Shareholders<sup>(1)</sup>** |  |  |
| GIHII Asset Holdings, LLC | 400 | 100% |
| **Interested Trustees** |  |  |
| Brian E. Binder |  |  |
| Robert Camacho |  |  |

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| |
|:---|
| **Independent Trustees** |
| Todd M. Corbin |
| James P. Fortescue |
| Marc S. Goodman |
| Peter E. Roth |
| Stephanie T. Yeh |

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| |
|:---|
| **Executive Officers Who Are Not Trustees** |
| James M. Howley |
| Joanna M. Catalucci |
| Mark E. Mathiasen |

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---

| |
|:---|
| **All Trustees and Executive Officers as a** |
| **Group (10 persons)** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The address for GIHII Asset Holdings, LLC and all of the Fund's
officers and Trustees is c/o Guggenheim Private Investments, LLC, 330 Madison Avenue, New York, NY 10017.

The following table sets forth the dollar range of our equity securities as of January 5, 2026.

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| | |
|:---|:---|
| <br>**Name and Address** | **Dollar Range of Equity**<br>**Securities in Fund<sup>(1)(2)(3)</sup>** |
| **Interested Trustees** |  |
| Brian E. Binder |  |
| Robert Camacho |  |

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| |
|:---|
| **Independent Trustees<sup>(1)</sup>** |
| Todd M. Corbin |
| James P. Fortescue |
| Marc S. Goodman |
| Peter E. Roth |
| Stephanie T. Yeh |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Beneficial ownership has been determined in accordance with
Rule 16a-1(a)(2) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The dollar range of equities securities beneficially owned
by our Trustees is based on the public offering price of $25 per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The dollar range of equity securities beneficially owned are:
none, $1 – $10,000, $10,001 – $50,000, $50,001 – $100,000 or over $100,000.

**DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp; We expect to pay regular monthly distributions commencing with the first full calendar quarter after the escrow period concludes. Any distributions we make will be at the discretion of our Board of Trustees, considering factors such as our earnings, cash flow, capital needs and general financial condition and the requirements of Delaware law. As a result, our distribution rates and payment frequency may vary from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; Our Board of Trustees' discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the RIC requirements. To maintain our tax treatment as a RIC, we generally are required to make aggregate annual distributions to our shareholders of at least 90% of the sum of our investment company taxable income (as that term is defined in the Code, determined without regard to the deduction for dividends paid) and net tax-exempt income, if any. See "Description of our Shares" and "Certain U.S. Federal Income Tax Considerations."

&nbsp;&nbsp;&nbsp;&nbsp; The per share amount of distributions on Class S, Class D and Class I shares generally differ because of different class-specific shareholder servicing and/or distribution fees that are deducted from the gross distributions for each share class. Specifically, distributions on Class S shares will be lower than Class D shares, and Class D shares will be lower than Class I shares because we are required to pay higher ongoing shareholder servicing and/ or distribution fees with respect to the Class S shares (compared to Class D shares and Class I shares) and we are required to pay higher ongoing shareholder servicing and/or distribution fees with respect to Class D shares (compared to Class I shares).

&nbsp;&nbsp;&nbsp;&nbsp; There is no assurance we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations, we have not established limits on the amounts we may pay from such sources. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors, including the level of participation in our distribution reinvestment plan, how quickly we invest the proceeds from this and any future offering and the performance of our investments. Funding distributions from the sales of assets, borrowings or return of capital will result in us having less funds available to acquire investments. As a result, the return you realize on your investment may be reduced. Doing so may also negatively impact our ability to generate cash flows. Likewise, funding distributions from the sale of additional securities will dilute your interest in us on a percentage basis and may impact the value of your investment especially if we sell these securities at prices less than the price you paid for your shares. We believe the likelihood that we pay distributions from sources other than cash flow from operations will be higher in the early stages of the offering.

&nbsp;&nbsp;&nbsp;&nbsp; From time to time, we may also pay special interim distributions in the form of cash or Common Shares at the discretion of our Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp; We have not established limits on the amount of funds we may use from any available sources to make distributions. There can be no assurance that we will achieve the performance necessary to sustain our distributions or that we will be able to pay distributions at a specific rate or at all. The Adviser and its affiliates have no obligation to waive advisory fees or otherwise reimburse expenses in future periods. See "Investment Advisory Agreement and Administration Agreement."

&nbsp;&nbsp;&nbsp;&nbsp; Consistent with the Code, shareholders will be notified of the source of our distributions. Our distributions may exceed our earnings and profits. As a result, a portion of the distributions we make may represent a return of capital for tax purposes. The tax basis of shares must be reduced by the amount of any return of capital distributions, which will result in an increase in the amount of any taxable gain (or a reduction in any deductible loss) on the sale of shares.

&nbsp;&nbsp;&nbsp;&nbsp; For a period of time following commencement of this offering, which time period may be significant, we expect substantial portions of our distributions may be funded indirectly through the reimbursement of certain expenses by the Adviser and its affiliates, including through the waiver of certain investment advisory fees by the Adviser, that are subject to conditional reimbursement by us within three years. Any such distributions funded through expense reimbursements or waivers of advisory fees are not based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser or its affiliates continues to advance such expenses or waive such fees. Our future reimbursement of amounts advanced or waived by the Adviser

and its affiliates will reduce the distributions that you would otherwise receive in the future. Other than as set forth in this prospectus, the Adviser and its affiliates have no obligation to advance expenses or waive advisory fees.

&nbsp;&nbsp;&nbsp;&nbsp; We intend to elect to be treated, and intend to qualify annually thereafter, as a RIC under Subchapter M of the Code. To qualify for and maintain RIC tax treatment, we must distribute to our shareholders in each taxable year at least 90% of the sum of our investment company taxable income (as that term is defined in the Code, determined without regard to the deduction for dividends paid) and, if any, net tax-exempt income for that taxable year. A RIC may satisfy the 90% distribution requirement by actually distributing dividends (other than capital gain dividends) during the taxable year. In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the "spillback dividend" provisions of Subchapter M. If a RIC makes a spillback dividend, the amounts will be included in a shareholder's gross income for the year in which the spillback dividend is paid.

&nbsp;&nbsp;&nbsp;&nbsp; We currently intend to distribute net capital gains (i.e., net long-term capital gains in excess of net short-term capital losses), if any, at least annually out of the assets legally available for such distributions. However, we may decide in the future to retain such capital gains for investment and elect to treat such gains as deemed distributions to you. If this happens, you will be treated for U.S. federal income tax purposes as if you had received an actual distribution of the capital gains that we retain and reinvested the net after tax proceeds in us. In this situation, you would be eligible to claim a tax credit (or, in certain circumstances, a tax refund) equal to your allocable share of the tax we paid on the capital gains deemed distributed to you. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions. See "Certain U.S. Federal Income Tax Considerations."

&nbsp;&nbsp;&nbsp;&nbsp; If we issue senior securities, we may be prohibited from making distributions if doing so causes us to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings.

&nbsp;&nbsp;&nbsp;&nbsp; We have adopted a distribution reinvestment plan pursuant to which you may elect to have the full amount of your cash distributions reinvested in additional Common Shares. See "Distribution Reinvestment Plan."

**DESCRIPTION OF OUR SHARES**

&nbsp;&nbsp;&nbsp;&nbsp; *The following description is based on relevant portions of Delaware law and on our Declaration of Trust and bylaws. This summary is not necessarily complete, and we refer you to Delaware law, our Declaration of Trust and our bylaws for a more detailed description of the provisions summarized below.*

**General**

&nbsp;&nbsp;&nbsp;&nbsp; The terms of the Declaration of Trust authorize an unlimited number of Common Shares of any class, par value $0.01 per share, of which 400 shares were outstanding as of January 5, 2026, and an unlimited number of shares of preferred shares, par value $0.01 per share. The Declaration of Trust provides that the Board of Trustees may classify or reclassify any unissued Common Shares into one or more classes or series of Common Shares or preferred shares by setting or changing the preferences, conversion or other rights, voting powers, restrictions, or limitations as to distributions, qualifications, or terms or conditions of redemption of the shares. There is currently no market for our Common Shares, and we can offer no assurances that a market for our Common Shares will develop in the future. We do not intend for the Common Shares offered under this prospectus to be listed on any national securities exchange. There are no outstanding options or warrants to purchase our Common Shares. No Common Shares have been authorized for issuance under any equity compensation plans. Under the terms of our Declaration of Trust, shareholders shall be entitled to the same limited liability extended to shareholders of private Delaware for profit corporations formed under the Delaware General Corporation Law, 8 Del. C. § 100, et. seq. Our Declaration of Trust provides that no shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to us by reason of being a shareholder, nor shall any shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the Fund's assets or the affairs of the Fund by reason of being a shareholder.

&nbsp;&nbsp;&nbsp;&nbsp; None of our Common Shares are subject to further calls or to assessments, sinking fund provisions, obligations of the Fund or potential liabilities associated with ownership of the security (not including investment risks). In addition, except as may be provided by the Board of Trustees in setting the terms of any class or series of Common Shares, no shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

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| | | | |
|:---|:---|:---|:---|
| **Outstanding Securities**<br>**Title of Class** | <br>**Amount**<br>**Authorized** | <br>**Amount Held**<br>**by Fund for its**<br>**Account** | <br>**Amount**<br>**Outstanding as**<br>**of January 25, 2026** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class S | Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class D | Unlimited |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | Unlimited |  | $10000 |

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**Common Shares**

&nbsp;&nbsp;&nbsp;&nbsp; Under the terms of our Declaration of Trust, all Common Shares will have equal rights as to voting and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Dividends and distributions may be paid to the holders of our Common Shares if, as and when authorized by our Board of Trustees and declared by us out of funds legally available. Except as may be provided by our Board of Trustees in setting the terms of classified or reclassified shares, our Common Shares will have no preemptive, exchange, conversion, appraisal or redemption rights and will be freely transferable, except where their transfer is restricted by federal and state securities laws or by contract and except that, in order to avoid the possibility that our assets could be treated as "plan assets," we may require any person proposing to acquire Common Shares to furnish such information as may be necessary to determine whether such person is a benefit plan investor or a controlling person, restrict or prohibit transfers of such Common Shares or redeem any outstanding Common Shares for such price and on such other terms and conditions as may be determined by or at the direction of the Board of Trustees. In the event of our liquidation, dissolution or winding up, each share of our Common Shares would be entitled to share pro rata in all of our assets that are legally available for distribution after we pay all debts and other liabilities and subject to any preferential rights of holders of our preferred shares, if any preferred shares are outstanding at such time. Subject to the rights of holders of any other class or series of shares, each share of our Common Shares will be entitled to one vote on all matters submitted to a vote of shareholders, including the election of Trustees. Except as may be provided by the Board of Trustees in setting the terms of classified or reclassified shares, and subject to the express terms of any class or series of preferred shares, the holders of our Common Shares will possess exclusive voting power. There will be no cumulative voting in the election of Trustees. Subject to the special rights of the holders of any class or series of preferred shares to elect Trustees, each Trustee will be elected by a plurality of the votes cast with respect to such Trustee's election except in the case where the number of nominees for trusteeships exceeds the number of trustees to be elected, in which case a majority of all votes cast shall be required to elect such nominee. Pursuant to our Declaration of Trust, our Board of Trustees has the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws; provided, however, that if any amendment or new addition to the Bylaws adversely affects the voting rights of shareholders, such amendment or addition must be approved by the affirmative vote of holders of a majority of the outstanding voting securities of the Fund entitled to vote on the matter.

***Class S Shares***

&nbsp;&nbsp;&nbsp;&nbsp; No upfront selling commissions are paid for sales of any Class S shares, however, if you purchase Class S shares from certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to 3.5% cap on NAV for Class S shares.

&nbsp;&nbsp;&nbsp;&nbsp; We pay the Intermediary Manager selling commissions over time as a shareholder servicing and/or distribution fee with respect to our outstanding Class S shares equal to 0.85% per annum of the aggregate NAV of our outstanding Class S shares, including any Class S shares issued pursuant to our distribution reinvestment plan. The shareholder servicing and/or distribution fees are paid monthly in arrears. The Intermediary Manager reallows (pays) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services.

***Class D Shares***

&nbsp;&nbsp;&nbsp;&nbsp; No upfront selling commissions are paid for sales of any Class D shares, however, if you purchase Class D shares from certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to 1.5% cap on NAV for Class D shares.

&nbsp;&nbsp;&nbsp;&nbsp; We pay the Intermediary Manager selling commissions over time as a shareholder servicing and/or distribution fee with respect to our outstanding Class D shares equal to 0.25% per annum of the aggregate NAV of all our outstanding Class D shares, including any Class D shares issued pursuant to our distribution reinvestment plan. The shareholder servicing and/or distribution fees are paid monthly in arrears. The Intermediary Manager reallows (pays) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services.

&nbsp;&nbsp;&nbsp;&nbsp; Class D shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class D shares, (2) through participating brokers that have alternative fee arrangements with their clients to provide access to Class D shares, (3) through transaction/brokerage platforms at participating brokers, (4) through certain registered investment advisers, (5) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers or (6) by other categories of investors that we name in an amendment or supplement to this prospectus.

***Class I Shares***

&nbsp;&nbsp;&nbsp;&nbsp; No upfront selling commissions or shareholder servicing and/or distribution fees are paid for sales of any Class I shares and financial intermediaries will not charge you transaction or other such fees on Class I shares.

&nbsp;&nbsp;&nbsp;&nbsp; Class I shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating brokers that have alternative fee arrangements with their clients to provide access to Class I shares, (4) through certain registered investment advisers, (5) by our executive officers and trustees and their immediate family members, as well as officers and employees of the Adviser, Guggenheim or other affiliates and their immediate family members, and joint venture partners, consultants and other service providers or (6) by other categories of investors that we name in an amendment or supplement to this prospectus. In certain cases, where a holder of Class S or Class D shares exits a relationship with a participating broker for this offering and does not enter into a new relationship with a participating broker for this offering, such holder's shares may be exchanged into an equivalent NAV amount of Class I shares.

***Other Terms of Common Shares***

&nbsp;&nbsp;&nbsp;&nbsp; We will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of this offering on which, in the aggregate, underwriting compensation from all sources in connection with this offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering. In addition, consistent with the anticipated exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder's account. Compensation paid with respect to the shares in a shareholder's account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. We may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S shares or Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares. In addition, immediately before any liquidation, dissolution or winding up, each Class S share and Class D share will automatically convert into a number of Class I shares (including any fractional shares) with an equivalent NAV as such share.

**Preferred Shares**

&nbsp;&nbsp;&nbsp;&nbsp; This offering does not include an offering of preferred shares. However, under the terms of the Declaration of Trust, our Board of Trustees may authorize us to issue preferred shares in one or more classes or series

without shareholder approval, to the extent permitted by the 1940 Act. The Board of Trustees has the power to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms and conditions of redemption of each class or series of preferred shares. In the event we issue preferred shares, we will make any required disclosure to shareholders. We will not offer preferred shares to the Adviser or our affiliates except on the same terms as offered to all other shareholders.

&nbsp;&nbsp;&nbsp;&nbsp; Preferred shares could be issued with terms that would adversely affect the shareholders, provided that we may not issue any preferred shares that would limit or subordinate the voting rights of holders of our Common Shares. Preferred shares could also be used as an anti-takeover device through the issuance of shares of a class or series of preferred shares with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control. 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: (1) immediately after issuance and before any dividend or other distribution is made with respect to Common Shares and before any purchase of Common Shares is made, such preferred shares together with all other senior securities must not exceed an amount equal to 50% of our total assets after deducting the amount of such dividend, distribution or purchase price, as the case may be, and (2) the holders of shares of preferred shares, if any are issued, must be entitled as a class voting separately 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 full years or more. Certain matters under the 1940 Act require the affirmative vote of the holders of at least a majority of the outstanding shares of preferred shares (as determined in accordance with the 1940 Act) voting together as a separate class. For example, the vote of such holders of preferred shares would be required to approve a proposal involving a plan of reorganization adversely affecting such securities.

&nbsp;&nbsp;&nbsp;&nbsp; The issuance of any preferred shares must be approved by a majority of our Independent Trustees not otherwise interested in the transaction, who will have access, at our expense, to our legal counsel or to independent legal counsel.

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

&nbsp;&nbsp;&nbsp;&nbsp; Delaware law permits a Delaware statutory trust to include in its declaration of trust a provision to indemnify and hold harmless any trustee or beneficial owner or other person from and against any and all claims and demands whatsoever. Our Declaration of Trust provides that our Trustees will not be liable to us or our shareholders for monetary damages for breach of fiduciary duty as a trustee to the fullest extent permitted by Delaware law, except as to duties (including state law fiduciary duties of loyalty and care) and liabilities with respect to matters arising under the federal securities laws. Our Declaration of Trust provides for the indemnification of any person to the full extent permitted, and in the manner provided, by Delaware law. In accordance with the 1940 Act, we will not indemnify certain persons for any liability to which such persons would be subject by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office.

&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to our Declaration of Trust and subject to certain exceptions described therein, we will indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification, pay or reimburse reasonable legal expenses and other costs in advance of final disposition of a proceeding to (i) any individual who is a present or former Trustee or officer of the Fund and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity or (ii) any individual who, while a Trustee or officer of the Fund and at the request of the Fund, serves or has served as a trustee, officer, partner or trustee of any corporation, partnership, joint venture, trust, employee benefit plan or other enterprise and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity (each such person, an "Indemnitee"), in each case to the fullest extent permitted by Delaware law. Notwithstanding the foregoing, we will not provide indemnification for any loss, liability or expense arising from or out of an alleged violation of federal or state securities laws by an Indemnitee unless (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction, or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp; We will not indemnify an Indemnitee against any liability or loss suffered by such Indemnitee unless (i) the Fund determines in good faith that the course of conduct that caused the loss or liability was in the best interest of the Fund, (ii) the Indemnitee was acting on behalf of or performing services for the Fund, (iii) such liability or loss was not the result of (A) negligence or misconduct, in the case that the party seeking indemnification is a Trustee (other than an Independent Trustee), officer, employee, controlling person or agent of the Fund, or (B) gross negligence or willful misconduct, in the case that the party seeking indemnification is an Independent Trustee, and (iv) such indemnification or agreement to hold harmless is recoverable only out of assets of the Fund and not from the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, the Declaration of Trust permits the Fund to advance reasonable expenses to an Indemnitee, and we will do so in advance of final disposition of a proceeding (a) if the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Fund, (b) the legal proceeding was initiated by a third party who is not a shareholder or, if by a shareholder of the Fund acting in his or her capacity as such, a court of competent jurisdiction approves such advancement and (c) upon the Fund's receipt of (i) a written affirmation by the trustee or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification by the Fund and (ii) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the Fund, together with the applicable legal rate of interest thereon, if it is ultimately determined that the standard of conduct was not met.

**Delaware Law and Certain Declaration of Trust Provisions**

**Organization and Duration**

&nbsp;&nbsp;&nbsp;&nbsp; We were formed in Delaware on March 6, 2025, and will remain in existence until dissolved in accordance with our Declaration of Trust or pursuant to Delaware law.

**Purpose**

&nbsp;&nbsp;&nbsp;&nbsp; Under the Declaration of Trust, we are permitted to engage in any business activity that lawfully may be conducted by a statutory trust organized under Delaware law and, in connection therewith, to exercise all of the rights and powers conferred upon us pursuant to the agreements relating to such business activity.

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust contains provisions that could make it more difficult for a potential acquirer to acquire us by means of a tender offer, proxy contest or otherwise. Our Board of Trustees may, without shareholder action, authorize the issuance of Common Shares in one or more classes or series, including preferred shares; our Board of Trustees may, without shareholder action, amend our Declaration of Trust to increase the number of our Common Shares, of any class or series, that we will have authority to issue. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of us to negotiate first with our Board of Trustees. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms.

**Sales and Leases to the Fund**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, except as otherwise permitted under the 1940 Act, we may not purchase or lease assets in which the Adviser or any of its affiliates have an interest unless all of the following conditions are met: (a) the transaction occurs at our formation and is fully disclosed to the shareholders in a prospectus or in a periodic report; and (b) the assets are sold or leased upon terms that are reasonable to us and at a price not to exceed the lesser of cost or fair market value as determined by an independent expert. However, the Adviser may purchase assets in its own name (and assume loans in connection) and temporarily hold title, for the purposes of facilitating the acquisition of the assets, the borrowing of money, obtaining financing for us, or the completion of construction of the assets, so long as all of the following conditions are met: (i) the assets are purchased by us at a price no greater than the cost of the assets to the Adviser; (ii) all income generated by, and the expenses associated with, the assets so acquired will be treated as belonging to us; and (iii) there are no other benefits arising out of such transaction to the Adviser apart from compensation otherwise permitted by the Omnibus Guidelines, as adopted by the NASAA.

**Sales and Leases to our Adviser, Trustees or Affiliates**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, we may not sell assets to the Adviser or any of its affiliates unless such sale is approved by the holders of a majority of our outstanding Common Shares. Our Declaration of Trust also provides that we may not lease assets to the Adviser or any affiliate thereof unless all of the following conditions are met: (a) the transaction occurs at our formation and is fully disclosed to the shareholders in a prospectus or in a periodic report; and (b) the terms of the transaction are fair and reasonable to us.

**Loans**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, except for the advancement of indemnification funds, no loans, credit facilities, credit agreements or otherwise may be made by us to the Adviser or any of its affiliates.

**Commissions on Financing, Refinancing or Reinvestment**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that, unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, we generally may not pay, directly or indirectly, a commission or fee to the Adviser or any of its affiliates in connection with the reinvestment of cash available for distribution, available reserves, or the proceeds of the resale, exchange or refinancing of assets.

**Lending Practices**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that, with respect to financing made available to us by the Adviser, the Adviser may not receive interest in excess of the lesser of the Adviser's cost of funds or the amounts that would be charged by unrelated lending institutions on comparable loans for the same purpose. The Adviser may not impose a prepayment charge or penalty in connection with such financing and the Adviser may not receive points or other financing charges. In addition, the Adviser will be prohibited from providing financing to us with a term in excess of 12 months.

**Number of Trustees; Vacancies; Removal**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that the number of Trustees will be set by our Board of Trustees in accordance with our bylaws. Our bylaws provide that a majority of our entire Board of Trustees may at any time increase or decrease the number of Trustees. Our Declaration of Trust provides that the number of Trustees generally may not be less than three. Except as otherwise required by applicable requirements of the 1940 Act and as may be provided by our Board of Trustees in setting the terms of any class or series of preferred shares, pursuant to an election under our Declaration of Trust, any and all vacancies on our Board of Trustees may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy will serve for the remainder of the full term of the Trustee for whom the vacancy occurred and until a successor is elected and qualified, subject to any applicable requirements of the 1940 Act. Independent Trustees will nominate replacements for any vacancies among the Independent Trustees' positions.

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that a Trustee may be removed only for cause and only by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an interested person, a majority of the remaining Trustees that are not interested persons). Our Declaration of Trust provides that, notwithstanding the foregoing provision, any Trustee may be removed with or without cause upon the vote of a majority of then-outstanding Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp; We have a total of 7 members of our Board of Trustees, 5 of whom are Independent Trustees. Our Declaration of Trust provides that a majority of our Board of Trustees must be Independent Trustees except for a period of up to 120 days, or such longer period permitted by law, after the death, removal or resignation of an Independent Trustee pending the election of his or her successor. Each initial Trustee of the Fund shall serve an initial term that shall expire at the annual meeting of shareholders held in 2028, and, following such initial term, at the annual meeting of shareholders held each third year thereafter. In all cases, as to each Trustee, such term shall extend until his or her successor shall be elected by the affirmative vote of shareholders or until his or her earlier resignation, removal from office, death or incapacity. Each Trustee may be reelected to an unlimited number of succeeding terms in accordance with the terms of Declaration of Trust.

**Determinations by Our Board of Trustees**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust contains a provision that states the authority of our Board of Trustees to manage our business and affairs. This provision enumerates certain matters and states that the determination as to any such enumerated matters made by or pursuant to the direction of our Board of Trustees and consistent with our Declaration of Trust is final and conclusive and binding upon us and our shareholders. This provision does not alter the duties our Board of Trustees owes to us or our shareholders pursuant to our Declaration of Trust, under Delaware law and under the 1940 Act. Further, it would not restrict the ability of a shareholder to challenge an action by our Board of Trustees which was taken in a manner that is inconsistent with our Declaration of Trust or the Board of Trustees' duties under Delaware law and the 1940 Act or which did not comply with the requirements of the provision.

**Action by Shareholders**

&nbsp;&nbsp;&nbsp;&nbsp; Our bylaws provide that shareholder action can be taken at an annual meeting or a special meeting of shareholders or by unanimous consent in lieu of a meeting. The shareholders will only have voting rights as required by the 1940 Act or as otherwise provided for in the Declaration of Trust. The Fund expects to hold annual meetings. Special meetings may be called by a majority of the Board and certain of our officers, and will be limited to the purposes for any such special meeting set forth in the notice thereof. In addition, our organizational documents provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by our secretary upon the written request of shareholders entitled to cast 10% or more of the votes entitled to be cast at the meeting. The secretary shall provide all shareholders, within ten days after receipt of said request, written notice either in person or by mail of the date, time and location of such requested special meeting and the purpose of the meeting. Any special meeting called by such shareholders is required to be held not less than fifteen nor more than 60 days after notice is provided to shareholders of the special meeting. These provisions will have the effect of significantly reducing the ability of shareholders being able to have proposals considered at a meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp; With respect to special meetings of shareholders, only the business specified in our notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board of Trustees at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board of Trustees or (3) provided that the Board of Trustees has determined that Trustees will be elected at the meeting, by a shareholder who is entitled to vote at the meeting and who has complied with the advance notice provisions of the Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust also provides that, subject to the provisions of any class or series of Common Shares then outstanding and the mandatory provisions of any applicable laws or regulations or other provisions of the Declaration of Trust, the following actions may be taken by the shareholders, without concurrence by our Board of Trustees, upon a vote by the holders of more than 50% of the outstanding shares entitled to vote to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• modify the Declaration of Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remove the Adviser or appoint a new investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dissolve the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell all or substantially all of our assets other than in the ordinary course of business;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remove any Trustee with or without cause (provided the aggregate number of Trustees after
such removal shall not be less than the minimum required by the Declaration of Trust).

&nbsp;&nbsp;&nbsp;&nbsp; Subject to the mandatory provisions of any applicable laws or regulations and subject to the other provisions of our Declaration of Trust, a plurality of all votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient, without concurrence by our Board of Trustees, to elect a Trustee, provided that, in the case where the number of nominees for the trusteeships (or, if applicable, the trusteeships of a particular class of Trustees) exceeds the number of such Trustees to be elected, a majority of all votes cast shall be required to elect such nominee.

&nbsp;&nbsp;&nbsp;&nbsp; The purpose of requiring shareholders to give us advance notice of nominations and other business, as set forth in our bylaws, is to afford our Board of Trustees a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by our Board of Trustees, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although our Declaration of Trust does not give our Board of Trustees any power to disapprove shareholder nominations for the election of Trustees or proposals recommending certain action, they may have the effect of precluding a contest for the election of Trustees or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of trustees or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to us and our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp; Our Adviser or the Board of Trustees may not, without the approval of a vote by the holders of more than 50% of the outstanding shares entitled to vote on such matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amend the Declaration of Trust except for amendments that would not adversely affect the
rights of our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except as otherwise permitted under the Investment Advisory Agreement, voluntarily withdraw
as our investment adviser unless such withdrawal would not affect our tax status and would not materially adversely affect our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• appoint a new investment adviser (other than a sub-adviser pursuant to the terms of the Investment
Advisory Agreement and applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sell all or substantially all of our assets other than in the ordinary course of business;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the merger or similar reorganization of the Fund.

**Amendment of the Declaration of Trust and Bylaws**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that shareholders are entitled to vote upon a proposed amendment to the Declaration of Trust if the amendment would alter or change the powers, preferences or special rights of the shares held by such shareholders so as to affect them adversely. Approval of any such amendment requires at least a majority of the votes cast by such shareholders at a meeting of shareholders duly called and at which a quorum is present. In addition, amendments to our Declaration of Trust to make our Common Shares a "redeemable security" or to convert the Fund, whether by merger or otherwise, from a closed-end company to an open-end company each must be approved by the affirmative vote of the holders of more than two-thirds (66.6% of the outstanding Shares of the Fund entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that our Board of Trustees has the exclusive power to adopt, alter or repeal any provision of our bylaws and to make new bylaws. Except as described above and for certain provisions of our Declaration of Trust relating to shareholder voting and the removal of trustees, our Declaration of Trust provides that our Board of Trustees may amend our Declaration of Trust without any vote of our shareholders.

**Actions by the Board of Trustees Related to Merger, Conversion, Reorganization or Dissolution**

&nbsp;&nbsp;&nbsp;&nbsp; The Board of Trustees may, without the approval of holders of our outstanding shares, approve a merger, conversion, consolidation or other reorganization of the Fund, provided that the resulting entity is a business development company under the 1940 Act. The Adviser or our Board of Trustees may not cause any other form of merger or other reorganization of the Fund without the affirmative vote by the holders of more than fifty percent (50%) of the outstanding shares of the Fund entitled to vote on the matter. The Fund may be dissolved at any time, without the approval of holders of our outstanding shares, upon affirmative vote by a majority of the Trustees. Such a dissolution may be costly and may cause the Fund (and thus its shareholders) to incur losses on their investment.

**Derivative Actions**

&nbsp;&nbsp;&nbsp;&nbsp; No person, other than a Trustee, who is not a shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Fund. Any shareholder may maintain a derivative action on behalf of the Fund. A "derivative" action does not include any derivative or other action arising under the U.S. federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp; In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Statute, a shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (i) the shareholder or shareholders must make a pre-suit demand upon the Board of Trustees to bring the subject action unless an effort to cause the Board of Trustees to bring such an action is not likely to succeed; and a demand on the Board of Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Board of Trustees, or a majority of any committee established to consider the merits of such action, is composed of Board of Trustees who are not "Independent Trustees" (as that term is defined in the Delaware Statutory Trust Statute); and (ii) unless a demand is not required under clause (i) above, the Board of Trustees must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim; and the Board of Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the shareholders making such request to reimburse the Fund for the expense of any such advisors in the event that the Board of Trustees determine not to bring such action. For purposes of this paragraph, the Board of Trustees may designate a committee of one or more Trustees to consider a shareholder demand.

**Exclusive Delaware Jurisdiction**

&nbsp;&nbsp;&nbsp;&nbsp; Each Trustee, each officer and each person legally or beneficially owning a share or an interest in a share of the Fund (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Statute, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Fund, the Delaware Statutory Trust Statute or the Declaration of Trust (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration of Trust, (B) the duties (including fiduciary duties), obligations or liabilities of the Fund to the shareholders or the Board of Trustees, or of officers or the Board of Trustees to the Fund, to the shareholders or each other, (C) the rights or powers of, or restrictions on, the Fund, the officers, the Board of Trustees or the shareholders, (D) any provision of the Delaware Statutory Trust Statute or other laws of the State of Delaware pertaining to trusts made applicable to the Fund pursuant to Section 3809 of the Delaware Statutory Trust Statute, (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Statute or the Declaration of Trust relating in any way to the Fund or (F) the federal securities laws of the United States, including, without limitation, the 1940 Act, or the securities or antifraud laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. The exclusive jurisdiction provisions shall not apply to claims, suits, actions or proceedings arising out of or relating to the federal or state securities laws or the rules and regulations thereunder.

**Restrictions on Roll-Up Transactions**

&nbsp;&nbsp;&nbsp;&nbsp; In connection with a proposed "roll-up transaction," which, in general terms, is any transaction involving the acquisition, merger, conversion or consolidation, directly or indirectly, of us and the issuance of securities of an entity that would be created or would survive after the successful completion of the roll-up transaction, we will obtain an appraisal of all of our assets from a competent independent expert. In order to qualify as an independent

expert for this purpose, the person or entity must have no material current or prior business or personal relationship with the Adviser and must be engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by us, who is qualified to perform such work. Our assets will be appraised on a consistent basis, and the appraisal will be based on the evaluation of all relevant information and will indicate the value of our assets as of a date immediately prior to the announcement of the proposed roll-up transaction. The appraisal will assume an orderly liquidation of our assets over a 12-month period. The terms of the engagement of such independent expert will clearly state that the engagement is for our benefit and the benefit of our shareholders. We will include a summary of the appraisal, indicating all material assumptions underlying the appraisal, in a report to the shareholders in connection with the proposed roll-up transaction. If the appraisal will be included in a prospectus used to offer the securities of the roll-up entity, the appraisal will be filed with the SEC and the states as an exhibit to the registration statement for the offering.

&nbsp;&nbsp;&nbsp;&nbsp; In connection with a proposed roll-up transaction, the person sponsoring the roll-up transaction must offer to the shareholders who vote against the proposal a choice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accepting the securities of the entity that would be created or would survive after the successful
completion of the roll-up transaction offered in the proposed roll-up transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remaining as shareholders and preserving their interests in us on the same terms and conditions
as existed previously; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving cash in an amount equal to their pro rata share of the appraised value of our net
assets.

&nbsp;&nbsp;&nbsp;&nbsp; We are prohibited from participating in any proposed roll-up transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which would result in shareholders having voting rights in the entity that would be created
or would survive after the successful completion of the roll-up transaction that are less than those provided in the Declaration of Trust,
including rights with respect to the election and removal of directors, annual and special meetings, amendments to the Declaration of
Trust, our dissolution or a merger or other reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• which includes provisions that would operate as a material impediment to, or frustration
of, the accumulation of Common Shares by any purchaser of the securities of the entity that would be created or would survive after the
successful completion of the roll-up transaction, except to the minimum extent necessary to preserve the tax status of such entity, or
which would limit the ability of an investor to exercise the voting rights of its securities of the entity that would be created or would
survive after the successful completion of the roll-up transaction on the basis of the number of shares held by that investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in which shareholders' rights to access to records of the entity that would be created or would survive after the
 successful completion of the roll-up transaction will be less than those provided in the Declaration of Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• in which we would bear any of the costs of the roll-up transaction if the shareholders reject
the roll-up transaction;

***Access to Records***

&nbsp;&nbsp;&nbsp;&nbsp; Any shareholder will be permitted access to all of our records to which they are entitled under applicable law at all reasonable times and may inspect and copy any of them for a reasonable copying charge. Inspection of our records by the office or agency administering the securities laws of a jurisdiction will be provided upon reasonable notice and during normal business hours. An alphabetical list of the names, addresses and business telephone numbers of our shareholders, along with the number of Common Shares held by each of them, will be maintained as part of our books and records and will be available for inspection by any shareholder or the shareholder's designated agent at our office. The shareholder list will be updated at least quarterly to reflect changes in the information contained therein. A copy of the list will be mailed to any shareholder who requests the list within ten days of the request. A shareholder may request a copy of the shareholder list for any proper and legitimate purpose, including, without limitation, in connection with matters relating to voting rights and the exercise of shareholder rights under federal proxy laws. A shareholder requesting a list will be required to pay reasonable costs of postage and

duplication. Such copy of the shareholder list shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font).

&nbsp;&nbsp;&nbsp;&nbsp; A shareholder may also request access to any other corporate records. If a proper request for the shareholder list or any other corporate records is not honored, then the requesting shareholder will be entitled to recover certain costs incurred in compelling the production of the list or other requested corporate records as well as actual damages suffered by reason of the refusal or failure to produce the list. However, a shareholder will not have the right to, and we may require a requesting shareholder to represent that it will not, secure the shareholder list or other information for the purpose of selling or using the list for a commercial purpose not related to the requesting shareholder's interest in our affairs. We may also require that such shareholder sign a confidentiality agreement in connection with the request.

**Reports to Shareholders**

&nbsp;&nbsp;&nbsp;&nbsp; Within 60 days after each fiscal quarter, we will distribute our quarterly report on Form 10-Q to all shareholders of record. In addition, we will distribute our annual report on Form 10-K to all shareholders within 120 days after the end of each calendar year, which must contain, among other things, a breakdown of the expenses reimbursed by us to the Adviser. These reports will also be available on our website at www.guggenheiminvestments.com and on the SEC's website at www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp; Subject to availability, you may authorize us to provide prospectuses, prospectus supplements, annual reports and other information, or documents, electronically by so indicating on your subscription agreement, or by sending us instructions in writing in a form acceptable to us to receive such documents electronically. Unless you elect in writing to receive documents electronically, all documents will be provided in paper form by mail. You must have internet access to use electronic delivery. While we impose no additional charge for this service, there may be potential costs associated with electronic delivery, such as on-line charges. Documents will be available on our website at www.guggenheiminvestments.com. You may access and print all documents provided through this service. As documents become available, we will notify you of this by sending you an e-mail message that will include instructions on how to retrieve the document. If our e-mail notification is returned to us as "undeliverable," we will contact you to obtain your updated e-mail address. If we are unable to obtain a valid e-mail address for you, we will resume sending a paper copy by regular U.S. mail to your address of record. You may revoke your consent for electronic delivery at any time and we will resume sending you a paper copy of all required documents. However, in order for us to be properly notified, your revocation must be given to us a reasonable time before electronic delivery has commenced. We will provide you with paper copies at any time upon request. Such request will not constitute revocation of your consent to receive required documents electronically.

**Conflict with the 1940 Act**

&nbsp;&nbsp;&nbsp;&nbsp; Our Declaration of Trust provides that, if and to the extent that any provision of Delaware law, or any provision of our Declaration of Trust conflicts with any provision of the 1940 Act, the applicable provision of the 1940 Act will control.

**DETERMINATION OF NET ASSET VALUE**

&nbsp;&nbsp;&nbsp;&nbsp; We expect to determine our NAV for each class of Common Shares each month as of the last day of each calendar month. The NAV per share for each class of Common Shares is determined by dividing the value of total assets attributable to the class minus liabilities attributable to the class by the total number of Common Shares outstanding of the class at the date as of which the determination is made.

&nbsp;&nbsp;&nbsp;&nbsp; We conduct the valuation of our investments, upon which our NAV is based, at all times consistent with GAAP and the 1940 Act. We value our investments in accordance with ASC 820 and Rule 2a-5 under the 1940 Act, which defines fair value as the value of a portfolio investment for which market quotations are not readily available. A market quotation is "readily available" only when it is a quoted price (unadjusted) in active markets for identical instruments that a fund can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable. ASC 820 prioritizes the use of observable market prices 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 readily available market quotation for these investments existed, and these differences could be material.

&nbsp;&nbsp;&nbsp;&nbsp; Investments for which market quotations are readily available will typically be valued at those market quotations. To validate market quotations, we will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. 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.

&nbsp;&nbsp;&nbsp;&nbsp; Where prices or inputs are not available or, in the judgment of the Adviser, are not reliable, valuation techniques based on the facts and circumstances of the particular investment will be utilized. Securities that are not publicly traded or for which market prices are not readily available, are valued at fair value as determined in good faith by the Adviser as our valuation designee under Rule 2a-5 under the 1940 Act, pursuant to our valuation policy and the Adviser's valuation policy and procedures, and under the oversight of the Board of Trustees, based on, among other things, the input of one or more independent valuation firms retained by us to review our investments and Guggenheim pricing team personnel. 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. Our Board of Trustees may approve modifications to the Adviser's valuation policy and procedures from time to time.

&nbsp;&nbsp;&nbsp;&nbsp; The Adviser undertakes a multi-step valuation process each quarter in connection with determining the fair value of the Fund's investments for which reliable market quotations are not readily available, or are available but deemed not reflective of the fair value of an investment, which includes, among other procedures, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The valuation process begins with each investment being preliminarily valued by the Adviser
in conjunction with the Adviser's investment professionals responsible for each portfolio investment and certain Guggenheim pricing
team personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In addition, independent valuation firms engaged by the Adviser may prepare quarter-end valuations
of such investments except de minimis investments, 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser then determines fair value marks for each of our portfolio investments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board of Trustees and Audit Committee periodically review the valuation process and provide
oversight in accordance with the requirements of Rule 2a-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp; When we determine our NAV as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Adviser will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser determines such a change has occurred with respect to one or more investments, the Adviser will determine whether to update the value for each relevant investment using a range of values from an independent valuation firm, where applicable, in accordance with the Adviser's valuation policy and procedures. Additionally, the Adviser may otherwise determine to update the most recent quarter end valuation of an investment without reliable market quotations that the Adviser considers to be material to the Fund using a range of values from an independent valuation firm.

&nbsp;&nbsp;&nbsp;&nbsp; As part of the valuation process, we will take into account relevant factors in determining the fair value of our 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, (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, (v) a comparison of the portfolio company's securities to any similar publicly traded securities, and (vi) 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 considers whether the pricing indicated by the external event corroborates its valuation.

&nbsp;&nbsp;&nbsp;&nbsp; Our most recently determined NAV per share for each class of shares will be available on our website: www. guggenheiminvestments.com. We will report our NAV per share as of the last day of each month on our website, generally, within 20 business days of the last day of each month.

**PLAN OF DISTRIBUTION**

**General**

&nbsp;&nbsp;&nbsp;&nbsp; We are offering a maximum of $2,500,000,000 in Common Shares pursuant to this prospectus on a "best efforts" basis through Guggenheim Funds Distributors, LLC, the Intermediary Manager, a registered broker-dealer affiliated with the Adviser. Because this is a "best efforts" offering, the Intermediary Manager must only use its best efforts to sell the Common Shares, which means that no underwriter, broker or other person will be obligated to purchase any Common Shares. The Intermediary Manager is headquartered at 330 Madison Avenue, New York, NY 10017. We are offering a minimum of $100,000,000 in Common Shares. See " —Escrow Arrangement." The Fund intends that the Common Shares offered pursuant to this prospectus will not be listed on any national securities exchange, and neither the Intermediary Manager nor the participating brokers intend to act as market-makers with respect to our Common Shares. Because no public market is expected for the Common Shares, shareholders will likely have limited ability to sell their Common Shares until there is a liquidity event for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; We are offering to the public three classes of Common Shares: Class S shares, Class D shares and Class I shares. We are offering to sell any combination of share classes with a dollar value up to the maximum offering amount. All investors must meet the suitability standards discussed in the section of this prospectus entitled "Suitability Standards." The share classes have different ongoing shareholder servicing and/or distribution fees.

&nbsp;&nbsp;&nbsp;&nbsp; Class S shares are available through brokerage and transactional-based accounts. Class D shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class D shares, (2) through participating brokers that have alternative fee arrangements with their clients to provide access to Class D shares, (3) through transaction/brokerage platforms at participating brokers, (4) through certain registered investment advisers, (5) through bank trust departments or any other organization or person authorized to act in a fiduciary capacity for its clients or customers or (6) other categories of investors that we name in an amendment or supplement to this prospectus. Class I shares are generally available for purchase in this offering only (1) through fee-based programs, also known as wrap accounts, that provide access to Class I shares, (2) by endowments, foundations, pension funds and other institutional investors, (3) through participating brokers that have alternative fee arrangements with their clients to provide access to Class I shares, (4) through certain registered investment advisers, (5) by our executive officers and trustees and their immediate family members, as well as officers and employees of the Adviser, Guggenheim or other affiliates and their immediate family members, and joint venture partners, consultants and other service providers or (6) other categories of investors that we name in an amendment or supplement to this prospectus. In certain cases, where a holder of Class S or Class D shares exits a relationship with a participating broker for this offering and does not enter into a new relationship with a participating broker for this offering, such holder's Common Shares may be exchanged into an equivalent NAV amount of Class I shares. We may also offer Class I shares to certain feeder vehicles primarily created to hold our Class I shares, which in turn offer interests in themselves to investors; we expect to conduct such offerings pursuant to exceptions to registration under the Securities Act and not as a part of this offering. Such feeder vehicles may have additional costs and expenses, which would be disclosed in connection with the offering of their interests. We may also offer Class I shares to other investment vehicles. The minimum initial investment for Class I shares is $25,000, unless waived by the Intermediary Manager. If you are eligible to purchase all three classes of Common Shares, then in most cases you should purchase Class I shares because participating brokers will not charge transaction or other fees, including upfront placement fees or brokerage commissions, on Class I shares and Class I shares have no shareholder servicing and/or distribution fees, which will reduce the NAV or distributions of the other share classes. However, Class I shares will not receive shareholder services. Before making your investment decision, please

consult with your investment adviser regarding your account type and the classes of Common Shares you may be eligible to purchase. Neither the Intermediary Manager nor its affiliates will directly or indirectly compensate any person engaged as an investment advisor or bank trust department by a potential investor as an inducement for such investment advisor or bank trust department to advise favorably for an investment in us.

&nbsp;&nbsp;&nbsp;&nbsp; The number of Common Shares we have registered pursuant to the registration statement of which this prospectus forms a part is the number that we reasonably expect to be offered and sold within two years from the initial effective date of the registration statement. Under applicable SEC rules, we may extend this offering one additional year if all of the Common Shares we have registered are not yet sold within two years. With the filing of a registration statement for a subsequent offering, we may also be able to extend this offering beyond three years until the follow-on registration statement is declared effective. Pursuant to this prospectus, we are offering to the public all of the Common Shares that we have registered. Although we have registered a fixed dollar amount of our Common Shares, we intend effectively to conduct a continuous offering of an unlimited number of Common Shares over an unlimited time period by filing a new registration statement prior to the end of the three-year period described in Rule 415. In such a circumstance, the issuer may also choose to enlarge the continuous offering by including on such new registration statement a further amount of securities, in addition to any unsold securities covered by the earlier registration statement.

&nbsp;&nbsp;&nbsp;&nbsp; This offering must be registered in every state in which we offer or sell Common Shares. Generally, such registrations are for a period of one year. Thus, we may have to stop selling Common Shares in any state in which our registration is not renewed or otherwise extended annually. We reserve the right to terminate this offering at any time and to extend our offering term to the extent permissible under applicable law.

**Purchase Price**

&nbsp;&nbsp;&nbsp;&nbsp; During the escrow period, the per share purchase price for the class of share being purchased will be $25.00. After the close of the escrow period, shares will be sold at the then-current NAV per share, as described in "Determination of Net Asset Value." Each class of shares may have a different NAV per share because shareholder servicing and/or distribution fees differ with respect to each class.

**Escrow Arrangement**

&nbsp;&nbsp;&nbsp;&nbsp; We will take purchase orders and hold investors' funds in an interest-bearing escrow account until we receive purchase orders for at least $100 million (excluding any shares purchased by our Adviser, its affiliates and our Trustees and officers), and our Board of Trustees has authorized the release of the escrowed purchase order proceeds to us so that we can commence operations. Even if we receive purchase orders for $100 million, our Board of Trustees may elect to wait a substantial amount of time before authorizing, or may elect not to authorize, the release of the escrowed proceeds. If we do not raise the minimum amount and commence operations by [ ], 2027 (one year following the effective date of the registration statement of which this prospectus is a part), this offering will be terminated and our escrow agent will promptly send you a full refund of your investment with interest and without deduction for escrow expenses. Notwithstanding the foregoing, you may elect to withdraw your purchase order and request a full refund of your investment with interest and without deduction for escrow expenses at any time before the escrowed funds are released to us. If we break escrow for this offering and commence operations, interest earned on funds in escrow will be released to our account and constitute part of our net assets. Our escrow agent is The Bank of New York Mellon, Guggenheim Funds c/o BNY TA Alternative Investment Funds, PO Box 534484, Pittsburgh, PA 15253-4484.

**Underwriting Compensation**

&nbsp;&nbsp;&nbsp;&nbsp; We entered into an intermediary manager agreement (the "Intermediary Manager Agreement") with the Intermediary Manager, pursuant to which the Intermediary Manager agreed to, among other things, manage our relationships with third-party brokers engaged by the Intermediary Manager to participate in the distribution of Common Shares, which we refer to as "participating brokers," and financial advisors. The Intermediary Manager also coordinates our marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the offering, our investment strategies, material aspects of our operations and subscription procedures. We will not pay referral or similar fees to any accountants, attorneys or other persons in connection with the distribution of our Common Shares.

***Upfront Sales Loads***

&nbsp;&nbsp;&nbsp;&nbsp; Class S, Class D and Class I Shares. No upfront sales load will be paid with respect to Class S shares, Class D shares or Class I shares, however, if you buy Class S shares or Class D shares through certain financial intermediaries, they may directly charge you transaction or other fees, including upfront placement fees or brokerage commissions, in such amount as they may determine, provided that selling agents limit such charges to a 3.5% cap on NAV for Class S shares and a 1.5% cap on NAV for Class D shares. Selling agents will not charge such fees on Class I shares.

***Shareholder Servicing and/or Distribution Fees — Class S and Class D***

&nbsp;&nbsp;&nbsp;&nbsp; The following table shows the shareholder servicing and/or distribution fees we pay the Intermediary Manager with respect to the Class S, Class D and Class I on an annualized basis as a percentage of our NAV for such class. The shareholder servicing and/or distribution fees will be paid monthly in arrears, calculated using the NAV of the applicable class as of the beginning of the first calendar day of the month.

---

| | |
|:---|:---|
|  | **Shareholder Servicing**<br>**and/or Distribution Fee**<br>**as a % of NAV** |
| Class S shares | 0.85% |
| Class D shares | 0.25% |
| Class I shares | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp; Subject to FINRA and other limitations on underwriting compensation described in "—Limitations on Underwriting Compensation" below, we will pay a shareholder servicing and/or distribution fee equal to 0.85% per annum of the aggregate NAV for the Class S shares and a shareholder servicing and/or distribution fee equal to 0.25% per annum of the aggregate NAV for the Class D shares, in each case, payable monthly.

&nbsp;&nbsp;&nbsp;&nbsp; The shareholder servicing and/or distribution fees will be paid monthly in arrears. The distribution and servicing expenses borne by the participating brokers may be different from and substantially less than the amount of shareholder servicing and/ or distribution fees charged. The Intermediary Manager will reallow (pay) all or a portion of the shareholder servicing and/or distribution fees to participating brokers and servicing brokers for ongoing shareholder services performed by such brokers, and will waive shareholder servicing and/or distribution fees to the extent a broker is not eligible to receive it for failure to provide such services. All or a portion of the shareholder servicing and/or distribution fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services. The Fund also may pay for these sub-transfer agency, sub-accounting and certain other administrative services outside of the shareholder servicing and/or distribution fees and its Distribution and Servicing Plan. Because the shareholder servicing and/or distribution fees with respect to Class S shares and Class D shares are calculated based on the aggregate NAV for all of the outstanding shares of each such class, it reduces the NAV with respect to all shares of each such class, including shares issued under our distribution reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp; Eligibility to receive the shareholder servicing and/or distribution fee is conditioned on a broker providing the following ongoing services with respect to the Class S or Class D shares: assistance with recordkeeping, answering investor inquiries regarding us, including regarding distribution payments and reinvestments, helping investors understand their investments upon their request, and assistance with share repurchase requests. If the applicable broker is not eligible to receive the shareholder servicing and/or distribution fee due to failure to provide these services, the Intermediary Manager will waive the shareholder servicing and/or distribution fee that broker would have otherwise been eligible to receive. Because the shareholder servicing and/or distribution fees are paid out of the Fund's assets on an on-going basis, over time, these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

***Other Compensation***

&nbsp;&nbsp;&nbsp;&nbsp; We or the Adviser may also pay directly, or reimburse the Intermediary Manager if the Intermediary Manager pays on our behalf, any organization and offering expenses (other than any upfront selling commissions and shareholder servicing and/or distribution fees).

***Limitations on Underwriting Compensation***

&nbsp;&nbsp;&nbsp;&nbsp; We will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares on the earlier to occur of the following: (i) a listing of Class I shares, (ii) our merger or consolidation with or into another entity, or the sale or other disposition of all or substantially all of our assets or (iii) the date following the completion of the primary portion of this offering on which, in the aggregate, underwriting compensation from all sources in connection with this offering, including the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to 10% of the gross proceeds from our primary offering.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, consistent with the anticipated exemptive relief allowing us to offer multiple classes of shares, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to the shares held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such shares (or a lower limit as determined by the Intermediary Manager or the applicable selling agent), we will cease paying the shareholder servicing and/or distribution fee on the Class S shares and Class D shares in such shareholder's account. Compensation paid with respect to the shares in a shareholder's account will be allocated among each share such that the compensation paid with respect to each individual share will not exceed 10% of the offering price of such share. We may modify this requirement in a manner that is consistent with applicable exemptive relief. At the end of such month, the Class S shares or Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

&nbsp;&nbsp;&nbsp;&nbsp; This offering is being made in compliance with FINRA Rule 2310. Under the rules of FINRA, all items of underwriting compensation, including any upfront selling commissions, Intermediary Manager fees, reimbursement fees for bona fide due diligence expenses, training and education expenses, non-transaction based compensation paid to registered persons associated with the Intermediary Manager in connection with the wholesaling of our offering and all other forms of underwriting compensation, will not exceed 10% of the gross offering proceeds (excluding shares purchased through our distribution reinvestment plan).

**Term of the Intermediary Manager Agreement**

&nbsp;&nbsp;&nbsp;&nbsp; Either party may terminate the Intermediary Manager Agreement upon 60 days' written notice to the other party or immediately upon notice to the other party in the event such other party failed to comply with a material provision of the Intermediary Manager Agreement. Our obligations under the Intermediary Manager Agreement to pay the shareholder servicing and/or distribution fees with respect to the Class S and Class D shares distributed in this offering as described therein shall survive termination of the agreement until such shares are no longer outstanding (including such shares that have been converted into Class I shares, as described above).

**Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp; To the extent permitted by law and our Declaration of Trust, we will indemnify the participating brokers and the Intermediary Manager against some civil liabilities, including certain liabilities under the Securities Act, and liabilities arising from an untrue statement of material fact contained in, or omission to state a material fact in, this prospectus or the registration statement of which this prospectus is a part, blue sky applications or approved sales literature.

**Supplemental Sales Material**

&nbsp;&nbsp;&nbsp;&nbsp; In addition to this prospectus, we will use sales material in connection with the offering of Common Shares, although only when accompanied by or preceded by the delivery of this prospectus. Some or all of the sales material may not be available in certain jurisdictions. This sales material may include information relating to this offering and the past performance of the Adviser and its affiliates. In addition, the sales material may contain quotes from various publications without obtaining the consent of the author or the publication for use of the quoted material in the sales material.

&nbsp;&nbsp;&nbsp;&nbsp; We are offering Common Shares only by means of this prospectus. Although the information contained in the sales material will not conflict with any of the information contained in this prospectus, the sales material does not purport to be complete and should not be considered as a part of this prospectus or the registration statement of which this prospectus is a part, or as incorporated by reference in this prospectus or the registration statement, or as forming the basis of the offering of the Common Shares.

**Share Distribution Channels and Special Discounts**

&nbsp;&nbsp;&nbsp;&nbsp; We expect our Intermediary Manager to use multiple distribution channels to sell our Common Shares. These channels may charge different brokerage fees for purchases of our Common Shares. Our Intermediary Manager is expected to engage participating brokers in connection with the sale of the Common Shares of this offering in accordance with participating broker agreements. Pursuant to separate agreements with such financial intermediaries, during the Waiver Period, the Adviser will bear the cost of any transaction or other fees, including upfront placement fees or brokerage commissions, charged by other financial intermediaries through whom you purchase our Common Shares.

**Offering Restrictions**

***Notice to Non-U.S. Investors***

&nbsp;&nbsp;&nbsp;&nbsp; The Common Shares described in this prospectus have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in this prospectus. To the extent you are a citizen of, or domiciled in, a country or jurisdiction outside of the United States, please consult with your advisors before purchasing or disposing of Common Shares.

***Country-Specific Legends***

*Notice to Residents of Japan*

&nbsp;&nbsp;&nbsp;&nbsp; This prospectus is not, and under no circumstances is to be considered as, a public offering of securities in Japan. No registration pursuant to Article 4 paragraph 1 of Japan's Financial Instruments and Exchange Act ("FIEA") has been or will be made with respect to the solicitation of applications for acquisition of the Common Shares of the Fund on the grounds that such solicitation would constitute a "solicitation for qualified institutional investors" as set forth in Article 23-13, paragraph 1 of the FIEA.

&nbsp;&nbsp;&nbsp;&nbsp; Each investor is prohibited from transferring its Common Shares to any person other than a qualified institutional investor as defined in Article 2, paragraph 3, item 1 of the FIEA ("QII"), and is notified of this transfer restriction by the delivery of this prospectus. This prospectus is distributed on a confidential basis and may not be reproduced in any form or transmitted to any person other than the persons to whom it is addressed. No Common Shares in the Fund will be issued to any person other than the person to whom the prospectus has been addressed and no persons other than such addressees may treat the same as constituting an invitation for them to invest.

**HOW TO SUBSCRIBE**

&nbsp;&nbsp;&nbsp;&nbsp; You may buy or request that we repurchase Common Shares through your financial advisor, a participating broker or other financial intermediary that has a selling agreement with the Intermediary Manager. Because an investment in our Common Shares involves many considerations, your financial advisor or other financial intermediary may help you with this decision. Due to the illiquid nature of investments in originated loans, our Common Shares are only suitable as a long-term investment. Because there is no public market for our Common Shares, shareholders may have difficulty selling their Common Shares if we choose to offer to repurchase only some, or even none, of the Common Shares that investors desire to have repurchased in a particular quarter, or if our Board of Trustees modifies or suspends the share repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp; Investors who meet the suitability standards described herein may purchase Common Shares. See "Suitability Standards" in this prospectus. Investors seeking to purchase Common Shares must proceed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read this entire prospectus and any appendices and supplements accompanying this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete the execution copy of the subscription agreement. A specimen copy of the subscription
agreement, including instructions for completing it, is included in this prospectus as Appendix A. Subscription agreements may be executed
manually or by electronic signature except where the use of such electronic signature has not been approved by the Intermediary Manager.
Should you execute the subscription agreement electronically, your electronic signature, whether digital or encrypted, included in the
subscription agreement is intended to authenticate the subscription agreement and to have the same force and effect as a manual signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Submit a wire transfer, instruct your broker-dealer to make payment from your brokerage account
or otherwise deliver funds for the full purchase price of the Common Shares being subscribed for along with the completed subscription
agreement to the participating broker-dealer. During the escrow period, wire transfers directed, to "The Bank of New York Mellon,
as escrow agent for Guggenheim Investments Private Credit Fund." Placement Fees for Class S Shares and Class D Shares should be deducted out of the investor's gross subscription agreement and will
not constitute part of an investor's investment in the Fund. Only the net subscription amount should be wire transferred to The
Bank of New York Mellon. After the escrow period, wire transfers directed, to "Guggenheim
Investments Private Credit Fund." For Class S and Class D shares, after you have satisfied the applicable minimum purchase requirement
of $2,500, additional purchases must be in increments of $500. For Class I shares, after you have satisfied the applicable minimum purchase
requirement of $25,000, additional purchases must be in increments of $500, unless such minimums are waived by the Intermediary Manager.
The minimum subsequent investment does not apply to purchases made under our distribution reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• By executing the subscription agreement and paying the total purchase price for the Common
Shares subscribed for, each investor attests that he or she meets the suitability standards as stated in the subscription agreement and
agrees to be bound by all of its terms. Certain participating brokers may require additional documentation.

&nbsp;&nbsp;&nbsp;&nbsp; A sale of the Common Shares to a subscriber may not be completed until at least five business days after the subscriber receives our final prospectus. Subscriptions to purchase our Common Shares may be made on an ongoing basis, but investors may only purchase our Common Shares pursuant to accepted subscription orders as of the first day of each month (based on the NAV per share as determined as of the previous day, being the last day of the preceding month), and to be accepted, a subscription request must be made with a completed and executed subscription agreement in good order, including satisfying any additional requirements imposed by the subscriber's broker, and payment of the full purchase price of our Common Shares being subscribed at least seven business days prior to the first day of the month (unless waived by the Intermediary Manager). During the escrow period, the per share purchase price for our Common Shares will be $25.00.

&nbsp;&nbsp;&nbsp;&nbsp; For example, if you wish to subscribe for Common Shares in October, your subscription request must be received in good order at least seven business days before November 1. Notice of each share transaction will be furnished to shareholders (or their financial representatives) as soon as practicable but not later than seven business days after the Fund's NAV as of October 31 is determined and credited to the shareholder's account, together with information relevant for personal and tax records. While a shareholder will not know our NAV applicable on the effective date of the share purchase, our NAV applicable to a purchase of shares will be available on our website at www.guggenheiminvestments.com generally within 20 business days after the effective date of the share purchase; at that time, the number of Common Shares based on that NAV and each shareholder's purchase will be determined and Common Shares are credited to the shareholder's account as of the effective date of the share purchase. In this example, if accepted, your subscription would be effective on the first calendar day of November.

&nbsp;&nbsp;&nbsp;&nbsp; If for any reason we reject the subscription, or if the subscription request is canceled before it is accepted or withdrawn as described below, we will return the subscription agreement and the related funds, without interest or deduction, within ten business days after such rejection, cancellation or withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp; Common Shares purchased by a fiduciary or custodial account will be registered in the name of the fiduciary account and not in the name of the beneficiary. If you place an order to buy Common Shares and your payment is not received and collected, your purchase may be canceled and you could be liable for any losses or fees we have incurred.

&nbsp;&nbsp;&nbsp;&nbsp; You have the option of placing a transfer on death (TOD), designation on your Common Shares purchased in this offering. A TOD designation transfers the ownership of the Common Shares to your designated beneficiary upon your death. This designation may only be made by individuals, not entities, who are the sole or joint owners with right to survivorship of the Common Shares. If you would like to place a TOD designation on your Common Shares, you must check the TOD box on the subscription agreement and you must complete and return a TOD form, which you may obtain from your financial advisor, in order to effect the designation.

**Purchase Price**

&nbsp;&nbsp;&nbsp;&nbsp; Common Shares are sold at the then-current NAV per share, as described in "Determination of Net Asset Value." Each class of Common Shares may have a different NAV per share because shareholder servicing and/or distribution fees differ with respect to each class.

&nbsp;&nbsp;&nbsp;&nbsp; If you participate in our distribution reinvestment plan, the cash distributions attributable to the class of Common Shares that you purchase in our primary offering will be automatically invested in additional Common Shares of the same class. The purchase price for Common Shares purchased under our distribution reinvestment plan will be equal to the most recent available NAV per share for such Common Shares at the time the distribution is payable.

&nbsp;&nbsp;&nbsp;&nbsp; We will generally adhere to the following procedures relating to purchases of Common Shares in this continuous offering:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On each business day, our transfer agent will collect purchase orders. Notwithstanding the
submission of an initial purchase order, we can reject purchase orders for any reason, even if a prospective investor meets the minimum
suitability requirements outlined in our prospectus. Investors may only purchase our Common Shares pursuant to accepted subscription
orders as of the first day of each month (based on the NAV per share as determined as of the previous day, being the last day of the
preceding month), and to be accepted, a subscription request must be made with a completed and executed subscription agreement in good
order and payment of the full purchase price of our Common Shares being subscribed at least seven business days prior to the first day
of the month. If a purchase order is received less than seven business days prior to the first day of the month, unless waived by the
Intermediary Manager, the purchase order will be executed in the next month's closing at the transaction price applicable to that
month. As a result of this process, the price per share at which your order is executed may be different than the price per share for
the month in which you submitted your purchase order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generally, within 20 business days after the first calendar day of each month, we will determine
our NAV per share for each share class as of the last calendar day of the immediately preceding month, which will be the purchase price
for Common Shares purchased with that effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed subscription requests will not be accepted by us before two business days before
the first calendar day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subscribers are not committed to purchase Common Shares at the time their subscription orders
are submitted and any subscription may be canceled at any time before the time it has been accepted as described in the previous sentence.
You may withdraw your purchase request by notifying the transfer agent, through your financial intermediary or directly on our
automated telephone line, [___].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You will receive a confirmation statement of each new transaction in your account as soon
as practicable but generally not later than seven business days after the shareholder transactions are settled when the applicable NAV
per share is determined. The confirmation statement will include information on how to obtain information we have filed with the SEC
and made publicly available on our website, www. guggenheiminvestments.com, including supplements to the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp; Our NAV may vary significantly from one month to the next. Through our website at www. guggenheiminvestments.com, you will have information about the most recently available NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp; In contrast to securities traded on an exchange or over-the-counter, where the price often fluctuates as a result of, among other things, the supply and demand of securities in the trading market, our NAV will be calculated once monthly using our valuation methodology, and the price at which we sell new Common Shares and repurchase outstanding Common Shares will not change depending on the level of demand by investors or the volume of requests for repurchases.

**SHARE REPURCHASE PROGRAM**

&nbsp;&nbsp;&nbsp;&nbsp; We do not intend to list our Common Shares on a securities exchange and we do not expect there to be a public market for our Common Shares. As a result, if you purchase our Common Shares, your ability to sell your Common Shares will be limited.

&nbsp;&nbsp;&nbsp;&nbsp; Beginning no later than the first full calendar quarter from the date on which we break escrow for this offering, and at the discretion of our Board of Trustees, we intend to commence a share repurchase program in which we intend to repurchase, in each quarter, up to 5% of our Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. Our Board of Trustees may amend, suspend or terminate the share repurchase program if it deems such action to be in our best interest and the best interest of our shareholders. As a result, share repurchases may not be available each quarter. We intend to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Exchange Act and the 1940 Act. All shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued shares.

&nbsp;&nbsp;&nbsp;&nbsp; Upon a determination by the Board to (i) suspend our share repurchase program or (ii) materially modify our share repurchase program in a manner that reduces liquidity available to our shareholders, our share repurchase program requires the Board to consider, at least quarterly, whether continuing to restrict repurchases or resuming repurchases at the original repurchase limits set forth in the share repurchase program would be in the best interest of the company and our shareholders. However, our Board is not required to authorize the recommencement of our share repurchase program within any specified period of time. Our Board may also determine to terminate our share repurchase program if required by applicable law or in connection with a transaction in which our shareholders receive liquidity for their Common Shares, such as a sale or merger of the Fund or listing of our Common Shares on a national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp; We expect to repurchase shares pursuant to tender offers each quarter at a price equal to the NAV per share, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an "Early Repurchase Deduction"). The one-year holding period is measured as of the subscription closing date immediately following the prospective repurchase date. The Early Repurchase Deduction may be waived, at our discretion, in the case of repurchase requests arising from the death, divorce or qualified disability of the holder. The Early Repurchase Deduction will be retained by the Fund for the benefit of remaining shareholders.

&nbsp;&nbsp;&nbsp;&nbsp; You may tender all of the Common Shares that you own. There is no repurchase priority for a shareholder under the circumstances of death or disability of such shareholder.

&nbsp;&nbsp;&nbsp;&nbsp; All unsatisfied repurchase requests must be resubmitted in the next quarterly tender offer, or upon the recommencement of the share repurchase program, as applicable. We will have no obligation to repurchase Common Shares, including if the repurchase would violate the restrictions on distributions under federal law or Delaware law. The limitations and restrictions described above may prevent us from accommodating all repurchase requests made in any quarter. Our share repurchase program has many limitations, including the limitations described above, and should not in any way be viewed as the equivalent of a secondary market.

&nbsp;&nbsp;&nbsp;&nbsp; We will offer to repurchase Common Shares on such terms as may be determined by our Board of Trustees in its complete and absolute discretion unless, in the judgment of our Independent Trustees, such repurchases would not be in the best interests of our shareholders or would violate applicable law. There is no assurance that our Board of Trustees will exercise its discretion to offer to repurchase Common Shares or that there will be sufficient funds available to accommodate all of our shareholders' requests for repurchase. As a result, we may repurchase less than the full amount of Common Shares that you request to have repurchased. If we do not repurchase the full amount of your Common Shares that you have requested to be repurchased, or we determine not to make repurchases of our Common Shares, you will likely not be able to dispose of your Common Shares, even if we under-perform. Any periodic repurchase offers will be subject in part to our available cash and compliance with the RIC qualification and diversification rules and the 1940 Act. Shareholders will not pay a fee to us in connection with our repurchase of Common Shares under the share repurchase program.

&nbsp;&nbsp;&nbsp;&nbsp; Repurchases of Common Shares from shareholders by the Fund will be paid in cash promptly after the expiration of any tender offer as required by federal securities laws governing tender offers. Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Common Shares from shareholders

by the applicable repurchase offer deadline. The Fund does not impose any charges in connection with repurchases of Common Shares, except for the Early Repurchase Deduction.

&nbsp;&nbsp;&nbsp;&nbsp; The majority of our assets will consist of instruments that cannot generally be readily liquidated without impacting our ability to realize full value upon their disposition. Therefore, we may not always have sufficient liquid resources to make repurchase offers. In order to provide liquidity for share repurchases, we intend to generally maintain under normal circumstances an allocation to syndicated loans and other liquid investments. We may fundrepurchase requests from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and although we generally expect to fund distributions from cash flow from operations we have not established any limits on the amounts we may pay from such sources. Should making repurchase offers, in our judgment, place an undue burden on our liquidity, adversely affect our operations or risk having an adverse impact on the company as a whole, or should we otherwise determine that investing our liquid assets in originated loans or other illiquid investments rather than repurchasing our Common Shares is in the best interests of the Fund as a whole, then we may choose to offer to repurchase fewer Common Shares than described above, or none at all.

&nbsp;&nbsp;&nbsp;&nbsp; In the event that any shareholder fails to maintain the minimum balance of $500 of our Common Shares, we may repurchase all of the Common Shares held by that shareholder at the repurchase price in effect on the date we determine that the shareholder has failed to meet the minimum balance, less any Early Repurchase Deduction. Minimum account repurchases will apply even in the event that the failure to meet the minimum balance is caused solely by a decline in our NAV. Minimum account repurchases are subject to Early Repurchase Deduction.

&nbsp;&nbsp;&nbsp;&nbsp; Payment for repurchased Common Shares may require us to liquidate portfolio holdings earlier than our Adviser would otherwise have caused these holdings to be liquidated, potentially resulting in losses, and may increase our investment-related expenses as a result of higher portfolio turnover rates. Our Adviser intends to take measures, subject to policies as may be established by our Board of Trustees, to attempt to avoid or minimize potential losses and expenses resulting from the repurchase of Common Shares.

**DISTRIBUTION REINVESTMENT PLAN**

&nbsp;&nbsp;&nbsp;&nbsp; We intend to adopt a distribution reinvestment plan, pursuant to which we will reinvest all cash dividends declared by the Board of Trustees on behalf of our shareholders who do not elect to receive their dividends in cash as provided below. As a result, if the Board of Trustees authorizes, and we declare, a cash dividend or other distribution, then our shareholders who have not opted out of our distribution reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares as described below, rather than receiving the cash dividend or other distribution. Distributions on fractional Common Shares will be credited to each participating shareholder's account to three decimal places.

&nbsp;&nbsp;&nbsp;&nbsp; No action is required on the part of a registered shareholder to have his, her or its cash dividend or other distribution reinvested in our Common Shares, except shareholders in certain states. Shareholders can elect to "opt out" of the Fund's distribution reinvestment plan in their subscription agreements (other than Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Tennessee, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan). Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Tennessee, Vermont and Washington investors and clients of certain participating brokers that do not permit automatic enrollment in our distribution reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp; If any shareholder initially elects not to participate, they may later become a participant by subsequently completing and executing an enrollment form or any distribution authorization form as may be available from the Fund or The Bank of New York Mellon (the "Plan Administrator"). Participation in the distribution reinvestment plan will begin with the next distribution payable after acceptance of a participant's subscription, enrollment or authorization. Common Shares will be purchased under the distribution reinvestment plan as of the first calendar day of the month following the record date of the distribution.&nbsp;&nbsp;&nbsp;&nbsp;

If a shareholder seeks to terminate its participation in the distribution reinvestment plan, notice of termination must be received by the Plan Administrator five business days in advance of the first calendar day of the next month in order for a shareholder's termination to be effective for such month. Any transfer of Common Shares by a participant to a non-participant will terminate participation in the distribution reinvestment plan with respect to the transferred Common Shares. If a participant elects to tender its Common Shares in full, any Common Shares issued to the participant under the distribution reinvestment plan subsequent to the expiration of the tender offer will be considered part of the participant's request to tender its Common Shares in full, and shareholder's participation in the distribution reinvestment plan will be terminated as of the Valuation Date of the applicable tender offer. Any distributions to be paid to such shareholder on or after the Valuation Date will be paid in cash on the scheduled distribution payment date.

&nbsp;&nbsp;&nbsp;&nbsp; If you elect to opt out of the distribution reinvestment plan, you will receive any distributions we declare in cash. There will be no upfront selling commissions or Intermediary Manager fees charged to you if you participate in the distribution reinvestment plan. We will pay the Plan Administrator fees under the distribution reinvestment plan. If your Common Shares are held by a broker or other financial intermediary, you may change your election by notifying your broker or other financial intermediary of your election.

&nbsp;&nbsp;&nbsp;&nbsp; Any purchases of our Common Shares pursuant to our distribution reinvestment plan are dependent on the continued registration of our securities or the availability of an exemption from registration in the recipient's home state.

&nbsp;&nbsp;&nbsp;&nbsp; The purchase price for Common Shares purchased under our distribution reinvestment plan will be equal to the most recent available NAV per share for such Common Shares at the time the distribution is payable. Common Shares issued pursuant to our distribution reinvestment plan will have the same voting rights as the Common Shares offered pursuant to this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp; See our Distribution Reinvestment Plan, which is filed as an exhibit to our registration statement for this offering, for more information. Additional information about the distribution reinvestment plan may be obtained by calling, [___] or by sending a written request to Guggenheim Funds c/o BNY TA Alternative Investment Funds, PO Box 534484, Pittsburgh, PA 15253-4484.

**REGULATION**

&nbsp;&nbsp;&nbsp;&nbsp; The following discussion is a general summary of the material prohibitions and descriptions governing BDCs generally. It does not purport to be a complete description of all of the laws and regulations affecting BDCs.

**Qualifying Assets**

&nbsp;&nbsp;&nbsp;&nbsp; Under the 1940 Act, a BDC may not acquire any asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as "Qualifying Assets" unless, at the time the acquisition is made, Qualifying Assets represent at least 70% of the company's total assets. The principal categories of Qualifying Assets relevant to our business are any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Securities purchased in transactions not involving any public offering from the issuer of
such securities, which issuer (subject to certain limited exceptions) is an Eligible Portfolio Company (as defined below), or from any
person who is, or has been during the preceding 13 months, an affiliated person of an Eligible Portfolio Company, or from any other person,
subject to such rules as may be prescribed by the SEC. An "Eligible Portfolio Company" is defined in the 1940 Act as any
issuer which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is organized under the laws of, and has its principal place of business in, the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is not an investment company (other than a small business investment company wholly-owned
by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) satisfies any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) does not have any class of securities that is traded on a national securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has a class of securities listed on a national securities exchange, but has an aggregate
market value of outstanding voting and non-voting common equity of less than $250 million;

(iii) is controlled by a BDC or a group of companies including a BDC and the BDC has an affiliated
person who is a director of the Eligible Portfolio Company; or

(iv) is a small and solvent company having total assets of not more than $4 million and capital
and surplus of not less than $2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Securities of any Eligible Portfolio Company controlled by the BDC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Securities purchased in a private transaction from a U.S. issuer that is not an investment
company or from an affiliated person of the issuer, or in transactions incident thereto, if the issuer is in bankruptcy and subject to
reorganization or if the issuer, immediately prior to the purchase of its securities was unable to meet its obligations as they came
due without material assistance other than conventional lending or financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Securities of an Eligible Portfolio Company purchased from any person in a private transaction
if there is no ready market for such securities and the BDC already owns 60% of the outstanding equity of the Eligible Portfolio Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Securities received in exchange for or distributed on or with respect to securities described
in (1) through (4) above, or pursuant to the exercise of warrants or rights relating to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Cash, cash equivalents, U.S. government securities or high-quality debt securities maturing
in one year or less from the time of investment.

&nbsp;&nbsp;&nbsp;&nbsp; In addition, a BDC must be operated for the purpose of making investments in the types of securities described in (1), (2) or (3) above.

**Significant Managerial Assistance**

&nbsp;&nbsp;&nbsp;&nbsp; A BDC must have been organized and have its principal place of business in the United States and must be operated for the purpose of making investments in the types of securities described above. However, in order to count portfolio securities as Qualifying Assets for the purpose of the 70% test, the BDC must either control the issuer of the securities or must offer to make available to the issuer of the securities (other than small and solvent companies described above) significant managerial assistance; except that, where the BDC purchases such securities in conjunction with one or more other persons acting together, one of the other persons in the group may make available such managerial assistance. Making available significant managerial assistance means, among other things, any arrangement whereby the BDC, through its trustees, officers or employees, offers to provide and, if accepted, does so provide, significant guidance and counsel concerning the management, operations or business objectives and policies of a portfolio company through monitoring of portfolio company operations, selective participation in board and management meetings, consulting with and advising a portfolio company's officers or other organizational or financial guidance.

**Temporary Investments**

&nbsp;&nbsp;&nbsp;&nbsp; Pending investment in other types of Qualifying Assets, as described above, our investments can consist of cash, cash equivalents, U.S. government securities or high-quality debt securities maturing in one year or less from the time of investment, which are referred to elsewhere in this prospectus, collectively, as temporary investments, so that 70% of our assets would be Qualifying Assets.

**Warrants**

&nbsp;&nbsp;&nbsp;&nbsp; Under the 1940 Act, a BDC is subject to restrictions on the issuance, terms and amount of warrants, options or rights to purchase shares that it may have outstanding at any time. In particular, the amount of shares that would result from the conversion or exercise of all outstanding warrants, options or rights to purchase shares cannot exceed 25% of the BDC's total outstanding shares.

**Leverage and Senior Securities; Coverage Ratio**

&nbsp;&nbsp;&nbsp;&nbsp; We are permitted, under specified conditions, to issue multiple classes of indebtedness and one class of shares senior to our Common Shares if our asset coverage, as defined in the 1940 Act, would at least equal 150% immediately after each such issuance. On January 16, 2026, our sole shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act and such election became effective the following day. In addition, while any senior securities remain outstanding, we will be required to make provisions to prohibit any dividend distribution to our shareholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the dividend distribution or repurchase. We are also permitted to borrow amounts up to 5% of the value of our total assets for temporary or emergency purposes, which borrowings would not be considered senior securities.

&nbsp;&nbsp;&nbsp;&nbsp; We intend to establish one or more credit facilities, asset-based lending facilities or enter into other financing arrangements to facilitate investments and the timely payment of our expenses. It is anticipated that any such credit facilities will bear interest at floating rates at to be determined spreads over SOFR or another reference rate. We cannot assure shareholders that we will be able to enter into a credit facility. Shareholders indirectly bear the costs associated with any borrowings under a credit facility or otherwise, including increased management fees payable to the Adviser as a result of such borrowings. In connection with a credit facility or other borrowings, lenders may require us to pledge assets, commitments and/or drawdowns (and the ability to enforce the payment thereof) and may ask to comply with positive or negative covenants that could have an effect on our operations. In addition, from time to time, our losses on leveraged investments may result in the liquidation of other investments held by us and may result in additional drawdowns to repay such amounts.

&nbsp;&nbsp;&nbsp;&nbsp; We may be the issuer of bonds in future bond offerings.

&nbsp;&nbsp;&nbsp;&nbsp; We may enter into a TRS agreement. A TRS is a contract in which one party agrees to make periodic payments to another party based on the change in the market value of the assets underlying the TRS, which may include a specified security, basket of securities or securities indices during a specified period, in return for periodic payments based on a fixed or variable interest rate. A TRS effectively adds leverage to a portfolio by providing investment exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Because of the unique structure of a TRS, a TRS often offers lower financing costs than are offered through more traditional borrowing arrangements. The Fund would typically have to post collateral to cover this potential obligation. To the extent the Fund complies with the applicable requirements of Rule 18f-4, the leverage incurred through TRS will not be considered a borrowing for purposes of the Fund's overall leverage limitation.

&nbsp;&nbsp;&nbsp;&nbsp; We may also create leverage by securitizing our assets (including in CLOs) and retaining the equity portion of the securitized vehicle. Debt securitizations (including in CLOs) are a form of secured financing, which would generally be consolidated on our financial statements and subject to our overall asset coverage requirement. There can be no assurance that we will be able to obtain a CLO debt securitization on favorable terms or at all or that any such financing will benefit our investment performance. We may also from time to time make secured loans of our marginable securities to brokers, dealers and other financial institutions.

**Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp; We and the Adviser have adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, respectively, that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to the code are permitted to invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. You may obtain copies of the codes of ethics, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov.

**Affiliated Transactions**

&nbsp;&nbsp;&nbsp;&nbsp; We may be prohibited under the 1940 Act from conducting certain transactions with our affiliates without the prior approval of our Trustees who are not interested persons and, in some cases, the prior approval of the SEC. We have received an exemptive order from the SEC that permits us, among other things, to co-invest with certain other persons, including certain affiliates of the Adviser and certain funds managed and controlled by the Adviser and its affiliates, subject to certain terms and conditions.

**Proxy Voting Policies and Procedures**

&nbsp;&nbsp;&nbsp;&nbsp; We have delegated our 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, accordingly, are subject to change.

&nbsp;&nbsp;&nbsp;&nbsp; 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***

&nbsp;&nbsp;&nbsp;&nbsp; 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.

&nbsp;&nbsp;&nbsp;&nbsp; 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 the Fund's investment in a particular company.

***Proxy Voting Records***

&nbsp;&nbsp;&nbsp;&nbsp; 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, Guggenheim Private Investments, LLC, 330 Madison Ave, New York, NY 10017.

**Other**

&nbsp;&nbsp;&nbsp;&nbsp; We will be periodically examined by the SEC for compliance with the 1940 Act, and be subject to the periodic reporting and related requirements of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp; We are also required to provide and maintain a bond issued by a reputable fidelity insurance company to protect against larceny and embezzlement. Furthermore, as a BDC, we are prohibited from protecting any trustee or officer against any liability to our shareholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

&nbsp;&nbsp;&nbsp;&nbsp; We are also required to designate a chief compliance officer and to adopt and implement written policies and procedures reasonably designed to prevent violation of the federal securities laws and to review these policies and procedures annually for their adequacy and the effectiveness of their implementation.

&nbsp;&nbsp;&nbsp;&nbsp; We are not permitted to change the nature of our business so as to cease to be, or to withdraw our election as, a BDC unless approved by a majority of our outstanding voting securities. A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (i) 67% or more of such company's shares present at a meeting if more than 50% of the outstanding shares of such company are present or represented by proxy, or (ii) more than 50% of the outstanding shares of such company.

&nbsp;&nbsp;&nbsp;&nbsp; Our internet address is www.guggenheiminvestments.com. We make available free of charge on our website our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statement and amendments to those reports as soon as reasonably practicable after we electronically file such material with, or furnish it to, the SEC.

**CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS**

&nbsp;&nbsp;&nbsp;&nbsp; The following discussion is a general summary of certain U.S. federal income tax considerations applicable to us and the purchase, ownership and disposition of our Common Shares. This discussion does not purport to be complete or to deal with all aspects of U.S. federal income taxation that may be relevant to shareholders in light of their particular circumstances. Unless otherwise noted, this discussion applies only to U.S. shareholders that hold our Common Shares as capital assets. A U.S. shareholder is a shareholder who is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a U.S. corporation, (iii) a trust if it (a) is subject to the primary supervision of a court in the United States and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) has made a valid election to be treated as a U.S. person, or (iv) any estate the income of which is subject to U.S. federal income tax regardless of its source. This discussion is based upon present provisions of the Code, the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, or differing interpretations (possibly with retroactive effect). This discussion does not represent a detailed description of the U.S. federal income tax consequences relevant to special classes of taxpayers including, without limitation, financial institutions, insurance companies, partnerships or other pass-through entities (or investors therein), U.S. shareholders whose "functional currency" is not the U.S. dollar, tax-exempt organizations, dealers in securities or currencies, traders in securities that elect mark to market treatment, or persons that will hold our Common Shares as a position in a "straddle," "hedge" or as part of a "constructive sale" for U.S. federal income tax purposes. In addition, this discussion does not address U.S. federal estate or gift taxes, the application of the Medicare tax on net investment income or any U.S. federal alternative minimum tax, or any tax consequences attributable to persons being required to accelerate the recognition of any item of gross income with respect to our Common Shares as a result of such income being recognized on an applicable financial statement. Prospective investors should consult their tax advisors with regard to the U.S. federal tax consequences of the purchase, ownership, or disposition of our Common Shares, as well as the tax consequences arising under the laws of any state, foreign country or other taxing jurisdiction.

**Taxation as a Regulated Investment Company**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund intends to elect to be treated, and intends to qualify each taxable year thereafter, as a RIC under Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp; To qualify for the favorable tax treatment accorded to RICs under Subchapter M of the Code, the Fund must, among other things: (1) have an election in effect to be treated as a BDC under the 1940 Act at all times during each taxable year; (2) have filed with its return for the taxable year an election to be a RIC or have made such election for a previous taxable year; (3) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition of stock or securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities, or currencies; and (b) net income derived from an interest in certain publicly-traded partnerships that are treated as partnerships for U.S. federal income tax purposes and that derive less than 90% of their gross income from the items described in (a) above (each, a "Qualified Publicly-Traded Partnership"); and (4) diversify its holdings so that, at the end of each quarter of each taxable year of the Fund (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items (including receivables), U.S. government securities and securities of other RICs, and other securities for purposes of this calculation limited, in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund's total assets, and to not more than 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of the Fund's total assets is invested in the securities (other than U.S. government securities or securities of other RICs) of (I) any one issuer, (II) any two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses or related trades or businesses or (III) any one or more Qualified Publicly-Traded Partnerships (described in clause 3(b) above).

&nbsp;&nbsp;&nbsp;&nbsp; As a RIC, the Fund generally will not be subject to U.S. federal income tax on its investment company taxable income (as that term is defined in the Code, determined without regard to the deduction for dividends paid) and net capital gain (the excess of net long-term capital gain over net short-term capital loss), if any, that it distributes in each taxable year to its shareholders, provided that it distributes at least 90% of the sum of its investment company taxable income and its net tax-exempt income, if any, for such taxable year. Generally, the Fund intends to distribute to its shareholders, at least annually, substantially all of its investment company taxable income and net capital gains.

&nbsp;&nbsp;&nbsp;&nbsp; Amounts not distributed on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% U.S. federal excise tax. To prevent imposition of the excise tax, the Fund must distribute during each calendar year an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 of the calendar year and (iii) any ordinary income and capital gains for previous years that were not distributed during those years. For these purposes, the Fund will be deemed to have distributed any income or gains on which it paid U.S. federal income tax.

&nbsp;&nbsp;&nbsp;&nbsp; A distribution will be treated as paid on December 31 of any calendar year if it is declared by the Fund in October, November or December with a record date in such a month and paid by the Fund during January of the following calendar year. Such distributions will be taxable to shareholders in the calendar year in which the distributions are declared, rather than the calendar year in which the distributions are received.

&nbsp;&nbsp;&nbsp;&nbsp; If the Fund failed to qualify as a RIC or failed to satisfy the 90% distribution requirement in any taxable year, the Fund would be subject to U.S. federal income tax at the regular corporate rate on its taxable income (including distributions of net capital gain), even if such income were distributed to its shareholders, and all distributions out of earnings and profits would be taxed to shareholders as ordinary dividend income. Such distributions generally would be eligible (i) to be treated as "qualified dividend income" in the case of individual and other non-corporate shareholders and (ii) for the dividends received deduction in the case of corporate shareholders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

&nbsp;&nbsp;&nbsp;&nbsp; While the Fund generally intends to qualify as a RIC for each taxable year, it is possible that as we ramp up our portfolio we may not satisfy the diversification requirements described above, and thus may not qualify as a RIC, for the short taxable year from the date on which we break escrow for this offering. In such case, however, we anticipate that the associated tax liability would not be material, and that such non-compliance would not have a material adverse effect on our business, financial condition and results of operations, although there can be no assurance in this regard. The remainder of this discussion assumes that the Fund qualifies as a RIC for each taxable year.

**Distributions**

&nbsp;&nbsp;&nbsp;&nbsp; Distributions to shareholders by the Fund of ordinary income and of net short-term capital gains, if any, realized by the Fund will generally be taxable to shareholders as ordinary income to the extent such distributions are paid out of the Fund's current or accumulated earnings and profits. Distributions, if any, of net capital gains properly reported as "capital gain dividends" will be taxable as long-term capital gains, regardless of the length of time the shareholder has owned our Common Shares. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated by a shareholder as a return of capital which will be applied against and reduce the shareholder's basis in his or her Common Shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his or her Common Shares, the excess will be treated by the shareholder as gain from a sale or exchange of the Common Shares. Distributions paid by the Fund generally will not be eligible for the dividends received deduction allowed to corporations or for the reduced rates applicable to certain qualified dividend income received by non-corporate shareholders.

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

&nbsp;&nbsp;&nbsp;&nbsp; Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional Common Shares pursuant to the distribution reinvestment plan. Shareholders receiving distributions in the form of additional Common Shares will generally be treated as receiving a distribution in the amount of cash that they would have received if they had elected to receive the distribution in cash. The additional Common Shares received by a shareholder pursuant to the distribution reinvestment plan will have a new holding

period commencing on the day following the day on which the Common Shares were credited to the shareholder's account.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund may elect to retain its net capital gain or a portion thereof for investment and be taxed at the regular corporate rate on the amount retained. In such case, the Fund may report the retained amount as undistributed capital gains in a notice to its shareholders, who will be treated as if each received a distribution of its pro rata share of such gain, with the result that each shareholder will (i) be required to report its pro rata share of such gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain and (iii) increase the tax basis for its shares by an amount equal to the deemed distribution less the tax credit.

&nbsp;&nbsp;&nbsp;&nbsp; The IRS currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income and capital gains) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, if the Fund issues preferred shares, the Fund intends to allocate capital gain dividends, if any, between its Common Shares and preferred shares in proportion to the total dividends paid to each class with respect to such tax year. Shareholders will be notified annually as to the U.S. federal tax status of distributions.

**Sale or Exchange of Shares**

&nbsp;&nbsp;&nbsp;&nbsp; Upon the sale, exchange or other disposition of our Common Shares (except pursuant to a repurchase by the Fund, as described below), a shareholder will generally realize a capital gain or loss in an amount equal to the difference between the amount realized and the shareholder's adjusted tax basis in the Common Shares. Such gain or loss will be long-term or short-term, depending upon the shareholder's holding period for the Common Shares. Generally, a shareholder's gain or loss will be a long-term gain or loss if the Common Shares have been held for more than one year. For non-corporate taxpayers, long-term capital gains are currently eligible for reduced rates of taxation.

&nbsp;&nbsp;&nbsp;&nbsp; No loss will be allowed on the sale, exchange or other disposition of Common Shares if the owner acquires (including pursuant to the distribution reinvestment plan) or enters into a contract or option to acquire securities that are substantially identical to such Common Shares within 30 days before or after the disposition. In such a case, the basis of the securities acquired will be adjusted to reflect the disallowed loss. Losses realized by a shareholder on the sale, exchange or other disposition of Common Shares held for six months or less are treated as long-term capital losses to the extent of any distribution of long-term capital gain received (or amounts reported as undistributed capital gains) with respect to such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp; From time to time, the Fund may offer to repurchase its outstanding Common Shares. Shareholders who tender all Common Shares of the Fund held, or considered to be held, by them (and do not own any preferred shares of the Fund) will be treated as having sold their Common Shares and generally will realize a capital gain or loss. If a shareholder tenders fewer than all of its Common Shares or fewer than all Common Shares tendered are repurchased, such shareholder may be treated as having received a taxable dividend upon the repurchase of its Common Shares. In such a case, there is a risk that non-tendering shareholders, and shareholders who tender some but not all of their Common Shares or fewer than all of whose Common Shares are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a taxable distribution from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically redeeming Common Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp; Under U.S. Treasury regulations, if a shareholder recognizes a loss with respect to Common Shares of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the 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.

**Nature of the Fund's Investments**

&nbsp;&nbsp;&nbsp;&nbsp; Certain of the Fund's hedging and derivatives transactions are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the intended characterization of certain complex financial transactions and (vii) produce income that will not be treated as qualifying income for purposes of the 90% gross income test described above.

&nbsp;&nbsp;&nbsp;&nbsp; These rules could therefore affect the character, amount and timing of distributions to shareholders and the Fund's status as a RIC. The Fund will monitor its transactions and may make certain tax elections in order to mitigate the effect of these provisions.

**Below Investment Grade Instruments**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund expects to invest in debt securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, to preserve its status as a RIC and to distribute sufficient income to not become subject to U.S. federal income tax.

**Original Issue Discount and Market Discount**

&nbsp;&nbsp;&nbsp;&nbsp; For U.S. federal income tax purposes, we may be required to recognize taxable income in circumstances in which we do not receive a corresponding payment in cash. For example, if we hold debt obligations that are treated under applicable tax rules as having original issue discount (such as zero coupon securities, debt instruments with PIK interest or, in certain cases, increasing interest rates or debt instruments that were issued with warrants), we must include in income each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. Furthermore, we have elected to amortize market discount and include such amounts in our taxable income on a current basis, instead of upon disposition of the applicable debt obligation. Because any original issue discount or market discount will be included in our investment company taxable income for the year of the accrual, we may be required to make a distribution to our shareholders in order to satisfy the annual distribution requirement, even though we will not have received any corresponding cash amount. As a result, we may have difficulty meeting the annual distribution requirement necessary to qualify for taxation as a RIC under Subchapter M of the Code. We may have to sell some of our investments at times and/or at prices we would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If we are not able to obtain cash from other sources, we may not qualify for or maintain RIC tax treatment and thus we may become subject to corporate-level income tax.

**Investment in Partnerships**

&nbsp;&nbsp;&nbsp;&nbsp; Certain Secondaries Investments may be made in entities that are treated as partnerships for U.S. federal income tax purposes. An entity that is properly classified as a partnership (and not an association or publicly traded partnership taxable as a corporation) generally is not subject to an entity-level U.S. federal income tax. Instead, each partner of the partnership is required to take into account its distributive share of the partnership's net capital gain or loss, net short-term capital gain or loss, and its other items of ordinary income or loss (including all items of income, gain, loss and deduction allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year. Each such item will have the same character to a partner, and will generally have the same source (either United States or foreign), as though the partner realized the item directly. Partners of a partnership must report these items regardless of the extent to which, or whether, the partnership or the partners receive cash distributions for such taxable year. Accordingly, the Fund may be required to recognize items of taxable income and gain prior to the time that any corresponding cash distributions are made to or by the Fund and certain Secondaries Investments (including in circumstances where investments by the

Secondaries Investments, such as investments in debt instrument with "original issue discount," generate income prior to a corresponding receipt of cash). In such case, the Fund may have to dispose of interests in Secondaries Investments that it would otherwise have continued to hold, or devise other methods of cure (such as holding the investment through a taxable subsidiary), to the extent certain Secondaries Investments earn income of a type that is not qualifying gross income for purposes of the 90% gross income test or hold assets that could cause the Fund not to satisfy the RIC asset diversification test.

**Currency Fluctuations**

&nbsp;&nbsp;&nbsp;&nbsp; Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time the Fund accrues income or receivables or expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or receivables or pays such liabilities are generally treated as ordinary income or loss. Similarly, gains or losses on foreign currency, foreign currency forward contracts, certain foreign currency options or futures contracts and the disposition of debt securities denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, are also treated as ordinary income or loss.

**Foreign Taxes**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund's investment in non-U.S. securities may be subject to non-U.S. withholding taxes. In that case, the Fund's yield on those securities would be decreased. Shareholders will generally not be entitled to claim a credit or deduction with respect to foreign taxes paid by the Fund.

**Preferred Shares or Borrowings**

&nbsp;&nbsp;&nbsp;&nbsp; If the Fund utilizes leverage through the issuance of preferred shares or borrowings, it may be restricted by certain covenants with respect to the declaration of, and payment of, dividends on Common Shares in certain circumstances. Limits on the Fund's payments of dividends on Common Shares may prevent the Fund from meeting the distribution requirements described above, and may, therefore, jeopardize the Fund's qualification for taxation as a RIC and possibly subject the Fund to the 4% excise tax. The Fund will endeavor to avoid restrictions on its ability to make dividend payments.

**Backup Withholding**

&nbsp;&nbsp;&nbsp;&nbsp; The Fund may be required to withhold from all distributions and redemption proceeds payable to U.S. shareholders who fail to provide the Fund with their correct taxpayer identification numbers or to make required certifications, or who have been notified by the IRS that they are subject to backup withholding. Certain shareholders specified in the Code generally are exempt from such backup withholding. This backup withholding is not an additional tax. Any amounts withheld may be refunded or credited against the shareholder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

**Foreign Shareholders**

&nbsp;&nbsp;&nbsp;&nbsp; U.S. taxation of a shareholder who is a nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes (a "foreign shareholder"), depends on whether the income from the Fund is "effectively connected" with a U.S. trade or business carried on by the shareholder.

&nbsp;&nbsp;&nbsp;&nbsp; If the income from the Fund is not "effectively connected" with a U.S. trade or business carried on by the foreign shareholder, distributions of investment company taxable income will be subject to a U.S. tax of 30% (or lower treaty rate), which tax is generally withheld from such distributions. However, dividends paid by the Fund that are "interest-related dividends" or "short-term capital gain dividends" will generally be exempt from such withholding, in each case to the extent the Fund properly reports such dividends to shareholders. For these purposes, interest-related dividends and short-term capital gain dividends generally represent distributions of interest or short-term capital gains that would not have been subject to U.S. federal withholding tax at the source if received directly by a foreign shareholder, and that satisfy certain other requirements. A foreign shareholder whose income from the Fund is not "effectively connected" with a U.S. trade or business would generally be exempt from U.S. federal income tax on capital gain dividends, any amounts retained by the Fund that are reported as undistributed capital gains and any gains realized upon the sale, exchange or other disposition of Common Shares. However, a foreign shareholder who is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements will nevertheless be subject to a U.S. tax of

30% on such capital gain dividends, undistributed capital gains and gains realized upon the sale, exchange or other disposition of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp; If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a foreign shareholder, then distributions of investment company taxable income, any capital gain dividends, any amounts retained by the Fund that are reported as undistributed capital gains and any gains realized upon the sale, exchange or other disposition of Common Shares will be subject to U.S. federal income tax at the rates applicable to U.S. citizens, residents or domestic corporations. Foreign corporate shareholders may also be subject to the branch profits tax imposed by the Code.

&nbsp;&nbsp;&nbsp;&nbsp; The Fund may be required to withhold from distributions to foreign shareholders that are otherwise exempt from U.S. federal withholding tax (or taxable at a reduced treaty rate) unless the foreign shareholder certifies his or her foreign status under penalties of perjury or otherwise establishes an exemption.

&nbsp;&nbsp;&nbsp;&nbsp; The tax consequences to a foreign shareholder entitled to claim the benefits of an applicable tax treaty may differ from those described herein. Foreign shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**Additional Withholding Requirements**

&nbsp;&nbsp;&nbsp;&nbsp; Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% U.S. federal withholding tax may apply to any dividends that the Fund pays to (i) a "foreign financial institution" (as specifically defined in the Code), whether such foreign financial institution is the beneficial owner or an intermediary, unless such foreign financial institution agrees to verify, report and disclose its "United States account" holders (as specifically defined in the Code) and meets certain other specified requirements or (ii) a non-financial foreign entity, whether such non-financial foreign entity is the beneficial owner or an intermediary, unless such entity provides a certification that the beneficial owner of the payment does not have any substantial United States owners or provides the name, address and taxpayer identification number of each such substantial United States owner and certain other specified requirements are met. In certain cases, the relevant foreign financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with, these rules. In addition, foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. You should consult your own tax advisor regarding FATCA and whether it may be relevant to your ownership and disposition of our Common Shares.

**Other Taxation**

&nbsp;&nbsp;&nbsp;&nbsp; Shareholders may be subject to state, local and foreign taxes on their distributions from the Fund. Shareholders are advised to consult their own tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**CERTAIN ERISA CONSIDERATIONS**

&nbsp;&nbsp;&nbsp;&nbsp; Each prospective investor that is, or is acting on behalf of, any (i) "employee benefit plan" (within the meaning of Section 3(3) of ERISA) subject to Title I of ERISA, (ii) "plan" described in Section 4975(e)(1) of the Code, subject to Section 4975 of the Code (including, without limitation, an individual retirement account (an "IRA") and a "Keogh" plan), (iii) plan, account or other arrangement that is subject to provisions under any U.S. or non-U.S. federal, state, local or other laws or regulations that are similar to the provisions of Title I of ERISA or Section 4975 of the Code (collectively, "Similar Laws"), or (iv) entity whose underlying assets are considered to include the assets of any of the foregoing described in clauses (i), (ii) and (iii), pursuant to ERISA or otherwise (each of the foregoing described in clauses (i), (ii), (iii) and (iv) referred to herein as a "Plan"), must independently determine that our Common Shares are an appropriate investment, taking into account its obligations under ERISA, the Code and applicable Similar Laws.

**General Fiduciary Matters**

&nbsp;&nbsp;&nbsp;&nbsp; ERISA and the Code impose certain duties on persons who are fiduciaries of a Plan which is a Benefit Plan Investor and prohibit certain transactions involving the assets of a Benefit Plan Investor and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over the administration of a Benefit Plan Investor or the management or disposition of the assets of such a Benefit

Plan Investor, or who renders investment advice for a fee or other compensation to a Benefit Plan Investor, is generally considered to be a fiduciary of the Benefit Plan Investor. The term Benefit Plan Investor is defined under the Plan Asset Regulations to include any (a) "employee benefit plan" (as defined in section 3(3) of ERISA) subject to the fiduciary responsibility provisions of Title I of ERISA, (b) "plan" as defined in section 4975(e)(1) of the Code subject to Section 4975 of the Code, and (c) entity whose underlying assets include plan assets by reason of such an employee benefit plan's or plan's investment in the entity (e.g., an entity of which 25% or more of the total value of any class of equity interests is held by Benefit Plan Investors and which does not satisfy another exception under ERISA).

&nbsp;&nbsp;&nbsp;&nbsp; In contemplating an investment in the Fund, each fiduciary of a Plan who is responsible for making such an investment should carefully consider, taking into account the facts and circumstances of the Plan, whether such investment is consistent with the applicable provisions of ERISA, the Code or any Similar Law relating to a fiduciary's duties to the Plan including, without limitation, the prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other applicable Similar Laws. Furthermore, absent an exemption, the fiduciaries of a Plan should not invest in the Fund with the assets of any Plan if the Fund, the Adviser or any of their respective affiliates is a fiduciary with respect to such assets of the Plan.

**Prohibited Transaction Issues**

&nbsp;&nbsp;&nbsp;&nbsp; Section 406 of ERISA and Section 4975 of the Code prohibit Benefit Plan Investors from engaging in specified transactions involving plan assets with persons or entities who are "parties in interest," within the meaning of ERISA, or "disqualified persons," within the meaning of Section 4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In addition, the fiduciary of the Benefit Plan Investor that engaged in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and the Code. The fiduciary of a Benefit Plan Investor that proposes to purchase or hold any Common Shares should consider, among other things, whether such purchase and holding may involve the sale or exchange of any property between a Benefit Plan Investor and a party in interest or disqualified person, or the transfer to, or use by or for the benefit of, a party in interest or disqualified person, of any plan assets. Depending on the satisfaction of certain conditions which may include the identity of the Benefit Plan Investor fiduciary making the decision to acquire or hold the Common Shares on behalf of a Benefit Plan Investor, Prohibited Transaction Class Exemption ("PTCE") 91-38 (relating to investments by bank collective investment funds), PTCE 84-14 (relating to transactions effected by a "qualified professional asset manager"), PTCE 95-60 (relating to investments by an insurance company general account), PTCE 96-23 (relating to transactions directed by an in-house asset manager) or PTCE 90-1 (relating to investments by insurance company pooled separate accounts) could provide an exemption from the prohibited transaction provisions of ERISA and Section 4975 of the Code. However, there can be no assurance that any of the foregoing exemptions or any other class, administrative or statutory exemption will be available with respect to any particular transaction involving the Common Shares. It is also possible that one of these exemptions could apply to some aspect of the acquisition or holding of such Common Shares, but not apply to some other aspect of such acquisition or holding. Each of the above-noted exemptions contains conditions and limitations on its application. Fiduciaries of a Benefit Plan Investor considering acquiring and/or holding our Common Shares in reliance on these or any other exemption should carefully review the exemption in consultation with their legal advisors to assure it is applicable. There can be no assurance that all of the conditions of any such exemptions will be satisfied.

**Plan Asset Issues**

&nbsp;&nbsp;&nbsp;&nbsp; An additional issue concerns the extent to which we or all or a portion of our assets could themselves be treated as subject to the fiduciary responsibility and prohibited transaction provisions of Title I of ERISA and the prohibited transaction provisions of the Code. Under ERISA and the Plan Asset Regulations, when a Benefit Plan Investor invests in an equity interest of an entity that is neither a "publicly-offered security" (within the meaning of the Plan Asset Regulations) nor a security issued by an investment company registered under the 1940 Act, the Benefit Plan Investor's assets include both the equity interest and an undivided interest in each of the entity's underlying assets, unless it is established that the entity is an "operating company" or that equity participation in the entity by Benefit Plan Investors is not "significant" (each within the meaning of the Plan Asset Regulations).

&nbsp;&nbsp;&nbsp;&nbsp; Under the Plan Asset Regulations, equity participation in an entity by Benefit Plan Investors is "significant" on any date if, immediately after the most recent acquisition of any equity interest in the entity, 25% or more of the total value of any class of equity interests is held by Benefit Plan Investors. For purposes of this determination, the value of equity interests held by a person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the entity or that provides investment advice for a fee (direct or indirect) with respect to such assets (or any affiliate of such a person) is disregarded (each of the foregoing, a "Controlling Person"). A "publicly offered security" is defined under the Plan Asset Regulations as a security that is (a) "freely transferable", (b) part of a class of securities that is "widely held," and (c) (i) sold to the plan as part of an offering of securities to the public pursuant to an effective registration statement under the Securities Act and is part of a class of securities that is registered under the Exchange Act within 120 days after the end of the fiscal year of the issuer during which the offering of such securities to the public has occurred, or (ii) is part of a class of securities that is registered under Section 12 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp; In the event any class of Common Shares are deemed not to be "publicly-offered securities" within the meaning of the Plan Asset Regulations, the Fund intends to limit Benefit Plan Investors to less than 25%, in accordance with the Plan Asset Regulations and/or to prohibit "Benefit Plan Investors" from acquiring Common Shares that are not a part of a class of Common Shares which are considered "publicly-offered securities". In this respect, we may require any person proposing to acquire Common Shares to furnish such information as may be necessary to determine whether such person is a Benefit Plan Investor or a Controlling Person and (ii) we will have the power to (a) exclude any shareholder or potential shareholder from purchasing such class of Common Shares and (b) prohibit any redemption of such class of Common Shares, if our Board of Trustees determines that there is a substantial likelihood that such holder's purchase, ownership or redemption of Common Shares would result in our assets to be characterized as plan assets for purposes of the fiduciary responsibility or prohibited transaction provisions of ERISA or Section 4975 of the Code, and all Common Shares of the Fund shall be subject to such terms and conditions.

&nbsp;&nbsp;&nbsp;&nbsp; If the assets of the Fund were deemed to be "plan assets" of a Benefit Plan Investor under the Plan Asset Regulations, this would result, among other things, in (i) the application of the prudence and other fiduciary responsibility standards of ERISA to investments made by the Fund, and (ii) the possibility that certain transactions in which the Fund might seek to engage could constitute "prohibited transactions" under ERISA and the Code. If a prohibited transaction occurs for which no exemption is available, the Adviser and/or any other fiduciary that has engaged in the prohibited transaction could be required to (i) restore to the Benefit Plan Investor any profit realized on the transaction and (ii) reimburse the Benefit Plan Investor for any losses suffered by the Benefit Plan Investor as a result of the investment. In addition, each disqualified person (within the meaning of Section 4975 of the Code) involved could be subject to an excise tax equal to 15% of the amount involved in the prohibited transaction for each year the transaction continues and, unless the transaction is corrected within statutorily required periods, to an additional tax of 100%. Fiduciaries of Benefit Plan Investors who decide to invest in the Fund could, under certain circumstances, be liable for prohibited transactions or other violations as a result of their investment in the Fund or as co-fiduciaries for actions taken by or on behalf of the Fund or the Adviser. With respect to an IRA that invests in the Fund, the occurrence of a prohibited transaction involving the individual who established the IRA, or his or her beneficiaries, would cause the IRA to lose its tax-exempt status.

&nbsp;&nbsp;&nbsp;&nbsp; Plans that are governmental plans (as defined in Section 3(32) of ERISA), certain church plans (as defined in Section 3(33) of ERISA) and non-U.S. plans (as described in Section 4(b)(4) of ERISA) may not be subject to the fiduciary responsibility or prohibited transaction rules of ERISA or Section 4975 of the Code, but may be subject to Similar Laws which may affect their investment in our Common Shares. Fiduciaries of any such Plans should consult with counsel in connection with an investment in any class of our Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp; By acceptance of any class of Common Shares, each shareholder will be deemed to have represented and warranted that either (i) no portion of the assets used by such shareholder to acquire or hold the Common Shares constitutes assets of any Plan or (ii) the purchase and holding of the Common Shares by such shareholder will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or similar violation under any applicable Similar Laws.

*Reporting of Indirect Compensation*

&nbsp;&nbsp;&nbsp;&nbsp; ERISA's general reporting and disclosure rules, certain Benefit Plan Investors subject to Title I of ERISA are required to file annual reports (Form 5500) with the DOL regarding their assets, liabilities and expenses. To facilitate compliance with these requirements it is noted that the descriptions contained in this prospectus of fees and compensation, including the management fee and incentive compensation payable to the Adviser, are intended to satisfy the disclosure requirements for "eligible indirect compensation" for which the alternative reporting option on Schedule C of Form 5500 may be available.

&nbsp;&nbsp;&nbsp;&nbsp; This prospectus does not constitute an undertaking to provide impartial investment advice and it is not our intention to act in a fiduciary capacity with respect to any Plan. The Adviser, Guggenheim and our and their respective affiliates have a financial interest in shareholders' investment in our Common Shares on account of the fees and other compensation they expect to receive (as the case may be) from us and their other relationships with us as contemplated in this prospectus. Any such fees and compensation do not constitute fees or compensation rendered for the provision of investment advice to any Plan. Each Plan will be deemed to represent and warrant that it is advised by a fiduciary that is (a) independent of the Adviser, Guggenheim and their respective affiliates; (b) capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment strategies contemplated in this prospectus; and (c) a fiduciary (under ERISA, Section 4975 of the Code or applicable Similar Law) with respect to the Plan's investment in the Common Shares, who is responsible for exercising independent judgment in evaluating the Plan's investment in the Common Shares and any related transactions.

&nbsp;&nbsp;&nbsp;&nbsp; **Each Plan investor is advised to contact its own legal and financial advisors and other fiduciaries unrelated to the Adviser, Guggenheim and any of their respective affiliates about whether an investment in our Common Shares, or any decision to continue to hold, transfer or provide any consent with respect to any such Common Shares, may be appropriate for the Plan's circumstances.**

**CUSTODIAN, TRANSFER AND DISTRIBUTION PAYING AGENT AND REGISTRAR**

&nbsp;&nbsp;&nbsp;&nbsp; Our securities are held under a custody agreement by The Bank of New York Mellon. The address of the custodian is 240 Greenwich St., New York, NY 10286. The Bank of New York Mellon acts as our transfer agent and distribution disbursing agent for our Common Shares. The principal business address of the transfer agent is BNY TA Alternative Investment Funds, PO Box 534484, Pittsburgh, PA 15253-4484.

**BROKERAGE ALLOCATION AND OTHER PRACTICES**

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

**EXPERTS**

&nbsp;&nbsp;&nbsp;&nbsp; The accompanying financial statements of the Fund as of January 2, 2026 and for the period March 6, 2025 (inception date) through January 2, 2026, and the related notes to the financial statements (collectively, the "financial statements"), included in this Registration Statement, have been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

**LEGAL MATTERS**

&nbsp;&nbsp;&nbsp;&nbsp; Dechert LLP, Washington, DC, acts as counsel to the Fund.

**AVAILABLE INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp; We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the Securities Act, with respect to the Common Shares offered by this prospectus. The registration statement contains additional information about us and the Common Shares being offered by this prospectus.

&nbsp;&nbsp;&nbsp;&nbsp; We are required to file with or submit to the SEC annual, quarterly and current reports, proxy statements and other information meeting the informational requirements of the Exchange Act. The SEC maintains an internet site that contains reports, proxy and information statements and other information filed electronically by us with the SEC, which are available on the SEC's website at http://www.sec.gov. Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

**WEBSITE DISCLOSURE**

&nbsp;&nbsp;&nbsp;&nbsp; We use our website (www.guggenheiminvestments.com) as a channel of distribution of company information. The information we post through this channel may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, SEC filings and webcasts. The contents of our website are not, however, a part of this Registration Statement.

![](privacypolicy1x1x1.jpg)

**Effective date: 12.17.2025** **Privacy Policy**

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, GS Gamma Advisors, LLC, Guggenheim Partners Fund Management (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC , Guggenheim Private Investments, LLC, Guggenheim Investments Loan Advisors, LLC, as well as the funds in the Guggenheim Funds complex (collectively, the "Funds", "Guggenheim," "we," "us," or "our").

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, NY 10017 is the data controller for your information. The Affiliates who are also controllers of certain parts of your information are: Guggenheim Investment Advisors (Europe) Limited; Guggenheim Partners Europe Limited; Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Wealth Solutions, LLC and Security Investors, LLC, as well as the Funds.

**Our Commitment to You**

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money, but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

**The Information We Collect About You**

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and / or from third parties, including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of "cookies," and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, email or telephone. We may combine the information that we collect through the methods noted above with information that we receive from other sources, both online and offline, and use such combined information in accordance with this Privacy Policy. We may also collect customer due diligence information, as required by applicable law and regulation, through third-party service providers.

**How We Handle Your Personal Information**

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud, and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

• We use your information in connection with servicing your accounts.

• We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

• We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

• We use information for security purposes. We may use your information to protect our company and our customers.

• We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

• We use information as otherwise permitted by law, as we may notify you.

• We may aggregate and / or anonymize any information collected through the website so that such information can no longer be linked to you or your device ("Aggregate / Anonymous Information"). We may use Aggregate / Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold, we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud or for anti-money laundering, or sanctions checks).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

**Opt-Out Provisions and Your Data Choices**

The law allows you to "opt out" of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@ GuggenheimPartners.com.

In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a

legal obligation. We may request that you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase, and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

**How We Protect Privacy Online**

We take steps to protect your privacy when you use our website—GuggenheimInvestments. com— by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls, and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store.

**How We Safeguard Your Personal Information and Data Retention**

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above), as permitted by law. We maintain strict physical, electronic, and procedural safeguards that comply with federal standards to guard your nonpublic personal information, and protect against any anticipated threats or hazards to the security or integrity of your information, and protect against unauthorized access to or use of your information that could result in substantial harm or inconvenience to you.

We also have policies and procedures to detect, respond to, and recover from unauthorized access to or use of your information, including providing you with notification and service provider oversight.

We keep your information for no longer than necessary for the purposes for which it is processed, and take reasonable measures to protect your information against unauthorized access to or use during its disposal. The length of time for which we retain information depends on the purposes for which we collected and use it and / or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

**International Visitors**

If you are not a resident of the United States, please be aware that your information may be transferred to, stored, and processed in the United States where our servers are located and our databases are operated.

The data protection and other laws of the United States and other countries may not be as comprehensive as those in your country. In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described in the column on the right.

**We'll Keep You Informed**

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at GuggenheimInvestments. com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@ GuggenheimPartners.com.

GIPP-10-1225 x0326

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| | |
|:---|:---|
| **INDEX TO FINANCIAL STATEMENTS** | **INDEX TO FINANCIAL STATEMENTS** |
| **Guggenheim Investments Private Credit Fund** | **Guggenheim Investments Private Credit Fund** |
|  | **Page** |
| Report of Independent Registered Public Accounting Firm | F-1 |
| Statement of Assets and Liabilities as of January 2, 2026 | F-2 |
| Statement of Operations for the Period from March 6, 2025 (Inception Date) through January 2, 2026 | F-3 |
| Notes to Financial Statements | F-4 |

---

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![](kpmglogo.jpg)

KPMG LLP

Aon Center

Suite 5500

200 E. Randolph Street

Chicago, IL 60501-6436

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and Board of Trustees

Guggenheim Investments Private Credit Fund:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of Guggenheim Investments Private Credit Fund (the Fund) as of January 2, 2026, and the related statement of operations for the period from March 6, 2025 (inception date) through January 2, 2026, and the related notes (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 2, 2026, and the results of its operations for the period from March 6, 2025 (inception date) through January 2, 2026, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

![](kpmg.jpg)

We have served as the Fund's auditor since 2025.

Chicago, Illinois

January 13, 2026

---

| | |
|:---|:---|
| **Guggenheim Investments Private Credit Fund** | **Guggenheim Investments Private Credit Fund** |
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of January 2, 2026** | **As of January 2, 2026** |
| **Assets:** |  |
| Cash | $10000 |
| Receivable from Adviser – organization expenses | $541720 |
| Deferred offering costs | $1415783 |
| **Total Assets** | $1967503 |
| **Liabilities:** |  |
| Due to adviser - organization expenses | $541720 |
| Due to adviser - offering expenses | $1415783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | $1957503 |
| **Net Assets** | $10000 |
| **Net Assets Consist Of:** |  |
| Class I common shares, par value $0.01 per | $4 |
| share, unlimited common shares authorized; |  |
| 400 Class I common shares issued and outstanding |  |
| Additional paid-in capital | $9996 |
| Total distributable earnings (loss) | $0 |
| **Net Assets** | $10000 |
| **Shares outstanding ($0.01 par value with** | 400 |
| **unlimited amount authorized)** |  |
| **Net Asset Value per share** | $25.00 |

---

*See accompanying notes to financial statements.*

F–2

---

| | |
|:---|:---|
| **Guggenheim Investments Private Credit Fund** | **Guggenheim Investments Private Credit Fund** |
| **Statement of Operations** | **Statement of Operations** |
| **For the Period March 6, 2025 (Inception Date) through January 2, 2026** | **For the Period March 6, 2025 (Inception Date) through January 2, 2026** |
| **Investment Income:** |  |
| **Total investment income** | $- |
| **Expenses:** |  |
| Organization expenses | $541720 |
| **Total Expenses** | $541720 |
| **Less** |  |
| Organization expenses reimbursed by Adviser | $(541720) |
| **Net expenses** | $- |
| **Net Loss** | $- |
| **Net decrease in net assets** | $- |

---

*See accompanying notes to financial statements.*

F–3

**Notes to Financial Statements As of January 2, 2026**

**1. Organization**

Guggenheim Investments Private Credit Fund (the "Fund") is a newly organized Delaware Statutory Trust formed on March 6, 2025. The Fund is a non-diversified, closed-end management investment company that intends to elect to be regulated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund intends to elect to be treated as a regulated investment company ("RIC") under the Internal Revenue Code of 1986, as amended (the "Code"), and operate in a manner so as to qualify for the tax treatment applicable to RICs.

The Fund's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Fund seeks to invest primarily in originated loans and other securities, including broadly syndicated loans, of U.S. private companies and to a lesser extent European and other non-U.S. companies. The Fund is externally managed by Guggenheim Private Investments, LLC (the "Adviser"), an affiliate of Guggenheim Partners, LLC ("Guggenheim"), a leading global investment manager. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940.

On January 2, 2026, an affiliate of the Fund's Adviser, as its sole initial shareholder, purchased 400 shares of its Class I common shares, par value $0.01, at a price of $25 per share, thereby generating aggregate proceeds of $10,000.

As of January 2, 2026, the Fund was still devoting substantially all of its efforts to establishing the business and its planned principal operations and investing activities had not commenced.

**2. Significant Accounting Policies**

**Basis of Presentation**

The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles ("GAAP"). The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") 946, *Financial Services-Investment Companies* ("ASC 946"). The Fund's first fiscal period will end on December 31, 2026.

**Cash**

Cash includes funds from time to time deposited with financial institutions. Cash is carried at cost which approximates fair value.

**Organization and Offering Expenses**

The Adviser has agreed to advance all of the Fund's organization and offering expenses on its behalf through the date on which the Fund breaks escrow (as defined below in Note 6). Unless the Adviser elects to cover such expenses pursuant to the Expense Support Agreement, the Fund will be obligated to reimburse the Adviser for such advanced expenses upon breaking escrow.

Organization expenses are expensed as incurred on the Fund's Statement of Operations. Offering expenses are recorded as deferred assets and amortized to expense over 12 months on a straight-line basis upon the commencement of operations.

Pursuant to the Fund's prospectus, the total organization and offering expenses will not exceed 15 percent of the gross proceeds from the offering of shares.

The Adviser has agreed to pay certain organization and offering expenses prior to the commencement of operations of the Fund, on behalf of the Fund (the "Expenses"). The Expenses may be subject to reimbursement pursuant to the Expense Support and Conditional Reimbursement Agreement. Currently, the Adviser has voluntarily determined to waive reimbursement of the Expenses from the Fund. The Adviser will be entitled to seek reimbursement from the Fund of fees waived or expenses paid or reimbursed to the Fund and, upon proper request to the Fund, the Fund shall be obligated to pay the Adviser such reimbursement.

F–4

**Income Taxes**

The Fund intends to elect to be treated as a RIC under the Code and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Fund must (among other requirements) meet certain source-of- income and asset diversification requirements and timely distribute to its shareholders at least 90% of its investment company taxable income, as defined by the Code, for each year. The Fund intends to make the requisite distributions to its shareholders, which will generally relieve the Fund from U.S. federal corporate-level income taxes so long as the Fund maintains its status as a RIC.

The Fund is a Delaware Statutory Trust which is disregarded as an entity separate from its sole initial shareholder for U.S. federal income tax purposes.

Depending on the level of taxable income earned in a tax year, the Fund may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Fund determines that its estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, the Fund accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned.

**Use of Estimates**

The preparation of the financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the financial statement and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates.

**3. Agreements**

**Investment Advisory Agreement**

The Adviser will provide management services to the Fund pursuant to the Investment Advisory Agreement. Under the terms of the Investment Advisory Agreement, the Adviser is responsible for the following:

· determining the composition and allocation of the Fund's portfolio, the nature and timing of the changes to the Fund's portfolio and the manner of implementing such strategies;

· identifying, evaluating, negotiating and structuring the investments the Fund makes;

· performing due diligence on prospective portfolio companies;

· executing, closing, servicing and monitoring the investments;

· determining the securities and other assets that the Fund will purchase, retain or sell;

· exercising voting rights in respect of portfolio securities and other investments;

· serving on, and exercising observer rights for, boards of directors and similar committees of portfolio companies;

· arranging for corporate debt financing, subject to oversight and approval of the Board of Trustees; and

· providing the Fund with such other investment advisory, research and related services as the Fund may reasonably require for the investment of its capital.

The Adviser's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to the Fund are not impaired.

**Compensation of Adviser**

Pursuant to the Investment Advisory Agreement, the Fund will pay the Adviser a fee for investment advisory and management services consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders.

**Management Fees**

The management fee is payable monthly and is settled and paid quarterly in arrears at an annual rate of 1.25% of the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month. For purposes of

F–5

the Investment Advisory Agreement, net assets means the total assets less liabilities determined on a consolidated basis in accordance with U.S. GAAP. For the first calendar month in which the Fund has operations, net assets will be measured as the beginning net assets as of the date on which the Fund breaks escrow. In addition, the Adviser has agreed to waive its management fee for the first six months following the date on which the Fund breaks escrow for its offering (the "Waiver Period"). The longer an investor holds shares of common stock during this period, the longer such investor will receive the benefit of the Waiver Period. Fees waived during the Waiver Period are not subject to recoupment by the Adviser.

**Incentive Fees**

The incentive fees consist of two components that are determined independently of each other, with the result that one component may be payable even if the other is not. One component of the incentive fee is based on a percentage of the Fund's income and the other component is based on a percentage of the Fund's capital gains, each as described below.

*Income Based Incentive Fees*

The first part the Fund's incentive fees is based on its income and is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on the value of net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees). Shareholders may be charged a fee on an income amount that is higher than the income shareholders may ultimately receive.

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with PIK interest and zero-coupon securities), accrued income that has not yet been received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund's net assets at the end of the immediately preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

The Fund will pay the Adviser an income-based incentive fee quarterly in arrears with respect to its Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

· No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);

· 100% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Fund refers to this portion of its Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the "catch-up." The "catch-up" is meant to provide the Adviser with approximately 12.5% of the Fund's Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and

· 12.5% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catchup is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

The Adviser agreed to waive the incentive fee based on income for the Waiver Period. The longer an investor held common shares during this period, the longer such investor will have received the benefit of the Waiver Period.

F–6

*Capital Gains based Incentive Fee*

The second component of the incentive fee, the capital gains incentive fee, is determined and payable in arrears as of the end of each calendar year in arrears. The amount payable equals:

· 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund were to sell the relevant investment and realize a capital gain.

In no event will the capital gains incentive fee payable pursuant to the Investment Advisory Agreement be in excess of the amount permitted by the Advisers Act, including Section 205 thereof.

The fees that are payable under the Investment Advisory Agreement for any partial period will be appropriately prorated.

**Administration Agreement**

Under the terms of the Administration Agreement, The Bank of New York Mellon ("BNY" or the "Administrator") will provide, or oversee the performance of, fund accounting, administrative and certain other services, including, but not limited to, maintaining financial records, overseeing the calculation of the Fund's Net Asset Value ("NAV"), compliance monitoring and portfolio compliance services, preparing reports to shareholders and reports filed with the SEC, preparing materials and coordinating meetings of the Fund's Board of Trustees, 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. The Fund will pay the Administrator an asset-based fee calculated and accrued daily and paid monthly and reimburse the Administrator for reasonable out-of-pocket expenses incurred by the Administrator in performing its obligations under the Administration Agreement.

**Intermediary Manager Agreement**

The Fund has entered into an intermediary manager agreement with Guggenheim Funds Distributors, LLC (the "Intermediary Manager"), pursuant to which the Intermediary Manager has agreed to, among other things, manage the Fund's relationships with third-party brokers engaged by the Intermediary Manager to participate in the distribution of common shares, which are referred to as "participating brokers," and financial advisors. The Intermediary Manager also coordinates the Fund's marketing and distribution efforts with participating brokers and their registered representatives with respect to communications related to the terms of the offering, the Fund's investment strategies, material aspects of its operations and subscription procedures. The Fund will not pay referral or similar fees to any accountants, attorneys or other persons in connection with the distribution of its common shares.

The Intermediary Manager is an affiliate of the Adviser.

**Expense Support Agreement**

The Fund has entered into an Expense Support Agreement with the Adviser. The Adviser may elect to pay certain of the Fund's expenses on its behalf (each, an "Expense Payment"), provided that no portion of the payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Fund. Any Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

Following any calendar month in which Available Operating Fund (as defined below) exceed the cumulative distributions accrued to the Fund's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "Excess Operating Funds"), the Fund shall pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Fund shall be referred to as a "Reimbursement Payment." "Available Operating Fund" means the sum of (i) the Fund's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) net capital gains

F–7

(including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month.

**Custodian, Transfer and Distribution Agreement**

The Fund has entered into a custody, transfer and distribution agreement with BNY. Pursuant to the agreement, BNY is responsible for the custody of the Fund's assets and acts as the Fund's transfer agent and distribution disbursing agent for common shares. For providing the aforementioned services, BNY is entitled to receive a monthly fee equal to an annual percentage of the Fund's average net assets and certain out of pocket expenses.

**4. Commitments and Contingencies**

The Adviser has agreed to advance all of the Fund's expenses, including organization and offering expenses, through the date on which the Fund Breaks Escrow for the initial offering of its common shares. The Fund will be obligated to reimburse the Fund's investment adviser for such advanced expenses upon Breaking Escrow for the offering, up to a cap of 15 percent of the gross proceeds from the offering of shares. The total organization and offering expenses incurred through January 2, 2026 were approximately $1.96 million.

**5. Debt**

In accordance with the Investment Company Act, with certain limitations, the Fund is allowed to borrow amounts such that its asset coverage, as defined in the Investment Company Act, is at least 150% after such borrowing.

**6. Net Assets**

In connection with its formation, the Fund has the authority to issue an unlimited number of common shares of beneficial interest at $0.01 per share par value. On January 2, 2026, an affiliate of the investment adviser purchased 400 shares of the Fund's Class I common shares of beneficial interest at $25.00 per share.

The Fund intends to offer on a continuous basis up to $2.5 billion of common shares of beneficial interest pursuant to an offering registered with the SEC. Subject to the receipt of an exemptive relief order from the SEC, the Fund expects to offer to sell any combination of three classes of common shares, Class S shares, Class D shares and Class I shares, with a dollar value up to the maximum offering amount. Until such relief is granted, the Fund will only offer Class I Shares and will not issue Class D Shares or Class S Shares. There is no assurance that such exemptive relief will be granted by the SEC. The Fund may offer additional classes of common shares in the future. The share classes will have different ongoing shareholder servicing and/or distribution fees. Until the release of proceeds from escrow, the per share purchase price for common shares in our primary offering will be $25.00 per share. Thereafter, the purchase price per share for each class of common shares will equal the NAV per share, as of the effective date of the monthly share purchase date. The Intermediary Manager will use its best efforts to sell shares, but is not obligated to purchase or sell any specific amount of shares in the offering.

The Fund will accept purchase orders and hold investors' funds in an interest-bearing escrow account until the Fund receives purchase orders for at least $100.0 million, including funds the Fund may raise through one or more private placements of the Fund's common shares but excluding shares purchased by the Adviser, its affiliates and trustees and officers, in any combination of purchases of Class S shares, Class D shares and Class I shares, and the Board has authorized the release of funds in the escrow account ("Breaks Escrow").

**7. Segment Reporting**

Pursuant to FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"), an operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Officers of the Fund, subject to the oversight and supervision of the Board of Trustees,

F–8

serve as the CODM for the Fund. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's investment objective which is executed by the Fund's portfolio managers as a team. The Fund may use a variety of investments to execute its investment strategy. Financial information in the form of total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks, among other metrics, and to make resource allocation decisions for the Fund's single segment, is consistent with information presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as "total assets" and significant segment income, expenses, and gain(loss) are listed on the Fund's Statement of Operations.

**8. Subsequent Events**

The Fund's management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure in the financial statements or accompanying notes.

F–9

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**APPENDIX A: FORM OF SUBSCRIPTION AGREEMENT** 

***NOT FOR EXECUTION***

**Subscription Agreement for Shares of** 

**Guggenheim Investments Private Credit Fund** 

**1.** **Subscriber Information** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Type of Account** 

Please select one of the following account types by checking the appropriate box. See Appendix A for supplemental document requirements by account type.

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| | | |
|:---|:---|:---|
| **1. Individual / Joint Accounts** | &nbsp;&nbsp;**2. Retirement Accounts *(custodian<br> data required)*** | &nbsp;&nbsp;**3. Entity Accounts** |
| &nbsp;&nbsp;&nbsp; ☐ Individual<br>| &nbsp;&nbsp;☐ IRA | &nbsp;&nbsp;☐ Trust |
| &nbsp;&nbsp;&nbsp; ☐ Joint Tenant with Rights of Survivorship (JTWROS)<br>| &nbsp;&nbsp;☐ Roth IRA | &nbsp;&nbsp;☐ C Corporation |
| &nbsp;&nbsp;&nbsp; ☐ Tenants in Common<br>| &nbsp;&nbsp;☐ SEP IRA | &nbsp;&nbsp;☐ S Corporation |
| &nbsp;&nbsp;&nbsp; ☐ Community Property<br>| &nbsp;&nbsp;☐ Rollover IRA | &nbsp;&nbsp;☐ Partnership |
| ☐ Uniform Gift/Transfer to Minors | &nbsp;&nbsp;☐ Inherited IRA | &nbsp;&nbsp;☐ Limited Liability Corporation |
| State:________________________ | &nbsp;&nbsp; ☐ Other ____________________ <br>|  |
| &nbsp;&nbsp;&nbsp; Brokerage Account Number: <br> _____________________________  | &nbsp;&nbsp; Custodian Account Number:<br> ______________________________ <br> Custodian Name:<br> ______________________________ <br> Custodian Tax ID:<br> ______________________________ <br> Custodian Phone:<br> ______________________________ <br>| &nbsp;&nbsp; Brokerage Account Number:<br> _____________________________ |

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&nbsp;&nbsp;&nbsp; **Custodian Stamp:**<br>

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Account Title _________________________________________________________________________** 

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Custodian (Uniform Gift/Transfer to Minors Account Only)** 

First Name Middle Initial. Last Name

Social Security Number / Tax ID Date of Birth

Legal Address (Street) City State Zip Code <br> Mailing Address (Street) City State Zip Code

Email Daytime phone

Please indicate if you are a:

<br> ☐ U.S. Citizen ☐ Resident Alien ☐ Non-Resident Alien

<br> If non-U.S. citizen, indicate country of citizenship:

Please indicate if you or an immediate family member is an employee, officer, director, or affiliate of Guggenheim

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Custodian Brokerage Identification Number (BIN):** _________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Subscriber Tax Status:** ☐ Taxable (1099D/B Forms) ☐ Tax Exempt

**SSN:**(XXX-XX-XXXX)

Or

**EIN:** (XX-XXXXXXX)

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Citizenship** 

Please indicate if you are a:

<br> ☐ U.S. Citizen ☐ Resident Alien ☐ Non-Resident Alien

If non-U.S. citizen, indicate country of citizenship:

*(A completed applicable Form W-8 is required for subscription)*

&nbsp;&nbsp;&nbsp;&nbsp;**G.**  ***Primary Account Holder (if* Uniform Gift/Transfer to Minors Account *, Should be Completed for Minor)*** 

First Name Middle Initial Last Name

Social Security Number / Tax ID Date of Birth

Legal Address (Street) City State Zip Code <br> Mailing Address (Street) City State Zip Code

Email Daytime phone

Please indicate if you or an immediate family member is an employee, officer, director, or affiliate of Guggenheim Partners, LLC ("Guggenheim")

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;**H.**  ***Joint Account Holder (if Applicable):*** 

First Name Middle Init. Last Name

Social Security Number / Tax ID Date of Birth

Legal Address (Street) City State Zip Code <br> Mailing Address (Street) City State Zip Code

Email Daytime phone

Please indicate if you are a:

<br> ☐ U.S. Citizen ☐ Resident Alien ☐ Non-Resident Alien

If non-U.S. citizen, indicate country of citizenship:

*(A completed applicable Form W-8 is required for subscription)* 

Please indicate if you or an immediate family member is an employee, officer, director, or affiliate of Guggenheim

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Entity *Information* (Only Required If Section 1.E.3. Completed Above)** 

Entity Name Tax ID Number Date of Formation

Legal Address (Street) City State Zip Code <br>

Country of Domicile

If the mailing address or residential address of any person listed on the account is different than the address listed above, please list the relevant address.

Mailing Address (Street) City State Zip Code

Exemptions *(see Form W-9 instructions at www.irs.gov)*

Exemptions for FATCA reporting code (if any)

Please indicate if you are a:

<br> ☐ Pension plan ☐ Profit sharing plan ☐ Not-for-profit organization

&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Trustee */Authorized Signatory*** 

First Name Middle Init. Last Name

Social Security Number / Tax ID Date of Birth

Legal Address (Street) City State Zip Code <br> Mailing Address (Street) City State Zip Code

Email Daytime phone

Please indicate if you are a:

<br> ☐ U.S. Citizen ☐ Resident Alien ☐ Non-Resident Alien

<br> If non-U.S. citizen, indicate country of citizenship:

Please indicate if you or an immediate family member is an employee, officer, director, or affiliate of Guggenheim

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;**K.**  ***Co-Trustee/Authorized Signatory <br>*** 

<br> First Name Middle Init. Last Name

Social Security Number / Tax ID Date of Birth

Legal Address (Street) City State Zip Code <br> Mailing Address (Street) City State Zip Code

Email Daytime phone

Please indicate if you are a:

<br> ☐ U.S. Citizen ☐ Resident Alien ☐ Non-Resident Alien

<br> If non-U.S. citizen, indicate country of citizenship:

*(completed applicable Form W-8 required)* 

Please indicate if you or an immediate family member are an employee, officer, director, or affiliate of Guggenheim

☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Transfer on Death Beneficiary Information (Optional if Section 1.E.1. Is Completed Above)** 

Please designate the beneficiary information for your account. If completed, all information is required. May only include whole percentages and total must equal 100%. (Not available for Louisiana residents).

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| | | | | |
|:---|:---|:---|:---|:---|
| I. |  |  |  |  |
| First Name (MI) | Last Name | SSN | Date of Birth | ☐ Primary |
|  |  |  | ☐ Secondary __% |  |
| II. |  |  |  |  |
| First Name (MI) | Last Name | SSN | Date of Birth | ☐ Primary |
|  |  |  | ☐ Secondary __% |  |
| III. |  |  |  |  |
| First Name (MI) | Last Name | SSN | Date of Birth | ☐ Primary |
|  |  |  | ☐ Secondary __% |  |

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**2.** **Investment Details** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investment Type** 

<br> ☐ Initial Investment ☐ Additional Investment

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Share Class Selection** 

<br> ☐ Share Class S ☐ Share Class D ☐ Share Class I

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;($2,500 minimum initial investment; $500 minimum subsequent investment) | &nbsp;&nbsp;&nbsp;&nbsp;($25,000 minimum initial investment; $500 minimum subsequent investment) |

---

<sup>1</sup> Unless otherwise waived.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Investment Amount** 

---

| | |
|:---|:---|
| Gross Subscription Amount: | $___________ |

---

---

| | |
|:---|:---|
| Less: Placement Fees (not to exceed 1.5% (Class D) or 3.5% (Class S) of Gross Subscription Amount, if any: | ___________ |

---

---

| | |
|:---|:---|
| Net Subscription Amount: | $___________ |

---

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Investment Funding Method** 

☐ Broker / financial advisor will make payment on your behalf

☐ By wire: Please wire funds according to the instructions below.

Name: Guggenheim Investments Private Credit Fund

Bank Name: The Bank of New York Mellon

ABA: [ ]

Account No.: [ ]

Placement Fees for Class S Shares (not to exceed 3.5%) and Class D Shares (not to exceed 1.5%) should be deducted out of the investor's Gross Subscription Agreement and will not constitute part of an investor's investment in the Fund. Only the Net Subscription Amount should be wire transferred to The Bank of New York Mellon.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Distribution Details** 

**Select How You Want to Receive Your Distributions (Please Read Entire Section and Select Only One)** 

**You are <u>automatically</u> enrolled in our Distribution Reinvestment Plan, <u>unless</u> you are a resident of ALABAMA, ARKANSAS, IDAHO, KANSAS, KENTUCKY, MAINE, MARYLAND, MASSACHUSETTS, NEBRASKA, NEW JERSEY, NORTH CAROLINA, OHIO, OKLAHOMA, OREGON, TENNESSEE, VERMONT OR WASHINGTON.** 

If you **are** a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Tennessee, Vermont or Washington, you have the option to enroll in the Distribution Reinvestment Plan.

If you are **NOT** a resident of the states listed above, you are automatically enrolled in the Distribution Reinvestment Plan.

☐ **I want to opt out** of the Distribution Reinvestment Plan. *Note: if you elect to opt out of the DRIP plan, your distributions will go back into the account you selected in which to hold this investment*.

☐ **I want to enroll** in the Distribution Reinvestment Plan. *Note: if you do not elect to enroll in the DRIP plan, your distributions will go back into the account you selected in which to hold this investment*.

For IRA (custodial held accounts), if you elect cash distributions, the funds must be sent to the custodian and only option A is available.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Bank Information** 

**Direct deposit to third party financial institution (Complete Section Below)**

***I authorize Guggenheim Investments Private Credit Fund or its agent to deposit my distribution into my checking or savings account. This authority will remain in force until I notify Guggenheim Investments Private Credit Fund in writing to cancel it. In the event that Guggenheim Investments Private Credit Fund deposits funds erroneously into my account, they are authorized to debit my account for an amount not to exceed the amount of the erroneous deposit.***

Financial Institution Mailing Address City State Zip Code

ABA Routing Number Account Number

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Electronic Delivery Form (Optional)** 

Instead of receiving paper copies of Account Communications, you may elect to receive electronic delivery of Account Communications from Guggenheim Investments Private Credit Fund. If you would like to consent to electronic delivery, including pursuant to email, please check the box below for this election. "Account Communications" means all current and future account statements, the prospectus, prospectus supplements, annual and quarterly reports, tender offer documents, proxy statements, and other shareholder communications and reports regarding your investment in Guggenheim Investments Private Credit Fund. Electronic communication by Guggenheim Investments Private Credit Fund and/or Guggenheim Private Investments, LLC, includes e-mail delivery as well as electronically making available to you Account Communications on Guggenheim Investments Private Credit Fund's internet site or the internet site of Guggenheim Private Investments, LLC or any third-party service provider to Guggenheim Investments Private Credit Fund, such as Guggenheim Private Investments, LLC, if applicable. Guggenheim Investments Private Credit Fund will notify you by email when and where documents are available. It is your affirmative obligation to notify Guggenheim Investments Private Credit Fund in writing if your e-mail address changes.

You may revoke or restrict your consent to electronic delivery of Account Communications at any time by notifying Guggenheim Investments Private Credit Fund, in writing, of your intention to do so.

You will not receive paper copies of Account Communications unless specifically requested, the delivery of electronic materials is prohibited or we, in our sole discretion, elect to send paper copies of the materials.

Guggenheim Investments Private Credit Fund and Guggenheim Private Investments, LLC will not be liable for any interception of Account Communications. You should note that no additional charge for electronic delivery will be assessed, but you may incur charges from its internet service provider or other internet access provider. In addition, there are risks, such as systems outages, that are associated with electronic delivery.

<br> I consent to electronic delivery <br> Primary Investor Initials Co-Investor Initials

E-mail Address: __________________________________________

If blank, the email provided in Section 1 above will be used.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **ERISA Plan Asset Regulations** 

Are you a "benefit plan investor"<sup>[2]</sup> within the meaning of the Plan Asset Regulations<sup>[3]</sup> or will you use the assets of a "benefit plan investor" to invest in Guggenheim Investments Private Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Yes ☐ No

Are you (i) a person with discretionary authority or control with respect to the assets of Guggenheim Investments Private Credit Fund, (ii) a person who provides investment advice for a fee (direct or indirect) with respect to such assets, or (iii) a person who, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with such person having such authority in clauses (i) or (ii) (each, a "Controlling Person")? For purposes of this paragraph, "control", with respect to a person other than an individual, means the power to exercise a controlling influence over the management or policies of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ Yes ☐ No

&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Internal Revenue Code Certification (Substitute W9) (required for U.S. Investors):** 

Under penalties of perjury, I certify that:

The number shown on this Subscription Agreement is my correct taxpayer identification number (or I am waiting

for a number to be issued to me); and

I am not subject to backup withholding because: (a) I am exempt from backup withholding, or (b) I have not been

notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to

report all interest or dividends, or (c) the IRS has notified me that I am no longer subject to backup withholding; and

I am a U.S. citizen or other U.S. person (including a resident alien) (defined in IRS Form W-9 instructions); and

The FATCA code(s) entered on this form (if any) indicating that I am exempt from FATCA reporting is correct.

**Certification instructions.** You must cross out item 2 above if you have been notified by the IRS that you are currently subject to backup withholding because you have failed to report all interest and dividends on your tax return.

**The Internal Revenue Service does not require your consent to any provision of this document other than the certifications required to avoid backup withholding.**

&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 term "benefit plan investor" includes, for e.g.: (i) an "employee benefit
 plan" as defined in section 3(3) of the U.S. Employee Retirement Income Security Act
 of 1974, as amended ("ERISA"), that is subject to Title I of ERISA (such as employee
 welfare benefit plans (generally, plans that provide for health, medical or other welfare
 benefits) and employee pension benefit plans (generally, plans that provide for retirement
 or pension income)); (ii) "plans" described in section 4975(e)(1) of the U.S.
 Internal Revenue Code of 1986, as amended (the "Code"), that is subject to section
 4975 of the Code (including, for e.g., an "individual retirement account", an
 "individual retirement annuity", a "Keogh" plan, a pension plan,
 an Archer MSA described in section 220(d) of the Code, a Coverdell education savings account
 described in section 530 of the Code and a health savings account described in section 223(d)
 of the Code) and (iii) an entity that is, or whose assets would be deemed to constitute the
 assets of, one or more "employee benefit plans" or "plans" (such
 as for e.g., a master trust or a plan assets fund) under ERISA or the Plan Asset Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "Plan
 Asset Regulations" means the regulations issued by the United States Department of
 Labor at Section 2510.3-101 of Part 2510 of Chapter XXV, Title 29 of the United States Code
 of Federal Regulations, as modified by Section 3(42) of ERISA, as the same may be amended
 from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Subscriber Signatures** 

Guggenheim Investments Private Credit Fund is required by law to obtain, verify and record certain personal information from you or persons on your behalf in order to establish the account. Required information includes name,

date of birth, permanent residential address and social security/taxpayer identification number. We may also ask to see other identifying documents. If you do not provide the information, Guggenheim Investments Private Credit Fund may not be able to open your account. By signing the Subscription Agreement, you agree to provide this information and confirm that this information is true and correct. If we are unable to verify your identity, or that of another person(s) authorized to act on your behalf, or if we believe we have identified potentially criminal activity, we reserve the right to take action as we deem appropriate which may include closing your account.

Please separately initial each of the representations below. Except in the case of fiduciary accounts, you may not grant any person a power of attorney to make the representations on your behalf.

**Please Note: Items 1-10 in this Section 8 must be read and initialed, to the extent applicable.** 

In order to induce Guggenheim Investments Private Credit Fund to accept this subscription, I hereby represent and warrant to you as follows:

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Primary<br> Investor<br> Initials**<br>| &nbsp;&nbsp; **Co-Investor<br> Initials**<br>|
| 1. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I (we) have received the prospectus (as amended or supplemented) for Guggenheim Investments Private Credit Fund at least seven business days prior to the date hereof. |  |  |
| 2. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I (we) have (A) a minimum net worth (not including home, home furnishings and personal automobiles) of at least $250,000, or (B) a minimum net worth (as previously described) of at least $70,000 and a minimum annual gross income of at least $70,000. If I am an entity that was formed for the purpose of purchasing shares, each individual that owns an interest in the entity meets this requirement. |  |  |
| 3. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the general suitability requirements described above, I/we meet the higher suitability requirements, if any, imposed by my state of primary residence as set forth in the prospectus under "SUITABILITY STANDARDS." If I am an entity that was formed for the purpose of purchasing shares, each individual that owns an interest in the entity meets this requirement. |  |  |
| 4. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I acknowledge that there is no public market for the shares, shares of this offering are not liquid and appropriate only as a long-term investment. |  |  |
| 5. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I am purchasing the shares for my own account, or if I am purchasing shares on behalf of a trust or other entity of which I am a trustee or authorized agent, I have due authority to execute this subscription agreement and do hereby legally bind the trust or other entity of which I am a trustee or authorized agent. |  |  |
| 6. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I acknowledge that Guggenheim Investments Private Credit Fund may enter into transactions with Guggenheim affiliates that involve conflicts of interest as described in the prospectus. |  |  |
| 7. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I acknowledge that subscriptions must be submitted at least seven business days prior to first day of each month and my investment will be executed as of the first business day of the applicable month at the NAV per share as of the preceding day. I acknowledge that I will not know the NAV per share at which my investment will be executed at the time I subscribe and the NAV per share as of the last day of each month will be made available at *www.guggenheiminvestments.com* within 20 business days after the first calendar day of the next month. |  |  |
|  |  | ***Initials*** | ***Initials*** |

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| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp; **Primary<br> Investor<br> Initials**<br>| &nbsp;&nbsp; **Co-Investor<br> Initials**<br>|
| 8. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I acknowledge that my subscription request will not be accepted any earlier than two business days before the first calendar day of each month. I acknowledge that I am not committed to purchase shares at the time my subscription order is submitted and I may cancel my subscription at any time before the time it has been accepted as described in the previous sentence. I understand that I may withdrew my purchase request by notifying the transfer agent at (212) 495-1784 or through my financial intermediary. |  |  |
| 9. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I acknowledge that the Subscriber: (i)(A) is not an "investment company" under the 1940 Act; (B) has not elected to be regulated as a "business development company" under the 1940 Act; and (C) is not relying on the exception from the definition of "investment company" under the 1940 Act set forth in Section 3(c)(1) or 3(c)(7) thereunder; **<u>or</u>** (ii) is permitted to acquire the shares consistent with the applicable provisions of Section 12 of the 1940 Act or the rules thereunder, including pursuant to Rule 12d1-4 under the 1940 Act. |  |  |
| 10.  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**If you live in any of the following states, please read the following carefully and check the appropriate box: Alabama, California, Idaho, Iowa, Kansas, Kentucky, Maine, Missouri, Nebraska, New Jersey, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Puerto Rico, Tennessee, and Vermont.** <br>If I am an **Alabama** resident, I have either (i) a minimum of $100,000 annual gross income and a net worth of $100,000, or (ii) a net worth of at least $350,000. In addition, my aggregate investment in Guggenheim Investments Private Credit Fund and other non-traded direct participation programs shall not exceed 10% of my liquid net worth at the time of investment in Guggenheim Investments Private Credit Fund. This concentration limit does not apply to investments made as a result of participation in a distribution reinvestment program nor to an investor who is an "accredited investor" as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended. Liquid net worth is defined as that portion of net worth consisting of cash, cash equivalents and readily marketable securities. <br>☐ Yes ☐ No |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **California** resident, I (1) have either (a) a liquid net worth of $70,000 and annual gross income of $70,000 or (b) a liquid net worth of $300,000, and I may not invest more than 10% of my liquid net worth in Guggenheim Investments Private Credit Fund, or (2) be an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act").<br>☐ Yes ☐ No | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **California** resident, I (1) have either (a) a liquid net worth of $70,000 and annual gross income of $70,000 or (b) a liquid net worth of $300,000, and I may not invest more than 10% of my liquid net worth in Guggenheim Investments Private Credit Fund, or (2) be an accredited investor as defined in Regulation D under the Securities Act of 1933, as amended (the "Securities Act").<br>☐ Yes ☐ No |  |  |
|  |  | ****<br> ***Initials*** | ***Initials*** |

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| | |
|:---|:---|
| **<u>Primary</u>**<br> **<u>Investor</u>**<br> **<u>Initials</u>** | **<u>Co-Investor</u>**<br> **<u>Initials</u>** |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am an **Idaho** resident, I have either (a) a net worth of $85,000 and annual income of $85,000 or (b) a liquid net worth of $300,000.<br>☐ Yes ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am an **Iowa** resident, I (i) have either (a) an annual gross income of at least $100,000 and a net worth of at least $100,000, or (b) a net worth of at least $350,000 (net worth should be determined exclusive of home, auto and home furnishings); and (ii) limit my aggregate investment in Guggenheim Investments Private Credit Fund and in the securities of other non-traded business development companies ("BDCs") to 10% of my liquid net worth (liquid net worth should be determined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities). Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing concentration limit.<br>☐ Yes ☐ No |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **Kansas** resident, I understand that it is recommended by the Office of the Kansas Securities Commissioner that Kansas investors limit their aggregate investment in our securities and other similar investments to not more than 10% of their liquid net worth. Liquid net worth shall be defined as that portion of the purchaser's total net worth that is comprised of cash, cash equivalents, and readily marketable securities, as determined in conformity with GAAP.<br>☐ Yes ☐ No | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **Kentucky** resident, my investment in Guggenheim Investments Private Credit Fund or its affiliates may not exceed 10% of my liquid net worth. "Liquid net worth" is defined as that portion of net worth that is comprised of cash, cash equivalents and readily marketable securities.<br>☐ Yes ☐ No | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **Maine** resident, I acknowledge that it is recommended by the Maine Office of Securities that my aggregate investment in this offering and other similar direct participation investments not exceed 10% of my liquid net worth. For this purpose, "liquid net worth" is defined as that portion of net worth that consists of cash, cash equivalents and readily marketable securities.<br>☐ Yes ☐ No | |
|  | ***Initials*** |

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| | |
|:---|:---|
| **<u>Primary</u>**<br> **<u>Investor</u>**<br> **<u>Initials</u>** | **<u>Co-Investor</u>**<br> **<u>Initials</u>** |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **Massachusetts** resident, I have either (a) a minimum liquid net worth of $100,000 and a minimum annual gross income of $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities. In addition, my investment in Guggenheim Investments Private Credit Fund, its affiliates and other non-publicly-traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed 10% of my liquid net worth.<br>☐ Yes ☐ No | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> If I am (we are) a **Missouri** resident, no more than ten percent (10%) of my (our) liquid net worth shall be invested in Guggenheim Investments Private Credit Fund.<br>☐ Yes ☐ No | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **Nebraska** resident, I have (i) either (a) an annual gross income of at least $70,000 and a net worth of at least $70,000, or (b) a net worth of at least $250,000; and (ii) I must limit my aggregate investment in Guggenheim Investments Private Credit Fund and the securities of other business development companies may not exceed 10% of my net worth. Investors who are accredited investors as defined in Regulation D are not subject to the foregoing investment concentration limit.<br>☐ Yes ☐ No | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If am a **New Jersey** resident, I have either (a) a minimum liquid net worth of at least $100,000 and a minimum annual gross income of not less than $85,000, or (b) a minimum liquid net worth of $350,000. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of home, home furnishings and automobiles, minus total liabilities) that consists of cash, cash equivalents and readily marketable securities. In addition, my investment in Guggenheim Investments Private Credit Fund, its affiliates and other non-publicly-traded direct investment programs (including real estate investment trusts, business development companies, oil and gas programs, equipment leasing programs and commodity pools, but excluding unregistered, federally and state exempt private offerings) may not exceed ten percent (10%) of my liquid net worth.<br>☐ Yes ☐ No | |
|  | ***Initials*** |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **New Mexico** resident, I may not invest, and Guggenheim Investments Private Credit Fund may not accept, more than 10% of my liquid net worth in Guggenheim Investments Private Credit Fund, its affiliates and in other non-traded business development companies. Liquid net worth is defined as that portion of net worth which consists of cash, cash equivalents and readily marketable securities. This requirement shall not apply to any person that is an accredited investor as defined by Rule 501(a) of Regulation D.<br>☐ Yes ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **North Dakota** resident, I have a net worth of at least ten times my investment in Guggenheim Investments Private Credit Fund.<br>☐ Yes ☐ No |

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am an **Ohio** resident, my investment in Guggenheim Investments Private Credit Fund, its affiliates, and in any other non-traded BDC, may not exceed 10% of my liquid net worth. "Liquid net worth" is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles, minus total liabilities) comprised of cash, cash equivalents and readily marketable securities. This condition does not apply, directly or indirectly, to federally covered securities. The condition also does not apply to purchasers who meet the definition of an accredited investor as defined in Rule 501(a) of Regulation D under the Securities Act. The foregoing investment concentration limit shall not apply to an Ohio purchaser who submits to the Ohio Securities Division a completed waiver request in the form prescribed by the Ohio Securities Division prior to purchase.<br>☐ Yes ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am an **Oklahoma** resident, my investment in Guggenheim Investments Private Credit Fund may not exceed 10% of my liquid net worth.<br>☐ Yes ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am an **Oregon** resident, my investment in Guggenheim Investments Private Credit Fund may not exceed 10% of my liquid net worth. Liquid net worth in Oregon is defined as net worth excluding the value of the investor's home, home furnishings and automobile.<br>☐ Yes ☐ No |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am **Puerto Rico** resident, my investment in Guggenheim Investments Private Credit Fund, its affiliates, and other non-traded business development companies, may not exceed 10% of my liquid net worth. For these purposes, "liquid net worth" is defined as that portion of net worth (total assets exclusive of primary residence, home furnishings and automobiles minus total liabilities) consisting of cash, cash equivalents and readily marketable securities.<br>☐ Yes ☐ No |

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| | |
|:---|:---|
| ***Initials*** | ***Initials*** |

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| | |
|:---|:---|
| **<u>Primary</u>**<br> **<u>Investor</u>**<br> **<u>Initials</u>** | **<u>Co-Investor</u>**<br> **<u>Initials</u>** |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **Tennessee** resident, I have a liquid net worth of at least ten times my investment in Guggenheim Investments Private Credit Fund. Investors who are accredited investors as defined in Regulation D under the Securities Act are not subject to the foregoing investment concentration limit.<br>☐ Yes ☐ No | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If I am a **Vermont** resident and am not an "accredited investor" as defined in 17 C.F.R. § 230.501, my investment in this offering may not exceed 10% of my liquid net worth. For these purposes, "liquid net worth" is defined as an investor's total assets (not including home, home furnishings or automobiles) minus total liabilities.<br>☐ Yes ☐ No | |
|  | ***Initials*** |

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In the case of sales to fiduciary accounts, the minimum standards set forth in the prospectus under "SUITABILITY STANDARDS" shall be met by the beneficiary, the fiduciary, account, or, by the donor or grantor, who directly or indirectly supplies the funds to purchase the shares if the donor or grantor is the fiduciary.

If you do not have another broker-dealer or other financial intermediary introducing you to Guggenheim Investments Private Credit Fund, then Guggenheim Funds Distributors, LLC may be deemed to be acting as your broker-dealer of record in connection with any investment in Guggenheim Investments Private Credit Fund. For important information in this respect, see Section K below.

**I declare that the information supplied in this Subscription Agreement is true and correct and may be relied upon by Guggenheim Investments Private Credit Fund. I acknowledge that the Broker / Financial Advisor (Broker / Financial Advisor of record) indicated in Section 6 of this Subscription Agreement and its designated clearing agent, if any, will have full access to my account information, including the number of shares I own, tax information (including the Form 1099) and redemption information. Investors may change the Broker / Financial Advisor of record at any time by contacting Guggenheim Investments Private Credit Fund Investor Relations at the number indicated below.** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **X** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | &nbsp;&nbsp;**X** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | |
|  | ***Signature of Investor*** | ***Date*** |  | ***Signature of Co-Investor or***<br> ***Custodian (If applicable)*** | ***Date*** |

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**(MUST BE SIGNED BY CUSTODIAN OR TRUSTEE** 

**IF PLAN IS ADMINISTERED BY A THIRD PARTY)** 

&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Financial Advisor Information (Required Information. All Fields Must Be Completed.)** 

The Financial Advisor must sign below to complete the order. The Financial Advisor hereby warrants that he/she is duly licensed and may lawfully sell shares in the state designated as the investor's legal residence.

Broker Financial Advisor Name

Advisor Mailing Address City State Zip Code

Representative ID Branch Number Telephone Number

E-mail Address Fax Number <br> Operations Contact Name Operations Contact Email Address

Please note that unless previously agreed to in writing by Guggenheim Investments Private Credit Fund, all sales of securities must be made through a Broker, including when an RIA has introduced the sale. In all cases, Section 6 must be completed.

The undersigned confirm(s), which confirmation is made on behalf of the Broker with respect to sales of securities made through a Broker, that they (i) have reasonable grounds to believe that the information and representations concerning the investor identified herein are true, correct and complete in all respects; (ii) have discussed such investor's prospective purchase of shares with such investor; (iii) have advised such investor of all pertinent facts with regard to the lack of liquidity and marketability of the shares; (iv) have delivered or made available a current prospectus and related supplements, if any, to such investor; (v) have reasonable grounds to believe that the investor is purchasing these shares for his or her own account; (vi) have reasonable grounds to believe that the purchase of shares is a suitable investment for such investor, that such investor meets the suitability standards applicable to such investor set forth in the prospectus and related supplements, if any, and that such investor is in a financial position to enable such investor to realize the benefits of such an investment and to suffer any loss that may occur with respect thereto; and (vii) have advised such investor that the shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the prospectus. The undersigned Broker, Financial Advisor or Financial Representative listed in Section 6 further represents and certifies that, in connection with this subscription for shares, he/she has complied with and has followed all applicable policies and procedures of his or her firm relating to, and performed functions required by, federal and state securities laws, rules promulgated under the Securities Exchange Act of 1934, as amended, including, but not limited to Rule 151-1 ("Regulation Best Interest") and FINRA rules and regulations including, but not limited to Know Your Customer, Suitability and PATRIOT Act (Anti-Money Laundering, Customer Identification) as required by its relationship with the investor(s) identified on this document.

THIS SUBSCRIPTION AGREEMENT AND ALL RIGHTS HEREUNDER SHALL BE GOVERNED BY, AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE.

If you do not have a broker-dealer or other financial intermediary introducing you to Guggenheim Investments Private Credit Fund, then Guggenheim Funds Distributors, LLC may be deemed to act as your broker of record in connection with any investment in Guggenheim Investments Private Credit Fund. If you want to receive financial advice regarding a prospective investment in the shares, contact your broker-dealer or other financial intermediary.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **X** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | | &nbsp;&nbsp;**X** | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | |
|  | ***Financial Advisor Signature*** | ***Date*** |  | ***Branch Manager Signature***<br> ***(If required by Broker)*** | ***Date*** |

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**L.** **Delivery Instructions** 

**Completed subscription agreements should be sent to:** 

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **U.S. Mail:**<br> Guggenheim Investments Private Credit Fund<br> c/o The Bank of New York Mellon<br> 500 Ross Street, 154-0520<br> Pittsburg, PA 15262<br>**Overnight Mail:**<br> Guggenheim Investments Private Credit Fund<br> c/o The Bank of New York Mellon<br> 500 Ross Street, 154-0520<br> Pittsburg, PA 15262<br>**Email:**<br> guggenheimis@bny.com | **Wire Instructions:**<br> Name: Guggenheim Investments Private Credit Fund<br> Bank Name: The Bank of New York Mellon<br> ABA: [ ]<br> Account No.: [ ]<br>**Phone Number:**<br> (212) 495-1784 |

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**M.** **Miscellaneous** 

If investors participating in the Distribution Reinvestment Plan or making subsequent purchases of shares of Guggenheim Investments Private Credit Fund experience a material adverse change in their financial condition or can no longer make the representations or warranties set forth in the Section 8 above, they are asked to promptly notify Guggenheim Investments Private Credit Fund and the Broker in writing. The Broker may notify Guggenheim Investments Private Credit Fund if an investor participating in the Distribution Reinvestment Plan can no longer make the representations or warranties set forth in the Section 8 above, and Guggenheim Investments Private Credit Fund may rely on such notification to terminate such investor's participation in the Distribution Reinvestment Plan.

No sale of shares may be completed until at least seven business days after you receive the final prospectus. To be accepted, a subscription request must be made with a completed and executed subscription agreement in good order and payment of the full purchase price at least seven business days prior to the first calendar day of the month (unless waived). You will receive a written confirmation of your purchase.

All items on the Subscription Agreement must be completed in order for your subscription to be processed. Subscribers are encouraged to read the prospectus in its entirety for a complete explanation of an investment in the shares of Guggenheim Investments Private Credit Fund.

The Company and the Managing Dealer will direct any dealers to, upon receipt of any and all funds received from prospective purchasers of shares, transmit same together with a copy of this executed Subscription Agreement or copy of the signature page of such agreement, stating among other things, the name of the purchaser, current address, and the amount of the investment to The Bank of New York Mellon (a) by the end of the next business day following receipt where internal supervisory review is conducted at the same location at which subscription documents and funds are received, or (b) by the end of the second business day following receipt where internal supervisory review is conducted at a different location than which subscription documents and funds are received.

**Appendix A: Supporting Document Requirements** 

Please provide the following supporting documentation based on your account type.

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| | |
|:---|:---|
| *Individual* | ☐ If a non-U.S. person, Form W-8BEN |
| *Joint* (including JTWROS, Tenants in Common, Community Property)<br>| ☐ For each non-U.S. Person account holder, Form W-8BEN |
| *IRA* (including ROTH, SEP, Rollover, Inherited) | ☐ None |
| *Trust* | ☐ Certificate of Trust or Declaration of Trust<br> ☐ Appropriate W-8 series form<br> (see https://www.irs.gov/forms-pubs/about-form-w-8)<br>|
| *Corporation* (including C Corp., S Corp., LLC) | ☐ Formation documents<br> ☐ Articles of incorporation<br> ☐ Authorized signatory list<br> ☐ Appropriate W-8 series form<br> (see https://www.irs.gov/forms-pubs/about-form-w-8)<br>|
| *Partnership* | ☐ Formation documents<br> ☐ Authorized signatory list<br> ☐ Appropriate W-8 series form<br> (see https://www.irs.gov/forms-pubs/about-form-w-8)<br>|
|  |  |

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**Guggenheim Investments Private Credit Fund**

**Maximum Offering of $2,500,000,000 in Common Shares**

**Minimum Offering of $100,000,000**

**PRELIMINARY PROSPECTUS**

**You should rely only on the information contained in this prospectus. No intermediary, salesperson or other person is authorized to make any representations other than those contained in this prospectus and supplemental literature authorized by Guggenheim Investments Private Credit Fund and referred to in this prospectus, and, if given or made, such information and representations must not be relied upon. This prospectus is not an offer to sell nor is it seeking an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. The information contained in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any sale of these securities. You should not assume that the delivery of this prospectus or that any sale made pursuant to this prospectus implies that the information contained in this prospectus will remain fully accurate and correct as of any time subsequent to the date of this prospectus.**

**[ ], 2026**

**PART C**

**Other Information**

**Item 25. Financial Statements and Exhibits**

*(1)* *Financial Statements* 

The following financial statements of Guggenheim Investments Private Credit Fund are included in Part A of this Registration Statement.

**INDEX TO FINANCIAL STATEMENTS**

**Guggenheim Investments Private Credit Fund**

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| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
| Report of Independent Registered Public Accounting Firm |  | F-1 |
| Statement of Assets and Liabilities as of January 2, 2026 |  | F-2 |
| Statement of Operations for the Period March 6, 2025 (Inception Date) through January 2, 2026 |  | F-3 |
| Notes to Financial Statements |  | F-4 |

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*(2)* *Exhibits* 

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| |
|:---|
| [(a)(1)](https://www.sec.gov/Archives/edgar/data/2061357/000182126825000137/ex99a1.htm) |
| [(a)(2)](https://www.sec.gov/Archives/edgar/data/2061357/000182126825000137/ex99a2.htm) [Declaration of Trust of the Registrant<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/2061357/000182126825000137/ex99a2.htm). |

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| | |
|:---|:---|
| [(a)(3)](ex99a3.htm) | [Amended and Restated Declaration of Trust of the Registrant](ex99a3.htm)<br>|
| [(a)(4)](ex99a4.htm) | [Second Amended and Restated Declaration of Trust of the Registrant](ex99a4.htm) |

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[(b)(1)](ex99b1.htm) [Bylaws of the Registrant](ex99b1.htm) <br> [(b)(2)](ex99b2.htm) [Amended and Restated Bylaws of the Registrant](ex99b2.htm)

[(e)](ex99e.htm) [Distribution Reinvestment Plan](ex99e.htm)

[(g)](ex99g.htm) [Form of Investment Advisory Agreement](ex99g.htm)

[(h)(1)](ex99h1.htm) [Form of Intermediary Manager Agreement](ex99h1.htm)

[(h)(2)](ex99h2.htm) [Form of Selected Intermediary Agreement](ex99h2.htm)

[(h)(3)](ex99h3.htm) [Distribution and Shareholder Servicing Plan of the Registrant](ex99h3.htm)

[(j)](ex99j.htm) [Custodian Agreement](ex99j.htm)

[(k)(1)](ex99k1.htm) [Administration and Fund Accounting Agreement](ex99k1.htm) <br> [(k)(2)](ex99k2.htm) [Transfer Agency Services Agreement](ex99k2.htm)

[(k)(3)](ex99k3.htm) [Form of Escrow Agreement](ex99k3.htm)

[(k)(4)](ex99k4.htm) [Multi-Class Plan](ex99k4.htm)

[(k)(5)](ex99k5.htm) [Form of Expense Support and Conditional Reimbursement Agreement](ex99k5.htm) <br> [(l)](ex99l.htm) [Opinion of Dechert LLP](ex99l.htm)

[(n)](ex99n.htm) [Consent of Independent Registered Public Accounting Firm](ex99n.htm)

[(p)](ex99p.htm) [Subscription Agreement for Seed Capital](ex99p.htm)

[(r)(1)](ex99r1.htm) [Code of Ethics of the Fund](ex99r1.htm)

---

| | |
|:---|:---|
| [(r)(2)](ex99r2.htm) | [Code of Ethics of the Adviser and Intermediary Manager](ex99r2.htm)<br>|
| [(s)(1)](ex99s1.htm) | [Power of Attorney](ex99s1.htm)<br>|
| [(s)(2)](https://www.sec.gov/Archives/edgar/data/2061357/000182126825000137/ex99s2.htm) | [Filing Fee Exhibit<sup>1</sup>](https://www.sec.gov/Archives/edgar/data/2061357/000182126825000137/ex99s2.htm) |

---

<sup>1</sup> Incorporated by reference from the Registrant's Registration Statement on Form N-2, as filed with the Securities and Exchange Commission on July 11, 2025 (SEC File No. 377-07834).

**Item 26.** **Marketing Arrangements**

The information contained under the heading "Plan of Distribution" in this Registration Statement is incorporated herein by reference.

**Item 27.** **Other Expenses Of Issuance And Distribution**

---

| | |
|:---|:---|
| SEC registration fee | $382750.0 |
| FINRA filing fee | $225500.0 |
| Legal | $1250000.0 |
| Printing | $40000.0 |
| Accounting | $40000.0 |
| Blue Sky Expenses | $560000.0 |
| Due Diligence | $15000.0 |
| Miscellaneous fees and expenses | $10000.0 |
| Total | $2523250.0 |

---

**Item 28.** **Persons Controlled By Or Under Common Control**

Immediately prior to this offering, GIHII Asset Holdings, LLC, a Delaware limited liability company and affiliate of the Adviser, will own 100% of the outstanding common shares of the Registrant. Following the completion of this offering, GIHII Asset Holdings, LLC's share ownership is expected to represent less than 5% of the Registrant's outstanding common shares. See "Control Persons and Principal Shareholders" in this prospectus contained herein.

**Item 29.** **Number Of Holders Of Securities**

The following table sets forth the number of record holders of the Registrant's common shares at January 5, 2026.

---

| | | |
|:---|:---|:---|
| **Title of Class** | **Number of <br> Record<br> Holders** | **Number of <br> Record<br> Holders** |
| Class S Common shares |  | 0 |
| Class D Common shares |  | 0 |
| Class I Common shares |  | 1 |

---

**Item 30. Indemnification** 

Section 7 and 8 of the Registrant's Declaration of Trust provide as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; (a) The Trustee and the officer(s) of the Trust (the "Fiduciary Indemnified Persons") shall not be liable, responsible or accountable in damages or otherwise to the Trust, the Trustee, or any holder of the Trust's securities for any loss, damage or claim incurred by reason of any act or omission performed or omitted by the Fiduciary Indemnified Persons in good faith on behalf of the Trust and in a manner the Fiduciary Indemnified Persons reasonably believed to be within the scope of authority conferred on the Fiduciary Indemnified Persons by this Declaration of Trust or by law, except that the Fiduciary Indemnified Persons shall be liable for any such loss, damage or claim incurred by reason of the Fiduciary Indemnified Person's gross negligence or willful misconduct with respect to such acts or omissions, as finally determined by any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fiduciary Indemnified Persons shall be fully protected in relying in good faith upon the records of the Trust and upon such information, opinions, reports or statements presented to the Trust by any person as to matters the Fiduciary Indemnified Persons reasonably believes are within such other person's professional or expert competence and who has been selected with reasonable care by or on behalf of the Trust, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits, losses, or any other facts pertinent to the trust estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; The Trust shall, to the fullest extent permitted by applicable law,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. indemnify and hold harmless each Fiduciary Indemnified Person from and against any loss, damage, liability,
claim, action, suit, tax, penalty, expense or claim of any kind or nature whatsoever incurred by the Fiduciary Indemnified Persons by
reason of the creation, operation or termination of the Trust, except that no Fiduciary Indemnified Persons shall be entitled to be indemnified
in respect of any loss, damage, liability, action, suit or claim incurred by the Fiduciary Indemnified Persons by reason of gross negligence
or willful misconduct with respect to such acts or omissions, as finally determined by any court of competent jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. advance expenses (including legal fees and including costs of enforcing the Trust's obligations
under this Section 8) incurred by a Fiduciary Indemnified Person in defending any claim, demand, action, suit or proceeding, from time
to time, prior to the final disposition of such claim, demand, action, suit or proceeding, upon receipt by the Trust of an undertaking
by or on behalf of such Fiduciary Indemnified Persons to repay such amount if it shall be determined that such Fiduciary Indemnified Person
is not entitled to be indemnified as authorized in the preceding subsection.

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

A description of any other business, profession, vocation or employment of a substantial nature in which Guggenheim Private Investments, LLC, and each managing director, director or executive officer of Guggenheim Private Investments, LLC, is or has been, 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 forth in Part A of this Registration Statement in the section entitled "Management of the Fund." Additional information regarding Guggenheim Private Investments, LLC and its officers and managing member is set forth in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-131052), and is incorporated herein by reference.

**Item 32. 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:

(1) the Registrant;

(2) the transfer agent;

(3) the Custodian;

(4) the Adviser; and

(5) the Administrator

**Item 33. Management Services** 

Not Applicable.

**Item 34. Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement

&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. to include any prospectus required by Section 10(a)(3) of the Securities 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;ii. to reflect in the prospectus any facts or events after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information
set forth in the registration statement; notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the
total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the
'Calculation of Filing Fee Tables' in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. to include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. that, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment will be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities
at that time will be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. that, for the purpose of determining liability under the Securities Act to any purchaser,

&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. if the Registrant is subject to Rule 430B under the 1933 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;&nbsp;&nbsp;&nbsp;&nbsp;1. each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (x), or (xi) under the Securities Act for the purpose of providing
the information required by Section 10 (a) of the Securities Act shall be deemed to be part of and included in the registration statement
as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities
in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at
that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities
in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part
of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or
prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective
date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such effective date; 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;ii. if the Registrant is subject to Rule 430C: each prospectus filed pursuant to Rule 424(b) under the Securities Act as part of a registration
statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance
on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness.
Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made
in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration
statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was
made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately
prior to such date of first use; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. That for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&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 preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
424 under the Securities 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;ii. Free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by
the undersigned Registrants;

&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 portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the Securities Act [17 CFR 230.482] relating
to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned
Registrant; and

&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. Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus.

.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), the Registrant has caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, New York on the 4th day of February, 2026.

---

| | |
|:---|:---|
| Guggenheim Investments Private Credit Fund | Guggenheim Investments Private Credit Fund |
| By: | /s/ Brian E. Binder |
| Name: | Brian E. Binder |
| Title: | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacity and on the date indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Brian E. Binder | Chief Executive Officer, Chairman and Trustee (Principal Executive Officer) | February 4, 2026 |
| Brian E. Binder | Chief Executive Officer, Chairman and Trustee (Principal Executive Officer) | February 4, 2026 |
| /s/ James M. Howley | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | February 4, 2026 |
| James M. Howley | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | February 4, 2026 |
| /s/ Robert Camacho\* | Trustee | February 4, 2026 |
| Robert Camacho | Trustee | February 4, 2026 |
| /s/ Todd M. Corbin\* | Trustee | February 4, 2026 |
| Todd M. Corbin | Trustee | February 4, 2026 |
| /s/ James P. Fortescue\* | Trustee | February 4, 2026 |
| James P. Fortescue | Trustee | February 4, 2026 |
| /s/ Marc S. Goodman\* | Trustee | February 4, 2026 |
| Marc S. Goodman | Trustee | February 4, 2026 |
| /s/ Peter E. Roth\* | <br> Trustee | <br> February 4, 2026 |
| Peter E. Roth | <br> Trustee | <br> February 4, 2026 |
| /s/ Stephanie T. Yeh\* | Trustee | February 4, 2026 |
| Stephanie T. Yeh | Trustee | February 4, 2026 |

---

---

| | |
|:---|:---|
| \*By: | /s/ Mark E. Mathiasen |
|  | Mark E. Mathiasen<br> As Agent or Attorney-in-Fact |

---

The original powers of attorney authorizing Brian E. Binder and Mark E. Mathiasen to execute the Registration Statement, and any amendments thereto, for the trustees of the Registrant on whose behalf this Registration Statement is filed have been executed and filed as an Exhibit hereto.

**Exhibit Index**

---

| | |
|:---|:---|
| [(a)(3)](ex99a3.htm) | [Amended and Restated Declaration of Trust of the Registrant](ex99a3.htm)<br>|
| [(a)(4)](ex99a4.htm)<br>| [Second Amended and Restated Declaration of Trust of the Registrant](ex99a4.htm) |
| [(b)(1)](ex99b1.htm) | [Bylaws of the Registrant](ex99b1.htm) |

---

[(b)(2)](ex99b2.htm) [Amended and Restated Bylaws of the Registrant](ex99b2.htm)

[(e)](ex99e.htm) [Distribution Reinvestment Plan](ex99e.htm)

[(g)](ex99g.htm) [Form of Investment Advisory Agreement](ex99g.htm)

[(h)(1)](ex99h1.htm) [Form of Intermediary Manager Agreement](ex99h1.htm)

[(h)(2)](ex99h2.htm) [Form of Selected Intermediary Agreement](ex99h2.htm)

[(h)(3)](ex99h3.htm) [Distribution and Shareholder Servicing Plan of the Registrant](ex99h3.htm)

[(j)](ex99j.htm) [Custodian Agreement](ex99j.htm)

[(k)(1)](ex99k1.htm) [Administration and Fund Accounting Agreement](ex99k1.htm) <br> [(k)(2)](ex99k2.htm) [Transfer Agency Services Agreement](ex99k2.htm)

[(k)(3)](ex99k3.htm) [Form of Escrow Agreement](ex99k3.htm)

[(k)(4)](ex99k4.htm) [Multi-Class Plan](ex99k4.htm)

[(k)(5)](ex99k5.htm) [Form of Expense Support and Conditional Reimbursement Agreement](ex99k5.htm) <br> [(l)](ex99l.htm) [Opinion of Dechert LLP](ex99l.htm)

[(n)](ex99n.htm) [Consent of Independent Registered Public Accounting Firm](ex99n.htm)

[(p)](ex99p.htm) [Subscription Agreement for Seed Capital](ex99p.htm)

[(r)(1)](ex99r1.htm) [Code of Ethics of the Fund](ex99r1.htm)

[(r)(2)](ex99r2.htm) [Code of Ethics of the Adviser and Intermediary Manager](ex99r2.htm) <br> [(s)(1)](ex99s1.htm) [Power of Attorney](ex99s1.htm)

## Ex-99

**Exhibit (a)(3)**

**AMENDED AND RESTATED DECLARATION OF TRUST**

**OF**

**GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND**

**December 4, 2025**

**\* \* \* \* \* \* \* \* \* \***

**ARTICLE I<br> NAME; DEFINITIONS**

Section 1.1 <u>Name</u>. The name of the statutory trust is Guggenheim Investments Private Credit Fund (the "Company"). So far as may be practicable, the business of the Company shall be conducted and transacted under that name, which name (and the word "Company" whenever used in this Amended and Restated Declaration of Trust (the "Declaration of Trust"), except where the context otherwise requires) shall refer to the Board of Trustees (as defined herein) collectively but not individually or personally and shall not refer to the Shareholders or to any officers, employees or agents of the Company or of such Trustees. Under circumstances in which the Trustees determine that the use of the name "Guggenheim Investments Private Credit Fund" is not practicable, they may use any other designation or name for the Company, subject to applicable law. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Statutory Trust Act (as defined below). Any such instrument shall not require the approval of the Shareholders but shall have the status of an amendment to this Declaration of Trust.

Section 1.2 <u>Definitions</u>. As used in this Declaration of Trust, the following terms shall have the following meanings unless the context otherwise requires:

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>Acquisition Expenses</u>" means expenses, including but not limited to legal fees and expenses, travel and communication expenses, costs regarding determination of creditworthiness and due diligence on prospective portfolio holding companies, non-refundable option payments on assets not acquired, accounting fees and expenses, and miscellaneous expenses relating to the purchase or acquisition of assets, whether or not acquired.

"<u>Acquisition Fees</u>" means any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Adviser) in connection with the initial purchase or acquisition of assets by the Company. Included in the computation of such fees or commissions shall be any commission, selection fee, supervision fee, financing fee, non-recurring management fee or any fee of a similar nature, however designated.

"<u>Administrator</u>" means the Person who enters into an administration agreement with the Fund, or an affiliated successor in interest thereto, and any Person to whom the Administrator subcontracts any and all such services and any successor to an Administrator who enters into an administrative services agreement with the Company or who subcontracts with a successor Administrator.

"<u>Adviser</u>" means Guggenheim Private Investments, LLC or an affiliated successor in interest thereto, any Person to whom the Adviser subcontracts any and all such services pursuant to a sub-advisory agreement and any successor to an Adviser who enters into an Advisory Agreement with the Company or who subcontracts with a successor Adviser. If the Adviser no longer serves as the investment adviser to the Company, the rights of the Adviser in this Declaration of Trust will become the rights of the Trustees.

"<u>Advisers Act</u>" means the Investment Advisers Act of 1940, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>Advisory Agreement</u>" means that certain investment advisory agreement between the Company and the Adviser named therein pursuant to which the Adviser will act as the investment adviser to the Company and provide investment advisory, investment management and other specified services to the Company, including any sub-advisory agreement.

"<u>Affiliate</u>" or "<u>Affiliated</u>" means (subject to the limits under the 1940 Act or an exemptive order from the SEC, as each may be applicable) with respect to any specified Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any other Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other Person directly or indirectly controlling, controlled by or under common control with such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any executive officer, director, trustee, or partner of such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any legal entity on which such specified Person acts as an executive officer, director, trustee, or partner (other than an Independent Trustee); 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;(f) if such specified Person is an investment company, any investment adviser thereof or any member of an advisory board thereof.

"<u>Benefit Plan Investor</u>" means a benefit plan investor as defined in the Plan Asset Regulations.

"<u>Bylaws</u>" means the bylaws of the Company, as the same are in effect and may be amended from time to time in accordance with the Declaration of Trust and the Bylaws, as applicable.

"<u>Capital Contribution</u>" means the total investment, including the original investment and amounts reinvested pursuant to a distribution reinvestment plan in a program by a participant, or by all participants, as the case may be. Unless otherwise specified, capital contributions shall be deemed to include principal amounts to be received on account of deferred payments.

"<u>Cash Available for Distribution</u>" means Cash Flow plus cash funds available for distribution from Company reserves less amounts set aside for restoration or creation of reserves.

"<u>Cash Flow</u>" means Company cash funds provided from operations, without deduction for depreciation, but after deducting cash funds used to pay all other expenses, debt payments, capital improvements and replacements. Cash withdrawn from reserves is not Cash Flow.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

"<u>Common Shares</u>" means the common Shares, par value $0.01 per share, of the Company that may be issued from time to time in accordance with the terms of this Declaration of Trust and applicable law, as described in Article IV hereof, including any class or series of Common Shares.

"<u>Controlling Person</u>" shall mean (subject to the limits under the 1940 Act or an exemptive order from the SEC, as each may be applicable), all Persons, whatever their titles, who perform functions for the Sponsor similar to those of: (a) chairman or member of the board of directors or managers; (b) executive officers; and (c) those holding ten percent or more equity interest in the Sponsor or a Person having the power to direct or cause the direction of the Sponsor, whether through the ownership of voting securities, by contract, or otherwise.

"<u>Covered Security</u>" has the meaning set forth in the Securities Act.

"<u>DGCL</u>" means Delaware General Corporation Law, 8 Del. C. § 100, et. seq., as amended from time to time, or any successor statute thereto.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

<u>"ERISA Controllin</u>g <u>Person</u>" means a Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the Company or who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliate of such a Person within the meaning of 29 C.F.R. § 2510.3-101(f)(3).

"<u>Exchan</u>g<u>e Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Front End Fees</u>" means fees and expenses paid by any party for any services rendered to organize the Company and to acquire assets for the Company, including Organization and Offering Expenses, Acquisition Fees, Acquisition Expenses, and any other similar fees, however designated by the Board.

"<u>GAAP</u>" means generally accepted accounting principles as in effect in the United States of America from time to time or such other accounting basis mandated by the SEC.

"<u>Independent Expert</u>" means a Person with no material current or prior business or personal relationship with the Sponsor, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is qualified to perform such work.

"<u>Independent Trustee</u>" means a Trustee who is not an Interested Person.

"<u>Interested Person</u>" means a Person who is an "interested person" as that term is defined under Section 2(a)(19) of the 1940 Act.

"<u>Investment in program assets</u>" means the amount of capital contributions actually paid or allocated to the purchase or development of assets acquired by the program (including working capital reserves allocable thereto, except that working capital reserves in excess of three percent shall not be included) and other cash payments such as interest and taxes but excluding front-end fees.

"<u>Liquidity Event</u>" means a Listing or any merger, reorganization, business combination, share exchange, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Shares of the Company in one or more related transactions, or similar transaction involving the Company pursuant to which the Shareholders receive for their Shares, as full or partial consideration, cash, equity Securities or combination thereof: (a) a Listing; (b) a sale or merger in a transaction that provides Shareholders with cash and/or securities of a publicly traded company; or (c) a sale of all or substantially all of the assets of the Company for cash or other consideration.

"<u>Listing</u>" means the listing of the Common Shares (or any successor thereof) on a national securities exchange or national securities association registered with the SEC or the receipt by the Shareholders of Securities that are approved for trading on a national securities exchange or national securities association registered with the SEC in exchange for the Common Shares. The term "Listed" shall have the correlative meaning. With regard to the Common Shares, upon commencement of trading of the Common Shares on a national securities exchange or national securities association registered with the SEC, the Common Shares shall be deemed Listed.

"<u>Net Asset Value</u>" means the then-current value of all of the Company's assets, minus its liabilities.

"<u>Net Worth</u>" means the excess of total assets over total liabilities as determined by GAAP.

"<u>Omnibus Guidelines</u>" means the Omnibus Guidelines Statement of Policy adopted by the North American Securities Administrators Association on March 29, 1992 and as amended on May 7, 2007 and from time to time.

"<u>Organization and Offering Expenses</u>" means any and all costs and expenses incurred by and to be paid from the assets of the Company in connection with and in preparing for the formation, qualification and registration of the Company, and the marketing and distribution of

shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters' attorneys), expenses for printing, engraving, amending, supplementing, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow agents or holders, depositories, experts, fees, expenses and taxes related to the filing, registration and qualification of the sale of the shares under federal and state laws, including taxes and fees and accountants' and attorneys' fees.

"<u>Person</u>" means an individual, corporation, partnership, estate, trust joint venture, limited liability company or other entity or association. "<u>Plan Asset Re</u>g<u>ulation</u>" means 29 C.F.R. § 2510.3-101, as modified by section 3(42) of ERISA.

"<u>Roll-Up Entit</u>y" means a partnership, trust, corporation, or similar entity that would be created or would survive after the successful completion of a proposed Roll-Up Transaction.

"<u>Roll-Up Transaction</u>" means a transaction involving the acquisition, merger, conversion or consolidation either directly or indirectly of the Company and the issuance of securities of a Roll-Up Entity to the Shareholders. Such term does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a transaction involving Securities of the Company that have been Listed for at least twelve (12) months; 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;(b) a transaction involving the conversion to another corporate form or to a trust or association form of only the Company, if, as a consequence of the transaction, there will be no significant adverse change in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Shareholders' voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the term of existence of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Adviser and Sponsor compensation; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company's investment objective.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Securities</u>" means Common Shares, any other Shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights to subscribe to, purchase or acquire, any of the foregoing if and only if any such item is treated as a "security" under the Exchange Act, or applicable state securities laws.

"<u>Shareholders</u>" means the registered holders of the Company's Shares.

"<u>Shares</u>" means the unit of beneficial interest in the trust estate of the Company.

"<u>Side Letters</u>" has the meaning set forth in Section 10.6 hereto.

"<u>Similar Law</u>" means any federal, state, local, non-U.S. or other law or regulation that is similar to the fiduciary responsibility provisions of ERISA or the provisions of Section 4975 of the Code.

"<u>Sponsor</u>" means any Person directly or indirectly instrumental in organizing, wholly or in part, a program or any Person who will control, manage or participate in the management of a program, and any affiliate of such Person. Not included is any Person whose only relation with the program is that of an independent manager of a portion of Program assets, and whose only compensation is as such. "Sponsor" does not include wholly independent third parties such as attorneys, accountants, and underwriters whose only compensation is for professional services rendered in connection with the offering of program interests. A Person may also be deemed a Sponsor of the program by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) taking the initiative, directly or indirectly, in founding or organizing the business or enterprise of the program, either alone or in conjunction with one or more other Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receiving a material participation in the program in connection with the founding or organizing of the business of the program, in consideration of services or property, or both services and property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) having a substantial number of relationships and contacts with the program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) possessing significant rights to control program properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receiving fees for providing services to the program which are paid on a basis that is not customary in the industry; 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;(f) providing goods or services to the program on a basis which was not negotiated at arm's length with the program.

For purposes of this definition, "<u>pro</u>g<u>ram</u>" shall be deemed to include the Company.

"<u>Statutory Trust Act</u>" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq., as such act may be amended from time to time.

"<u>Trustees</u>," "<u>Board of Trustees</u>" or "<u>Board</u>" means, collectively, the individuals named in Section 3.1 of this Declaration of Trust so long as they continue in office and all other individuals who have been duly elected and qualify as Trustees of the Company hereunder.

**ARTICLE II<br> NATURE AND PURPOSE**

The Company is a Delaware statutory trust within the meaning of the Statutory Trust Act, existing pursuant to this Declaration of Trust and the Company's initial certificate of trust filed with the Delaware Secretary of State's office on March 6, 2025 (which filing is hereby ratified), as may be amended or amended and restated from time to time.

The purpose of the Company is to engage in any lawful act or activity for which trusts may be organized under the Statutory Trust Act as now or hereafter in force, including to conduct, operate and carry on the business of a non-diversified closed-end investment company operating as a business development company, as such terms are defined in the 1940 Act, subject to making an election therefor under the 1940 Act, and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust. In furtherance of the foregoing, it shall be the purpose of the Company to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a business development company regulated under the 1940 Act and which may be engaged in or carried on by a trust organized under the Statutory Trust Act, and in connection therewith the Company shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust. The Company may not, without the affirmative vote of a majority of the outstanding voting securities, as such term is defined under Section 2(a)(42) of the 1940 Act, of the Company entitled to vote on the matter, change the nature of the Company's business so that the Company ceases to be, or withdraws the Company's election to be, treated as a business development company under the 1940 Act.

Legal title to all of the assets of the Company shall be vested in the Company as a separate legal entity except that the Trustees shall have power to cause legal title to any assets of the Company to be held in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that such arrangement is permitted by the 1940 Act and the interest of the Company therein is appropriately protected.

**ARTICLE III<br> PROVISIONS FOR DEFINING, LIMITING<br> AND REGULATING CERTAIN POWERS OF THE<br> COMPANY AND OF THE SHAREHOLDERS AND TRUSTEES**

Section 3.1 <u>Number of Trustees</u>. The business and affairs of the Company shall be managed under the direction of the Board. The Board shall have full, exclusive and absolute power, control and authority to the same extent as a board of directors of a Delaware corporation. The Board may take any actions as in its sole judgment and discretion are necessary or desirable to conduct the business of the Company. Except as otherwise specifically provided in this Declaration of Trust and the Bylaws, each Trustee and officer of the Company shall have duties including fiduciary duties (and liability therefor) identical to those of directors and officers of a private corporation for profit organized under the DGCL and shall not have any other duties, including any fiduciary duties, except for fiduciary duties identical to those of directors and officers of a private corporation for profit organized under the DGCL. Each Trustee shall serve until his or her death, removal, incapacity or resignation. The number of Trustees of the Company is seven (7), which number may be increased or decreased from time to time only by the Trustees pursuant to

the Bylaws, but shall never be less than three (3), except for a period of up to one hundred twenty (120) days after the death, removal or resignation of a Trustee pending the election of such Trustee's successor. The names of the initial Trustees are as follows:

Brian E. Binder

Robert Camacho

Todd M. Corbin

James P. Fortescue

Marc S. Goodman

Peter E. Roth

Stephanie T. Yeh

A majority of the Board shall be Independent Trustees, except for a period of up to one hundred twenty (120) days or such longer period permitted by law, after the death, removal or resignation of an Independent Trustee pending the election of such Independent Trustee's successor by the remaining Trustees.

Subject to applicable requirements of the 1940 Act, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy shall serve for the remainder of the full term of the trusteeship in which such vacancy occurred and until a successor is duly elected and qualified. There shall be no cumulative voting in the election or removal of Trustees.

The voting procedures and the number of votes required to elect a Trustee at a meeting of shareholders shall be as set forth in the Bylaws, which may be amended by the Board.

Section 3.2 <u>Shareholder Voting</u>. Except as provided in Article II, Section 3.8, Section 5.2, Section 5.3, Section 9.2, Section 10.1 and Section 12.2 of this Declaration of Trust, notwithstanding any provision of law permitting any particular action to be approved by the affirmative vote of the Shareholders of the Company entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable and approved by the Board, and approved by a majority of the votes cast at a meeting of Shareholders at which a quorum is present. All shares of all classes shall vote together as a single class provided that: (a) as to any matter with respect to which a separate vote of any class is required by the 1940 Act or any orders issued thereunder, such requirement as to a separate vote by that class shall apply in lieu of a general vote of all classes; (b) in the event that separate voting requirements apply with respect to one or more classes, then subject to subparagraph (c), the shares of all other classes not entitled to a separate vote shall vote together as a single class; and (c) as to any matter which in the judgment of the Board (which judgment shall be conclusive) does not affect the interest of a particular class, such class shall not be entitled to any vote and only the holders of shares of the one or more affected classes shall be entitled to vote. Notwithstanding any other provisions of this Declaration of Trust or the Bylaws to the contrary, for such matters that require the vote of a majority of the outstanding voting Shares of the Company under the 1940 Act, such majority vote shall be determined as set forth in Section 2(a)(42) of the 1940 Act. The provisions of this Section 3.2 shall be subject to the limitations of the 1940 Act and other applicable statutes or regulations.

Section 3.3 Q<u>uorum</u>. The determination of whether a quorum has been established for a meeting of the Company's Shareholders shall be as set forth in the Bylaws.

Section 3.4 <u>Preemptive Rights</u>. Except as may be provided by the Board in setting the terms of classified or reclassified Shares or as may otherwise be provided by contract approved by the Board, no Shareholder shall, as such Shareholder, have any preemptive right to purchase or subscribe for any additional Shares of the Company or any other Security of the Company that it may issue or sell.

Section 3.5 <u>Appraisal Rights</u>. Except (a) as may be provided by the Board in setting the terms of any class or series of Shares or (b) as provided in connection with a Roll-Up transaction pursuant to Section 11.1, no Shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

Section 3.6 <u>Determinations by the Board</u>. The determination as to any of the following matters, made in good faith, subject to the limitations set forth in the Omnibus Guidelines, by or pursuant to the direction of the Board consistent with this Declaration of Trust, shall be final and conclusive and shall be binding upon the Company and every Shareholder: (a) the amount of the net income of the Company for any period and the amount of assets at any time legally available for the payment of dividends, redemption or repurchase of its Shares or the payment of other distributions on its Shares; (b) the amount of stated capital, capital surplus, net assets, other surplus, annual or other net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; (c) the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); (d) any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any class or series of Shares of the Company; (e) the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Company or any Shares of the Company; (f) any matter relating to the acquisition, holding and disposition of any assets by the Company; or (g) any other matter relating to the business and affairs of the Company or required or permitted by applicable law, this Declaration of Trust or the Bylaws or otherwise to be determined by the Board provided, however, that any determination by the Board as to any of the preceding matters shall not render invalid or improper any action taken or omitted prior to such determination and no Trustee shall be liable for making or failing to make such a determination in accordance with this Section 3.6.

Section 3.7 <u>Sole Discretion; Good Faith; Corporate Opportunities of Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Declaration of Trust or otherwise applicable law, whenever in this Declaration of Trust the Trustees are permitted or required to make a decision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider, subject to the limitations set forth in the Omnibus Guidelines, such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, including such Trustees' fiduciary duties

under Delaware law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard, provided that such standard is consistent with such Trustees' fiduciary duties under Delaware law, and subject to the limitations set forth in the Omnibus Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless expressly provided otherwise herein or in the Company's offering document (as may be amended from time to time), the Adviser and any Affiliate of the Adviser may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Company and the doctrine of corporate opportunity, or any analogous doctrine. To the extent that the Adviser acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company, it shall not have any duty to communicate or offer such opportunity to the Company, subject to the requirements of the 1940 Act, the Advisers Act, and any applicable co-investment order issued by the Commission, and the Adviser shall not be liable to the Company or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Adviser pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Company. Neither the Company nor any Shareholder shall have any rights or obligations by virtue of this Declaration of Trust or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Company, shall not be deemed wrongful or improper.

Section 3.8 <u>Resignation and Removal of Trustees</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairman, if any, and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any Trustee, or the entire Board, may be removed from office at any time (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 3.1 hereof) only for cause and only by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an Interested Person a majority of the remaining Trustees that are not Interested Persons). Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Company or the remaining Trustees any Company property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his or her resignation or removal, or any right to damages on account of a removal.

Section 3.9 <u>Business Combination</u>. Notwithstanding any other provision of this Declaration of Trust or any contrary provision of law, the Board may, without Shareholder approval unless such approval is required by the 1940 Act, cause the Company to convert into or merge, reorganize or consolidate with or into one or more trusts, partnerships, limited liability companies,

corporations or other business entities, provided that the resulting entity is a business development company under the 1940 Act. Approval of any agreement or applicable certificate of merger, reorganization, consolidation or conversion or certificate may be signed by a majority of the Board or an authorized officer of the Company. In accordance with Section 3815(f) of the Statutory Trust Act, but subject to Section 5.2 of this Declaration of Trust, such approval and approval from the Board will effect an amendment to this Declaration of Trust and/or effect the adoption of a new declaration of trust of the Company or change the name of the Company if the Company is the surviving or resulting entity in the merger or consolidation.

Section 3.10 <u>Special Meetings</u>. Special meetings of Shareholders may be called in the manner provided in the Bylaws, including by a majority of the Independent Trustees or the Chief Executive Officer, and shall be called by the secretary of the Company to act on any matter that may properly be considered at a meeting of Shareholders. Notice of any special meeting of Shareholders shall be given as provided in the Bylaws. Any meeting may be adjourned and reconvened as the Board may determine or as otherwise provided in the Bylaws.

Section 3.11 <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 3.12 <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting, except to the extent otherwise required by the 1940 Act, if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 3.13 <u>Officers</u>. The Trustees shall elect a Chief Executive Officer, a Secretary, a Chief Financial Officer and/or Treasurer, a Chief Compliance Officer, and may include one or more Vice Presidents or Junior Officers, a Chief Operating Officer, a Chief Investment Officer, a Chief Legal Officer, one or more Assistant Secretaries and one or more Assistant Treasurers. The Trustees may elect a Chairperson, who shall be a Trustee and serve at the pleasure of the Trustees or until their successor is elected. The Trustees may elect or appoint or may authorize the Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The Chief Executive Officer, Secretary, Chief Financial Officer and/or Treasurer, as applicable, may, but need not, be a Trustee. All officers shall owe to the Company and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law.

Section 3.14 <u>Principal Transactions</u>. Except to the extent prohibited by applicable law and the Omnibus Guidelines, the Trustees may, on behalf of the Company, buy any securities from or sell any securities to, or lend any assets of the Company to, any Trustee or officer of the Company or any firm of which any such Trustee or officer is a member acting as principal, or have

any such dealings with any Affiliate of the Company, investment adviser, investment sub-adviser, distributor or transfer agent for the Company or with any Interested Person of such Affiliate or other person; and the Company may employ any such Affiliate or other person, or firm or company in which such Affiliate or other person is an Interested Person, as broker, legal counsel, registrar, investment adviser, investment sub-adviser, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

Section 3.15 <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over all of the Company's property or to carry on any business in which the Company shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Company's property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Company holds or is about to acquire shares or any other interests.

Section 3.16 <u>Dele</u>g<u>ation</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Company the doing of such things, including any matters set forth in this Declaration of Trust, and the execution of such instruments either in the name of the Company or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board as the Trustees shall determine from time to time except to the extent action by the entire Board or particular Trustees is required by the 1940 Act.

**ARTICLE IV<br> SHARES**

Section 4.1 <u>Authorized Shares</u>. The beneficial interest in the Company shall at all times be divided into an unlimited number of Shares. The Shares of the Company shall initially consist of Common Shares, with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. All Common Shares shall be fully paid and nonassessable when issued. Any different classes or series shall be established and designated, and the variations in the relative rights and preferences as between the different classes shall be fixed and determined, by the Trustees without Shareholder approval. The Trustees may create a class of preferred shares (the "<u>Preferred Shares</u>") which may be divided into one or more series of Preferred Shares and with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. The Company is authorized to offer and issue an unlimited number of Common Shares and an unlimited number of Preferred Shares.

Section 4.2 <u>Authorization by Board of Share Issuance</u>. The Board may authorize the issuance from time to time of Shares of the Company of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration as the Board may deem advisable (or without

consideration in the case of a split of Shares or dividend), subject to such restrictions or limitations, if any, as may be set forth in this Declaration of Trust or the Bylaws.

Section 4.3 <u>Classification or Reclassification by the Board</u>. As contemplated by Section 4.1, the variations in the relative rights and preferences as between any classes of Common Shares and any potential Preferred Shares shall be fixed and determined by the Trustees; provided, that all Common Shares or Preferred Shares of the Company or of any series shall be identical to all other Common Shares or Preferred Shares of the Company or of the same series, as the case may be, except that, to the extent permitted by the 1940 Act, there may be variations between different classes as to allocation of expenses, rights of redemption, special and relative rights and preferences as to dividends and distributions and on liquidation, conversion rights, and conditions under which the several classes shall have separate voting rights. All of the outstanding Common Shares as of the date hereof issued to the sole initial shareholder shall be classified as Class I Shares with such terms as set forth in the initial prospectus of the Company, as thereafter subsequently modified from time to time. Any class of Preferred Shares shall have such rights and preferences and priorities over the Common Shares as may be established by the terms thereof; provided that the Company may not issue any shares of preferred shares that would limit or subordinate the voting rights of holders of Common Shares as set forth in the Omnibus Guidelines unless required by the 1940 Act.

The following provisions shall be applicable to any division of Shares of the Company into one or more classes or series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All provisions herein relating to the Shares, or any class or series of Shares of the Company, including common and preferred shares, shall apply equally to each class of Shares of the Company or of any series of the Company, except as the context requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The number of Shares of each class that may be issued shall be unlimited. The Trustees may classify or reclassify any Shares or any class of any Shares into one or more other classes that may be established and designated from time to time. The Company may purchase and hold Shares as treasury shares, reissue such treasury shares for such consideration and on such terms as the Trustees may determine, or cancel any Shares of any class acquired by the Company at the Trustees' discretion from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liabilities, expenses, costs, charges and reserves related to the distribution of, and other identified expenses that should properly be allocated to, the Shares of a particular class or series within the class may be charged to and borne solely by such class or series, and the bearing of expenses solely by a class of shares or series may be appropriately reflected (in a manner determined by the Trustees) and cause differences in the net asset value attributable to, and the dividend, redemption and liquidation rights of, the Shares of different classes or series. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees in their reasonable judgment shall be conclusive and binding upon the Shareholders of all classes for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The establishment and designation of any class or series of Shares shall be effective upon resolution by a majority of the Trustees, adopting a resolution which sets forth such establishment and designation and the relative rights and preferences of such class or series. Each such resolution shall be incorporated herein by reference upon adoption. The Trustees may, by

resolution of a majority of the Trustees, abolish any class or series and the establishment and designation thereof. The provisions set forth in such resolution shall not conflict with the provisions of this Declaration of Trust with respect to any such rights and privileges of the class or series of Shares.

Section 4.4 <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided in this Declaration of Trust, the holders of each class or series of Shares shall be entitled to dividends and distributions in such amounts and at such times as may be determined by the Board, and the dividends and distributions paid with respect to the various classes or series of Shares may vary among such classes or series. Expenses related to the distribution of, and other identified expenses that properly should be allocated to the shares of, a particular class or series may be appropriately reflected (in a manner determined by the Board, in its discretion) and cause a difference in the Net Asset Value attributable to, and the dividend, redemption and liquidation rights of, the shares of each such class or series 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;(b) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Company or to meet obligations of the Company (excluding, for the avoidance of doubt, the payment of Adviser's fees), or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business. Normally, such amount shall not be less than 1% of the offering proceeds of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From time to time and not less than quarterly, the Company shall review the Company's accounts to determine whether cash distributions are appropriate. The Company may, subject to authorization by the Board, distribute to the Shareholders funds received by the Company that the Board deems unnecessary to retain in the Company. The Board may authorize the Company to declare and pay to Shareholders such dividends or distributions, in cash or other assets of the Company or in Securities of the Company or from any other source, as the Board in its discretion shall determine. The Board shall endeavor to authorize the Company to declare and pay such dividends and distributions: (i) as shall be necessary for the Company to qualify as a "Regulated Investment Company" under the Code and a business development company under the 1940 Act, and (ii) to the extent that the Board deems it unnecessary for the Company to retain funds received by it; provided, however, that in each case Shareholders shall have no right to any dividend or distribution unless and until authorized by the Board and declared by the Company. Distributions pursuant to this Section 4.4 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify. The exercise of the powers and rights of the Board pursuant to this Section 4.4 shall be subject to the provisions of any class or series of shares at the time outstanding. The receipt by any Person in whose name any shares are registered on the records of the Company or by his or her duly authorized agent shall be a sufficient discharge for all dividends or distributions payable or deliverable in respect of such shares and from all liability to see to the application thereof. Distributions in kind shall not be permitted, except for distributions of readily marketable Securities, distributions of cash from a liquidating trust established for the dissolution of the Company and the liquidation of its assets in accordance with the terms of this Declaration of Trust or distributions in which: (i) the Board

advises each Shareholder of the risks associated with direct ownership of the property, (ii) the Board offers each Shareholder the election of receiving such in-kind distributions, and (iii) in-kind distributions are made only to those Shareholders that accept such offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Company to avoid or reduce liability for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a declaration of dividends or distributions is made pursuant to this Section then, at any time prior to the related payment date, the Board may, in its sole discretion, rescind such declaration or change each of the record date and payment date to a later date or dates (in each case for a period of not greater than 180 days after each of the record date and payment date theretofore in effect and provided the payment date as so changed is not more than 60 days after the record date as so changed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In no event, however, shall funds be advanced or borrowed for purpose of distributions, if the amount of such distributions would exceed the Company's accrued and received revenues for the previous four quarters, less paid and accrued operating costs with respect to such revenues and costs shall be made in accordance with generally accepted accounting principles, consistently applied. Cash distributions from the Company to the Sponsor shall only be made in conjunction with distributions to Shareholders and only out of funds properly allocated to the Sponsor's account. For the avoidance of doubt, payments to a Sponsor pursuant to a validly adopted Advisory Agreement shall not be deemed to be distributions from the Company for purposes of the foregoing sentence.

Section 4.5 <u>Proportionate Rights</u>. All shares of each particular class shall represent an equal proportionate interest in the assets attributable to the class (subject to the liabilities of that class), and each share of any particular class shall be equal to each other share of that class. The Board may, from time to time, divide or combine the shares of any particular class into a greater or lesser number of shares of that class without thereby changing the proportionate interest in the assets attributable to that class or in any way affecting the rights of holders of shares of any other class.

Section 4.6 <u>Distributions in Liquidation</u>. Unless otherwise expressly provided in this Declaration of Trust, in the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the holders of all classes of Shares of the Company shall be entitled, after payment or provision for payment of the debts and other liabilities of the Company (as such liability may affect one or more of the classes and series of Shares of the Company), to share ratably in the remaining net assets of the Company.

Section 4.7 <u>Deferred Payments</u>. The Company shall not have authority to make arrangements for deferred payments on account of the purchase price of shares of the Company's Shares unless all of the following conditions are met: (a) such arrangements are warranted by the Company's investment objectives; (b) the period of deferred payments coincides with the anticipated cash needs of the Company; (c) the deferred payments shall be evidenced by a

promissory note of the Shareholder, which note shall be with recourse, shall not be negotiable, shall be assignable only subject to defenses of the maker and shall not contain a provision authorizing a confession of judgment; and (d) selling commissions and Front End Fees paid upon deferred payments are payable when payment is made on the note. The Company shall not sell or assign the deferred obligation notes at a discount. In the event of default in the payment of deferred payments by a Shareholder, the Shareholder may be subjected to a reasonable penalty.

Section 4.8 <u>Fractional Shares</u>. The Company shall have authority to issue fractional shares. Any fractional Shares shall carry proportionately all of the rights of a whole share, including, without limitation, the right to vote and the right to receive dividends and other distributions.

Section 4.9 <u>Declaration of Trust and Bylaws</u>. All persons who shall acquire Shares in the Company shall acquire the same subject to the provisions of this Declaration of Trust and the Bylaws.

Section 4.10 <u>Redemptions</u>. Holders of Shares of the Company shall not be entitled to require the Company to repurchase or redeem Shares of the Company.

Section 4.11 <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Company shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Company as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

Section 4.12 <u>Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Company voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Company.

Section 4.13 <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article IV, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Company's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Company to comply with any provision of the 1940 Act, federal securities laws, state securities laws, or any securities exchange or association registered under the Exchange Act or any order of exemption issued by the SEC, all as in effect now or hereafter amended or modified.

Section 4.14 <u>ERISA Restrictions</u>. Notwithstanding any other provision herein, in order to avoid the possibility that the assets of the Company could be deemed "plan assets" under the Plan Asset Regulation or Similar Law, the Company, at the direction of the Board or any duly-authorized committee of the Board, or, if authorized by the Board, any officer of the Company or the Adviser on behalf of the Company, shall have the power to (1) require any Person proposing

to acquire Shares to furnish such information as may be necessary to determine whether such person is (i) a Benefit Plan Investor, or (ii) an ERISA Controlling Person, (2) exclude any shareholder or potential shareholder from purchasing Shares (3) prohibit any repurchase of Shares to any Person, (4) repurchase any or all outstanding Shares held by a Shareholder for such price and on such other terms and conditions as may be determined by or at the direction of the Board, and (5) take any other action it deems necessary or appropriate so that the assets of the Company will not be deemed "plan assets" under the Plan Asset Regulation or Similar Law and/or to avoid the occurrence of a non-exempt prohibited transaction under section 406 of ERISA, section 4975 of the Code or Similar Law.

**ARTICLE V<br> AMENDMENTS; CERTAIN EXTRAORDINARY ACTIONS**

Section 5.1 <u>Amendments Generall</u>y. Subject to Section 5.2, the Board reserves the right, without any vote of Shareholders, from time to time to make any amendment to this Declaration of Trust, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in this Declaration of Trust, of any outstanding Shares, provided, however, that if any amendment or new addition to this Declaration of Trust adversely affects the rights of Shareholders or a class thereof, such amendment or addition must be approved by the holders of more than fifty percent (50%) of the outstanding Shares (or class thereof) of the Company entitled to vote thereon. All rights and powers conferred by this Declaration of Trust on Shareholders, Trustees and officers are granted subject to this reservation.

Section 5.2 <u>Approval of Certain Declaration of Trust Amendments</u>. The affirmative vote of the holders of more than two-thirds (66.6%) of the outstanding Shares of the Company entitled to vote thereon shall be necessary to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amendment to this Declaration of Trust to make the Common Shares a "redeemable security" or to convert the Company, whether by merger or otherwise, from a "closed-end company" to an "open-end company" (as such terms are defined in the 1940 Act); 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;(b) Any amendment to Section 3.2, Section 3.8, Section 5.1 or this Section 5.2.

Notwithstanding anything to the contrary in this section, if the Board of Trustees approves a proposal or amendment pursuant to this Section 5.2 by a vote of at least two-thirds of such Board of Trustees, then only the affirmative vote of the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote thereon shall be required to approve such matter.

Section 5.3 <u>Approval of Certain Amendments to Bylaws</u>. The Board shall have the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws.

Section 5.4 <u>Execution of Amendments</u>. Upon obtaining such approvals required by this Declaration of Trust and the Bylaws and without further action or execution by any other Person, including any Shareholder, (i) any amendment to this Declaration of Trust may be implemented and reflected in a writing executed solely by the requisite members of the Board , and (ii) the Shareholders shall be deemed a party to and bound by such amendment of this Declaration of Trust.

Section 5.5 Amendments in Connection with an Exchange Listing. In connection with the occurrence of a Listing of any class of the Company's Shares, notwithstanding anything herein to the contrary, the Trustees may, without the approval or vote of the Shareholders, amend or supplement this Declaration in any manner, including, without limitation to reclassify the Board of Trustees, to permit annual meetings of Shareholders, to impose advance notice provisions for the bringing of Shareholder nominations or proposals, to eliminate the suitability requirements of Section 10.5, to impose super-majority approval for certain types of transactions and to otherwise add or modify provisions that may be deemed to be adverse to Shareholders, including those provisions of Section 10.1 and this ARTICLE V.

Section 5.6 <u>Amendments to Comply with Blue Sky Regulatory Requirements</u>. Notwithstanding any other provisions of this Declaration of Trust or the Bylaws to the contrary, the Board of Trustees may, without the approval or vote of the Shareholders, amend or otherwise supplement this Declaration of Trust for the purpose of complying or conforming this Declaration of Trust as necessary to satisfy any Omnibus Guidelines or the statutes, rules, regulations or requests of any state securities regulator, or otherwise necessary for the Company to publicly offer Shares in any state as determined by the Board of Trustees in good faith.

**ARTICLE VI<br> LIMITATION OF LIABILITY; INDEMNIFICATION AND<br> ADVANCE OF EXPENSES**

Section 6.1 <u>Limitation of Shareholder Liability</u>. Shareholders shall be entitled to the same limited liability extended to Shareholders of private Delaware for profit corporations formed under the DGCL. No Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Company by reason of being a Shareholder, nor shall any Shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any Person in connection with the Company's assets or the affairs of the Company by reason of being a Shareholder.

Section 6.2 <u>Limitation of Trustee and Officer Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by Delaware law, subject to any limitation set forth under the federal securities laws, or in this Article VI, no Trustee or officer of the Company shall be liable to the Company or its Shareholders for money damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the amendment nor repeal of this Section 6.2, nor the adoption or amendment of any other provision of this Declaration of Trust or Bylaws inconsistent with this Section 6.2, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act that occurred prior to such amendment, repeal or adoption. The Company may not incur the cost of that portion of liability insurance which insures the Sponsor for any liability as to which the Sponsor is prohibited from being indemnified under the Omnibus Guidelines.

Section 6.3 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding,

whether civil, criminal, administrative, or investigative (hereinafter a "proceeding"), by reason of the fact:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) that he or she is or was a Trustee, officer, employee, Sponsor, Controlling Person or agent of the Company, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that he or she, being at the time a Trustee, officer, employee or agent of the Company, is or was serving at the request of the Company as a director, trustee, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (collectively, "another enterprise" or "other enterprise"), whether either in case (i) or in case (ii) the basis of such proceeding is alleged action or inaction (x) in an official capacity as a Trustee, officer, employee, Controlling Person or agent of the Company, or as a director, trustee, officer, employee or agent of such other enterprise, or (y) in any other capacity related to the Company or such other enterprise while so serving as a director, trustee, officer, employee or agent, shall be indemnified and held harmless by the Company to the fullest extent not prohibited by Delaware law and subject to paragraphs (b) and (c) below, from and against all liability, loss, judgments, penalties, fines, settlements, and reasonable expenses (including, without limitation, attorneys' fees and amounts paid in settlement and including costs of enforcement of enforcement of rights under this Section 6.3) (collectively, "<u>Liabilit</u>y <u>and Losses</u>") actually incurred or suffered by such Person in connection therewith. The Persons indemnified hereunder are hereinafter referred to as "<u>Indemnitees</u>." Such indemnification as to such alleged action or inaction shall continue as to an Indemnitee who has after such alleged action or inaction ceased to be a Trustee, officer, employee, Controlling Person or agent of the Company, or director, officer, employee or agent of another enterprise; and shall inure to the benefit of the Indemnitee's heirs, executors and administrators. The right to indemnification conferred under this Article VI: (A) shall be a contract right; (B) shall not be affected adversely as to any Indemnitee by any amendment or repeal of this Declaration of Trust with respect to any action or inaction occurring prior to such amendment or repeal; and (C) shall vest immediately upon election or appointment of such Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Indemnitee has determined, in good faith, that any course of conduct of such Indemnitee giving rise to the Liability and Losses was in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Indemnitee was acting on behalf of or performing services for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such Liability and Losses were not the result of (1) negligence or misconduct, in the case that the Indemnitee is a Trustee (other than an Independent Trustee), officer, employee, Sponsor, Controlling Person or agent of the Company, or (2)

gross negligence or willful misconduct, in the case that the Indemnitee is an Independent Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Such indemnification is recoverable only out of the net assets of the Company and not from the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above for any Liability and Losses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws. Any person serving as a broker-dealer, to the extent such person or entity meets the definition of 'Indemnitee' within the meaning of the Declaration of Trust, would not be entitled to the indemnification set forth in the Declaration of Trust, but also the requirements and limitations on indemnification set forth in Section 6.3(b) of the Declaration of Trust. Any person acting as a broker-dealer is also subject to the indemnification restrictions imposed in this Section 6.3(c).

Section 6.4 <u>Payment of Expenses</u>. The Company shall pay or reimburse reasonable legal expenses and other costs incurred by an Indemnitee in advance of final disposition of a proceeding if all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (ii) the Indemnitee provides the Company with written affirmation of the Indemnitee's good faith belief that the Indemnitee has met the standard of conduct necessary for indemnification by the Company as authorized by Section 6.3 hereof, (iii) the legal proceeding was initiated by a third party who is not a Shareholder or, if by a Shareholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (iv) the Indemnitee provides the Company with a written agreement to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined by final, non-appealable decision of a court of competent jurisdiction, that the Indemnitee is not entitled to indemnification.

Section 6.5 <u>Limitations to Indemnification</u>. The provisions of this Article VI shall be subject to the limitations of the 1940 Act.

Section 6.6 <u>Express Exculpatory Clauses in Instruments</u>. Neither the Shareholders nor the Trustees, officers, employees or agents of the Company shall be liable under any written instrument creating an obligation of the Company by reason of their being Shareholders, Trustees, officers, employees or agents of the Company, and all Persons shall look solely to the Company's net assets for the payment of any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument shall not affect the validity

or enforceability of such instrument and shall not render any Shareholder, Trustee, officer, employee or agent liable thereunder to any third party, nor shall the Trustees or any officer, employee or agent of the Company be liable to anyone as a result of such omission.

Section 6.7 <u>Non-exclusivity</u>. Subject to Section 6.3, the indemnification and advancement of expenses provided or authorized by this Article VI shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which any Indemnitee may be entitled under the Bylaws, a resolution of Shareholders or Trustees, an agreement or otherwise.

Section 6.8 <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his or her duties hereunder.

Section 6.9 <u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Company shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Company, and every other act or thing whatsoever executed in connection with the Company shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration of Trust or in their capacity as officers, employees or agents of the Company. The Trustees may maintain insurance for the protection of the Company's property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 6.10 <u>Reliance on Experts, etc</u>. Each Trustee and officer or employee of the Company shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel, or upon reports made to the Company by any of the Company's officers or employees or by any adviser, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Company, regardless of whether such counsel or expert may also be a Trustee.

**ARTICLE VII<br> ADVISER, ADMINISTRATOR AND CUSTODIAN; DISTRIBUTION<br> ARRANGEMENTS**

Section 7.1 <u>Supervision of Adviser and Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the requirements of the 1940 Act, the Board may exercise broad discretion in allowing the Adviser and, if applicable, an Administrator, to administer and regulate the operations of the Company, to act as agent for the Company, to execute documents on behalf of the Company and to make executive decisions that conform to general policies and principles established by the Board. The Board shall monitor the Adviser, or if any, the Administrator, to

assure that the administrative procedures, operations and programs of the Company are in the best interests of the Shareholders and are fulfilled and that (i) the expenses incurred are reasonable in light of the investment performance of the Company, its net assets and its net income, (ii) all Front End Fees shall be reasonable and shall not exceed eighteen percent (18%) of the gross proceeds of any offering, regardless of the source of payment, and (iii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders' fees and all other items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Trustees is responsible for determining that compensation paid to the Adviser is reasonable in relation to the nature and quality of services performed and the investment performance of the Company and that the provisions of the Advisory Agreement are being carried out. The Board may consider all factors that they deem relevant in making these determinations. So long as the Company is a business development company under the 1940 Act, compensation to the Adviser shall be considered presumptively reasonable if the incentive fee is limited to the participation in net gains allowed by the Advisers Act.

Section 7.2 <u>Fiduciary Obligations of Adviser</u>. The Advisory Agreement shall provide that the Adviser and Sponsor have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Company, whether or not in the Adviser's immediate possession or control, and that the Adviser shall not employ, or permit another to employ, such funds or assets in any manner except for the exclusive benefit of the Company. The Company shall not permit any Shareholder to contract away any fiduciary obligation owed by the Adviser and Sponsor under common law.

Section 7.3 <u>Experience of Adviser</u>. The Board shall determine the sufficiency and adequacy of the relevant experience and qualifications for the officers of the Company given the business objective of the Company. The Board shall determine whether any Adviser possesses sufficient qualifications to perform the advisory function for the Company and whether the compensation provided for in its contract with the Company is justified.

Section 7.4 <u>Termination of Advisory Agreement</u>. The Advisory Agreement shall provide that it is terminable (a) by the Company upon sixty (60) days' written notice to the Adviser: (i) upon the affirmative vote of holders of a majority of the outstanding voting securities of the Company entitled to vote on the matter (as "majority" is defined in Section 2(a)(42) of the 1940 Act) or (ii) by the vote of the Independent Trustees; or (b) by the Adviser upon not less than one hundred twenty (120) days' written notice to the Company, in each case without cause or penalty. In the event of termination, the Adviser will cooperate with the Company and the Board in making an orderly transition of the advisory function. In addition, if the Company elects to continue its operations following termination of the Advisory Agreement by the Adviser, the Adviser shall pay all direct expenses incurred as a direct result of its withdrawal. Upon termination of the Advisory Agreement, the Company shall pay the Adviser all amounts then accrued but unpaid to the Adviser. The method of payment must be fair and protect the solvency and liquidity of the Company. When the termination is voluntary, the method of payment will be presumed to be fair if it provides for a non-interest bearing unsecured promissory note with principal payable, if at all, from distributions

which the terminated Adviser otherwise would have received under the applicable agreements among the parties had the Adviser not been terminated. When the termination is involuntary, the method of payment will be presumed to be fair if it provides for an interest bearing promissory note maturing in not more than five years with equal installment each year.

Section 7.5 <u>Organization and Offerin</u>g <u>Expenses Limitation</u>. Unless otherwise provided in any resolution adopted by the Board , the Company shall reimburse the Adviser and its Affiliates for Organization and Offering Expenses incurred by the Adviser or its Affiliates; provided, however, that the total amount of all Organization and Offering Expenses shall be reasonable, as determined by the Board, and shall be included in Front End Fees for purposes of the limit on such Front End Fees set forth in Section 7.1.

Section 7.6 <u>Acquisition Fees</u>. The Company may pay the Adviser and/or its Affiliates fees for the review and evaluation of potential investments; provided, however, that the Board shall conclude that the total of all Acquisition Fees and Acquisition Expenses shall be reasonable.

Section 7.7 <u>Reimbursement of Adviser</u>. The Company shall not reimburse the Adviser or its Affiliates for services for which the Adviser or its Affiliates are entitled to compensation in the form of a separate fee. Excluded from the allowable reimbursement shall be: (a) rent or depreciation, utilities, capital equipment, other administrative items of the Adviser; and (b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser.

Section 7.8 <u>Reimbursement of Administrator</u>. In the event the Company executes an agreement for the provision of administrative services, the Company may reimburse the Administrator, at the end of each fiscal quarter, for all expenses of the Company incurred by the Administrator as well as the actual cost of goods and services used for or by the Company and obtained from entities not Affiliated with the Company. Notwithstanding any other provision in this Declaration of Trust, the Administrator may be reimbursed for the administrative services necessary for the prudent operation of the Company performed by it on behalf of the Company; provided, however, the reimbursement shall be an amount equal to the lower of the Administrator's actual cost or the amount the Company would be required to pay third parties for the provision of comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles. Except as otherwise provided herein, no reimbursement shall be permitted for services for which the Administrator is entitled to compensation by way of a separate fee.

Section 7.9 <u>Custodians</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may employ a custodian or custodians meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Company. Any custodian shall have authority as agent of the Company as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Company and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to hold the securities owned by the Company and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to receive any receipt for any moneys due to the Company and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if authorized by the Trustees, to keep the books and accounts of the Company and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if authorized to do so by the Trustees, to compute the net income or net asset value of the Company; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to such rules, regulations and orders as the SEC may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Company in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the SEC under the Exchange Act or such other Person as may be permitted by the SEC, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Company.

Section 7.10 <u>Distribution Arran</u>g<u>ements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters, distributors and/or placement agents to sell Shares and other securities of the Company. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Company, whereby the Company may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article VII or the Bylaws, or the Omnibus Guidelines; and such contract may also provide for the repurchase or sale of securities of the Company by such other party as principal or as agent of the Company and may provide that such other party may enter into selected intermediary agreements and servicing and similar agreements to further the purposes of the distribution or repurchase of the securities of the Company.

**ARTICLE VIII**

**<br> INVESTMENT OBJECTIVES AND LIMITATIONS**

Section 8.1 <u>Investment Objective</u>. The Company's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Trustees shall have power with respect to the Company to manage, conduct, operate and carry on the business of a business development company. The Independent Trustees shall review the investment policies of the Company with sufficient frequency (not less often than annually) to determine that the policies being followed by the Company are in the best interests of its Shareholders. Each such determination and the basis therefor shall be set forth in the minutes of the meetings of the Board.

Section 8.2 <u>Investments, Generally</u>. All transactions entered into by the Company shall be consistent with the investment permissions and limitations as established for business development companies under the 1940 Act, including any applicable exemptive orders that have been or may be issued in the future by the SEC.

Section 8.3 <u>Investments in Programs</u>. For purposes of this Section, "<u>Pro</u>g<u>ram</u>" shall be defined as a limited or general partnership, joint venture, unincorporated association or similar organization, other than a corporation, formed and operated for the primary purpose of investment in and the operation of or gain from and interest in the assets to be acquired by such entity. A Program shall not include (and nothing in this Declaration of Trust shall prevent) investments by the Company directly in a master fund in a master/feeder fund structure permissible under the 1940 Act. A Program shall not include an Eligible Portfolio Company as defined by the 1940 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;(a) The Company shall not invest in Programs with non-Affiliates that own and operate specific assets, unless the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) below, acquires a controlling interest in such a Program, but in no event shall the Adviser be entitled to duplicate fees; provided, however that the foregoing is not intended to prevent the Company from carrying out its business of investing and reinvesting its assets in Securities of other issuers. For purposes of this Section 8.3, "controlling interest" means an equity interest possessing the power to direct or cause the direction of the management and policies of the Program, including the authority to: (i) review all contracts entered into by the Program that will have a material effect on its business or assets; (ii) cause a sale or refinancing of the assets or its interest therein subject, in certain cases where required by the Program agreement, to limits as to time, minimum amounts and/or a right of first refusal by the Program or consent of the Program; (iii) approve budgets and major capital expenditures, subject to a stated minimum amount; (iv) veto any sale or refinancing of the assets, or alternatively, to receive a specified preference on sale or refinancing proceeds; and (v) exercise a right of first refusal on any desired sale or refinancing by the Program of its interest in the assets, except for transfer to an Affiliate of the Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall have the authority to invest in Programs with other publicly registered Affiliates of the Company if all of the following conditions are met: (i) the Affiliate and the Company have substantially identical investment objectives; (ii) there are no duplicate fees to the Adviser or any of its Affiliates; (iii) the compensation payable by the Program to the Adviser in each Company that invests in such Program is substantially identical; (iv) each of the Company and the Affiliate has a right of first refusal to buy if the other party wishes to sell

assets held in the joint venture; (v) the investment of each of the Company and its Affiliate is on substantially the same terms and conditions; and (vi) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions since neither the Company nor its Affiliate controls the Program, and the potential risk that while the Company or its Affiliate may have the right to buy the assets from the Program, it may not have the resources to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall have the authority to invest in Programs with Affiliates other than publicly registered Affiliates of the Company only if all of the following conditions are met: (i) the investment is necessary to relieve the Adviser from any commitment to purchase the assets entered into in compliance with Section 9.1 prior to the closing of the offering period of the Company; (ii) there are no duplicate fees to the Adviser or any of its Affiliates; (iii) the investment of each entity is on substantially the same terms and conditions; (iv) the Company has a right of first refusal to buy if the Adviser wishes to sell assets held in the joint venture; and (v) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may be structured to conduct operations through separate single-purpose entities managed by the Adviser (multi-tier arrangements); provided, that the terms of any such arrangements do not result in the circumvention of any of the requirements or prohibitions contained herein or under the Omnibus Guidelines or applicable federal or state securities laws. Any agreements regarding such arrangements shall accompany any prospectus of the Company, if such agreement is then available, and the terms of such agreement shall contain provisions assuring that all of the following restrictions apply: (i) there will be no duplication or increase in Organization and Offering Expenses, fees payable to the Adviser, program expenses or other fees and costs; (ii) there will be no substantive alteration in the fiduciary and contractual relationship between the Adviser, the Company and the Shareholders; and (iii) there will be no diminishment in the voting rights of the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than as specifically permitted in subsections (b), (c) and (d) above, the Company shall not invest in Programs with Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall be permitted to invest in general partnership interests of limited partnership Programs only if the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) above, acquires a "controlling interest" as defined in subsection (a) above, the Adviser and its Affiliates are not entitled to any duplicate fees, no additional compensation beyond that permitted under applicable law is paid to the Adviser, and the limited partnership Program agreement or other applicable agreement complies with this Section 8.3(f)and Section V of the Omnibus Guidelines.

Section 8.4 <u>Other Goods or Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may accept other goods or other services provided by the Adviser in connection with the operation of assets, provided that: (i) the Adviser determines such self-dealing arrangement is in the best interest of the Company; (ii) the terms pursuant to which all such goods or services are provided to the Company by the Adviser shall be embodied in a

written contract, the material terms of which must be fully disclosed to the Shareholders in the Company's prospectus for the Shares (as the same may be amended or supplemented from time to time); (iii) the material terms of the written contract may only be modified by vote of a majority of then outstanding Shares and (iv) the contract shall contain a clause allowing termination without penalty on sixty (60) days' prior notice. Without limitation to the foregoing, arrangements to provide such goods or other services must meet all of the following criteria: (X) the Adviser must be independently engaged in the business of providing such goods or services to persons other than its Affiliates and at least thirty-three percent (33%) of the Adviser's associated gross revenues must come from persons other than its Affiliates; (Y) the compensation, price or fee charged for providing such goods or services must be comparable and competitive with the compensation, price or fee charged by persons other than the Adviser and its Affiliates in the same geographic location who provide comparable goods or services which could reasonably be made available to the Company; and (Z) except in extraordinary circumstances, the compensation and other material terms of the arrangement must be fully disclosed to the Shareholders. Extraordinary circumstances are limited to instances when immediate action is required and the goods or services are not immediately available from persons other than the 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;(b) Notwithstanding the foregoing subsection (a)(X), if the Adviser is not engaged in the business to the extent required by such clause, the Adviser may provide to the Company other goods or other services if all of the following additional conditions are met: (i) the Adviser can demonstrate the capacity and capability to provide such goods or services on a competitive basis; (ii) the goods or services are provided at the lesser of cost or the competitive rate charged by persons other than the Adviser or its Affiliates in the same geographic location who are in the business of providing comparable goods or services; (iii) the cost is limited to the reasonable necessary and actual expenses incurred by the Adviser on behalf of the Company in providing such goods or services, exclusive of expenses of the type which may not be reimbursed under Section IV.F.1 of the Omnibus Guidelines or applicable federal or state securities laws; and (iv) expenses are allocated in accordance with generally accepted accounting principles and are made subject to any special audit required by the Omnibus Guidelines or applicable federal and state securities laws.

Section 8.5 <u>Borrowing Money or Utilizing Leverage</u>. The Trustees shall have the power to cause the Company to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Company, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation. In addition and notwithstanding any other provision of this Declaration of Trust, the Company is hereby authorized to borrow funds, incur indebtedness and guarantee obligations of any Person, and in connection therewith, to the fullest extent permitted by law, the Trustees, on behalf of the Company, are hereby authorized to pledge, hypothecate, mortgage, assign, transfer or grant security interests in or other liens on (i) the Shareholders' subscription agreements and the Shareholders' obligations to make capital contributions thereunder and hereunder, and (ii) any other assets, rights or remedies of the Company or of the Trustees hereunder or under the subscription agreements, including without limitation, the right to issue capital call notices and to exercise remedies upon a default by a Shareholder in the payment of its capital contributions and the right to receive capital contributions and other payments, subject to the terms hereof and

thereof. Notwithstanding any provision in this Declaration of Trust, (i) the Company may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Board , in its sole discretion, determines is fair and reasonable to the Company, and (ii) in connection with any borrowing, indebtedness or guarantee by the Company, all capital contributions shall be payable to the account of the Company designated by the Board , which may be pledged to any lender or other credit party of the Company. All rights granted to a lender pursuant to this Section 8.5 shall apply to its agents and its successors and permitted assigns.

**ARTICLE IX<br> CONFLICTS OF INTEREST**

Section 9.1 <u>Sales and Leases to Company</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not purchase or lease assets in which the Adviser or any Affiliate thereof or any Trustee has an interest unless all of the following conditions are met: (a) the transaction occurs at the formation of the Company; (b) the transaction is fully disclosed to the Shareholders either in a prospectus or periodic report filed with the SEC or otherwise; and (c) the assets are sold or leased upon terms that are reasonable and fair to the Company and at a price not to exceed the lesser of cost or fair market value as determined by an Independent Expert. Notwithstanding anything to the contrary in this Section 9.1, the Adviser or any Affiliate may purchase assets in its own name (and assume loans in connection therewith) and temporarily hold title thereto, for the purposes of facilitating the acquisition of the assets, the borrowing of money, obtaining financing for the Company, or the completion of construction of the assets, provided that all of the following conditions are met: (i) the assets are purchased by the Company at a price no greater than the cost of the assets to the Adviser or its Affiliate; (ii) all income generated by, and the expenses associated with, the assets so acquired shall be treated as belonging to the Company; and (iii) there are no other benefits arising out of such transaction to the Adviser or its Affiliate.

Section 9.2 <u>Sales and Leases to the Adviser, Trustees or Affiliates</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not sell assets to the Adviser or any Affiliate thereof unless such sale is duly approved by the holders of more than fifty percent (50%) of the outstanding voting securities of the Company. The Company shall not lease assets to the Adviser or any Trustee or Affiliate thereof unless all of the following conditions are met: (i) the transaction occurs at the formation of the Company; (ii) the transaction is fully disclosed to the Shareholders either in a periodic report filed with the SEC or otherwise; and (iii) the terms of the transaction are fair and reasonable to the Company.

Section 9.3 <u>Loans</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC and except for the advancement of funds pursuant to Section 6.3 and Section 6.4, no loans, credit facilities, credit agreements or otherwise shall be made by the Company to the Adviser or any Affiliate thereof.

Section 9.4 <u>Commissions on Financing, Refinancing or Reinvestment</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not pay, directly or indirectly, a commission or fee to the Adviser or any Affiliate thereof (except as otherwise specified in this Article IX) in connection with the reinvestment of

cash available for distribution and available reserves or of the proceeds of the resale, exchange or refinancing of assets.

Section 9.5 <u>Rebates, Kickbacks and Reciprocal Arrangements</u>. The Company shall cause the Adviser to agree that it shall not receive or accept any rebate or give-ups or similar arrangement that is prohibited under applicable federal or state securities laws or the Omnibus Guidelines. The Company shall cause the Adviser to agree that it shall not participate in any reciprocal business arrangement that would circumvent provisions of the Omnibus Guidelines or applicable federal or state securities laws governing conflicts of interest or investment restrictions, enter into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under the Omnibus Guidelines or applicable federal or state securities laws, or receive or accept any rebate, give-up or similar arrangement or participate in any reciprocal business arrangement that would circumvent the Omnibus Guidelines. The Company shall cause the Adviser to agree that it shall not directly or indirectly pay or award any fees or commissions or other compensation to any Person engaged to sell Shares or give investment advice to a potential Shareholder; provided, however, that this Section 9.5 shall not prohibit the payment to a registered broker-dealer or other properly licensed agent of normal sales commissions or other normal compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing Shares, including out of the Adviser's own assets, including those amounts paid to the Adviser under the Advisory Agreement.

Section 9.6 <u>Exchanges</u>. The Company may not acquire assets in exchange for Shares of the Company without approval of a majority of the Board, including a majority of the Independent Trustees with consideration to an independent appraisal of such assets.

Section 9.7 <u>Other Transactions</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not engage in any other transaction with the Adviser or a Trustee or Affiliate thereof unless: (a) such transaction complies with all applicable law and (b) a majority of the Trustees (including a majority of the Independent Trustees) not otherwise interested in such transaction approve such transaction as fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from non-Affiliated third parties.

Section 9.8 <u>Lending Practices</u>. On financings made available to the Company by the Adviser, the Adviser may not receive interest in excess of the lesser of the Adviser's cost of funds or the amounts that would be charged by unrelated lending institutions on comparable loans for the same purpose. The Adviser shall not impose a prepayment charge or penalty in connection with such financings and the Adviser shall not receive points or other financing charges. The Adviser shall be prohibited from providing permanent financing for the Company. For purposes of this Section 9.8, "permanent financing" shall mean any financing with a term in excess of twelve (12) months.

**ARTICLE X<br> SHAREHOLDERS**

Section 10.1 <u>Certain Voting Rights of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of any class or series of shares then outstanding and the mandatory provisions of any applicable laws or regulations and subject to the other provisions of this Declaration of Trust (including Section 5.2), the following actions may be taken by the Shareholders, without concurrence by the Board , upon a vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) modify this Declaration of Trust in accordance with Article V hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) remove the Adviser and appoint a new Adviser pursuant to the procedures in Section 7.4; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sell all or substantially all of the Company' assets other than in the ordinary course of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without the approval of Shareholders entitled to cast a majority of all the votes entitled to be cast on the matter, or such other approval as may be required under the mandatory provisions of any applicable laws or regulations, or other provisions of this Declaration of Trust, the Company shall not permit the Adviser 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) modify this Declaration of Trust except for amendments which do not adversely affect the rights of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) appoint a new Adviser (other than a sub-adviser pursuant to the terms of an Advisory Agreement and applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sell all or substantially all of the Company's assets other than in the ordinary course of the Company's business; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except as permitted under the Advisory Agreement, voluntarily withdraw as the Adviser unless such withdrawal would not affect the tax status of the Company and would not materially adversely affect the Shareholders.

Section 10.2 <u>Voting Limitations on Shares Held b</u>y <u>the Adviser, Trustees and Affiliates</u>. With respect to shares owned by the Adviser, any Trustees, or any of their respective Affiliates, neither the Adviser, nor such Trustee(s), nor any of their Affiliates may vote or consent on matters submitted to the Shareholders regarding the removal of the Adviser, such Trustee(s) or any of their Affiliates or any transaction between the Company and any of them. In determining the requisite percentage in interest of shares necessary to approve a matter on which the Adviser, such Trustee(s) and any of their Affiliates may not vote or consent, any shares owned by any of them shall not be included.

Section 10.3 <u>Right of Inspection</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Shareholder with proper purpose may: (i) in person or by agent, on written request, inspect and obtain copies at all reasonable times the Company's books and records and ledger; and (ii) present to any officer of the Company or its resident agent a written request for a statement of its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Shareholder with proper purpose may: (i) in person or by agent, on written request, inspect and copy at all reasonable times the books and records and ledger of the Company; (ii) present to any officer or resident agent of the Company a written request for a statement of its affairs; and (iii) in the event the Company does not maintain the original or a duplicate ledger at its principal office, present to any officer or resident agent of the Company a written request for the Shareholder List. As used in this Section 10.3, the term "<u>Shareholder List</u>" means an alphabetical list of names, addresses and business telephone numbers, if provided to the Company, of the Shareholders of the Company along with the number of equity shares held by each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the Shareholder List, requested in accordance with this Section 10.3, shall be mailed within ten (10) days of the request and shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font). The Shareholder List shall be updated at least quarterly to reflect changes in the information contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may impose a reasonable charge for expenses incurred in reproduction pursuant to the Shareholder request. A holder of Common Shares may request a copy of the Shareholder List in connection with matters relating to Shareholders' voting rights, the exercise of Shareholder rights under federal proxy laws or for any other proper and legitimate purpose. Each Shareholder who receives a copy of the Shareholder List shall keep such list confidential and shall sign a confidentiality agreement to the effect that such Shareholder will keep the Shareholder List confidential and share such list only with its employees, representatives or agents who agree in writing to maintain the confidentiality of the Shareholder List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Adviser or Trustees neglect or refuse to exhibit, produce or mail a copy of the Shareholder List as requested, the Adviser and the Trustees shall be liable to any Shareholder requesting the list for the costs, including attorneys' fees, incurred by that Shareholder for compelling the production of the Shareholder List, and for actual damages suffered by any Shareholder by reason of such refusal or neglect. It shall be a defense that the actual purpose and reason for the requests for inspection or for a copy of the Shareholder List is to secure such list of Shareholders or other information for the purpose of selling such list or copies thereof, or of using the same for a commercial purpose other than in the interest of the applicant as a Shareholder relative to the affairs of the Company. The Company may require the Shareholder requesting the Shareholder List to represent that the list is not requested for a commercial purpose unrelated to the Shareholder's interest in the Company. The remedies provided hereunder to Shareholders requesting copies of the Shareholder List are in addition, to and shall not in any way limit, other remedies available to Shareholders under federal law, or the laws of any state.

Section 10.4 <u>Shareholder Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees, including the Independent Trustees, shall take reasonable steps to insure that the Company shall cause to be prepared and delivered or made available by any reasonable means, including an electronic medium, to each Shareholder as of a record date after the end of the fiscal year within one hundred twenty (120) days after the end of the fiscal year to which it relates an annual report for each fiscal year ending after the commencement of the Company's initial public offering that shall include: (i) financial statements prepared in accordance with GAAP that are audited and reported on by independent certified public accountants; (ii) a

report of the activities of the Company during the period covered by the report; and (iii) where forecasts have been provided to the Shareholders, a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (iv) a report setting forth distributions to Shareholders for the period covered thereby and separately identifying distributions from: (A) Cash Flow from operations during the period; (B) Cash Flow from operations during a prior period which have been held as reserves; (C) proceeds from disposition of assets of the Company; and (D) reserves from the gross proceeds of the offering originally obtained from the Shareholders. Such annual report must also contain a breakdown of the costs reimbursed to the 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;(b) The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and filed, as well as delivered or made available to Shareholders, within sixty (60) days after the end of each fiscal quarter of the Company, a Form 10-Q if required under the Exchange 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;(c) The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and delivered or made available within seventy-five (75) days after the end of each fiscal year of the Company to each Person who was at any time during such fiscal year a Shareholder all information regarding the Shareholder's holdings in the Company, necessary for the preparation of the Shareholders' federal income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If capital stock has been purchased on a deferred payment basis, on which there remains an unpaid balance during any period covered by any report required by subsections (a) and (b) above; then such report shall contain a detailed statement of the status of all deferred payments, actions taken by the Company in response to any defaults, and a discussion and analysis of the impact on capital requirements of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board shall cause the Company, upon request from any state official or agency or official administering the securities laws of such state (a "<u>State Administrator</u>"), to submit to such State Administrator the reports and statements required to be distributed to Shareholders pursuant to this Section 10.4.

Section 10.5 <u>Suitability of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investor Suitability Standards</u>. During any public offering of its Shares and until the earlier of a Liquidity Event or the date the Company is no longer subject to the Omnibus Guidelines, the Company and those selling shares on its behalf shall, with respect to share offers and sales in which they are broker of record, make every reasonable effort to determine that the shares are a suitable and appropriate investment for each shareholder and to assure that such shares are offered and sold pursuant only to prospective investors who, in each case, meet the income and Net Worth "<u>Suitability Standards</u>" as specified in the Company's prospectus for the Shares (as the same may be amended or supplemented from time to time) and the Omnibus Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sponsor or each Person selling Common Shares on behalf of the Company shall make this determination on the basis of information it has obtained from a prospective Shareholder. Relevant information for this purpose will include at least the age,

investment objectives, investment experience, income, net worth, financial situation and other investments of the prospective Shareholder, as well as any other pertinent factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain records of the information used to determine that an investment in Common Shares is suitable and appropriate for a Shareholder. The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain these records for at least six years.

Section 10.6 <u>Other Agreements</u>. Consistent with applicable law (including the 1940 Act), the Company, the Adviser and/or Affiliates of the Adviser may negotiate agreements ("<u>Side Letters</u>") with certain Shareholders that will result in different investment terms than the terms applicable to other Shareholders and that may have the effect of establishing rights under, or altering or supplementing the terms of, this Declaration of Trust or disclosure contained in any offering document of the Shares. As a result of such Side Letters, certain Shareholders may receive additional benefits which other Shareholders will not receive. Unless agreed otherwise in the Side Letter, in general, the Company, the Adviser and affiliates of the Adviser will not be required to notify any or all of the other Shareholders of any such Side Letters or any of the rights and/or terms or provisions thereof, nor will the Company, the Adviser or affiliates of the Adviser be required to offer such additional and/or different rights and/or terms to any or all of the other Shareholders. The Company, the Adviser and/or affiliates of the Adviser may enter into such Side Letters with any Shareholder as each may determine in its sole discretion at any time. The other Shareholders will have no recourse against the Company, the Trustees, the Adviser and/or any of their affiliates in the event certain investors receive additional and/or different rights and/or terms as a result of Side Letters. Any such exceptions or departures contained in any Side Letter with a Shareholder shall govern with respect to such Shareholder notwithstanding the provisions of the Declaration of Trust (including with respect to amendments to this Declaration of Trust) or any applicable subscription agreements

**ARTICLE XI<br> ROLL-UP TRANSACTIONS**

Section 11.1 <u>Roll-up Transactions</u>. In connection with any proposed Roll-Up Transaction, an appraisal of all of the Company's assets shall be obtained from a competent Independent Expert. If an appraisal will be included in a prospectus used to offer the securities of a Roll-Up Entity, such appraisal shall be filed with the SEC and the state securities administrators as an exhibit to the registration statement. The Company's assets shall be appraised on a consistent basis, and the appraisal shall be based on the evaluation of all relevant information and shall indicate the value of the assets as of a date immediately prior to the announcement of the proposed Roll-Up Transaction. The appraisal shall assume an orderly liquidation of the assets over a twelve-month period. The terms of the engagement of the Independent Expert shall clearly state that the engagement is for the benefit of the Company and the Shareholders. A summary of the appraisal, indicating all material assumptions underlying the appraisal, shall be included in a report to Shareholders in connection with a proposed Roll-Up Transaction. In connection with a proposed Roll-Up Transaction, the Person sponsoring the Roll-Up Transaction shall offer to Shareholders who vote against the proposed Roll-Up Transaction the choice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accepting the securities of a Roll-Up Entity offered in the proposed Roll-Up Transaction; 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;(b) one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) remaining as Shareholders and preserving their interests therein on the same terms and conditions as existed previously; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) receiving cash in an amount equal to the Shareholder's pro rata share of the appraised value of the net assets of the Company. The Company is prohibited from participating in any proposed Roll-Up 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;(c) that would result in the Shareholders having voting rights in a Roll-Up Entity that are less than shareholder rights and other voting rights provided for in Section 3.10, Section 10.1, Section 10.2, Section 12.3 and Section 12.5 hereof or Section 3(b) of Article II of our Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that includes provisions that would operate as a material impediment to, or frustration of, the accumulation of capital stock by any purchaser of the securities of the Roll-Up Entity (except to the minimum extent necessary to preserve the tax status of the Roll-Up Entity), or which would limit the ability of an investor to exercise the voting rights of its securities of the Roll-Up Entity on the basis of the capital stock held by that investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in which investor's rights to access of records of the Roll-Up Entity will be less than those described in Section 10.3 hereof; 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;(f) in which any of the costs of the Roll-Up Transaction would be borne by the Company if the Roll-Up Transaction is rejected by the Shareholders.

**ARTICLE XII<br> DURATION OF THE COMPANY**

Section 12.1 <u>Duration of the Compan</u>y. The Company shall continue perpetually unless terminated pursuant to the provisions contained herein or pursuant to any applicable provision of the Statutory Trust Act.

Section 12.2 <u>Dissolution b</u>y <u>the Trustees</u>. The Company may be dissolved at any time upon affirmative vote by a majority of the Trustees.

Section 12.3 <u>Dissolution b</u>y <u>Shareholder Vote</u>. The Company may be dissolved at any time, without the necessity for concurrence by the Board, upon affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares entitled to vote on the matter.

Section 12.4 <u>Liquidation</u>. Upon dissolution of the Company, the Board shall cause the Company to liquidate and wind-up in a manner consistent with Section 3808 of the Statutory Trust Act, including the distribution to the Shareholders of any assets of the Company. Upon dissolution and the completion of the winding up of the affairs of the Company, the Company shall be

terminated by the executing and filing with the Secretary of State of the State of Delaware by one or more Trustees of a certificate of cancellation of the certificate of trust of the Company.

Section 12.5 <u>Mer</u>g<u>er or Other Reor</u>g<u>anization of the Compan</u>y. The Company may not permit the Adviser to cause the merger or other reorganization of the Company without the affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matter.

**ARTICLE XIII<br> MISCELLANEOUS**

Section 13.1 <u>Construction and Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration of Trust and the Bylaws, in combination, shall constitute the governing instrument of the Company, however to the extent that any provision of the Bylaws conflicts with this Declaration of Trust, the terms of this Declaration of Trust shall control. This Declaration of Trust and the Bylaws, and the rights and obligations of the Trustees and Shareholders hereunder, shall be governed by and construed and enforced in accordance with the Statutory Trust Act and the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, the Shareholders and the Trustees of the Company shall be deemed to have waived any non-mandatory rights of beneficial owners or trustees under the Statutory Trust Act or general trust law; and that the Company, the Shareholders, and the Trustees shall not be subject to any applicable provisions of law pertaining to trusts that, in a manner inconsistent with the express terms of this Declaration of Trust or Bylaws, relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding or investing trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of Trustees as set forth or referenced in this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sections 3540 and 3561 of Title 12 of the Statutory Trust Act shall not apply to the Company.

Section 13.2 <u>Conflicts of Law</u>. To the extent that any provision of the Statutory Trust Act or any provision of this Declaration of Trust or Bylaws conflicts with any mandatory requirement of the 1940 Act, the applicable requirement of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of this Declaration of Trust or the Bylaws or render invalid or improper any action taken or omitted prior to such determination. If any provision of this Declaration of Trust or the Bylaws shall be held invalid or unenforceable in

any jurisdiction, the invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

Section 13.3 Derivative Actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Company only if the following conditions are met: (i) a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisers in considering the merits of the request. This Section 13.3 shall not apply to claims arising under state securities laws, to the extent that such claims would otherwise constitute derivate actions subject to this Section 13.3.

Section 13.4 <u>Direct Actions</u>. To the fullest extent permitted by Delaware law, the Shareholders' right to bring direct actions against the Company and/or its Trustees is eliminated, except for a direct action to enforce an individual Shareholder right to vote or a direct action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Statutory Trust Act. To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then the conditions required for the bringing of a derivative action pursuant to Section 13.3 of this Declaration of Trust and Section 3816 of the Statutory Trust Act shall be equally applicable to bringing a direct action. Nothing in this Section 13.4 will apply to any claims, suits, actions or proceedings asserting a claim brought under federal securities laws or state securities laws.

Section 13.5 <u>No Exclusive Ri</u>g<u>ht to Sell</u>. The Company shall not grant the Sponsor exclusive right to sell, or exclusive employment to sell, any assets of the Company.

Section 13.6 <u>Commingling of Assets</u>. The funds of the Company shall not be commingled with the funds of any other Person and the Company funds will be protected from the claims of affiliated companies (including, for the avoidance of doubt, creditors of such companies).

Section 13.7 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer, each Shareholder and each Person beneficially owning an interest in a share of the Company (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Company or its business and affairs, the Statutory Trust Act, this Declaration of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration of Trust or the Bylaws, or (B) the duties (including

fiduciary duties), obligations or liabilities of the Company to the Shareholders or the Trustees, or of officers or the Trustees to the Company, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Company, the officers, the Trustees or the Shareholders, or (D) any provision of the Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Statutory Trust Act, this Declaration of Trust or the Bylaws relating in any way to the Company or (F) the federal securities laws of the United States, including, without limitation, the 1940 Act, or the securities or antifraud laws of any international, national, state, provincial, territorial, local or other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder (regardless, in every case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. In the event that any claim, suit, action or proceeding is commenced outside of the Court of Chancery of the State of Delaware in contravention of this Section 13.7, all reasonable and documented out of pocket fees, costs and expenses, including reasonable attorneys' fees and court costs, incurred by the prevailing party in such claim, suit, action or proceeding shall be reimbursed by the non-prevailing party. Nothing in this Section 13.7 will apply to any claims, suits, actions or proceedings asserting a claim brought under federal securities laws or state securities laws.

Section 13.8 <u>Agreement to be Bound</u>. EVERY PERSON, BY VIRTUE OF HAVING BECOME A SHAREHOLDER IN ACCORDANCE WITH THE TERMS OF THIS DECLARATION OF TRUST AND THE BYLAWS, AS AMENDED FROM TIME TO TIME, SHALL BE DEEMED TO HAVE EXPRESSLY ASSENTED AND AGREED TO THE TERMS OF, AND SHALL BE BOUND BY, THIS DECLARATION OF TRUST AND THE BYLAWS.

Section 13.9 <u>Delivery by Electronic Transmission or Otherwise</u>. Any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration of Trust or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

<u>/s/ Brian E Binder</u><br> Brian E. Binder

As Trustee and not individually

<u>/s/ Robert Camacho</u><br> Robert Camacho

As Trustee and not individually

<u>_/s/ Todd M. Corbin</u><br> Todd M. Corbin

As Trustee and not individually

<u>/s/ James P. Fortescue</u><br> James P. Fortescue

As Trustee and not individually

<u>/s/ Marc S. Goodman</u><br> Marc S. Goodman

As Trustee and not individually

<u>/s/ Peter E. Roth</u><br> Peter E. Roth

As Trustee and not individually

<u>/s/ Stephanie T. Yeh</u><br> Stephanie T. Yeh

As Trustee and not individually

[*Signature Page to Amended and Restated Declaration of Trust*]

## Ex-99

**Exhibit (a)(4)**

**SECOND AMENDED AND RESTATED DECLARATION OF TRUST**

**OF**

**GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND**

**January 14, 2026**

**\* \* \* \* \* \* \* \* \* \***

**ARTICLE I<br> NAME; DEFINITIONS**

Section 1.1 <u>Name</u>. The name of the statutory trust is Guggenheim Investments Private Credit Fund (the "Company"). So far as may be practicable, the business of the Company shall be conducted and transacted under that name, which name (and the word "Company" whenever used in this Second Amended and Restated Declaration of Trust (the "Declaration of Trust"), except where the context otherwise requires) shall refer to the Board of Trustees (as defined herein) collectively but not individually or personally and shall not refer to the Shareholders or to any officers, employees or agents of the Company or of such Trustees. Under circumstances in which the Trustees determine that the use of the name "Guggenheim Investments Private Credit Fund" is not practicable, they may use any other designation or name for the Company, subject to applicable law. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Statutory Trust Act (as defined below). Any such instrument shall not require the approval of the Shareholders but shall have the status of an amendment to this Declaration of Trust.

Section 1.2 <u>Definitions</u>. As used in this Declaration of Trust, the following terms shall have the following meanings unless the context otherwise requires:

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>Acquisition Expenses</u>" means expenses, including but not limited to legal fees and expenses, travel and communication expenses, costs regarding determination of creditworthiness and due diligence on prospective portfolio holding companies, non-refundable option payments on assets not acquired, accounting fees and expenses, and miscellaneous expenses relating to the purchase or acquisition of assets, whether or not acquired.

"<u>Acquisition Fees</u>" means any and all fees and commissions, exclusive of Acquisition Expenses, paid by any Person to any other Person (including any fees or commissions paid by or to any Affiliate of the Company or the Adviser) in connection with the initial purchase or acquisition of assets by the Company. Included in the computation of such fees or commissions shall be any commission, selection fee, supervision fee, financing fee, non-recurring management fee or any fee of a similar nature, however designated.

"<u>Administrator</u>" means the Person who enters into an administration agreement with the Fund, or an affiliated successor in interest thereto, and any Person to whom the Administrator subcontracts any and all such services and any successor to an Administrator who enters into an administrative services agreement with the Company or who subcontracts with a successor Administrator.

"<u>Adviser</u>" means Guggenheim Private Investments, LLC or an affiliated successor in interest thereto, any Person to whom the Adviser subcontracts any and all such services pursuant to a sub-advisory agreement and any successor to an Adviser who enters into an Advisory Agreement with the Company or who subcontracts with a successor Adviser. If the Adviser no longer serves as the investment adviser to the Company, the rights of the Adviser in this Declaration of Trust will become the rights of the Trustees.

"<u>Advisers Act</u>" means the Investment Advisers Act of 1940, as amended from time to time, and the rules and regulations promulgated thereunder.

"<u>Advisory Agreement</u>" means that certain investment advisory agreement between the Company and the Adviser named therein pursuant to which the Adviser will act as the investment adviser to the Company and provide investment advisory, investment management and other specified services to the Company, including any sub-advisory agreement.

"<u>Affiliate</u>" or "<u>Affiliated</u>" means (subject to the limits under the 1940 Act or an exemptive order from the SEC, as each may be applicable) with respect to any specified Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any other Person directly or indirectly owning, controlling or holding, with the power to vote, ten percent (10%) or more of the outstanding voting securities of such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other Person ten percent (10%) or more of whose outstanding voting securities are directly or indirectly owned, controlled or held, with the power to vote, by such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other Person directly or indirectly controlling, controlled by or under common control with such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any executive officer, director, trustee, or partner of such specified Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any legal entity on which such specified Person acts as an executive officer, director, trustee, or partner (other than an Independent Trustee); 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;(f) if such specified Person is an investment company, any investment adviser thereof or any member of an advisory board thereof.

"<u>Benefit Plan Investor</u>" means a benefit plan investor as defined in the Plan Asset Regulations.

"<u>Bylaws</u>" means the amended and restated bylaws of the Company, as the same are in effect and may be amended or further amended and restated from time to time in accordance with the Declaration of Trust and the Bylaws, as applicable.

"<u>Capital Contribution</u>" means the total investment, including the original investment and amounts reinvested pursuant to a distribution reinvestment plan in a program by a participant, or by all participants, as the case may be. Unless otherwise specified, capital contributions shall be deemed to include principal amounts to be received on account of deferred payments.

"<u>Cash Available for Distribution</u>" means Cash Flow plus cash funds available for distribution from Company reserves less amounts set aside for restoration or creation of reserves.

"<u>Cash Flow</u>" means Company cash funds provided from operations, without deduction for depreciation, but after deducting cash funds used to pay all other expenses, debt payments, capital improvements and replacements. Cash withdrawn from reserves is not Cash Flow.

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto. Reference to any provision of the Code shall mean such provision as in effect from time to time, as the same may be amended, and any successor provision thereto, as interpreted by any applicable regulations as in effect from time to time.

"<u>Common Shares</u>" means the common Shares, par value $0.01 per share, of the Company that may be issued from time to time in accordance with the terms of this Declaration of Trust and applicable law, as described in Article IV hereof, including any class or series of Common Shares.

"<u>Controlling Person</u>" shall include, but is not limited to, all Persons, whatever their titles, who perform functions for the Sponsor similar to those of: (a) chairman or member of the board of directors or managers; (b) executive officers; and (c) those holding ten percent or more equity interest in the Sponsor or a Person having the power to direct or cause the direction of the Sponsor, whether through the ownership of voting securities, by contract, or otherwise.

"<u>Covered Security</u>" has the meaning set forth in the Securities Act.

"<u>DGCL</u>" means Delaware General Corporation Law, 8 Del. C. § 100, et. seq., as amended from time to time, or any successor statute thereto.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

<u>"ERISA Controllin</u>g <u>Person</u>" means a Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to the assets of the Company or who provides investment advice for a fee (direct or indirect) with respect to such assets, or any affiliate of such a Person within the meaning of 29 C.F.R. § 2510.3-101(f)(3).

"<u>Exchan</u>g<u>e Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>Front End Fees</u>" means fees and expenses paid by any party for any services rendered to organize the Company and to acquire assets for the Company, including Organization and Offering

Expenses, Acquisition Fees, Acquisition Expenses, and any other similar fees, however designated by the Board.

"<u>GAAP</u>" means generally accepted accounting principles as in effect in the United States of America from time to time or such other accounting basis mandated by the SEC.

"<u>Independent Expert</u>" means a Person with no material current or prior business or personal relationship with the Sponsor, who is engaged to a substantial extent in the business of rendering opinions regarding the value of assets of the type held by the Company, and who is qualified to perform such work.

"<u>Independent Trustee</u>" means a Trustee who is not an Interested Person.

"<u>Interested Person</u>" means a Person who is an "interested person" as that term is defined under Section 2(a)(19) of the 1940 Act.

"<u>Investment in program assets</u>" means the amount of capital contributions actually paid or allocated to the purchase or development of assets acquired by the program (including working capital reserves allocable thereto, except that working capital reserves in excess of three percent shall not be included) and other cash payments such as interest and taxes but excluding front-end fees.

"<u>Liquidity Event</u>" means a Listing or any merger, reorganization, business combination, share exchange, acquisition by any Person or related group of Persons of beneficial ownership of all or substantially all of the Shares of the Company in one or more related transactions, or similar transaction involving the Company pursuant to which the Shareholders receive for their Shares, as full or partial consideration, cash, equity Securities or combination thereof: (a) a Listing; (b) a sale or merger in a transaction that provides Shareholders with cash and/or securities of a publicly traded company; or (c) a sale of all or substantially all of the assets of the Company for cash or other consideration.

"<u>Listing</u>" means the listing of the Common Shares (or any successor thereof) on a national securities exchange or national securities association registered with the SEC or the receipt by the Shareholders of Securities that are approved for trading on a national securities exchange or national securities association registered with the SEC in exchange for the Common Shares. The term "Listed" shall have the correlative meaning. With regard to the Common Shares, upon commencement of trading of the Common Shares on a national securities exchange or national securities association registered with the SEC, the Common Shares shall be deemed Listed.

"<u>Net Asset Value</u>" means the then-current value of all of the Company's assets, minus its liabilities.

"<u>Net Worth</u>" means the excess of total assets over total liabilities as determined by GAAP.

"<u>Omnibus Guidelines</u>" means the Omnibus Guidelines Statement of Policy adopted by the North American Securities Administrators Association on March 29, 1992 and as amended on May 7, 2007 and from time to time.

"<u>Organization and Offering Expenses</u>" means any and all costs and expenses incurred by and to be paid from the assets of the Company in connection with and in preparing for the formation, qualification and registration of the Company, and the marketing and distribution of shares, including, without limitation, total underwriting and brokerage discounts and commissions (including fees of the underwriters' attorneys), expenses for printing, engraving, amending, supplementing, mailing and distributing costs, salaries of employees while engaged in sales activity, telephone and other telecommunications costs, all advertising and marketing expenses (including the costs related to investor and broker-dealer sales meetings), charges of transfer agents, registrars, trustees, escrow agents or holders, depositories, experts, fees, expenses and taxes related to the filing, registration and qualification of the sale of the shares under federal and state laws, including taxes and fees and accountants' and attorneys' fees.

"<u>Person</u>" means an individual, corporation, partnership, estate, trust joint venture, limited liability company or other entity or association. "<u>Plan Asset Re</u>g<u>ulation</u>" means 29 C.F.R. § 2510.3-101, as modified by section 3(42) of ERISA.

"<u>Roll-Up Entit</u>y" means a partnership, trust, corporation, or similar entity that would be created or would survive after the successful completion of a proposed Roll-Up Transaction.

"<u>Roll-Up Transaction</u>" means a transaction involving the acquisition, merger, conversion or consolidation either directly or indirectly of the Company and the issuance of securities of a Roll-Up Entity to the Shareholders. Such term does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a transaction involving Securities of the Company that have been Listed for at least twelve (12) months; 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;(b) a transaction involving the conversion to another corporate form or to a trust or association form of only the Company, if, as a consequence of the transaction, there will be no significant adverse change in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Shareholders' voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the term of existence of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Adviser and Sponsor compensation; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Company's investment objective.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Securities</u>" means Common Shares, any other Shares or other evidences of equity or beneficial or other interests, voting trust certificates, bonds, debentures, notes or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as "securities" or any certificates of interest, shares or participations in, temporary or interim certificates for, receipts for, guarantees of, or warrants, options or rights

to subscribe to, purchase or acquire, any of the foregoing if and only if any such item is treated as a "security" under the Exchange Act, or applicable state securities laws.

"<u>Shareholders</u>" means the registered holders of the Company's Shares.

"<u>Shares</u>" means the unit of beneficial interest in the trust estate of the Company.

"<u>Similar Law</u>" means any federal, state, local, non-U.S. or other law or regulation that is similar to the fiduciary responsibility provisions of ERISA or the provisions of Section 4975 of the Code.

"<u>Sponsor</u>" means any Person directly or indirectly instrumental in organizing, wholly or in part, a program or any Person who will control, manage or participate in the management of a program, and any affiliate of such Person. Not included is any Person whose only relation with the program is that of an independent manager of a portion of Program assets, and whose only compensation is as such. "Sponsor" does not include wholly independent third parties such as attorneys, accountants, and underwriters whose only compensation is for professional services rendered in connection with the offering of program interests. A Person may also be deemed a Sponsor of the program by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) taking the initiative, directly or indirectly, in founding or organizing the business or enterprise of the program, either alone or in conjunction with one or more other Persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) receiving a material participation in the program in connection with the founding or organizing of the business of the program, in consideration of services or property, or both services and property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) having a substantial number of relationships and contacts with the program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) possessing significant rights to control program properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) receiving fees for providing services to the program which are paid on a basis that is not customary in the industry; 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;(f) providing goods or services to the program on a basis which was not negotiated at arm's length with the program.

For purposes of this definition, "<u>pro</u>g<u>ram</u>" shall be deemed to include the Company.

"<u>Statutory Trust Act</u>" means Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801, et seq., as such act may be amended from time to time.

"<u>Trustees</u>," "<u>Board of Trustees</u>" or "<u>Board</u>" means, collectively, the individuals named in Section 3.1 of this Declaration of Trust so long as they continue in office and all other individuals who have been duly elected and qualify as Trustees of the Company hereunder.

**ARTICLE II**

**<br> NATURE AND PURPOSE**

The Company is a Delaware statutory trust within the meaning of the Statutory Trust Act, existing pursuant to this Declaration of Trust and the Company's initial certificate of trust filed with the Delaware Secretary of State's office on March 6, 2025 (which filing is hereby ratified), as may be amended or amended and restated from time to time.

The purpose of the Company is to engage in any lawful act or activity for which trusts may be organized under the Statutory Trust Act as now or hereafter in force, including to conduct, operate and carry on the business of a non-diversified closed-end investment company operating as a business development company, as such terms are defined in the 1940 Act, subject to making an election therefor under the 1940 Act, and to carry on such other business as the Trustees may from time to time determine pursuant to their authority under this Declaration of Trust. In furtherance of the foregoing, it shall be the purpose of the Company to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a business development company regulated under the 1940 Act and which may be engaged in or carried on by a trust organized under the Statutory Trust Act, and in connection therewith the Company shall have the power and authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust. The Company may not, without the affirmative vote of a majority of the outstanding voting securities, as such term is defined under Section 2(a)(42) of the 1940 Act, of the Company entitled to vote on the matter, change the nature of the Company's business so that the Company ceases to be, or withdraws the Company's election to be, treated as a business development company under the 1940 Act.

Legal title to all of the assets of the Company shall be vested in the Company as a separate legal entity except that the Trustees shall have power to cause legal title to any assets of the Company to be held in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that such arrangement is permitted by the 1940 Act and the interest of the Company therein is appropriately protected.

**ARTICLE III<br> PROVISIONS FOR DEFINING, LIMITING<br> AND REGULATING CERTAIN POWERS OF THE<br> COMPANY AND OF THE SHAREHOLDERS AND TRUSTEES**

Section 3.1 <u>Number of Trustees</u>. The business and affairs of the Company shall be managed under the direction of the Board. The Board shall have full, exclusive and absolute power, control and authority to the same extent as a board of directors of a Delaware corporation. The Board may take any actions as in its sole judgment and discretion are necessary or desirable to conduct the business of the Company. Except as otherwise specifically provided in this Declaration of Trust and the Bylaws, each Trustee and officer of the Company shall have duties including fiduciary duties (and liability therefor) identical to those of directors and officers of a private corporation for profit organized under the DGCL and shall not have any other duties, including any fiduciary duties, except for fiduciary duties identical to those of directors and officers of a

private corporation for profit organized under the DGCL. Each initial Trustee set forth below shall serve an initial term that shall expire at the annual meeting of Shareholders held in 2028, and, following such initial term, at the annual meeting of Shareholders held each third year thereafter. In all cases, as to each Trustee, such term shall extend until his or her successor shall be elected by the affirmative vote of shareholders or until his or her earlier resignation, removal from office, death or incapacity. Each Trustee may be reelected to an unlimited number of succeeding terms in accordance with these provisions. The number of Trustees of the Company is seven (7), which number may be increased or decreased from time to time only by the Trustees pursuant to the Bylaws, but shall never be less than three (3), except for a period of up to one hundred twenty (120) days after the death, removal or resignation of a Trustee pending the election of such Trustee's successor. The names of the initial Trustees are as follows:

Brian E. Binder

Robert Camacho

Todd M. Corbin

James P. Fortescue

Marc S. Goodman

Peter E. Roth

Stephanie T. Yeh

A majority of the Board shall be Independent Trustees, except for a period of up to one hundred twenty (120) days or such longer period permitted by law, after the death, removal or resignation of an Independent Trustee pending the election of such Independent Trustee's successor by the remaining Trustees.

Subject to applicable requirements of the 1940 Act, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining Trustees in office, even if the remaining Trustees do not constitute a quorum, and any Trustee elected to fill a vacancy shall serve for the remainder of the full term of the trusteeship in which such vacancy occurred and until a successor is duly elected and qualified. There shall be no cumulative voting in the election or removal of Trustees.

The voting procedures and the number of votes required to elect a Trustee at a meeting of shareholders shall be as set forth in the Bylaws, which may be amended by the Board.

Section 3.2 <u>Shareholder Voting</u>. Except as provided in Article II, Section 3.8, Section 5.2, Section 5.3, Section 9.2, Section 10.1 and Section 12.2 of this Declaration of Trust, notwithstanding any provision of law permitting any particular action to be approved by the affirmative vote of the Shareholders of the Company entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable and approved by the Board, and approved by a majority of the votes cast at a meeting of Shareholders at which a quorum is present. All shares of all classes shall vote together as a single class provided that: (a) as to any matter with respect to which a separate vote of any class is required by the 1940 Act or any orders issued thereunder, such requirement as to a separate vote by that class shall apply in lieu of a general vote of all classes; (b) in the event that separate voting requirements apply with respect to one or more classes, then subject to subparagraph (c), the shares of all other classes not entitled to a separate vote shall vote together as a single class; and (c) as to any matter which in the judgment of the

Board (which judgment shall be conclusive) does not affect the interest of a particular class, such class shall not be entitled to any vote and only the holders of shares of the one or more affected classes shall be entitled to vote. Notwithstanding any other provisions of this Declaration of Trust or the Bylaws to the contrary, for such matters that require the vote of a majority of the outstanding voting Shares of the Company under the 1940 Act, such majority vote shall be determined as set forth in Section 2(a)(42) of the 1940 Act. The provisions of this Section 3.2 shall be subject to the limitations of the 1940 Act and other applicable statutes or regulations.

Section 3.3 Q<u>uorum</u>. The determination of whether a quorum has been established for a meeting of the Company's Shareholders shall be as set forth in the Bylaws.

Section 3.4 <u>Preemptive Rights</u>. Except as may be provided by the Board in setting the terms of classified or reclassified Shares or as may otherwise be provided by contract approved by the Board, no Shareholder shall, as such Shareholder, have any preemptive right to purchase or subscribe for any additional Shares of the Company or any other Security of the Company that it may issue or sell.

Section 3.5 <u>Appraisal Rights</u>. Except (a) as may be provided by the Board in setting the terms of any class or series of Shares or (b) as provided in connection with a Roll-Up transaction pursuant to Section 11.1, no Shareholder shall be entitled to exercise appraisal rights in connection with any transaction.

Section 3.6 <u>Determinations by the Board</u>. The determination as to any of the following matters, made in good faith, subject to the limitations set forth in the Omnibus Guidelines, by or pursuant to the direction of the Board consistent with this Declaration of Trust, shall be final and conclusive and shall be binding upon the Company and every Shareholder: (a) the amount of the net income of the Company for any period and the amount of assets at any time legally available for the payment of dividends, redemption or repurchase of its Shares or the payment of other distributions on its Shares; (b) the amount of stated capital, capital surplus, net assets, other surplus, annual or other net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; (c) the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); (d) any interpretation of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of any class or series of Shares of the Company; (e) the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Company or any Shares of the Company; (f) any matter relating to the acquisition, holding and disposition of any assets by the Company; or (g) any other matter relating to the business and affairs of the Company or required or permitted by applicable law, this Declaration of Trust or the Bylaws or otherwise to be determined by the Board provided, however, that any determination by the Board as to any of the preceding matters shall not render invalid or improper any action taken or omitted prior to such determination and no Trustee shall be liable for making or failing to make such a determination in accordance with this Section 3.6.

Section 3.7 <u>Sole Discretion; Good Faith; Corporate Opportunities of Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding any other provision of this Declaration of Trust or otherwise applicable law, whenever in this Declaration of Trust the Trustees are permitted or required to make a decision:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider, subject to the limitations set forth in the Omnibus Guidelines, such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, including such Trustees' fiduciary duties under Delaware law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard, provided that such standard is consistent with such Trustees' fiduciary duties under Delaware law, and subject to the limitations set forth in the Omnibus Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless expressly provided otherwise herein or in the Company's offering document (as may be amended from time to time), the Adviser and any Affiliate of the Adviser may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Company and the doctrine of corporate opportunity, or any analogous doctrine. To the extent that the Adviser acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Company, it shall not have any duty to communicate or offer such opportunity to the Company, subject to the requirements of the 1940 Act, the Advisers Act, and any applicable co-investment order issued by the Commission, and the Adviser shall not be liable to the Company or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Adviser pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Company. Neither the Company nor any Shareholder shall have any rights or obligations by virtue of this Declaration of Trust or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Company, shall not be deemed wrongful or improper.

Section 3.8 <u>Resignation and Removal of Trustees</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairman, if any, and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any Trustee, or the entire Board, may be removed from office at any time (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 3.1 hereof) only for cause and only by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an Interested Person a majority of the remaining Trustees that are not Interested Persons). A majority of the outstanding Shares are authorized to remove a Trustee with or without cause (provided that the aggregate number of Trustees after such removal shall not be less than the minimum required by Section 3.1). Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Company or the remaining Trustees any Company property held in the name of such resigning or removed Trustee. Upon the

incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his or her resignation or removal, or any right to damages on account of a removal.

Section 3.9 <u>Business Combination</u>. Notwithstanding any other provision of this Declaration of Trust or any contrary provision of law, the Board may, without Shareholder approval unless such approval is required by the 1940 Act, cause the Company to convert into or merge, reorganize or consolidate with or into one or more trusts, partnerships, limited liability companies, corporations or other business entities, provided that the resulting entity is a business development company under the 1940 Act. Approval of any agreement or applicable certificate of merger, reorganization, consolidation or conversion or certificate may be signed by a majority of the Board or an authorized officer of the Company. In accordance with Section 3815(f) of the Statutory Trust Act, but subject to Section 5.2 of this Declaration of Trust, such approval and approval from the Board will effect an amendment to this Declaration of Trust and/or effect the adoption of a new declaration of trust of the Company or change the name of the Company if the Company is the surviving or resulting entity in the merger or consolidation.

Section 3.10 <u>Special Meetings</u>. Special meetings of Shareholders may be called in the manner provided in the Bylaws, including by a majority of the Independent Trustees or the Chief Executive Officer, and shall be called by the secretary of the Company to act on any matter that may properly be considered at a meeting of Shareholders. Notice of any special meeting of Shareholders shall be given as provided in the Bylaws. Any meeting may be adjourned and reconvened as the Board may determine or as otherwise provided in the Bylaws.

Section 3.11 <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 3.12 <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting, except to the extent otherwise required by the 1940 Act, if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 3.13 <u>Officers</u>. The Trustees shall elect a Chief Executive Officer, a Secretary, a Chief Financial Officer and/or Treasurer, a Chief Compliance Officer, and may include one or more Vice Presidents or Junior Officers, a Chief Operating Officer, a Chief Investment Officer, a Chief Legal Officer, one or more Assistant Secretaries and one or more Assistant Treasurers. The Trustees may elect a Chairperson, who shall be a Trustee and serve at the pleasure of the Trustees or until their successor is elected. The Trustees may elect or appoint or may authorize the Chief

Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The Chief Executive Officer, Secretary, Chief Financial Officer and/or Treasurer, as applicable, may, but need not, be a Trustee. All officers shall owe to the Company and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law.

Section 3.14 <u>Principal Transactions</u>. Except to the extent prohibited by applicable law and the Omnibus Guidelines, the Trustees may, on behalf of the Company, buy any securities from or sell any securities to, or lend any assets of the Company to, any Trustee or officer of the Company or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliate of the Company, investment adviser, investment sub-adviser, distributor or transfer agent for the Company or with any Interested Person of such Affiliate or other person; and the Company may employ any such Affiliate or other person, or firm or company in which such Affiliate or other person is an Interested Person, as broker, legal counsel, registrar, investment adviser, investment sub-adviser, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

Section 3.15 <u>Subsidiaries</u>. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over all of the Company's property or to carry on any business in which the Company shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Company's property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Company holds or is about to acquire shares or any other interests.

Section 3.16 <u>Dele</u>g<u>ation</u>. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Company the doing of such things, including any matters set forth in this Declaration of Trust, and the execution of such instruments either in the name of the Company or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board as the Trustees shall determine from time to time except to the extent action by the entire Board or particular Trustees is required by the 1940 Act.

**ARTICLE IV<br> SHARES**

Section 4.1 <u>Authorized Shares</u>. The beneficial interest in the Company shall at all times be divided into an unlimited number of Shares. The Shares of the Company shall initially consist of Common Shares, with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. All Common Shares shall be fully paid and nonassessable when issued. Mandatory assessments shall be prohibited and the Company shall not make any mandatory assessment against any Shareholder beyond such Shareholder's

subscription commitment. Any different classes or series shall be established and designated, and the variations in the relative rights and preferences as between the different classes shall be fixed and determined, by the Trustees without Shareholder approval. The Trustees may create a class of preferred shares (the "<u>Preferred Shares</u>") which may be divided into one or more series of Preferred Shares and with such par value as may be authorized from time to time by the Trustees in their sole discretion without Shareholder approval. The Company is authorized to offer and issue an unlimited number of Common Shares and an unlimited number of Preferred Shares.

Section 4.2 <u>Authorization by Board of Share Issuance</u>. The Board may authorize the issuance from time to time of Shares of the Company of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration as the Board may deem advisable (or without consideration in the case of a split of Shares or dividend), subject to such restrictions or limitations, if any, as may be set forth in this Declaration of Trust or the Bylaws.

Section 4.3 <u>Classification or Reclassification by the Board</u>. As contemplated by Section 4.1, the variations in the relative rights and preferences as between any classes of Common Shares and any potential Preferred Shares shall be fixed and determined by the Trustees; provided, that all Common Shares or Preferred Shares of the Company or of any series shall be identical to all other Common Shares or Preferred Shares of the Company or of the same series, as the case may be, except that, to the extent permitted by the 1940 Act, there may be variations between different classes as to allocation of expenses, rights of redemption, special and relative rights and preferences as to dividends and distributions and on liquidation, conversion rights, and conditions under which the several classes shall have separate voting rights. All of the outstanding Common Shares as of the date hereof issued to the sole initial shareholder shall be classified as Class I Shares with such terms as set forth in the initial prospectus of the Company, as thereafter subsequently modified from time to time. Any class of Preferred Shares shall have such rights and preferences and priorities over the Common Shares as may be established by the terms thereof; provided that the Company may not issue any shares of preferred shares that would limit or subordinate the voting rights of holders of Common Shares as set forth in the Omnibus Guidelines unless required by the 1940 Act.

The following provisions shall be applicable to any division of Shares of the Company into one or more classes or series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All provisions herein relating to the Shares, or any class or series of Shares of the Company, including common and preferred shares, shall apply equally to each class of Shares of the Company or of any series of the Company, except as the context requires otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The number of Shares of each class that may be issued shall be unlimited. The Trustees may classify or reclassify any Shares or any class of any Shares into one or more other classes that may be established and designated from time to time. The Company may purchase and hold Shares as treasury shares, reissue such treasury shares for such consideration and on such terms as the Trustees may determine, or cancel any Shares of any class acquired by the Company at the Trustees' discretion from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Liabilities, expenses, costs, charges and reserves related to the distribution of, and other identified expenses that should properly be allocated to, the Shares of a particular class or series within the class may be charged to and borne solely by such class or series, and the bearing of expenses solely by a class of shares or series may be appropriately reflected (in a manner determined by the Trustees) and cause differences in the net asset value attributable to, and the dividend, redemption and liquidation rights of, the Shares of different classes or series. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees in their reasonable judgment shall be conclusive and binding upon the Shareholders of all classes for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The establishment and designation of any class or series of Shares shall be effective upon resolution by a majority of the Trustees, adopting a resolution which sets forth such establishment and designation and the relative rights and preferences of such class or series. Each such resolution shall be incorporated herein by reference upon adoption. The Trustees may, by resolution of a majority of the Trustees, abolish any class or series and the establishment and designation thereof. The provisions set forth in such resolution shall not conflict with the provisions of this Declaration of Trust with respect to any such rights and privileges of the class or series of Shares.

Section 4.4 <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise expressly provided in this Declaration of Trust, the holders of each class or series of Shares shall be entitled to dividends and distributions in such amounts and at such times as may be determined by the Board, and the dividends and distributions paid with respect to the various classes or series of Shares may vary among such classes or series. Expenses related to the distribution of, and other identified expenses that properly should be allocated to the shares of, a particular class or series may be appropriately reflected (in a manner determined by the Board, in its discretion) and cause a difference in the Net Asset Value attributable to, and the dividend, redemption and liquidation rights of, the shares of each such class or series 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;(b) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Company or to meet obligations of the Company (excluding, for the avoidance of doubt, the payment of Adviser's fees), or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business. Normally, such amount shall not be less than 1% of the offering proceeds of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From time to time and not less than quarterly, the Company shall review the Company's accounts to determine whether cash distributions are appropriate. The Company may, subject to authorization by the Board, distribute to the Shareholders funds received by the Company that the Board deems unnecessary to retain in the Company. The Board may authorize the Company to declare and pay to Shareholders such dividends or distributions, in cash or other assets of the Company or in Securities of the Company or from any other source, as the Board in its discretion shall determine. The Board shall endeavor to authorize the Company to declare and pay such dividends and distributions: (i) as shall be necessary for the Company to qualify as a "Regulated Investment Company" under the Code and a business development company under the 1940 Act, and (ii) to the extent that the Board deems it unnecessary for the Company to retain

funds received by it; provided, however, that in each case Shareholders shall have no right to any dividend or distribution unless and until authorized by the Board and declared by the Company. Distributions pursuant to this Section 4.4 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify. The exercise of the powers and rights of the Board pursuant to this Section 4.4 shall be subject to the provisions of any class or series of shares at the time outstanding. The receipt by any Person in whose name any shares are registered on the records of the Company or by his or her duly authorized agent shall be a sufficient discharge for all dividends or distributions payable or deliverable in respect of such shares and from all liability to see to the application thereof. Distributions in kind shall not be permitted, except for distributions of readily marketable Securities, distributions of cash from a liquidating trust established for the dissolution of the Company and the liquidation of its assets in accordance with the terms of this Declaration of Trust or distributions in which: (i) the Board advises each Shareholder of the risks associated with direct ownership of the property, (ii) the Board offers each Shareholder the election of receiving such in-kind distributions, and (iii) in-kind distributions are made only to those Shareholders that accept such offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Company to avoid or reduce liability for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If a declaration of dividends or distributions is made pursuant to this Section then, at any time prior to the related payment date, the Board may, in its sole discretion, rescind such declaration or change each of the record date and payment date to a later date or dates (in each case for a period of not greater than 180 days after each of the record date and payment date theretofore in effect and provided the payment date as so changed is not more than 60 days after the record date as so changed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In no event, however, shall funds be advanced or borrowed for purpose of distributions, if the amount of such distributions would exceed the Company's accrued and received revenues for the previous four quarters, less paid and accrued operating costs with respect to such revenues and costs shall be made in accordance with generally accepted accounting principles, consistently applied. Cash distributions from the Company to the Sponsor shall only be made in conjunction with distributions to Shareholders and only out of funds properly allocated to the Sponsor's account. For the avoidance of doubt, payments to a Sponsor pursuant to a validly adopted Advisory Agreement shall not be deemed to be distributions from the Company for purposes of the foregoing sentence.

Section 4.5 <u>Proportionate Rights</u>. All shares of each particular class shall represent an equal proportionate interest in the assets attributable to the class (subject to the liabilities of that class), and each share of any particular class shall be equal to each other share of that class. The Board may, from time to time, divide or combine the shares of any particular class into a greater or lesser number of shares of that class without thereby changing the proportionate interest in the assets attributable to that class or in any way affecting the rights of holders of shares of any other class.

Section 4.6 <u>Distributions in Liquidation</u>. Unless otherwise expressly provided in this Declaration of Trust, in the event of any liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, the holders of all classes of Shares of the Company shall be entitled, after payment or provision for payment of the debts and other liabilities of the Company (as such liability may affect one or more of the classes and series of Shares of the Company), to share ratably in the remaining net assets of the Company.

Section 4.7 <u>Deferred Payments</u>. The Company shall not have authority to make arrangements for deferred payments on account of the purchase price of shares of the Company's Shares unless all of the following conditions are met: (a) such arrangements are warranted by the Company's investment objectives; (b) the period of deferred payments coincides with the anticipated cash needs of the Company; (c) the deferred payments shall be evidenced by a promissory note of the Shareholder, which note shall be with recourse, shall not be negotiable, shall be assignable only subject to defenses of the maker and shall not contain a provision authorizing a confession of judgment; and (d) selling commissions and Front End Fees paid upon deferred payments are payable when payment is made on the note. The Company shall not sell or assign the deferred obligation notes at a discount. In the event of default in the payment of deferred payments by a Shareholder, the Shareholder may be subjected to a reasonable penalty.

Section 4.8 <u>Fractional Shares</u>. The Company shall have authority to issue fractional shares. Any fractional Shares shall carry proportionately all of the rights of a whole share, including, without limitation, the right to vote and the right to receive dividends and other distributions.

Section 4.9 <u>Declaration of Trust and Bylaws</u>. All persons who shall acquire Shares in the Company shall acquire the same subject to the provisions of this Declaration of Trust and the Bylaws.

Section 4.10 <u>Redemptions</u>. Holders of Shares of the Company shall not be entitled to require the Company to repurchase or redeem Shares of the Company.

Section 4.11 <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Company shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Company as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

Section 4.12 <u>Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Company voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Company.

Section 4.13 <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article IV, the Trustees may prescribe, in their absolute discretion

except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Company's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Company to comply with any provision of the 1940 Act, federal securities laws, state securities laws, or any securities exchange or association registered under the Exchange Act or any order of exemption issued by the SEC, all as in effect now or hereafter amended or modified.

Section 4.14 <u>ERISA Restrictions</u>. Notwithstanding any other provision herein, in order to avoid the possibility that the assets of the Company could be deemed "plan assets" under the Plan Asset Regulation or Similar Law, the Company, at the direction of the Board or any duly-authorized committee of the Board, or, if authorized by the Board, any officer of the Company or the Adviser on behalf of the Company, shall have the power to (1) require any Person proposing to acquire Shares to furnish such information as may be necessary to determine whether such person is (i) a Benefit Plan Investor, or (ii) an ERISA Controlling Person, (2) exclude any shareholder or potential shareholder from purchasing Shares (3) prohibit any repurchase of Shares to any Person, (4) repurchase any or all outstanding Shares held by a Shareholder for such price and on such other terms and conditions as may be determined by or at the direction of the Board, and (5) take any other action it deems necessary or appropriate so that the assets of the Company will not be deemed "plan assets" under the Plan Asset Regulation or Similar Law and/or to avoid the occurrence of a non-exempt prohibited transaction under section 406 of ERISA, section 4975 of the Code or Similar Law.

**ARTICLE V<br> AMENDMENTS; CERTAIN EXTRAORDINARY ACTIONS**

Section 5.1 <u>Amendments Generall</u>y. Subject to Section 5.2, the Board reserves the right, without any vote of Shareholders, from time to time to make any amendment to this Declaration of Trust, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in this Declaration of Trust, of any outstanding Shares, provided, however, that if any amendment or new addition to this Declaration of Trust adversely affects the rights of Shareholders or a class thereof, such amendment or addition must be approved by the holders of more than fifty percent (50%) of the outstanding Shares (or class thereof) of the Company entitled to vote thereon. All rights and powers conferred by this Declaration of Trust on Shareholders, Trustees and officers are granted subject to this reservation.

Section 5.2 Ap<u>proval of Certain Declaration of Trust Amendments</u>. The affirmative vote of the holders of more than two-thirds (66.6%) of the outstanding Shares of the Company entitled to vote thereon shall be necessary to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any amendment to this Declaration of Trust to make the Common Shares a "redeemable security" or to convert the Company, whether by merger or otherwise, from a "closed-end company" to an "open-end company" (as such terms are defined in the 1940 Act); 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;(b) Any amendment to Section 3.2, Section 3.8, Section 5.1 or this Section 5.2.

Notwithstanding anything to the contrary in this section, if the Board of Trustees approves a proposal or amendment pursuant to this Section 5.2 by a vote of at least two-thirds of such Board

of Trustees, then only the affirmative vote of the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote thereon shall be required to approve such matter.

Section 5.3 <u>Approval of Certain Amendments to Bylaws</u>. The Board shall have the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws; provided, however, that if any amendment or new addition to the Bylaws adversely affects the voting rights of Shareholders as identified in Article II Section 7 of the Bylaws, such amendment or addition must be approved by the affirmative vote of holders of a majority of the outstanding voting securities of the Company entitled to vote on the matter.

Section 5.4 <u>Execution of Amendments</u>. Upon obtaining such approvals required by this Declaration of Trust and the Bylaws and without further action or execution by any other Person, including any Shareholder, (i) any amendment to this Declaration of Trust may be implemented and reflected in a writing executed solely by the requisite members of the Board , and (ii) the Shareholders shall be deemed a party to and bound by such amendment of this Declaration of Trust.

Section 5.5 <u>Amendments to Comply with Blue Sky Regulatory Requirements</u>. Notwithstanding any other provisions of this Declaration of Trust or the Bylaws to the contrary, the Board of Trustees may, without the approval or vote of the Shareholders, amend or otherwise supplement this Declaration of Trust for the purpose of complying or conforming this Declaration of Trust as necessary to satisfy any Omnibus Guidelines or the statutes, rules, regulations or requests of any state securities regulator, or otherwise necessary for the Company to publicly offer Shares in any state as determined by the Board of Trustees in good faith.

**ARTICLE VI<br> LIMITATION OF LIABILITY; INDEMNIFICATION AND<br> ADVANCE OF EXPENSES**

Section 6.1 <u>Limitation of Shareholder Liability</u>. Shareholders shall be entitled to the same limited liability extended to Shareholders of private Delaware for profit corporations formed under the DGCL. No Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Company by reason of being a Shareholder, nor shall any Shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any Person in connection with the Company's assets or the affairs of the Company by reason of being a Shareholder.

Section 6.2 <u>Limitation of Trustee and Officer Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by Delaware law, subject to any limitation set forth under the federal securities laws and Washington state securities laws, or in this Article VI, no Trustee or officer of the Company shall be liable to the Company or its Shareholders for money damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither the amendment nor repeal of this Section 6.2, nor the adoption or amendment of any other provision of this Declaration of Trust or Bylaws inconsistent with this Section 6.2, shall apply to or affect in any respect the applicability of the preceding sentence with

respect to any act or failure to act that occurred prior to such amendment, repeal or adoption. The Company may not incur the cost of that portion of liability insurance which insures the Sponsor for any liability as to which the Sponsor is prohibited from being indemnified under the Omnibus Guidelines.

Section 6.3 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Person who was or is made a party or is threatened to be made a party to or is otherwise involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative (hereinafter a "proceeding"), by reason of the fact:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) that he or she is or was a Trustee, officer, employee, Sponsor, Controlling Person or agent of the Company, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that he or she, being at the time a Trustee, officer, employee or agent of the Company, is or was serving at the request of the Company as a director, trustee, officer, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, including service with respect to an employee benefit plan (collectively, "another enterprise" or "other enterprise"), whether either in case (i) or in case (ii) the basis of such proceeding is alleged action or inaction (x) in an official capacity as a Trustee, officer, employee, Controlling Person or agent of the Company, or as a director, trustee, officer, employee or agent of such other enterprise, or (y) in any other capacity related to the Company or such other enterprise while so serving as a director, trustee, officer, employee or agent, shall be indemnified and held harmless by the Company to the fullest extent not prohibited by Delaware law and subject to paragraphs (b) and (c) below, from and against all liability, loss, judgments, penalties, fines, settlements, and reasonable expenses (including, without limitation, attorneys' fees and amounts paid in settlement and including costs of enforcement of enforcement of rights under this Section) (collectively, "<u>Liabilit</u>y <u>and Losses</u>") actually incurred or suffered by such Person in connection therewith. The Persons indemnified hereunder are hereinafter referred to as "<u>Indemnitees</u>." Such indemnification as to such alleged action or inaction shall continue as to an Indemnitee who has after such alleged action or inaction ceased to be a Trustee, officer, employee, Controlling Person or agent of the Company, or director, officer, employee or agent of another enterprise; and shall inure to the benefit of the Indemnitee's heirs, executors and administrators. The right to indemnification conferred under this Article VI: (A) shall be a contract right; (B) shall not be affected adversely as to any Indemnitee by any amendment or repeal of this Declaration of Trust with respect to any action or inaction occurring prior to such amendment or repeal; and (C) shall vest immediately upon election or appointment of such Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Indemnitee has determined, in good faith, that any course of conduct of such Indemnitee giving rise to the Liability and Losses was in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Indemnitee was acting on behalf of or performing services for the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Such Liability and Losses were not the result of (1) negligence or misconduct, in the case that the Indemnitee is a Trustee (other than an Independent Trustee), officer, employee, Sponsor, Controlling Person or agent of the Company, or (2) gross negligence or willful misconduct, in the case that the Indemnitee is an Independent Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Such indemnification is recoverable only out of the net assets of the Company and not from the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, the Company shall not provide any indemnification of an Indemnitee pursuant to paragraph (a) above for any Liability and Losses arising from or out of an alleged violation of federal or state securities laws by such Indemnitee unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged securities law violations as to the Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnitee or (iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which securities were offered or sold as to indemnification for violations of securities laws. Any person serving as a broker-dealer, to the extent such person or entity meets the definition of 'Indemnitee' within the meaning of the Declaration of Trust, would not be entitled to the indemnification set forth in the Declaration of Trust, but also the requirements and limitations on indemnification set forth in Section 6.3(b) of the Declaration of Trust. Any person acting as a broker-dealer is also subject to the indemnification restrictions imposed in this Section 6.3(c).

Section 6.4 <u>Payment of Expenses</u>. The Company, or an Affiliate of the Sponsor who is not otherwise an Indemnitee, shall pay or reimburse reasonable legal expenses and other costs incurred by an Indemnitee in advance of final disposition of a proceeding if all of the following are satisfied: (i) the proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, (ii) the Indemnitee provides the Company with written affirmation of the Indemnitee's good faith belief that the Indemnitee has met the standard of conduct necessary for indemnification by the Company as authorized by Section 6.3 hereof, (iii) the legal proceeding was initiated by a third party who is not a Shareholder or, if by a Shareholder of the Company acting in his or her capacity as such, a court of competent jurisdiction approves such advancement, and (iv) the Indemnitee provides the Company with a written agreement to repay the amount paid or reimbursed by the Company, together with the applicable legal rate of interest thereon, if it is ultimately determined by final, non-appealable decision of a court of competent jurisdiction, that the Indemnitee is not entitled to indemnification.

Section 6.5 <u>Limitations to Indemnification.</u> The provisions of this Article VI shall be subject to the limitations of the 1940 Act.

Section 6.6 <u>Express Exculpatory Clauses in Instruments</u>. Neither the Shareholders nor the Trustees, officers, employees or agents of the Company shall be liable under any written instrument creating an obligation of the Company by reason of their being Shareholders, Trustees, officers, employees or agents of the Company, and all Persons shall look solely to the Company's net assets for the payment of any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument shall not affect the validity or enforceability of such instrument and shall not render any Shareholder, Trustee, officer, employee or agent liable thereunder to any third party, nor shall the Trustees or any officer, employee or agent of the Company be liable to anyone as a result of such omission.

Section 6.7 <u>Non-exclusivity</u>. Subject to Section 6.3, the indemnification and advancement of expenses provided or authorized by this Article VI shall not be deemed exclusive of any other rights, by indemnification or otherwise, to which any Indemnitee may be entitled under the Bylaws, a resolution of Shareholders or Trustees, an agreement or otherwise.

Section 6.8 <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his or her duties hereunder.

Section 6.9 <u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Company shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Company, and every other act or thing whatsoever executed in connection with the Company shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration of Trust or in their capacity as officers, employees or agents of the Company. The Trustees may maintain insurance for the protection of the Company's property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 6.10 <u>Reliance on Experts, etc</u>. Each Trustee and officer or employee of the Company shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel, or upon reports made to the Company by any of the Company's officers or employees or by any adviser, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Company, regardless of whether such counsel or expert may also be a Trustee.

**ARTICLE VII<br> ADVISER, ADMINISTRATOR AND CUSTODIAN; DISTRIBUTION<br> ARRANGEMENTS**

Section 7.1 <u>Supervision of Adviser and Administrator</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the requirements of the 1940 Act, the Board may exercise broad discretion in allowing the Adviser and, if applicable, an Administrator, to administer and regulate the operations of the Company, to act as agent for the Company, to execute documents on behalf of the Company and to make executive decisions that conform to general policies and principles established by the Board. The Board shall monitor the Adviser, or if any, the Administrator, to assure that the administrative procedures, operations and programs of the Company are in the best interests of the Shareholders and are fulfilled and that (i) the expenses incurred are reasonable in light of the investment performance of the Company, its net assets and its net income, (ii) all Front End Fees shall be reasonable and shall not exceed eighteen percent (18%) of the gross proceeds of any offering, regardless of the source of payment, and (iii) the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders' fees and all other items of compensation of any kind or description paid by the Company, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Trustees is responsible for determining that compensation paid to the Adviser is reasonable in relation to the nature and quality of services performed and the investment performance of the Company and that the provisions of the Advisory Agreement are being carried out. The Board may consider all factors that they deem relevant in making these determinations. So long as the Company is a business development company under the 1940 Act, compensation to the Adviser shall be considered presumptively reasonable if the incentive fee is limited to the participation in net gains allowed by the Advisers Act and the 1940 Act.

Section 7.2 <u>Fiduciary Obligations of Adviser</u>. The Advisory Agreement shall provide that the Adviser and Sponsor have a fiduciary responsibility for the safekeeping and use of all funds and assets of the Company, whether or not in the Adviser's immediate possession or control, and that the Adviser shall not employ, or permit another to employ, such funds or assets in any manner except for the exclusive benefit of the Company. The Company shall not permit any Shareholder to contract away any fiduciary obligation owed by the Adviser and Sponsor under common law.

Section 7.3 <u>Experience of Adviser</u>. The Board shall determine the sufficiency and adequacy of the relevant experience and qualifications for the officers of the Company given the business objective of the Company. The Board shall determine whether any Adviser possesses sufficient qualifications to perform the advisory function for the Company and whether the compensation provided for in its contract with the Company is justified.

Section 7.4 <u>Termination of Advisory Agreement</u>. The Advisory Agreement shall provide that it is terminable (a) by the Company upon sixty (60) days' written notice to the Adviser: (i) upon the affirmative vote of holders of a majority of the outstanding voting securities of the

Company entitled to vote on the matter (as "majority" is defined in Section 2(a)(42) of the 1940 Act) or (ii) by the vote of the Independent Trustees; or (b) by the Adviser upon not less than one hundred twenty (120) days' written notice to the Company, in each case without cause or penalty. In the event of termination, the Adviser will cooperate with the Company and the Board in making an orderly transition of the advisory function. In addition, if the Company elects to continue its operations following termination of the Advisory Agreement by the Adviser, the Adviser shall pay all expenses incurred as a result of its withdrawal. Upon termination of the Advisory Agreement, the Company shall pay the Adviser all amounts then accrued but unpaid to the Adviser. The method of payment must be fair and protect the solvency and liquidity of the Company. When the termination is voluntary, the method of payment will be presumed to be fair if it provides for a non-interest bearing unsecured promissory note with principal payable, if at all, from distributions which the terminated Adviser otherwise would have received under the applicable agreements among the parties had the Adviser not been terminated. When the termination is involuntary, the method of payment will be presumed to be fair if it provides for an interest bearing promissory note maturing in not more than five years with equal installment each year.

Section 7.5 <u>Organization and Offerin</u>g <u>Expenses Limitation</u>. Unless otherwise provided in any resolution adopted by the Board , the Company shall reimburse the Adviser and its Affiliates for Organization and Offering Expenses incurred by the Adviser or its Affiliates; provided, however, that the total amount of all Organization and Offering Expenses shall be reasonable, as determined by the Board, and shall be included in Front End Fees for purposes of the limit on such Front End Fees set forth in Section 7.1.

Section 7.6 <u>Acquisition Fees</u>. The Company may pay the Adviser and/or its Affiliates fees for the review and evaluation of potential investments; provided, however, that the Board shall conclude that the total of all Acquisition Fees and Acquisition Expenses shall be reasonable.

Section 7.7 <u>Reimbursement of Adviser</u>. The Company shall not reimburse the Adviser or its Affiliates for services for which the Adviser or its Affiliates are entitled to compensation in the form of a separate fee. Excluded from the allowable reimbursement shall be: (a) rent or depreciation, utilities, capital equipment, other administrative items of the Adviser; and (b) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser.

Section 7.8 <u>Reimbursement of Administrator</u>. In the event the Company executes an agreement with the Sponsor for the provision of administrative services, the Company may reimburse the Sponsor, at the end of each fiscal quarter, for all expenses of the Company incurred by the Sponsor as well as the actual cost of goods and services used for or by the Company and obtained from entities not Affiliated with the Company. Notwithstanding any other provision in this Declaration of Trust, the Sponsor may be reimbursed for the administrative services necessary for the prudent operation of the Company performed by it on behalf of the Company; provided, however, the reimbursement shall be an amount equal to the lower of the Sponsor's actual cost or the amount the Company would be required to pay third parties for the provision of comparable administrative services in the same geographic location; and provided, further, that such costs are reasonably allocated to the Company on the basis of assets, revenues, time records or other method conforming with generally accepted accounting principles. Except as otherwise provided herein,

no reimbursement shall be permitted for services for which the Sponsor is entitled to compensation by way of a separate fee.

Section 7.9 <u>Custodians</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may employ a custodian or custodians meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Company. Any custodian shall have authority as agent of the Company as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the Bylaws of the Company and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to hold the securities owned by the Company and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to receive any receipt for any moneys due to the Company and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if authorized by the Trustees, to keep the books and accounts of the Company and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if authorized to do so by the Trustees, to compute the net income or net asset value of the Company; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to such rules, regulations and orders as the SEC may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Company in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the SEC under the Exchange Act or such other Person as may be permitted by the SEC, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Company.

Section 7.10 <u>Distribution Arran</u>g<u>ements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters, distributors and/or placement agents to sell Shares and other securities of the Company. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Company, whereby the Company may

either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article VII or the Bylaws, or the Omnibus Guidelines; and such contract may also provide for the repurchase or sale of securities of the Company by such other party as principal or as agent of the Company and may provide that such other party may enter into selected intermediary agreements and servicing and similar agreements to further the purposes of the distribution or repurchase of the securities of the Company.

**ARTICLE VIII<br> INVESTMENT OBJECTIVES AND LIMITATIONS**

Section 8.1 <u>Investment Objective</u>. The Company's investment objectives are to generate current income and, to a lesser extent, long-term capital appreciation. The Trustees shall have power with respect to the Company to manage, conduct, operate and carry on the business of a business development company. The Independent Trustees shall review the investment policies of the Company with sufficient frequency (not less often than annually) to determine that the policies being followed by the Company are in the best interests of its Shareholders. Each such determination and the basis therefor shall be set forth in the minutes of the meetings of the Board.

Section 8.2 <u>Investments, Generally</u>. All transactions entered into by the Company shall be consistent with the investment permissions and limitations as established for business development companies under the 1940 Act, including any applicable exemptive orders that have been or may be issued in the future by the SEC.

Section 8.3 <u>Investments in Programs</u>. For purposes of this Section, "<u>Pro</u>g<u>ram</u>" shall be defined as a limited or general partnership, joint venture, unincorporated association or similar organization, other than a corporation, formed and operated for the primary purpose of investment in and the operation of or gain from and interest in the assets to be acquired by such entity. A Program shall not include (and nothing in this Declaration of Trust shall prevent) investments by the Company directly in a master fund in a master/feeder fund structure permissible under the 1940 Act. A Program shall not include an Eligible Portfolio Company as defined by the 1940 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;(a) The Company shall not invest in Programs with non-Affiliates that own and operate specific assets, unless the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) below, acquires a controlling interest in such a Program, but in no event shall duplicate fees assessed to the Company be permitted; provided, however that the foregoing is not intended to prevent the Company from carrying out its business of investing and reinvesting its assets in Securities of other issuers. For purposes of this Section, "controlling interest" means an equity interest possessing the power to direct or cause the direction of the management and policies of the Program, including the authority to: (i) review all contracts entered into by the Program that will have a material effect on its business or assets; (ii) cause a sale or refinancing of the assets or its interest therein subject, in certain cases where required by the Program agreement, to limits as to time, minimum amounts and/or a right of first refusal by the Program or consent of the Program; (iii) approve budgets and major capital expenditures, subject to a stated minimum amount; (iv) veto any sale or refinancing of the assets, or alternatively, to receive a specified preference on sale or refinancing proceeds; and (v) exercise

a right of first refusal on any desired sale or refinancing by the Program of its interest in the assets, except for transfer to an Affiliate of the Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company shall have the authority to invest in Programs with other publicly registered Affiliates of the Company if all of the following conditions are met: (i) the Affiliate and the Company have substantially identical investment objectives; (ii) there are no duplicate fees assessed to the Company; (iii) the compensation payable by the Program to the Adviser in each Company that invests in such Program is substantially identical; (iv) each of the Company and the Affiliate has a right of first refusal to buy if the other party wishes to sell assets held in the joint venture; (v) the investment of each of the Company and its Affiliate is on substantially the same terms and conditions; and (vi) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions since neither the Company nor its Affiliate controls the Program, and the potential risk that while the Company or its Affiliate may have the right to buy the assets from the Program, it may not have the resources to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall have the authority to invest in Programs with Affiliates other than publicly registered Affiliates of the Company only if all of the following conditions are met: (i) the investment is necessary to relieve the Adviser from any commitment to purchase the assets entered into in compliance with Section 9.1 prior to the closing of the offering period of the Company; (ii) there are no duplicate fees assessed to the Company; (iii) the investment of each entity is on substantially the same terms and conditions; (iv) the Company has a right of first refusal to buy if the Adviser wishes to sell assets held in the joint venture; and (v) any prospectus of the Company in use or proposed to be used when such an investment has been made or is contemplated discloses the potential risk of impasse on joint venture decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may be structured to conduct operations through separate single-purpose entities managed by the Adviser (multi-tier arrangements); provided, that the terms of any such arrangements do not result in the circumvention of any of the requirements or prohibitions contained herein or under the Omnibus Guidelines or applicable federal or state securities laws. Any agreements regarding such arrangements shall accompany any prospectus of the Company, if such agreement is then available, and the terms of such agreement shall contain provisions assuring that all of the following restrictions apply: (i) there will be no duplication or increase in Organization and Offering Expenses, Adviser compensation, program expenses or other fees and costs; (ii) there will be no substantive alteration in the fiduciary and contractual relationship between the Adviser, the Company and the Shareholders; and (iii) there will be no diminishment in the voting rights of the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Other than as specifically permitted in subsections (b), (c) and (d) above, the Company shall not invest in Programs with Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall be permitted to invest in general partnership interests of limited partnership Programs only if the Company, alone or together with any publicly registered Affiliate of the Company meeting the requirements of subsection (b) above, acquires a "controlling interest" as defined in subsection (a) above, there are no duplicate fees assessed to the Company, no additional compensation beyond that permitted under applicable law is paid to the

Adviser, and the limited partnership Program agreement or other applicable agreement complies with this Section 8.3(f)and Section V of the Omnibus Guidelines.

Section 8.4 <u>Other Goods or Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may accept other goods or other services provided by the Adviser in connection with the operation of assets, provided that: (i) the Adviser determines such self-dealing arrangement is in the best interest of the Company; (ii) the terms pursuant to which all such goods or services are provided to the Company by the Adviser shall be embodied in a written contract, the material terms of which must be fully disclosed to the Shareholders in the Company's prospectus for the Shares (as the same may be amended or supplemented from time to time); (iii) the material terms of the written contract may only be modified by vote of a majority of then outstanding Shares and (iv) the contract shall contain a clause allowing termination without penalty on sixty (60) days' prior notice. Without limitation to the foregoing, arrangements to provide such goods or other services must meet all of the following criteria: (X) the Adviser must be independently engaged in the business of providing such goods or services to persons other than its Affiliates and at least thirty-three percent (33%) of the Adviser's associated gross revenues must come from persons other than its Affiliates; (Y) the compensation, price or fee charged for providing such goods or services must be comparable and competitive with the compensation, price or fee charged by persons other than the Adviser and its Affiliates in the same geographic location who provide comparable goods or services which could reasonably be made available to the Company; and (Z) except in extraordinary circumstances, the compensation and other material terms of the arrangement must be fully disclosed to the Shareholders. Extraordinary circumstances are limited to instances when immediate action is required and the goods or services are not immediately available from persons other than the 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;(b) Notwithstanding the foregoing subsection (a)(X), if the Adviser is not engaged in the business to the extent required by such clause, the Adviser may provide to the Company other goods or other services if all of the following additional conditions are met: (i) the Adviser can demonstrate the capacity and capability to provide such goods or services on a competitive basis; (ii) the goods or services are provided at the lesser of cost or the competitive rate charged by persons other than the Adviser or its Affiliates in the same geographic location who are in the business of providing comparable goods or services; (iii) the cost is limited to the reasonable necessary and actual expenses incurred by the Adviser on behalf of the Company in providing such goods or services, exclusive of expenses of the type which may not be reimbursed under Section IV.F.1 of the Omnibus Guidelines or applicable federal or state securities laws; and (iv) expenses are allocated in accordance with generally accepted accounting principles and are made subject to any special audit required by the Omnibus Guidelines or applicable federal and state securities laws.

Section 8.5 <u>Borrowing Money or Utilizing Leverage</u>. The Trustees shall have the power to cause the Company to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Company, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation. In addition and notwithstanding any other provision of this Declaration of Trust, the

Company is hereby authorized to borrow funds, incur indebtedness and guarantee obligations of any Person, and in connection therewith, to the fullest extent permitted by law, the Trustees, on behalf of the Company, are hereby authorized to pledge, hypothecate, mortgage, assign, transfer or grant security interests in or other liens on (i) the Shareholders' subscription agreements and the Shareholders' obligations to make capital contributions thereunder and hereunder, and (ii) any other assets, rights or remedies of the Company or of the Trustees hereunder or under the subscription agreements, including without limitation, the right to issue capital call notices and to exercise remedies upon a default by a Shareholder in the payment of its capital contributions and the right to receive capital contributions and other payments, subject to the terms hereof and thereof. Notwithstanding any provision in this Declaration of Trust, (i) the Company may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Board , in its sole discretion, determines is fair and reasonable to the Company, and (ii) in connection with any borrowing, indebtedness or guarantee by the Company, all capital contributions shall be payable to the account of the Company designated by the Board , which may be pledged to any lender or other credit party of the Company. All rights granted to a lender pursuant to this Section 8.5 shall apply to its agents and its successors and permitted assigns.

**ARTICLE IX<br> CONFLICTS OF INTEREST**

Section 9.1 <u>Sales and Leases to Company</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not purchase or lease assets in which the Adviser or any Affiliate thereof or any Trustee has an interest unless all of the following conditions are met: (a) the transaction occurs at the formation of the Company; (b) the transaction is fully disclosed to the Shareholders either in a prospectus or periodic report filed with the SEC or otherwise; and (c) the assets are sold or leased upon terms that are reasonable and fair to the Company and at a price not to exceed the lesser of cost or fair market value as determined by an Independent Expert. Notwithstanding anything to the contrary in this Section 9.1, the Adviser or any Affiliate may purchase assets in its own name (and assume loans in connection therewith) and temporarily hold title thereto, for the purposes of facilitating the acquisition of the assets, the borrowing of money, obtaining financing for the Company, or the completion of construction of the assets, provided that all of the following conditions are met: (i) the assets are purchased by the Company at a price no greater than the cost of the assets to the Adviser or its Affiliate; (ii) all income generated by, and the expenses associated with, the assets so acquired shall be treated as belonging to the Company; and (iii) there are no other benefits arising out of such transaction to the Adviser or its Affiliate.

Section 9.2 <u>Sales and Leases to the Adviser, Trustees or Affiliates</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not sell assets to the Adviser or any Affiliate thereof unless such sale is duly approved by the holders of more than fifty percent (50%) of the outstanding voting securities of the Company. The Company shall not lease assets to the Adviser or any Trustee or Affiliate thereof unless all of the following conditions are met: (i) the transaction occurs at the formation of the Company; (ii) the transaction is fully disclosed to the Shareholders either in a periodic report filed with the SEC or otherwise; and (iii) the terms of the transaction are fair and reasonable to the Company.

Section 9.3 <u>Loans</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC and except for the advancement of funds pursuant to Section 6.3 and Section 6.4, no loans, credit facilities, credit agreements or otherwise shall be made by the Company to the Adviser or any Affiliate thereof.

Section 9.4 <u>Commissions on Financing, Refinancing or Reinvestment</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not pay, directly or indirectly, a commission or fee to the Adviser or any Affiliate thereof (except as otherwise specified in this Article IX) in connection with the reinvestment of cash available for distribution and available reserves or of the proceeds of the resale, exchange or refinancing of assets.

Section 9.5 <u>Rebates, Kickbacks and Reciprocal Arrangements</u>. The Company shall cause the Adviser to agree that it shall not receive or accept any rebate or give-ups or similar arrangement that is prohibited under applicable federal or state securities laws or the Omnibus Guidelines. The Company shall cause the Adviser to agree that it shall not participate in any reciprocal business arrangement that would circumvent provisions of the Omnibus Guidelines or applicable federal or state securities laws governing conflicts of interest or investment restrictions, enter into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under the Omnibus Guidelines or applicable federal or state securities laws, or receive or accept any rebate, give-up or similar arrangement or participate in any reciprocal business arrangement that would circumvent the Omnibus Guidelines. The Company shall cause the Adviser to agree that it shall not directly or indirectly pay or award any fees or commissions or other compensation to any Person engaged to sell Shares or give investment advice to a potential Shareholder; provided, however, that this Section 9.5shall not prohibit the payment to a registered broker-dealer or other properly licensed agent of normal sales commissions or other normal compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing Shares, including out of the Adviser's own assets, including those amounts paid to the Adviser under the Advisory Agreement.

Section 9.6 <u>Exchanges</u>. The Company may not acquire assets in exchange for Shares of the Company without approval of a majority of the Board, including a majority of the Independent Trustees with consideration to an independent appraisal of such assets.

Section 9.7 <u>Other Transactions</u>. Unless otherwise permitted by the 1940 Act or applicable guidance or exemptive relief of the SEC, the Company shall not engage in any other transaction with the Adviser or a Trustee or Affiliate thereof unless: (a) such transaction complies with all applicable law and (b) a majority of the Trustees (including a majority of the Independent Trustees) not otherwise interested in such transaction approve such transaction as fair and reasonable to the Company and on terms and conditions not less favorable to the Company than those available from non-Affiliated third parties.

Section 9.8 <u>Lending Practices</u>. On financings made available to the Company by the Adviser, the Adviser may not receive interest in excess of the lesser of the Adviser's cost of funds or the amounts that would be charged by unrelated lending institutions on comparable loans for the same purpose. The Adviser shall not impose a prepayment charge or penalty in connection with such financings and the Adviser shall not receive points or other financing charges. The Adviser

shall be prohibited from providing permanent financing for the Company. For purposes of this Section 9.8, "permanent financing" shall mean any financing with a term in excess of twelve (12) months.

**ARTICLE X<br> SHAREHOLDERS**

Section 10.1 <u>Certain Voting Rights of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the mandatory provisions of any applicable laws or regulations and subject to the other provisions of this Declaration of Trust (including Section 5.2), the following actions may be taken by the Shareholders, without concurrence by the Board, upon a vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) modify this Declaration of Trust in accordance with Article V hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) remove the Adviser and appoint a new Adviser pursuant to the procedures in Section 7.4; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sell all or substantially all of the Company' assets other than in the ordinary course of the Company's business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without the approval of Shareholders entitled to cast a majority of all the votes entitled to be cast on the matter, or such other approval as may be required under the mandatory provisions of any applicable laws or regulations, the Company shall not permit the Adviser 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) modify this Declaration of Trust except for amendments which do not adversely affect the rights of Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) appoint a new Adviser (other than a sub-adviser pursuant to the terms of an Advisory Agreement and applicable law);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) sell all or substantially all of the Company's assets other than in the ordinary course of the Company's business; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) except as permitted under the Advisory Agreement, voluntarily withdraw as the Adviser unless such withdrawal would not affect the tax status of the Company and would not materially adversely affect the Shareholders.

Section 10.2 <u>Voting Limitations on Shares Held b</u>y <u>the Adviser, Trustees and Affiliates</u>. With respect to shares owned by the Adviser, any Trustees, or any of their respective Affiliates, neither the Adviser, nor such Trustee(s), nor any of their Affiliates may vote or consent on matters submitted to the Shareholders regarding the removal of the Adviser, such Trustee(s) or any of their Affiliates or any transaction between the Company and any of them. In determining the requisite percentage in interest of shares necessary to approve a matter on which the Adviser, such Trustee(s)

and any of their Affiliates may not vote or consent, any shares owned by any of them shall not be included.

Section 10.3 <u>Right of Inspection</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Shareholder with proper purpose may: (i) in person or by agent, on written request, inspect and obtain copies at all reasonable times the Company's books and records and ledger; and (ii) present to any officer of the Company or its resident agent a written request for a statement of its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Shareholder with any purpose reasonably related to the beneficial owner's interest as a beneficial owner of the statutory trust (a "proper purpose") may: (i) in person or by agent, on written request, inspect and copy at all reasonable times the books and records and ledger of the Company; (ii) present to any officer or resident agent of the Company a written request for a statement of its affairs; and (iii) in the event the Company does not maintain the original or a duplicate ledger at its principal office, present to any officer or resident agent of the Company a written request for the Shareholder List. As used in this Section 10.3, the term "<u>Shareholder List</u>" means an alphabetical list of names, addresses and business telephone numbers, if provided to the Company, of the Shareholders of the Company along with the number of equity shares held by each of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the Shareholder List, requested in accordance with this Section 10.3, shall be mailed within ten (10) days of the request and shall be printed in alphabetical order, on white paper, and in readily readable type size (no smaller than 10 point font). The Shareholder List shall be updated at least quarterly to reflect changes in the information contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company may impose a reasonable charge for expenses incurred in reproduction pursuant to the Shareholder request. A holder of Common Shares may request a copy of the Shareholder List in connection with matters relating to Shareholders' voting rights, the exercise of Shareholder rights under federal proxy laws or for any other proper and legitimate purpose. Each Shareholder who receives a copy of the Shareholder List shall keep such list confidential and shall sign a confidentiality agreement to the effect that such Shareholder will keep the Shareholder List confidential and share such list only with its employees, representatives or agents who agree in writing to maintain the confidentiality of the Shareholder List.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Adviser or Trustees neglect or refuse to exhibit, produce or mail a copy of the Shareholder List as requested, the Adviser and the Trustees shall be liable to any Shareholder requesting the list for the costs, including attorneys' fees, incurred by that Shareholder for compelling the production of the Shareholder List, and for actual damages suffered by any Shareholder by reason of such refusal or neglect. It shall be a defense that the actual purpose and reason for the requests for inspection or for a copy of the Shareholder List is to secure such list of Shareholders or other information for the purpose of selling such list or copies thereof, or of using the same for a commercial purpose other than in the interest of the applicant as a Shareholder relative to the affairs of the Company. The Company may require the Shareholder requesting the Shareholder List to represent that the list is not requested for a commercial purpose unrelated to the Shareholder's interest in the Company. The remedies provided hereunder to Shareholders

requesting copies of the Shareholder List are in addition, to and shall not in any way limit, other remedies available to Shareholders under federal law, or the laws of any state.

Section 10.4 <u>Shareholder Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees, including the Independent Trustees, shall take reasonable steps to insure that the Company shall cause to be prepared and delivered or made available by any reasonable means, including an electronic medium, to each Shareholder as of a record date after the end of the fiscal year within one hundred twenty (120) days after the end of the fiscal year to which it relates an annual report for each fiscal year ending after the commencement of the Company's initial public offering that shall include: (i) financial statements prepared in accordance with GAAP that are audited and reported on by independent certified public accountants; (ii) a report of the activities of the Company during the period covered by the report; and (iii) where forecasts have been provided to the Shareholders, a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (iv) a report setting forth distributions to Shareholders for the period covered thereby and separately identifying distributions from: (A) Cash Flow from operations during the period; (B) Cash Flow from operations during a prior period which have been held as reserves; (C) proceeds from disposition of assets of the Company; and (D) reserves from the gross proceeds of the offering originally obtained from the Shareholders. Such annual report must also contain a breakdown of the costs reimbursed to the 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;(b) The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and filed, as well as delivered or made available to Shareholders, within sixty (60) days after the end of each fiscal quarter of the Company, a Form 10-Q if required under the Exchange 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;(c) The Trustees, including the Independent Trustees, shall take reasonable steps to ensure that the Company shall cause to be prepared and delivered or made available within seventy-five (75) days after the end of each fiscal year of the Company to each Person who was at any time during such fiscal year a Shareholder all information regarding the Shareholder's holdings in the Company, necessary for the preparation of the Shareholders' federal income tax returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If capital stock has been purchased on a deferred payment basis, on which there remains an unpaid balance during any period covered by any report required by subsections (a) and (b) above; then such report shall contain a detailed statement of the status of all deferred payments, actions taken by the Company in response to any defaults, and a discussion and analysis of the impact on capital requirements of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board shall cause the Company, upon request from any state official or agency or official administering the securities laws of such state (a "<u>State Administrator</u>"), to submit to such State Administrator the reports and statements required to be distributed to Shareholders pursuant to this Section 10.4.

Section 10.5 <u>Suitability of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investor Suitability Standards</u>. During any public offering of its Shares and until the earlier of a Liquidity Event or the date the Company is no longer subject to the Omnibus Guidelines, the Company and those selling shares on its behalf shall, with respect to share offers and sales in which they are broker of record, make every reasonable effort to determine that the shares are a suitable and appropriate investment for each shareholder and to assure that such shares are offered and sold pursuant only to prospective investors who, in each case, meet the income and Net Worth "<u>Suitability Standards</u>" as specified in the Company's prospectus for the Shares (as the same may be amended or supplemented from time to time) and the Omnibus Guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sponsor or each Person selling Common Shares on behalf of the Company shall make this determination on the basis of information it has obtained from a prospective Shareholder. Relevant information for this purpose will include at least the age, investment objectives, investment experience, income, net worth, financial situation and other investments of the prospective Shareholder, as well as any other pertinent factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain records of the information used to determine that an investment in Common Shares is suitable and appropriate for a Shareholder. The Sponsor or each Person selling Common Shares on behalf of the Company shall maintain these records for at least six years.

**ARTICLE XI<br> ROLL-UP TRANSACTIONS**

Section 11.1 <u>Roll-up Transactions</u>. In connection with any proposed Roll-Up Transaction, an appraisal of all of the Company's assets shall be obtained from a competent Independent Expert. If an appraisal will be included in a prospectus used to offer the securities of a Roll-Up Entity, such appraisal shall be filed with the SEC and the state securities administrators as an exhibit to the registration statement. The Company's assets shall be appraised on a consistent basis, and the appraisal shall be based on the evaluation of all relevant information and shall indicate the value of the assets as of a date immediately prior to the announcement of the proposed Roll-Up Transaction. The appraisal shall assume an orderly liquidation of the assets over a twelve-month period. The terms of the engagement of the Independent Expert shall clearly state that the engagement is for the benefit of the Company and the Shareholders. A summary of the appraisal, indicating all material assumptions underlying the appraisal, shall be included in a report to Shareholders in connection with a proposed Roll-Up Transaction. In connection with a proposed Roll-Up Transaction, the Person sponsoring the Roll-Up Transaction shall offer to Shareholders who vote against the proposed Roll-Up Transaction the choice of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accepting the securities of a Roll-Up Entity offered in the proposed Roll-Up Transaction; 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;(b) one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) remaining as Shareholders and preserving their interests therein on the same terms and conditions as existed previously; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) receiving cash in an amount equal to the Shareholder's pro rata share of the appraised value of the net assets of the Company. The Company is prohibited from participating in any proposed Roll-Up 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;(c) that would result in the Shareholders having voting rights in a Roll-Up Entity that are less than shareholder rights and other voting rights provided for in Section 3.10, Section 10.1, Section 10.2, Section 12.3 and Section 12.5 hereof or Section 3(b) of Article II of our Bylaws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that includes provisions that would operate as a material impediment to, or frustration of, the accumulation of capital stock by any purchaser of the securities of the Roll-Up Entity (except to the minimum extent necessary to preserve the tax status of the Roll-Up Entity), or which would limit the ability of an investor to exercise the voting rights of its securities of the Roll-Up Entity on the basis of the capital stock held by that investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in which investor's rights to access of records of the Roll-Up Entity will be less than those described in Section 10.3 hereof; 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;(f) in which any of the costs of the Roll-Up Transaction would be borne by the Company if the Roll-Up Transaction is rejected by the Shareholders.

**ARTICLE XII<br> DURATION OF THE COMPANY**

Section 12.1 <u>Duration of the Compan</u>y. The Company shall continue perpetually unless terminated pursuant to the provisions contained herein or pursuant to any applicable provision of the Statutory Trust Act.

Section 12.2 <u>Dissolution b</u>y <u>the Trustees</u>. The Company may be dissolved at any time upon affirmative vote by a majority of the Trustees.

Section 12.3 <u>Dissolution b</u>y <u>Shareholder Vote</u>. The Company may be dissolved at any time, without the necessity for concurrence by the Board, upon affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares entitled to vote on the matter.

Section 12.4 <u>Liquidation</u>. Upon dissolution of the Company, the Board shall cause the Company to liquidate and wind-up in a manner consistent with Section 3808 of the Statutory Trust Act, including the distribution to the Shareholders of any assets of the Company. Upon dissolution and the completion of the winding up of the affairs of the Company, the Company shall be terminated by the executing and filing with the Secretary of State of the State of Delaware by one or more Trustees of a certificate of cancellation of the certificate of trust of the Company.

Section 12.5 <u>Mer</u>g<u>er or Other Reor</u>g<u>anization of the Compan</u>y. The Company may not permit the Adviser to cause the merger or other reorganization of the Company without the affirmative vote by the holders of more than fifty percent (50%) of the outstanding Shares of the Company entitled to vote on the matter.

**<br> ARTICLE XIII**

**MISCELLANEOUS**

Section 13.1 <u>Construction and Governing Law</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration of Trust and the Bylaws, in combination, shall constitute the governing instrument of the Company, however to the extent that any provision of the Bylaws conflicts with this Declaration of Trust, the terms of this Declaration of Trust shall control. This Declaration of Trust and the Bylaws, and the rights and obligations of the Trustees and Shareholders hereunder, shall be governed by and construed and enforced in accordance with the Statutory Trust Act and the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, the Shareholders and the Trustees of the Company shall be deemed to have waived any non-mandatory rights of beneficial owners or trustees under the Statutory Trust Act or general trust law; and that the Company, the Shareholders, and the Trustees shall not be subject to any applicable provisions of law pertaining to trusts that, in a manner inconsistent with the express terms of this Declaration of Trust or Bylaws, relate to or regulate (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding or investing trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of Trustees as set forth or referenced in this Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sections 3540 and 3561 of Title 12 of the Statutory Trust Act shall not apply to the Company.

Section 13.2 <u>Conflicts of Law</u>. To the extent that any provision of the Statutory Trust Act or any provision of this Declaration of Trust or Bylaws conflicts with any mandatory requirement of the 1940 Act, the applicable requirement of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of this Declaration of Trust or the Bylaws or render invalid or improper any action taken or omitted prior to such determination. If any provision of this Declaration of Trust or the Bylaws shall be held invalid or unenforceable in any jurisdiction, the invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

Section 13.3 Derivative Actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Company only if the following conditions are met: (i) a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisers in considering the merits of the request. This Section 13.3 shall not apply to claims arising under state securities laws, to the extent that such claims would otherwise constitute derivate actions subject to this Section 13.3.

Section 13.4 <u>Direct Actions</u>. To the fullest extent permitted by Delaware law, the Shareholders' right to bring direct actions against the Company and/or its Trustees is eliminated, except for a direct action to enforce an individual Shareholder right to vote or a direct action to enforce an individual Shareholder's rights under Sections 3805(e) or 3819 of the Statutory Trust Act. To the extent such right cannot be eliminated to this extent as a matter of Delaware law, then the conditions required for the bringing of a derivative action pursuant to Section 13.3 of this Declaration of Trust and Section 3816 of the Statutory Trust Act shall be equally applicable to bringing a direct action. Nothing in this Section 13.4 will apply to any claims, suits, actions or proceedings asserting a claim brought under federal securities laws or state securities laws.

Section 13.5 <u>No Exclusive Ri</u>g<u>ht to Sell</u>. The Company shall not grant the Sponsor exclusive right to sell, or exclusive employment to sell, any assets of the Company.

Section 13.6 <u>Commingling of Assets</u>. The funds of the Company shall not be commingled with the funds of any other Person and the Company funds will be protected from the claims of affiliated companies (including, for the avoidance of doubt, creditors of such companies).

Section 13.7 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer, each Shareholder and each Person beneficially owning an interest in a share of the Company (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Company or its business and affairs, the Statutory Trust Act, this Declaration of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration of Trust or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Company to the Shareholders or the Trustees, or of officers or the Trustees to the Company, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Company, the officers, the Trustees or the Shareholders, or (D) any provision of the Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Company pursuant to Section 3809 of the Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Statutory Trust Act, this Declaration of Trust or the Bylaws relating in any way to the Company or (F) the federal securities laws of the United States, including, without limitation, the 1940 Act, or the securities or antifraud laws of any international, national, state, provincial, territorial, local or

other governmental or regulatory authority, including, in each case, the applicable rules and regulations promulgated thereunder (regardless, in every case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. In the event that any claim, suit, action or proceeding is commenced outside of the Court of Chancery of the State of Delaware in contravention of this Section 13.5, all reasonable and documented out of pocket fees, costs and expenses, including reasonable attorneys' fees and court costs, incurred by the prevailing party in such claim, suit, action or proceeding shall be reimbursed by the non-prevailing party. Nothing in this Section 13.5 will apply to any claims, suits, actions or proceedings asserting a claim brought under federal securities laws or state securities laws.

Section 13.8 <u>Agreement to be Bound</u>. EVERY PERSON, BY VIRTUE OF HAVING BECOME A SHAREHOLDER IN ACCORDANCE WITH THE TERMS OF THIS DECLARATION OF TRUST AND THE BYLAWS, AS AMENDED FROM TIME TO TIME, SHALL BE DEEMED TO HAVE EXPRESSLY ASSENTED AND AGREED TO THE TERMS OF, AND SHALL BE BOUND BY, THIS DECLARATION OF TRUST AND THE BYLAWS.

Section 13.9 <u>Delivery by Electronic Transmission or Otherwise</u>. Any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration of Trust or the Bylaws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

<u>/s/ Brian E. Binder</u><br> Brian E. Binder

As Trustee and not individually

<u>/s/ Robert Camacho</u><br> Robert Camacho

As Trustee and not individually

<u>/s/ Todd M. Corbin</u><br> Todd M. Corbin

As Trustee and not individually

/<u>s/ James P. Fortescue</u><br> James P. Fortescue

As Trustee and not individually

<u>/s/ Marc S. Goodman</u><br> Marc S. Goodman

As Trustee and not individually

<u>/s/ Peter E. Roth</u><br> Peter E. Roth

As Trustee and not individually

<u>/s/ Stephanie T. Yeh</u><br> Stephanie T. Yeh

As Trustee and not individually

## Ex-99

**Exhibit (b)(1)**

**GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND<br>BYLAWS**

**ARTICLE I.<br>OFFICES**

Section 1. <u>PRINCIPAL OFFICE</u>. The principal office of Guggenheim Investments Private Credit Fund (the "Company") in the State of Delaware shall be located at such place as the Board of Trustees of the Company (the "Trustees" or the "Board") may designate from time to time.

Section 2. <u>ADDITIONAL OFFICES</u>. The principal executive office of the Company is at 330 Madison Avenue, New York, New York 10017. The Company may have additional offices at such places as the Board may from time to time determine or the business of the Company may require.

**ARTICLE II.<br>MEETINGS OF SHAREHOLDERS**

Section 1. <u>PLACE</u>. All meetings of shareholders shall be held at the principal executive office of the Company or at such other place as shall be set by the Board and stated in the notice of the meeting.

Section 2. <u>ANNUAL MEETING</u>. The Company shall hold annual meetings of shareholders, upon reasonable notice, only to the extent required by the Investment Company Act of 1940, as amended (the "1940 Act"), or other applicable law.

Section 3. <u>SPECIAL MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The (i) Chairperson of the Board, (ii) Chief Executive Officer or (iii) a majority of the Board may call a special meeting of the shareholders. Subject to subsection (b) of this Section 3, the Secretary of the Company shall call a special meeting of shareholders upon the written request of the shareholders entitled to cast not less than ten percent (10%) of all the votes entitled to be cast at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Shareholder Requested Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any shareholder of record seeking to request a special meeting shall, by sending written notice to the Secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Board to fix a record date to determine the shareholders entitled to request a special meeting (the "Request Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more shareholders of record as of the date of signature (or their agents duly

authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such shareholder (or such agent) and shall set forth all information relating to each such shareholder that must be disclosed in solicitations of proxies for election of Trustees in an election contest (even if an election contest is not involved), or as otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Upon receiving the Record Date Request Notice and subject to Delaware Statutory Trust Act, as amended from time to time, (the "DSTA"), the Board may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten (10) days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board. If the Board, within ten (10) days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth (10th) day after the first date on which the Record Date Request Notice is received by the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In order for any shareholder to request a special meeting, one or more written requests for a special meeting signed by shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than ten percent (10%) (the "Special Meeting Percentage") of all of the votes entitled to be cast at such meeting (the "Special Meeting Request") shall be delivered to the Secretary. In addition, the Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to the matters set forth in the Record Date Request Notice received by the Secretary), shall bear the date of signature of each such shareholder (or such agent) signing the Special Meeting Request, shall set forth the name and address, as they appear in the Company's books, of each shareholder signing such request (or on whose behalf the Special Meeting Request is signed) and the class, series and number of all shares of the Company which are owned by each such shareholder, and the nominee holder for, and number of, shares owned beneficially but not of record, shall be sent to the Secretary by registered mail, return receipt requested, and shall be received by the Secretary within sixty (60) days after the Request Record Date (the "Special Meeting Request Deadline"). Any requesting shareholder may revoke his, her or its request for a special meeting at any time by written revocation delivered to the Secretary (or agent duly authorized in a writing accompanying the revocation or the Special Meeting Request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Special Meeting Percentage is met by the Special Meeting Request Deadline, the Secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including the Company's proxy materials). The Secretary shall not be required to call a special meeting upon shareholder request and such meeting shall not be held unless, in addition to the documents required by this subsection, the Secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the Chief Executive Officer or the Board of Trustees, whoever has called the meeting. In the case of any special meeting called by the Secretary upon the request of shareholders (a "Shareholder Requested Meeting"), such meeting shall be held at such place, date and time as specified in the Special Meeting Request or, if no place, date and time is specified in the Special Meeting Request, at such place, date and time designated by the Board of Trustees that is convenient to the shareholders; provided, however, that

the date of any Shareholder Requested Meeting shall be not less than fifteen (15) and not more than sixty (60) days after the Secretary gives notice for such meeting (the "Meeting Record Date"); and provided further that if the Board fails to designate, within fifteen (15) days after the date that a valid Special Meeting Request is actually received by the Secretary (the "Delivery Date"), a date and time for a shareholder requested meeting, then such meeting shall be held at 2:00 p.m. local time on the sixtieth (60th) day after the Meeting Record Date or, if such sixtieth (60th) day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board fails to designate a place for a shareholder requested meeting within fifteen (15) days after the Delivery Date, then such meeting shall be held at the principal executive office of the Company. In fixing a date for any special meeting, the Chief Executive Officer or the Board of Trustees may consider such factors as the Trustees deem relevant within the good faith exercise of business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for meeting and any plan of the Board to call an annual meeting or a special meeting. In the case of any shareholder requested meeting, the Board shall fix a Meeting Record Date that is a date not later than sixty (60) days after the Delivery Date. The Board of Trustees may revoke the notice for any Shareholder Requested Meeting in the event that the requesting shareholders fail to comply with the provisions of paragraph (2) of this Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If written revocations of requests for the special meeting have been delivered to the Secretary and the result is that shareholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting to the Secretary, the Secretary shall: (i) if the notice of meeting has not already been mailed, refrain from mailing the notice of the meeting and send to all requesting shareholders who have not revoked such requests written notice of any revocation of a request for the special meeting, or (ii) if the notice of meeting has been mailed and if the Secretary first sends to all requesting shareholders who have not revoked requests for a special meeting written notice of any revocation of a request for the special meeting and written notice of the Secretary's intention to revoke the notice of the meeting, revoke the notice of the meeting at any time before ten (10) days before the commencement of the meeting. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Board, the Chairperson of the Board or the Chief Executive Officer may appoint independent inspectors of elections to act as the agent of the Company for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered to the Secretary until the earlier of (i) five (5) Business Days after receipt by the Secretary of such purported request and (ii) such date as the independent inspectors certify to the Company that the valid requests received by the Secretary represent, as of the Request Record Date, not less than the Special Meeting Percentage. Nothing contained in this subsection (6) shall in any way be construed to suggest or imply that the Company or any shareholder shall not be entitled to contest the validity of any request, whether during or after such five (5) Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or other day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 4. <u>NOTICE OF MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Method of Deliver</u>y; <u>Minimum Contents</u>; <u>Waiver</u>. Written or printed notice of the purpose or purposes, in the case of a special meeting, and of the time and place of every meeting of the shareholders shall be given by the Secretary of the Company to each shareholder of record entitled to vote at the meeting and to each other shareholder entitled to notice of the meeting, by: (i) presenting the notice to such shareholder personally, (ii) placing the notice in the mail, (iii) delivering the notice by overnight delivery service, (iv) transmitting the notice by electronic mail or any other electronic means, or (v) any other means permitted by Delaware law, at least ten (10) days, but not more than ninety (90) days, prior to the date designated for the meeting, addressed to each shareholder at such shareholder's address appearing on the records of the Company or supplied by the shareholder to the Company for the purpose of notice. The notice shall state the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by statute or these Bylaws, the purpose for which the meeting is called. The notice of any meeting of shareholders may be accompanied by a form of proxy approved by the Board in favor of the actions or persons as the Board may select. Notice of any meeting of shareholders shall be deemed waived by any shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting. No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice of such meeting.

Section 5. <u>ORGANIZATION AND CONDUCT</u>. Every meeting of shareholders shall be conducted by an individual appointed by the Board to be chairperson of the meeting or, in the absence of such appointment, by the Chairperson of the Board, if any, or, in the case of a vacancy in the office or absence of the Chairperson of the Board, by one of the following officers present at the meeting: the Chief Executive Officer, any Vice President, the Secretary, the Chief Financial Officer or, in the absence of such officers, a chairperson chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by proxy. The Secretary or, in the Secretary's absence, an Assistant Secretary or, in the absence of both the Secretary and Assistant Secretaries, an individual appointed by the Board or, in the absence of such appointment, an individual appointed by the chairperson of the meeting shall act as Secretary. In the event that the Secretary presides at a meeting of the shareholders, an Assistant Secretary, or, in the absence of Assistant Secretaries, an individual appointed by the Board or the chairperson of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chairperson of the meeting. The chairperson of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairperson, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to shareholders of record of the Company, their duly authorized proxies or other such individuals as the chairperson of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Company entitled to vote on such matter, their duly authorized proxies or other such individuals as the chairperson of the meeting may determine; (d) limiting the time allotted to questions or comments

by participants; (e) maintaining order and security at the meeting; (f) removing any shareholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairperson of the meeting; and (g) recessing or adjourning the meeting to a later date and time and place announced at the meeting. Unless otherwise determined by the chairperson of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 6. Q<u>UORUM</u>. At any meeting of shareholders, the presence in person or by proxy of the shareholders of the Company holding at least fifty percent (50%) of the outstanding shares of the Company (without regard to class or series) shall constitute a quorum, except with respect to any such matter that, under applicable statutes or regulatory requirements, requires approval by a separate vote of one or more classes of capital shares of the Company, in which case the presence in person or by proxy of the holders of shares of the Company's capital shares holding at least fifty percent (50%) of the outstanding shares of such class shall constitute a quorum. This Section 6 shall not affect any requirement under any applicable law, any other provisions of these Bylaws or the Amended and Restated Declaration of Trust of the Company, as further amended or restated from time to time (the "Declaration of Trust"), for the vote necessary for the adoption of any measure. If such quorum shall not be present at any meeting of the shareholders, then the chairperson of the meeting or the shareholders entitled to vote at such meeting, present in person or by proxy, shall have the power to adjourn the meeting to a date not more than one hundred twenty (120) days after the original record date without further notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.

Section 7. <u>VOTING</u>. A plurality of all votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee, provided that, in the case where the number of nominees for the trusteeships (or, if applicable, the trusteeships of a particular class of trustees) exceeds the number of such trustees to be elected (a "Contested Election"), a majority of all votes cast shall be required to elect such nominee, provided that if a sufficient number of votes to elect a trustee are not cast in such Contested Election, the incumbent Trustee, if any, shall retain their position. Each share may be voted for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless more than a majority of the votes cast is required by the Investment Company Act of 1940, as amended (the "1940 Act") and the rules promulgated thereunder or other applicable law, the Declaration of Trust or ARTICLE III of these Bylaws. Unless otherwise provided in the Declaration of Trust, each outstanding share owned of record on the applicable record date, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders.

Section 8. <u>PROXIES</u>. A shareholder may vote the shares owned of record by the shareholder, either in person or by proxy executed in writing by the shareholder or by the shareholder's duly authorized agent as permitted by law. Such proxy shall be filed with the Secretary of the Company before or at the meeting.

Section 9. <u>VOTING OF SHARES BY CERTAIN HOLDERS</u>. Shares of the Company registered in the name of a corporation, partnership, trust or other entity, if entitled to be voted,

may be voted by the President or a Vice President, a general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such share pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such share. Any fiduciary may vote shares registered in his or her name as such fiduciary, either in person or by proxy.

Shares of the Company directly owned by it or its subsidiaries shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board may adopt by resolution a procedure by which a shareholder may certify in writing to the Company that any shares registered in the name of the shareholder are held for the account of a specified person other than the shareholder. The resolution shall set forth the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date or closing of the shares transfer books, the time after the record date or closing of the shares transfer books within which the certification must be received by the Company; and any other provisions with respect to the procedure which the Board considers necessary or desirable. On receipt of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the shareholder of record of the specified shares in place of the shareholder who makes the certification.

Section 10. <u>INSPECTORS</u>. The Board in advance of any meeting of shareholders, or the chairperson of the meeting at any meeting of shareholders, may, but need not, appoint one or more individual inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the Board in advance of the meeting or at the meeting by the chairperson of the meeting. The inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, as defined in this ARTICLE II, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, and determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders. Each such report of an inspector shall be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

Section 11. <u>ADVANCE NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEES AND OTHER SHAREHOLDER PROPOSALS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Meetin</u>g<u>s of Shareholders</u>. Only to the extent that the Company shall hold an annual meeting of its shareholders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nominations of individuals for election to the Board and the proposal of other business to be considered by the shareholders may be made at an annual meeting of shareholders (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) by any shareholder of the Company who was a shareholder of record both at the time of giving of notice provided for in this Section 11(a) and at the time of an annual meeting, if any, who is entitled to vote at the meeting and who has complied with this Section 11(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For nominations of individuals for election to the Board or other business to be properly brought before an annual meeting, if any, by a shareholder pursuant to clause (iii) of subsection (a)(1) of this Section 11, the shareholder must have given timely notice thereof in writing to the Secretary of the Company and such other business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder's notice shall set forth all information required under this Section 11 and shall be delivered to the Secretary at the principal executive office of the Company not less than one hundred twenty (120) days nor more than one hundred fifty (150) days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting, if any; provided, however, that in the event that the date of the mailing of the notice for such meeting is advanced or delayed by more than thirty (30) days from the first anniversary of the date of mailing of the notice for the preceding year's annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the close of business on the one hundred fiftieth (150th) day prior to the date of mailing of the notice for such annual meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to the date of mailing of the notice for such meeting or the tenth (10th) day following the day on which public announcement of the date of mailing of the notice for such meeting is first made. In no event shall the public announcement of a postponement or adjournment of an annual meeting, if any, commence a new time period for the giving of a shareholder's notice as described above. Such shareholder's notice shall set forth: (i) as to each individual whom the shareholder proposes to nominate for election or reelection as a Trustee, all information relating to such person that is required to be disclosed in solicitations of proxies for election of Trustees, or is otherwise required, in each case pursuant to Regulation 14A (or any successor regulations) under the Exchange Act (including such person's written consent to being named in the proxy statement as a nominee and to serving as a Trustee if elected) and whether such shareholder believes any such individual is, or is not, an Interested Person (as such term is defined in the Declaration of Trust) of the Company and information regarding such individual that is sufficient, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to make such determination: (ii) as to any other business that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person (as defined below) and of the beneficial owner, if any, on whose behalf the proposal is made; and (iii) as to the shareholder giving the notice, any Shareholder Associated Person and the beneficial owner, if any, on whose behalf the nomination or proposal is made, the name and address of such shareholder, as they appear on the Company's books, of any Shareholder Associated Person and of such beneficial owner and the class and number of shares of the Company which are owned beneficially and of record by such shareholder, Shareholder Associated Person and such beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For purposes of this Section 11, "Shareholder Associated Person" of any shareholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such shareholder, (ii) any beneficial owner (as defined in the Declaration of Trust) of shares of the Company owned of record or beneficially by such shareholder and (iii) any person controlling, controlled by or under common control with such Shareholder Associated Person. For purposes of this Section 11, "control" shall have the meaning ascribed to it in Section 2 of the 1940 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;(b) S<u>pecial Meetin</u>g<u>s of Shareholders</u>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Company's notice of meeting. Nominations of individuals for election to the Board may be made at a special meeting of shareholders at which Trustees are to be elected (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) provided that the Board has determined that Trustees shall be elected at such special meeting, by any shareholder of the Company who is a shareholder of record both at the time of giving of notice provided for in this Section 11 and at the time of the special meeting, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 11. In the event the Company calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board, any such shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Company's notice of meeting, if the shareholder's notice required by subsection (a)(2) of this Section 11 shall be delivered to the Secretary at the principal executive office of the Company not earlier than the one hundred fiftieth (150th) day prior to such special meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of a postponement or adjournment of a special meeting commence a new time period for the giving of a shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Upon written request by the Secretary or the Board or any committee thereof, any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within five (5) Business Days of delivery of such request (or such other period as may be specified in such request), written verification, satisfactory, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to demonstrate the accuracy of any information submitted by the shareholder

pursuant to this Section 11. If a shareholder fails to provide such written verification within such period, the information as to which written verification was requested may be deemed not to have been provided in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election as Trustees, and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with this Section 11. The chairperson of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For purposes of this Section 11, (a) the "date of mailing of the notice" shall mean the date of the proxy statement for the solicitation of proxies for election of Trustees and (b) "public announcement" shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press Business Wire, PR Newswire or comparable news service or (ii) in a document publicly filed by the Company with the U.S. Securities and Exchange Commission (the "Commission") pursuant to the Exchange Act or the 1940 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding the foregoing provisions of this Section 11, a shareholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 11. Nothing in this Section 11 shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, nor the right of the Company to omit a proposal from, the Company's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.

Section 12. <u>VOTING BY BALLOT</u>. Voting on any question or in any election may be *viva voce* unless the presiding officer shall order or any shareholder shall demand that voting be by ballot.

**ARTICLE III.<br>TRUSTEES**

Section 1. <u>GENERAL POWERS</u>. The business and affairs of the Company shall be managed under the direction of its Board. The Board may designate a Chairperson of the Board, who may also be an officer of the Company, and who will have such powers and duties as determined by the Board from time to time.

Section 2. <u>NUMBER, TENURE AND QUALIFICATIONS</u>. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board may establish, increase or decrease the number of Trustees, provided that the number thereof shall never be fewer than one, and further provided that the tenure of office of a Trustee shall not be affected by any decrease in the number of Trustees. A majority of Trustees shall be Independent Trustees (for purposes of these Bylaws, as such term is defined in the Declaration of Trust).) An individual nominated or seated as a Trustee shall be at least twenty-one years of age and not older than the mandatory retirement age, if any, determined from time to time by the Trustees or a committee of the Trustees, in each case at the time the individual is nominated or seated.

Section 3. <u>ANNUAL AND REGULAR MEETINGS.</u> An annual meeting of the Board shall be held immediately after and at the same place as the annual meeting of shareholders, if any, no notice other than this Bylaw being necessary. In the event such meeting is not so held, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board. Regular meetings of the Board shall be held from time to time at such places and times as provided by the Board by resolution, without notice other than such resolution.

Section 4. <u>SPECIAL MEETINGS</u>. Special meetings of the Board may be called by or at the request of the Chairperson of the Board, the Chief Executive Officer or by a majority of the Trustees then in office. The person or persons authorized to call special meetings of the Board may fix any place as the place for holding any special meeting of the Board called by them. The Board may provide, by resolution, the time and place for the holding of special meetings of the Board, without notice other than such resolution.

Section 5. <u>NOTICE</u>. Meetings of the Trustees may be held without call or notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

Section 6. Q<u>UORUM</u>. The Board shall consist of at least three Trustees. A quorum for all meetings of the Trustees shall be at least fifty percent (50%) of the Trustees. Unless provided otherwise in the Declaration of Trust or these Bylaws and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees. Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in these Bylaws, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent as provided in Section 10. With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section 6 and shall be entitled to vote to the extent not prohibited by the 1940 Act. The Trustees present at a meeting which has been duly called and convened may continue to transact business until adjournment, notwithstanding the withdrawal of enough Trustees to leave less than a quorum.

Section 7. <u>VOTING</u>. The action of the majority of the Trustees present at a meeting at which a quorum, as defined in Section 6 of this ARTICLE III, is present shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust. If enough Trustees have withdrawn from a meeting to leave less than a quorum, as defined in Section 6 of this ARTICLE III, but the meeting is not adjourned, the action of the majority of the Trustees still present at such meeting shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust.

Section 8. <u>ORGANIZATION</u>. At each meeting of the Board, the Chairperson of the Board or, in the absence of the Chairperson, the Chief Executive Officer shall act as chairperson

of the meeting. In the absence of both the Chairperson and the Chief Executive Officer, a Trustee chosen by a majority of the Trustees present shall act as chairperson of the meeting. The Secretary or, in his or her absence, an Assistant Secretary of the Company, or in the absence of the Secretary and all Assistant Secretaries, a person appointed by the Chairperson, shall act as Secretary of the meeting.

Section 9. <u>REMOTE MEETINGS</u>. Trustees may participate in a meeting, and any committee member of any committee established by the Board pursuant to ARTICLE IV, by means of a conference telephone or similar communications equipment, including video technology, if all persons participating in the meeting can hear each other at the same time; provided however, this Section 9 does not apply to any action of the Trustees pursuant to the 1940 Act, that requires the vote of the Trustees to be cast in person at a meeting. Participation in a meeting by these means shall constitute presence in person at the meeting.

Section 10. <u>WRITTEN CONSENT BY TRUSTEES</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees; provided however, this Section 10 does not apply to any action of the Trustees pursuant to the 1940 Act that requires the vote of the Trustees to be cast in person at a meeting.

Section 11. <u>VACANCIES</u>. If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Company or affect these Bylaws or the powers of the remaining Trustees hereunder, if any. Subject to applicable requirements of the 1940 Act, except as may be provided by the Board in setting the terms of any class or series of preferred shares, (a) any vacancy on the Board may be filled only by a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum, as defined in Section 6 of this ARTICLE III, and (b) any Trustee elected to fill a vacancy shall serve until a successor is elected and qualified.

Section 12. <u>COMPENSATION</u>. The Trustees shall have power to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

Nothing herein contained shall be construed to preclude any Trustees from serving the Company in any other capacity and receiving compensation therefor.

Section 13. <u>LOSS OF DEPOSITS</u>. No Trustee shall be liable for any loss which may occur by reason of the failure of the bank, trust company, savings and loan association, or other institution with whom moneys or stock have been deposited.

Section 14. <u>SURETY BONDS</u>. Unless required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

Section 15. <u>RELIANCE.</u> Each Trustee, officer, employee and agent of the Company shall, in the performance of his duties with respect to the Company, be fully justified and protected with regard to any act or failure to act in reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel or upon reports made to the Company by any of its officers or employees or by the advisers, accountants, appraisers or other experts or consultants selected by the Trustees or officers of the Company, regardless of whether such counsel or expert may also be a Trustee. Each Trustee, officer, employee and agent of the Company shall also otherwise be entitled to the benefit of Section 3806(k) of the DSTA.

Section 16. <u>CERTAIN RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND AGENTS</u>. The Trustees shall have no responsibility to devote their full time to the affairs of the Company. Any Trustee, officer, employee or agent of the Company, in his personal capacity or in a capacity as an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage in business activities similar to or in addition to those of or relating to the Company, subject to the adoption of any policies relating to such interests and activities adopted by the Trustees and applicable law.

**ARTICLE IV.<br>COMMITTEES**

Section 1. <u>NUMBER, TENURE AND QUALIFICATIONS</u>. The Board may, by resolution passed by a majority of the whole Board, appoint from among its members an Audit Committee and a Nominating and Governance Committee of the Board, and other committees the Board shall determine from time to time to be in the best interests of the Company and its shareholders, each of which shall be composed of one or more Trustees, who will serve at the pleasure of the Board. Each such committee shall be composed entirely of Trustees who are not Interested Persons of the Company.

Section 2. <u>POWERS</u>. The Board may delegate to committees appointed under Section 1 of this ARTICLE IV any of the powers of the Board, except as prohibited by law.

Section 3. <u>MEETINGS</u>. Each committee, if deemed advisable by the Board, shall have a written charter. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board. A majority of the members of a committee shall constitute a quorum for the transaction of business at any meeting of such committee. The act of a majority of the committee members present at a meeting shall be the act of such committee. The Board may designate a chairperson of any committee, and such chairperson or, in the absence of a chairperson, any two members of any committee (if there are at least two (2) members of the committee) may fix the time and place of its meeting unless the Board shall otherwise provide. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Trustee to act in the place of such absent member. Each committee may fix rules of procedures for its business. Each committee shall keep minutes of its proceedings.

Section 4. <u>VACANCIES</u>. Subject to the provisions hereof, the Board shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate

alternate members to replace any absent or disqualified member or to dissolve any such committee. Subject to the power of the Board, the members of the committee shall have the power to fill any vacancies on the committee.

**ARTICLE V.<br>OFFICERS**

Section 1. <u>GENERAL PROVISIONS</u>. The officers of the Company shall include a Chief Executive Officer, a Secretary, a Treasurer and/or Chief Financial Officer and to the extent that Rule 38a-1 under the 1940 Act applies, a Chief Compliance Officer, and may include one or more Vice Presidents, a Chief Operating Officer, a Chief Investment Officer, a Chief Legal Officer, one or more Assistant Secretaries and one or more Assistant Treasurers. In addition, the Board may from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The officers of the Company shall be elected annually by the Board and initially at the organizational meeting of the Company, except that the Chief Executive Officer may from time to time appoint one or more Vice Presidents, Assistant Secretaries, Assistant Treasurers or other officers. Each officer shall hold office until his or her successor is elected and qualifies or until death, resignation or removal in the manner hereinafter provided. Any two (2) or more offices except Chief Executive Officer and Vice President may be held by the same person although any person holding more than one office in the company may not act in more than one capacity to execute, acknowledge or verify an instrument required by law to be executed, acknowledged or verified by more than one officer. In their discretion, the Trustees may leave unfilled any office except that of the Chief Executive Officer, the Chief Financial Officer, the Secretary and the Chief Compliance Officer. Election of an officer or agent shall not of itself create contract rights between the Company and such officer or agent.

Section 2. <u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Company may be removed, with or without cause, by a majority of the whole Board if in its judgment the best interests of the Company would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Company may resign at any time by giving written notice of his or her resignation to the Board, the Chairperson of the Board, the Chief Executive Officer, or the Secretary. Any resignation shall take effect immediately upon its receipt or, if the time when it shall become effective is specified therein, at such later time specified in the notice of resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Company. In addition, the termination or resignation of the Chief Compliance Officer shall be effected in accordance with Rule 38a-1(4) under the 1940 Act.

Section 3. <u>VACANCIES</u>. A vacancy in any office may be filled by the Board for the balance of the term.

Section 4. <u>CHIEF EXECUTIVE OFFICER</u>. The Board may designate a chief executive officer from among its Board or elected officers. In the absence of such designation, the president shall be the chief executive officer of the Company. The chief executive officer shall have general responsibility for implementation of the policies of the Company, as determined by

the Board, and for the management of the business and affairs of the Company. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these Bylaws to some other officer or agent of the Company or shall be required by law to be otherwise executed, and in general shall perform all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Board from time to time.

Section 5. <u>CHIEF OPERATING OFFICER</u>. The Board may designate a Chief Operating Officer. The Chief Operating Officer, under the direction of the Chief Executive Officer, shall have the responsibilities and perform the duties incident to the office of Chief Operating Officer, including general management authority and responsibility for the day-to-day implementation of the policies of the Company and such other responsibilities and duties prescribed by the Board or the Chief Executive Officer from time to time.

Section 6. <u>CHIEF INVESTMENT OFFICER</u>. The Board may designate a Chief Investment Officer. The Chief Investment Officer shall have the responsibilities and duties incident to the office of Chief Investment Officer and such other duties as may be prescribed by the Board or the Chief Executive Officer.

Section 7. <u>CHIEF FINANCIAL OFFICER AND PRINCIPAL ACCOUNTING OFFICER</u>. The Board may designate a Chief Financial Officer and Principal Accounting Officer. The Chief Financial Officer and Principal Accounting Officer shall have the responsibilities and duties incident to the office of Chief Financial Officer and Principal Accounting Officer and such other duties as may be prescribed as set forth by the Board or the Chief Executive Officer.

Section 8. <u>CHIEF COMPLIANCE OFFICER</u>. The Board shall designate a Chief Compliance Officer to the extent required by, and consistent with the requirements of, the 1940 Act. The Chief Compliance Officer, subject to the direction of, and reporting to, the Board, shall be responsible for the oversight of the Company's compliance with the U.S. federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the Chief Compliance Officer must be approved by the Board, including a majority of the Independent Trustees of the Company. The Chief Compliance Officer shall perform such executive, supervisory and management functions and duties as may be assigned to him or her from time to time by the Board or the Chief Executive Officer.

Section 9. <u>VICE PRESIDENTS</u>. In the absence of the Chief Executive Officer, the Chief Operating Officer, or in the event of a vacancy in all such offices, the Vice President (or in the event there be more than one Vice President, the Vice Presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the Chief Executive Officer and when so acting shall have all the powers of and be subject to all the restrictions upon the Chief Executive Officer; and shall perform such other duties as from time to time may be assigned to such Vice President by the Chief Operating Officer, the President or by the Board. The Board may designate one or more Vice Presidents as executive Vice President, senior Vice President or as Vice President for particular areas of responsibility.

Section 10. <u>SECRETARY</u>. The Secretary shall: (a) keep the minutes of the proceedings of the shareholders, the Board and committees of the Board in one or more books provided for that

purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Company; (d) keep a register of the post office address of each shareholder which shall be furnished to the Secretary by such shareholder; (e) have general charge of the shares transfer books of the Company; and (f) in general perform such other duties as from time to time may be assigned by the Chief Executive Officer or by the Board.

Section 11. <u>TREASURER</u>. In the absence of a designation of a Chief Financial Officer and Principal Accounting Officer by the Board, the Treasurer shall be the Chief Financial Officer and Principal Accounting Officer of the Company. In the absence of a designation of a Treasurer by the Board, then the Chief Financial Officer and Principal Accounting Officer shall be responsible for the duties of the Treasurer specified in this Section 11. The Treasurer shall be responsible for: (a) the custody of the funds and securities of the Company; (b) the keeping of full and accurate accounts of receipts and disbursements in books belonging to the Company; and (c) the depositing of all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board.

The Treasurer shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer and Board, at the regular meetings of the Board or whenever it may so require, an account of all his or her transactions as Treasurer and of the financial condition of the Company. The Treasurer shall, if required by the Board, give bonds for the faithful performance of his duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

Section 12. <u>ASSISTANT SECRETARIES AND ASSISTANT TREASURERS</u>. The Assistant Secretaries and Assistant Treasurers, in general, shall perform such duties as shall be assigned to them by the Secretary or Treasurer, respectively, or by the Chief Executive Officer or the Board. The Assistant Treasurers shall, if required by the Board, give bonds for the faithful performance of their duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

**ARTICLE VI.<br>CONTRACTS, LOANS, CHECKS AND DEPOSITS**

Section 1. <u>CONTRACTS</u>. The Board may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Company and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Company when authorized or ratified by action of the Board and executed by an authorized person.

Section 2. <u>CHECKS AND DRAFTS</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Company shall be signed by such officer or agent of the Company in such manner as shall from time to time be determined by the Board.

Section 3. <u>DEPOSITS</u>. All funds of the Company not otherwise employed shall be deposited from time to time to the credit of the Company in such banks, trust companies or other depositories as the Board may designate.

Section 4. <u>NO EXCLUSIVE RIGHT TO SELL</u>. The Company shall not grant any exclusive right to sell, or exclusive employment to sell, any assets of the Company.

Section 5. <u>COMMINGLING OF ASSETS</u>. The funds of the Company shall not be commingled with the funds of any other person and the Company funds will be protected from the claims of affiliated companies and creditors of affiliated companies.

**ARTICLE VII.<br>SHARES**

Section 1. <u>CERTIFICATES</u>. The Company will not issue share certificates. A shareholder's investment in the company will be recorded on the books of the Company. A shareholder wishing to transfer his or her Shares will be required to send a completed and executed form to the Company, such form to be provided upon a shareholder's request.

Section 2. <u>TRANSFERS</u>. All transfers of shares shall be made on the books of the Company, by the holder of the shares, in person or by his or her attorney, in such manner as the Board of Trustees or any officer of the Company may prescribe.

The Company shall be entitled to treat the holder of record of any shares as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

Notwithstanding the foregoing, transfers of shares of any class or series of shares will be subject in all respects to the Declaration of Trust of the Company and all of the terms and conditions contained therein.

Section 3. <u>NOTICE OF ISSUANCE OR TRANSFER</u>. Upon issuance or transfer of shares in the Company, the Company shall send the shareholder a written statement that reflects such investment or transfer containing such information, at a minimum, as required by law. The Company, alternatively, may furnish notice that a full statement of the information contained in the foregoing sentence will be provided to any shareholder upon request and without charge.

Section 4. <u>CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE</u>. The Board may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of shareholders, not less than ten (10) days, before the date on which the meeting or particular action requiring such determination of shareholders of record is to be held or taken.

In the context of fixing a record date, the Board may provide that the shares transfer books shall be closed for a stated period but not longer than twenty (20) days. If the shares transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten (10) days before the date of such meeting.

If no record date is fixed and the shares transfer books are not closed for the determination of shareholders, (a) the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the notice of meeting is mailed or the thirtieth (30th) day before the meeting, whichever is the closer date to the meeting; and (b) the record date for the determination of shareholders entitled to receive payment of a dividend or an allotment of any other rights shall be the close of business on the day on which the resolution of the Trustees, declaring the dividend or allotment of rights, is adopted.

When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof, except when (i) the determination has been made through the closing of the transfer books and the stated period of closing has expired or (ii) the meeting is adjourned to a date more than one hundred twenty (120) days after the record date fixed for the original meeting, in either of which case a new record date shall be determined as set forth herein.

Section 5. <u>SHARES LEDGER</u>. The Company shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

Section 6. <u>FRACTIONAL SHARES; ISSUANCE OF SHARES</u>. The Board may issue fractional shares or provide for the issuance of scrip, all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Board may issue units consisting of different securities of the Company. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Company, except that the Board may provide that for a specified period securities of the Company issued in such unit may be transferred on the books of the Company only in such unit.

**ARTICLE VIII.<br>ACCOUNTING YEAR**

The fiscal year of the Company shall end on December 31 of each fiscal year and may thereafter be changed by duly adopted resolution of the Board from time to time.

**ARTICLE IX.<br>DISTRIBUTIONS**

Section 1. <u>AUTHORIZATION</u>. Dividends and other distributions upon the shares of the Company may be authorized by the Board, subject to the provisions of law and the Declaration

of Trust of the Company. Dividends and other distributions may be paid in cash, property or shares of the Company, subject to the provisions of law and the Declaration of Trust.

Section 2. <u>CONTINGENCIES</u>. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Company available for dividends or other distributions such sum or sums as the Board may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends or other distributions, for repairing or maintaining any property of the Company or for such other purpose as the Board shall determine to be in the best interest of the Company, and the Board may modify or abolish any such reserve.

**ARTICLE X.<br>SEAL**

Section 1. <u>SEAL</u>. The Board may authorize the adoption of a seal by the Company. The Board may authorize one or more duplicate seals and provide for the custody thereof.

Section 2. <u>AFFIXING SEAL</u>. Whenever the Company is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Company.

**ARTICLE XI.<br>WAIVER OF NOTICE**

Whenever any notice is required to be given pursuant to the Declaration of Trust of the Company or these Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

**ARTICLE XII.<br>1940 ACT**

If and to the extent that any provision of the DSTA, or any provision of the Declaration of Trust or these Bylaws conflicts with any provision of the 1940 Act, then the applicable provision of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of these Bylaws or the Declaration of Trust or render invalid or improper any action take or omitted prior to such determination.

**<br> ARTICLE XIII.<br> AMENDMENT OF BYLAWS**

The Board shall have the exclusive power to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws not inconsistent with the Declaration of Trust. To the extent any provisions of the Bylaws conflict with the Declaration of Trust, the Declaration of Trust shall control.

Adopted: December 4, 2025

## Ex-99

**Exhibit (b)(2)**

**GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND<br>AMENDED AND RESTATED BYLAWS**

**ARTICLE I.<br>OFFICES**

Section 1. <u>PRINCIPAL OFFICE</u>. The principal office of Guggenheim Investments Private Credit Fund (the "Company") in the State of Delaware shall be located at such place as the Board of Trustees of the Company (the "Trustees" or the "Board") may designate from time to time.

Section 2. <u>ADDITIONAL OFFICES</u>. The principal executive office of the Company is at 330 Madison Avenue, New York, New York 10017. The Company may have additional offices at such places as the Board may from time to time determine or the business of the Company may require.

**ARTICLE II.<br>MEETINGS OF SHAREHOLDERS**

Section 1. <u>PLACE</u>. All meetings of shareholders shall be held at the principal executive office of the Company or at such other place as shall be set by the Board and stated in the notice of the meeting.

Section 2. <u>ANNUAL MEETING</u>. The Company shall hold an annual meeting of shareholders.

Section 3. <u>SPECIAL MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The (i) Chairperson of the Board, (ii) Chief Executive Officer or (iii) a majority of the Board may call a special meeting of the shareholders. Subject to subsection (b) of this Section 2, the Secretary of the Company shall call a special meeting of shareholders upon the written request of the shareholders entitled to cast not less than ten percent (10%) of all the votes entitled to be cast at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Shareholder Requested Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any shareholder of record seeking to request a special meeting shall, by sending written notice to the Secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Board to fix a record date to determine the shareholders entitled to request a special meeting (the "Request Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more shareholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of

signature of each such shareholder (or such agent) and shall set forth all information relating to each such shareholder that must be disclosed in solicitations of proxies for election of Trustees in an election contest (even if an election contest is not involved), or as otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Upon receiving the Record Date Request Notice and subject to Delaware Statutory Trust Act, as amended from time to time, (the "DSTA"), the Board may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten (10) days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board. If the Board, within ten (10) days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth (10th) day after the first date on which the Record Date Request Notice is received by the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In order for any shareholder to request a special meeting, one or more written requests for a special meeting signed by shareholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than ten percent (10%) (the "Special Meeting Percentage") of all of the votes entitled to be cast at such meeting (the "Special Meeting Request") shall be delivered to the Secretary. In addition, the Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to the matters set forth in the Record Date Request Notice received by the Secretary), shall bear the date of signature of each such shareholder (or such agent) signing the Special Meeting Request, shall set forth the name and address, as they appear in the Company's books, of each shareholder signing such request (or on whose behalf the Special Meeting Request is signed) and the class, series and number of all shares of the Company which are owned by each such shareholder, and the nominee holder for, and number of, shares owned beneficially but not of record, shall be sent to the Secretary by registered mail, return receipt requested, and shall be received by the Secretary within sixty (60) days after the Request Record Date (the "Special Meeting Request Deadline"). Any requesting shareholder may revoke his, her or its request for a special meeting at any time by written revocation delivered to the Secretary (or agent duly authorized in a writing accompanying the revocation or the Special Meeting Request).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the Special Meeting Percentage is met by the Special Meeting Request Deadline, the Secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including the Company's proxy materials). The Secretary shall not be required to call a special meeting upon shareholder request and such meeting shall not be held unless, in addition to the documents required by this subsection, the Secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the Chief Executive Officer or the Board of Trustees, whoever has called the meeting. In the case of any special meeting called by the Secretary upon the request of shareholders (a "Shareholder Requested Meeting"), such meeting shall be held at such place, date and time as specified in the Special Meeting Request or, if no place, date and time is specified in the Special Meeting Request, at such place, date and time designated by the Board of Trustees that is convenient to the shareholders; provided, however, that the date of any Shareholder Requested Meeting shall be not less than fifteen (15) and not more

than sixty (60) days after the Secretary gives notice for such meeting (the "Meeting Record Date"); and provided further that if the Board fails to designate, within fifteen (15) days after the date that a valid Special Meeting Request is actually received by the Secretary (the "Delivery Date"), a date and time for a shareholder requested meeting, then such meeting shall be held at 2:00 p.m. local time on the sixtieth (60th) day after the Meeting Record Date or, if such sixtieth (60th) day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board fails to designate a place for a shareholder requested meeting within fifteen (15) days after the Delivery Date, then such meeting shall be held at the principal executive office of the Company. In fixing a date for any special meeting, the Chief Executive Officer or the Board of Trustees may consider such factors as the Trustees deem relevant within the good faith exercise of business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for meeting and any plan of the Board to call an annual meeting or a special meeting. In the case of any shareholder requested meeting, the Board shall fix a Meeting Record Date that is a date not later than sixty (60) days after the Delivery Date. The Board of Trustees may revoke the notice for any Shareholder Requested Meeting in the event that the requesting shareholders fail to comply with the provisions of paragraph (2) of this Section 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If written revocations of requests for the special meeting have been delivered to the Secretary and the result is that shareholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting to the Secretary, the Secretary shall: (i) if the notice of meeting has not already been mailed, refrain from mailing the notice of the meeting and send to all requesting shareholders who have not revoked such requests written notice of any revocation of a request for the special meeting, or (ii) if the notice of meeting has been mailed and if the Secretary first sends to all requesting shareholders who have not revoked requests for a special meeting written notice of any revocation of a request for the special meeting and written notice of the Secretary's intention to revoke the notice of the meeting, revoke the notice of the meeting at any time before ten (10) days before the commencement of the meeting. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Board, the Chairperson of the Board or the Chief Executive Officer may appoint independent inspectors of elections to act as the agent of the Company for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered to the Secretary until the earlier of (i) five (5) Business Days after receipt by the Secretary of such purported request and (ii) such date as the independent inspectors certify to the Company that the valid requests received by the Secretary represent, as of the Request Record Date, not less than the Special Meeting Percentage. Nothing contained in this subsection (6) shall in any way be construed to suggest or imply that the Company or any shareholder shall not be entitled to contest the validity of any request, whether during or after such five (5) Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or other day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 4. <u>NOTICE OF MEETINGS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Method of Deliver</u>y; <u>Minimum Contents</u>; <u>Waiver</u>. Written or printed notice of the purpose or purposes, in the case of a special meeting, and of the time and place of every meeting of the shareholders shall be given by the Secretary of the Company to each shareholder of record entitled to vote at the meeting and to each other shareholder entitled to notice of the meeting, by: (i) presenting the notice to such shareholder personally, (ii) placing the notice in the mail, (iii) delivering the notice by overnight delivery service, (iv) transmitting the notice by electronic mail or any other electronic means, or (v) any other means permitted by Delaware law, at least ten (10) days, but not more than ninety (90) days, prior to the date designated for the meeting, addressed to each shareholder at such shareholder's address appearing on the records of the Company or supplied by the shareholder to the Company for the purpose of notice. The notice shall state the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by statute or these Bylaws, the purpose for which the meeting is called. The notice of any meeting of shareholders may be accompanied by a form of proxy approved by the Board in favor of the actions or persons as the Board may select. Notice of any meeting of shareholders shall be deemed waived by any shareholder who attends the meeting in person or by proxy or who before or after the meeting submits a signed waiver of notice that is filed with the records of the meeting. No business shall be transacted at a special meeting of shareholders except as specifically designated in the notice of such meeting.

Section 5. <u>ORGANIZATION AND CONDUCT</u>. Every meeting of shareholders shall be conducted by an individual appointed by the Board to be chairperson of the meeting or, in the absence of such appointment, by the Chairperson of the Board, if any, or, in the case of a vacancy in the office or absence of the Chairperson of the Board, by one of the following officers present at the meeting: the Chief Executive Officer, any Vice President, the Secretary, the Chief Financial Officer or, in the absence of such officers, a chairperson chosen by the shareholders by the vote of a majority of the votes cast by shareholders present in person or by proxy. The Secretary or, in the Secretary's absence, an Assistant Secretary or, in the absence of both the Secretary and Assistant Secretaries, an individual appointed by the Board or, in the absence of such appointment, an individual appointed by the chairperson of the meeting shall act as Secretary. In the event that the Secretary presides at a meeting of the shareholders, an Assistant Secretary, or, in the absence of Assistant Secretaries, an individual appointed by the Board or the chairperson of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of shareholders shall be determined by the chairperson of the meeting. The chairperson of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairperson, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to shareholders of record of the Company, their duly authorized proxies or other such individuals as the chairperson of the meeting may determine; (c) limiting participation at the meeting on any matter to shareholders of record of the Company entitled to vote on such matter, their duly authorized proxies or other such individuals as the chairperson of the meeting may determine; (d) limiting the time allotted to questions or comments

by participants; (e) maintaining order and security at the meeting; (f) removing any shareholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairperson of the meeting; and (g) recessing or adjourning the meeting to a later date and time and place announced at the meeting. Unless otherwise determined by the chairperson of the meeting, meetings of shareholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 6. Q<u>UORUM</u>. At any meeting of shareholders, the presence in person or by proxy of the shareholders of the Company holding at least fifty percent (50%) of the outstanding shares of the Company (without regard to class or series) shall constitute a quorum, except with respect to any such matter that, under applicable statutes or regulatory requirements, requires approval by a separate vote of one or more classes of capital shares of the Company, in which case the presence in person or by proxy of the holders of shares of the Company's capital shares holding at least fifty percent (50%) of the outstanding shares of such class shall constitute a quorum. This Section 6 shall not affect any requirement under any applicable law, any other provisions of these Bylaws or the Amended and Restated Declaration of Trust of the Company, as further amended or restated from time to time (the "Declaration of Trust"), for the vote necessary for the adoption of any measure. If such quorum shall not be present at any meeting of the shareholders, then the chairperson of the meeting or the shareholders entitled to vote at such meeting, present in person or by proxy, shall have the power to adjourn the meeting to a date not more than one hundred twenty (120) days after the original record date without further notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.

Section 7. <u>VOTING</u>. A plurality of all votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to elect a Trustee, provided that, in the case where the number of nominees for the trusteeships (or, if applicable, the trusteeships of a particular class of trustees) exceeds the number of such trustees to be elected (a "Contested Election"), a majority of all votes cast shall be required to elect such nominee, provided that if a sufficient number of votes to elect a trustee are not cast in such Contested Election, the incumbent Trustee, if any, shall retain their position. Each share may be voted for as many individuals as there are Trustees to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of shareholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless more than a majority of the votes cast is required by the 1940 Act and the rules promulgated thereunder or other applicable law, the Declaration of Trust or ARTICLE III of these Bylaws. Unless otherwise provided in the Declaration of Trust, each outstanding share owned of record on the applicable record date, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of shareholders.

Section 8. <u>PROXIES</u>. A shareholder may vote the shares owned of record by the shareholder, either in person or by proxy executed in writing by the shareholder or by the shareholder's duly authorized agent as permitted by law. Such proxy shall be filed with the Secretary of the Company before or at the meeting.

Section 9. <u>VOTING OF SHARES BY CERTAIN HOLDERS</u>. Shares of the Company registered in the name of a corporation, partnership, trust or other entity, if entitled to be voted,

may be voted by the President or a Vice President, a general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such share pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such share. Any fiduciary may vote shares registered in his or her name as such fiduciary, either in person or by proxy.

Shares of the Company directly owned by it or its subsidiaries shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board may adopt by resolution a procedure by which a shareholder may certify in writing to the Company that any shares registered in the name of the shareholder are held for the account of a specified person other than the shareholder. The resolution shall set forth the class of shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date or closing of the shares transfer books, the time after the record date or closing of the shares transfer books within which the certification must be received by the Company; and any other provisions with respect to the procedure which the Board considers necessary or desirable. On receipt of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the shareholder of record of the specified shares in place of the shareholder who makes the certification.

Section 10. <u>INSPECTORS</u>. The Board in advance of any meeting of shareholders, or the chairperson of the meeting at any meeting of shareholders, may, but need not, appoint one or more individual inspectors or one or more entities that designate individuals as inspectors to act at the meeting or any adjournment thereof. In case any person who may be appointed as an inspector fails to appear or act, the vacancy may be filled by appointment made by the Board in advance of the meeting or at the meeting by the chairperson of the meeting. The inspectors, if any, shall determine the number of shares outstanding and the voting power of each, the shares represented at the meeting, the existence of a quorum, as defined in this ARTICLE II, the validity and effect of proxies, and shall receive votes, ballots or consents, hear and determine all challenges and questions arising in connection with the right to vote, count and tabulate all votes, ballots or consents, and determine the result, and do such acts as are proper to conduct the election or vote with fairness to all shareholders. Each such report of an inspector shall be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

Section 11. <u>ADVANCE NOTICE OF SHAREHOLDER NOMINEES FOR TRUSTEES AND OTHER SHAREHOLDER PROPOSALS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Meetin</u>g<u>s of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nominations of individuals for election to the Board and the proposal of other business to be considered by the shareholders may be made at an annual meeting of shareholders (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) by any shareholder of the Company who was a shareholder of record both at the time of giving of notice provided for in this Section 11(a) and at the time of an annual meeting, if any, who is entitled to vote at the meeting and who has complied with this Section 11(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For nominations of individuals for election to the Board or other business to be properly brought before an annual meeting, if any, by a shareholder pursuant to clause (iii) of subsection (a)(1) of this Section 11, the shareholder must have given timely notice thereof in writing to the Secretary of the Company and such other business must otherwise be a proper matter for action by the shareholders. To be timely, a shareholder's notice shall set forth all information required under this Section 11 and shall be delivered to the Secretary at the principal executive office of the Company not less than one hundred twenty (120) days nor more than one hundred fifty (150) days prior to the first anniversary of the date of mailing of the notice for the preceding year's annual meeting, if any; provided, however, that in the event that the date of the mailing of the notice for such meeting is advanced or delayed by more than thirty (30) days from the first anniversary of the date of mailing of the notice for the preceding year's annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the close of business on the one hundred fiftieth (150th) day prior to the date of mailing of the notice for such annual meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to the date of mailing of the notice for such meeting or the tenth (10th) day following the day on which public announcement of the date of mailing of the notice for such meeting is first made. In no event shall the public announcement of a postponement or adjournment of an annual meeting, if any, commence a new time period for the giving of a shareholder's notice as described above. Such shareholder's notice shall set forth: (i) as to each individual whom the shareholder proposes to nominate for election or reelection as a Trustee, all information relating to such person that is required to be disclosed in solicitations of proxies for election of Trustees, or is otherwise required, in each case pursuant to Regulation 14A (or any successor regulations) under the Exchange Act (including such person's written consent to being named in the proxy statement as a nominee and to serving as a Trustee if elected) and whether such shareholder believes any such individual is, or is not, an Interested Person (as such term is defined in the Declaration of Trust) of the Company and information regarding such individual that is sufficient, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to make such determination: (ii) as to any other business that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the reasons for conducting such business at the meeting and any material interest in such business of such shareholder or any Shareholder Associated Person (as defined below) and of the beneficial owner, if any, on whose behalf the proposal is made; and (iii) as to the shareholder giving the notice, any Shareholder Associated Person and the beneficial owner, if any, on whose behalf the nomination or proposal is made, the name and address of such shareholder, as they appear on the Company's books, of any Shareholder Associated Person and of such beneficial owner and the class and number of shares of the Company which are owned beneficially and of record by such shareholder, Shareholder Associated Person and such beneficial owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notwithstanding anything in the second sentence of Section 11(a)(2) to the contrary, in the event that the number of Trustees to be elected to the Board is increased and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For purposes of this Section 11, "Shareholder Associated Person" of any shareholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such shareholder, (ii) any beneficial owner (as defined in the Declaration of Trust) of shares of the Company owned of record or beneficially by such shareholder and (iii) any person controlling, controlled by or under common control with such Shareholder Associated Person. For purposes of this Section 11, "control" shall have the meaning ascribed to it in Section 2 of the 1940 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;(b) S<u>pecial Meetin</u>g<u>s of Shareholders</u>. Only such business shall be conducted at a special meeting of shareholders as shall have been brought before the meeting pursuant to the Company's notice of meeting. Nominations of individuals for election to the Board may be made at a special meeting of shareholders at which Trustees are to be elected (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board or (iii) provided that the Board has determined that Trustees shall be elected at such special meeting, by any shareholder of the Company who is a shareholder of record both at the time of giving of notice provided for in this Section 11and at the time of the special meeting, who is entitled to vote at the meeting and who complied with the notice procedures set forth in this Section 11. In the event the Company calls a special meeting of shareholders for the purpose of electing one or more individuals to the Board, any such shareholder may nominate an individual or individuals (as the case may be) for election as a Trustee as specified in the Company's notice of meeting, if the shareholder's notice required by subsection (a)(2) of this Section 11 shall be delivered to the Secretary at the principal executive office of the Company not earlier than the one hundred fiftieth (150th) day prior to such special meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to such special meeting or the tenth (10th) day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement of a postponement or adjournment of a special meeting commence a new time period for the giving of a shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Upon written request by the Secretary or the Board or any committee thereof, any shareholder proposing a nominee for election as a Trustee or any proposal for other business at a meeting of shareholders shall provide, within five (5) Business Days of delivery of such request (or such other period as may be specified in such request), written verification, satisfactory, in the discretion of the Board or any committee thereof or any authorized officer of the Company, to demonstrate the accuracy of any information submitted by the shareholder pursuant to this Section 11. If a shareholder fails to provide such written verification within such

period, the information as to which written verification was requested may be deemed not to have been provided in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election as Trustees, and only such business shall be conducted at a meeting of shareholders as shall have been brought before the meeting in accordance with this Section 11. The chairperson of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For purposes of this Section 11, (a) the "date of mailing of the notice" shall mean the date of the proxy statement for the solicitation of proxies for election of Trustees and (b) "public announcement" shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press Business Wire, PR Newswire or comparable news service or (ii) in a document publicly filed by the Company with the U.S. Securities and Exchange Commission (the "Commission") pursuant to the Exchange Act or the 1940 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding the foregoing provisions of this Section 11, a shareholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 11. Nothing in this Section 11shall be deemed to affect any right of a shareholder to request inclusion of a proposal in, nor the right of the Company to omit a proposal from, the Company's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.

Section 12. <u>VOTING BY BALLOT</u>. Voting on any question or in any election may be *viva voce* unless the presiding officer shall order or any shareholder shall demand that voting be by ballot.

**ARTICLE III.<br>TRUSTEES**

Section 1. <u>GENERAL POWERS</u>. The business and affairs of the Company shall be managed under the direction of its Board. The Board may designate a Chairperson of the Board, who may also be an officer of the Company, and who will have such powers and duties as determined by the Board from time to time.

Section 2. <u>NUMBER, TENURE AND QUALIFICATIONS</u>. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board may establish, increase or decrease the number of Trustees, provided that the number thereof shall never be fewer than three, and further provided that the tenure of office of a Trustee shall not be affected by any decrease in the number of Trustees. A majority of Trustees shall be Independent Trustees (for purposes of these Bylaws, as such term is defined in the Declaration of Trust).) An individual nominated or seated as a Trustee shall be at least twenty-one years of age and not older than the mandatory retirement age, if any, determined from time to time by the Trustees or a committee of the Trustees, in each case at the time the individual is nominated or seated.

Section 3. ANNUAL AND REGULAR MEETINGS. An annual meeting of the Board shall be held immediately after and at the same place as the annual meeting of shareholders, if any, no notice other than this Bylaw being necessary. In the event such meeting is not so held, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board. Regular meetings of the Board shall be held from time to time at such places and times as provided by the Board by resolution, without notice other than such resolution.

Section 4. <u>SPECIAL MEETINGS</u>. Special meetings of the Board may be called by or at the request of the Chairperson of the Board, the Chief Executive Officer or by a majority of the Trustees then in office. The person or persons authorized to call special meetings of the Board may fix any place as the place for holding any special meeting of the Board called by them. The Board may provide, by resolution, the time and place for the holding of special meetings of the Board, without notice other than such resolution.

Section 5. <u>NOTICE</u>. Meetings of the Trustees may be held without call or notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by unanimous written consent.

Section 6. Q<u>UORUM</u>. The Board shall consist of at least three Trustees. A quorum for all meetings of the Trustees shall be at least fifty percent (50%) of the Trustees. Unless provided otherwise in the Declaration of Trust or these Bylaws and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees. Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be at least fifty percent (50%), but not less than two, of the members thereof. Unless provided otherwise in these Bylaws, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent as provided in Section 10. With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act. The Trustees present at a meeting which has been duly called and convened may continue to transact business until adjournment, notwithstanding the withdrawal of enough Trustees to leave less than a quorum.

Section 7. <u>VOTING</u>. The action of the majority of the Trustees present at a meeting at which a quorum, as defined in Section 6 of this ARTICLE III, is present shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust. If enough Trustees have withdrawn from a meeting to leave less than a quorum, as defined in Section 6 of this ARTICLE III, but the meeting is not adjourned, the action of the majority of the Trustees still present at such meeting shall be the action of the Board, unless the concurrence of a greater proportion is required for such action by applicable statute or the Declaration of Trust.

Section 8. <u>ORGANIZATION</u>. At each meeting of the Board, the Chairperson of the Board or, in the absence of the Chairperson, the Chief Executive Officer shall act as chairperson

of the meeting. In the absence of both the Chairperson and the Chief Executive Officer, a Trustee chosen by a majority of the Trustees present shall act as chairperson of the meeting. The Secretary or, in his or her absence, an Assistant Secretary of the Company, or in the absence of the Secretary and all Assistant Secretaries, a person appointed by the Chairperson, shall act as Secretary of the meeting.

Section 9. <u>REMOTE MEETINGS</u>. Trustees may participate in a meeting, and any committee member of any committee established by the Board pursuant to ARTICLE IV, by means of a conference telephone or similar communications equipment, including video technology, if all persons participating in the meeting can hear each other at the same time; provided however, this Section 9 does not apply to any action of the Trustees pursuant to the 1940 Act, that requires the vote of the Trustees to be cast in person at a meeting. Participation in a meeting by these means shall constitute presence in person at the meeting.

Section 10. <u>WRITTEN CONSENT BY TRUSTEES</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees; provided however, this Section 10 does not apply to any action of the Trustees pursuant to the 1940 Act that requires the vote of the Trustees to be cast in person at a meeting.

Section 11. <u>VACANCIES</u>. If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Company or affect these Bylaws or the powers of the remaining Trustees hereunder, if any. Subject to applicable requirements of the 1940 Act, except as may be provided by the Board in setting the terms of any class or series of preferred shares, (a) any vacancy on the Board may be filled only by a majority of the remaining Trustees, even if the remaining Trustees do not constitute a quorum, as defined in Section 6 of this ARTICLE III, and (b) any Trustee elected to fill a vacancy shall serve until a successor is elected and qualified.

Section 12. <u>COMPENSATION</u>. The Trustees shall have power to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

Nothing herein contained shall be construed to preclude any Trustees from serving the Company in any other capacity and receiving compensation therefor.

Section 13. <u>LOSS OF DEPOSITS</u>. No Trustee shall be liable for any loss which may occur by reason of the failure of the bank, trust company, savings and loan association, or other institution with whom moneys or stock have been deposited.

Section 14. <u>SURETY BONDS</u>. Unless required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

Section 15. RELIANCE. Each Trustee, officer, employee and agent of the Company shall, in the performance of his duties with respect to the Company, be fully justified and protected with regard to any act or failure to act in reliance in good faith upon the books of account or other records of the Company, upon an opinion of counsel or upon reports made to the Company by any of its officers or employees or by the advisers, accountants, appraisers or other experts or consultants selected by the Trustees or officers of the Company, regardless of whether such counsel or expert may also be a Trustee. Each Trustee, officer, employee and agent of the Company shall also otherwise be entitled to the benefit of Section 3806(k) of the DSTA.

Section 16. <u>CERTAIN RIGHTS OF TRUSTEES, OFFICERS, EMPLOYEES AND AGENTS</u>. The Trustees shall have no responsibility to devote their full time to the affairs of the Company. Any Trustee, officer, employee or agent of the Company, in his personal capacity or in a capacity as an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage in business activities similar to or in addition to those of or relating to the Company, subject to the adoption of any policies relating to such interests and activities adopted by the Trustees and applicable law and the Omnibus Guidelines (as such term is defined in the Declaration of Trust).

**ARTICLE IV.<br>COMMITTEES**

Section 1. <u>NUMBER, TENURE AND QUALIFICATIONS</u>. The Board may, by resolution passed by a majority of the whole Board, appoint from among its members an Audit Committee and a Nominating and Governance Committee of the Board, and other committees the Board shall determine from time to time to be in the best interests of the Company and its shareholders, each of which shall be composed of one or more Trustees, who will serve at the pleasure of the Board. Each such committee shall be composed entirely of Trustees who are not Interested Persons of the Company.

Section 2. <u>POWERS</u>. The Board may delegate to committees appointed under Section 1 of this ARTICLE IV any of the powers of the Board, except as prohibited by law.

Section 3. <u>MEETINGS</u>. Each committee, if deemed advisable by the Board, shall have a written charter. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board. A majority of the members of a committee shall constitute a quorum for the transaction of business at any meeting of such committee. The act of a majority of the committee members present at a meeting shall be the act of such committee. The Board may designate a chairperson of any committee, and such chairperson or, in the absence of a chairperson, any two members of any committee (if there are at least two (2) members of the committee) may fix the time and place of its meeting unless the Board shall otherwise provide. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Trustee to act in the place of such absent member. Each committee may fix rules of procedures for its business. Each committee shall keep minutes of its proceedings.

Section 4. <u>VACANCIES</u>. Subject to the provisions hereof, the Board shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee. Subject to the power of the Board, the members of the committee shall have the power to fill any vacancies on the committee.

**ARTICLE V.<br>OFFICERS**

Section 1. <u>GENERAL PROVISIONS</u>. The officers of the Company shall include a Chief Executive Officer, a Secretary, a Treasurer and/or Chief Financial Officer and to the extent that Rule 38a-1 under the 1940 Act applies, a Chief Compliance Officer, and may include one or more Vice Presidents, a Chief Operating Officer, a Chief Investment Officer, a Chief Legal Officer, one or more Assistant Secretaries and one or more Assistant Treasurers. In addition, the Board may from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The officers of the Company shall be elected annually by the Board and initially at the organizational meeting of the Company, except that the Chief Executive Officer may from time to time appoint one or more Vice Presidents, Assistant Secretaries, Assistant Treasurers or other officers. Each officer shall hold office until his or her successor is elected and qualifies or until death, resignation or removal in the manner hereinafter provided. Any two (2) or more offices except Chief Executive Officer and Vice President may be held by the same person although any person holding more than one office in the company may not act in more than one capacity to execute, acknowledge or verify an instrument required by law to be executed, acknowledged or verified by more than one officer. In their discretion, the Trustees may leave unfilled any office except that of the Chief Executive Officer, the Chief Financial Officer, the Secretary and the Chief Compliance Officer. Election of an officer or agent shall not of itself create contract rights between the Company and such officer or agent.

Section 2. <u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Company may be removed, with or without cause, by a majority of the whole Board if in its judgment the best interests of the Company would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Company may resign at any time by giving written notice of his or her resignation to the Board, the Chairperson of the Board, the Chief Executive Officer, or the Secretary. Any resignation shall take effect immediately upon its receipt or, if the time when it shall become effective is specified therein, at such later time specified in the notice of resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Company. In addition, the termination or resignation of the Chief Compliance Officer shall be effected in accordance with Rule 38a-1(4) under the 1940 Act.

Section 3. <u>VACANCIES</u>. A vacancy in any office may be filled by the Board for the balance of the term.

Section 4. <u>CHIEF EXECUTIVE OFFICER</u>. The Board may designate a chief executive officer from among its Board or elected officers. In the absence of such designation, the

president shall be the chief executive officer of the Company. The chief executive officer shall have general responsibility for implementation of the policies of the Company, as determined by the Board, and for the management of the business and affairs of the Company. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Trustees or by these Bylaws to some other officer or agent of the Company or shall be required by law to be otherwise executed, and in general shall perform all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Board from time to time.

Section 5. <u>CHIEF OPERATING OFFICER</u>. The Board may designate a Chief Operating Officer. The Chief Operating Officer, under the direction of the Chief Executive Officer, shall have the responsibilities and perform the duties incident to the office of Chief Operating Officer, including general management authority and responsibility for the day-to-day implementation of the policies of the Company and such other responsibilities and duties prescribed by the Board or the Chief Executive Officer from time to time.

Section 6. <u>CHIEF INVESTMENT OFFICER</u>. The Board may designate a Chief Investment Officer. The Chief Investment Officer shall have the responsibilities and duties incident to the office of Chief Investment Officer and such other duties as may be prescribed by the Board or the Chief Executive Officer.

Section 7. <u>CHIEF FINANCIAL OFFICER AND PRINCIPAL ACCOUNTING OFFICER</u>. The Board may designate a Chief Financial Officer and Principal Accounting Officer. The Chief Financial Officer and Principal Accounting Officer shall have the responsibilities and duties incident to the office of Chief Financial Officer and Principal Accounting Officer and such other duties as may be prescribed as set forth by the Board or the Chief Executive Officer.

Section 8. <u>CHIEF COMPLIANCE OFFICER</u>. The Board shall designate a Chief Compliance Officer to the extent required by, and consistent with the requirements of, the 1940 Act. The Chief Compliance Officer, subject to the direction of, and reporting to, the Board, shall be responsible for the oversight of the Company's compliance with the U.S. federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the Chief Compliance Officer must be approved by the Board, including a majority of the Independent Trustees of the Company. The Chief Compliance Officer shall perform such executive, supervisory and management functions and duties as may be assigned to him or her from time to time by the Board or the Chief Executive Officer.

Section 9. <u>VICE PRESIDENTS</u>. In the absence of the Chief Executive Officer, the Chief Operating Officer, or in the event of a vacancy in all such offices, the Vice President (or in the event there be more than one Vice President, the Vice Presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the Chief Executive Officer and when so acting shall have all the powers of and be subject to all the restrictions upon the Chief Executive Officer; and shall perform such other duties as from time to time may be assigned to such Vice President by the Chief Operating Officer, the President or by the Board. The Board may designate one or more Vice Presidents as executive Vice President, senior Vice President or as Vice President for particular areas of responsibility.

Section 10. SECRETARY. The Secretary shall: (a) keep the minutes of the proceedings of the shareholders, the Board and committees of the Board in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Company; (d) keep a register of the post office address of each shareholder which shall be furnished to the Secretary by such shareholder; (e) have general charge of the shares transfer books of the Company; and (f) in general perform such other duties as from time to time may be assigned by the Chief Executive Officer or by the Board.

Section 11. <u>TREASURER</u>. In the absence of a designation of a Chief Financial Officer and Principal Accounting Officer by the Board, the Treasurer shall be the Chief Financial Officer and Principal Accounting Officer of the Company. In the absence of a designation of a Treasurer by the Board, then the Chief Financial Officer and Principal Accounting Officer shall be responsible for the duties of the Treasurer specified in this Section 11. The Treasurer shall be responsible for: (a) the custody of the funds and securities of the Company; (b) the keeping of full and accurate accounts of receipts and disbursements in books belonging to the Company; and (c) the depositing of all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board.

The Treasurer shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer and Board, at the regular meetings of the Board or whenever it may so require, an account of all his or her transactions as Treasurer and of the financial condition of the Company. The Treasurer shall, if required by the Board, give bonds for the faithful performance of his duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

Section 12. <u>ASSISTANT SECRETARIES AND ASSISTANT TREASURERS</u>. The Assistant Secretaries and Assistant Treasurers, in general, shall perform such duties as shall be assigned to them by the Secretary or Treasurer, respectively, or by the Chief Executive Officer or the Board. The Assistant Treasurers shall, if required by the Board, give bonds for the faithful performance of their duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

**ARTICLE VI.<br>CONTRACTS, LOANS, CHECKS AND DEPOSITS**

Section 1. <u>CONTRACTS</u>. The Board may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Company and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Company when authorized or ratified by action of the Board and executed by an authorized person.

Section 2. <u>CHECKS AND DRAFTS</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Company shall be signed by such officer or agent of the Company in such manner as shall from time to time be determined by the Board.

Section 3. DEPOSITS. All funds of the Company not otherwise employed shall be deposited from time to time to the credit of the Company in such banks, trust companies or other depositories as the Board may designate.

Section 4. <u>NO EXCLUSIVE RIGHT TO SELL</u>. The Company shall not grant any exclusive right to sell, or exclusive employment to sell, any assets of the Company.

Section 5. <u>COMMINGLING OF ASSETS</u>. The funds of the Company shall not be commingled with the funds of any other person and the Company funds will be protected from the claims of affiliated companies and creditors of affiliated companies.

**ARTICLE VII.<br>SHARES**

Section 1. <u>CERTIFICATES</u>. The Company will not issue share certificates. A shareholder's investment in the company will be recorded on the books of the Company. A shareholder wishing to transfer his or her Shares will be required to send a completed and executed form to the Company, such form to be provided upon a shareholder's request.

Section 2. <u>TRANSFERS</u>. All transfers of shares shall be made on the books of the Company, by the holder of the shares, in person or by his or her attorney, in such manner as the Board of Trustees or any officer of the Company may prescribe.

The Company shall be entitled to treat the holder of record of any shares as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Delaware.

Notwithstanding the foregoing, transfers of shares of any class or series of shares will be subject in all respects to the Declaration of Trust of the Company and all of the terms and conditions contained therein.

Section 3. <u>NOTICE OF ISSUANCE OR TRANSFER</u>. Upon issuance or transfer of shares in the Company, the Company shall send the shareholder a written statement that reflects such investment or transfer containing such information, at a minimum, as required by law. The Company, alternatively, may furnish notice that a full statement of the information contained in the foregoing sentence will be provided to any shareholder upon request and without charge.

Section 4. <u>CLOSING OF TRANSFER BOOKS OR FIXING OF RECORD DATE</u>. The Board may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of shareholders, not less than ten (10) days, before the date on which the meeting or particular action requiring such determination of shareholders of record is to be held or taken.

In the context of fixing a record date, the Board may provide that the shares transfer books shall be closed for a stated period but not longer than twenty (20) days. If the shares transfer books are closed for the purpose of determining shareholders entitled to notice of or to vote at a meeting of shareholders, such books shall be closed for at least ten (10) days before the date of such meeting.

If no record date is fixed and the shares transfer books are not closed for the determination of shareholders, (a) the record date for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders shall be at the close of business on the day on which the notice of meeting is mailed or the thirtieth (30th) day before the meeting, whichever is the closer date to the meeting; and (b) the record date for the determination of shareholders entitled to receive payment of a dividend or an allotment of any other rights shall be the close of business on the day on which the resolution of the Trustees, declaring the dividend or allotment of rights, is adopted.

When a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof, except when (i) the determination has been made through the closing of the transfer books and the stated period of closing has expired or (ii) the meeting is adjourned to a date more than one hundred twenty (120) days after the record date fixed for the original meeting, in either of which case a new record date shall be determined as set forth herein.

Section 5. <u>SHARES LEDGER</u>. The Company shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing the name and address of each shareholder and the number of shares of each class held by such shareholder.

Section 6. <u>FRACTIONAL SHARES; ISSUANCE OF SHARES</u>. The Board may issue fractional shares or provide for the issuance of scrip, all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Board may issue units consisting of different securities of the Company. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Company, except that the Board may provide that for a specified period securities of the Company issued in such unit may be transferred on the books of the Company only in such unit.

**ARTICLE VIII.<br>ACCOUNTING YEAR**

The fiscal year of the Company shall end on December 31 of each fiscal year and may thereafter be changed by duly adopted resolution of the Board from time to time.

**ARTICLE IX.<br>DISTRIBUTIONS**

Section 1. <u>AUTHORIZATION</u>. Dividends and other distributions upon the shares of the Company may be authorized by the Board, subject to the provisions of law and the Declaration

of Trust of the Company. Dividends and other distributions may be paid in cash, property or shares of the Company, subject to the provisions of law and the Declaration of Trust.

Section 2. <u>CONTINGENCIES</u>. Before payment of any dividends or other distributions, there may be set aside out of any assets of the Company available for dividends or other distributions such sum or sums as the Board may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends or other distributions, for repairing or maintaining any property of the Company or for such other purpose as the Board shall determine to be in the best interest of the Company, and the Board may modify or abolish any such reserve.

**ARTICLE X.<br>SEAL**

Section 1. <u>SEAL</u>. The Board may authorize the adoption of a seal by the Company. The Board may authorize one or more duplicate seals and provide for the custody thereof.

Section 2. <u>AFFIXING SEAL</u>. Whenever the Company is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Company.

**ARTICLE XI.<br>WAIVER OF NOTICE**

Whenever any notice is required to be given pursuant to the Declaration of Trust of the Company or these Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

**ARTICLE XII.<br>1940 ACT**

If and to the extent that any provision of the DSTA, or any provision of the Declaration of Trust or these Bylaws conflicts with any provision of the 1940 Act, then the applicable provision of the 1940 Act shall control; provided, however, that such conflict shall not affect any of the remaining provisions of these Bylaws or the Declaration of Trust or render invalid or improper any action take or omitted prior to such determination.

**ARTICLE XIII.<br>AMENDMENT OF BYLAWS**

The Board shall have the exclusive power to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws not inconsistent with the Declaration of Trust. To the extent any provisions of the Bylaws conflict with the Declaration of Trust, the Declaration of Trust shall control.

Adopted: January 14, 2026

## Ex-99

**Exhibit (e)**

DISTRIBUTION REINVESTMENT PLAN

Effective January 14, 2026

This Distribution Reinvestment Plan (the "Plan") is adopted by Guggenheim Investments Private Credit Fund (the "Fund").

1. *Distribution Reinvestment*. As agent for the shareholders (the "Shareholders") of the
Fund who (i) purchase Class S Shares, Class D Shares or Class I Shares of the Fund's common shares of beneficial interest (collectively,
the "Shares") pursuant to the Fund's continuous public offering (the "Offering"), or (ii) purchase Shares
pursuant to any future offering of the Fund, and who do not opt out of participating in the Plan (or, in the case of Alabama, Arkansas,
Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Vermont and Washington
investors and clients of participating broker-dealers that do not permit automatic enrollment in the Plan, who opt to participate in the
Plan) (the "Participants"), the Fund will apply all dividends and other distributions declared and paid in respect of the
Shares held by each Participant and attributable to the class of Shares purchased by such Participant (the "Distributions"),
including Distributions paid with respect to any full or fractional Shares acquired under the Plan, to the purchase of additional Shares
of the same class for such Participant.

2. *Effective Date*. The effective date of this Plan shall be the date of the initial issuance of Shares
to investors that are not affiliated with the Fund's investment adviser.

3. *Procedure for Participation*. Any Shareholder (unless such Shareholder is a resident of Alabama,
Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey, North Carolina, Ohio, Oklahoma, Oregon, Vermont
or Washington or is a client of a participating broker-dealer that does not permit automatic enrollment in the Plan) who has received
a Prospectus, as contained in the Fund's registration statement filed with the Securities and Exchange Commission (the "SEC"),
will automatically become a Participant unless they elect not to become a Participant by noting such election on their subscription agreement.
Any Shareholder who is a resident of Alabama, Arkansas, Idaho, Kansas, Kentucky, Maine, Maryland, Massachusetts, Nebraska, New Jersey,
North Carolina, Ohio, Oklahoma, Oregon, Vermont or Washington or is a client of a participating broker-dealer that does not permit automatic
enrollment in the Plan who has received a Prospectus, as contained in the Fund's registration statement filed with the SEC, will
become a Participant if they elect to become a Participant by noting such election on their subscription agreement. If any Shareholder
initially elects not to be a Participant, they may later become a Participant by subsequently completing and executing an enrollment form
or any appropriate authorization form as may be available from the Fund or The Bank of New York Mellon (the "Plan Administrator").
Participation in the Plan will begin with the next Distribution payable after acceptance of a Participant's subscription, enrollment
or authorization. Shares will be purchased under the Plan as of the first calendar day of the month (the "Purchase Date")
following the record date of the Distribution.

4. *Suitability*. Each Participant is requested to promptly notify the Fund in writing if the Participant
experiences a material change in his or her financial condition, including the failure to meet the income, net worth and investment concentration
standards imposed by such Participant's state of residence and set forth in the Fund's most recent prospectus. For the avoidance
of doubt, this request in no way shifts to the Participant the responsibility of the Fund's sponsor, or any other person selling
shares on behalf of the Fund to the Participant to make every reasonable effort to determine that the purchase of Shares is a suitable
and appropriate investment based on information provided by such Participant.

5. *Purchase of Shares*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Fund shall use newly-issued shares of its Shares to implement the Plan. The number of newly-issued
shares to be issued to a Shareholder shall be determined by dividing the total dollar amount of the distribution payable to such Shareholder
by a price equal to the net asset value as of the Purchase Date. Shares issued pursuant to the Plan will have the same voting rights as
Shares issued pursuant to the Offering. The Fund shall pay the Plan Administrator's fees under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. No upfront selling commissions will be payable with respect to shares purchased pursuant to the Plan,
but such shares will be subject to ongoing distributor and/or shareholder servicing fees. Participants in the Plan may purchase fractional
Shares so that 100% of the Distributions will be used to acquire Shares.

6. *Notice*. Any notice or other communication required or permitted to be given by any provision of
this Plan shall be in writing and addressed to Guggenheim Investments Private Credit Fund, c/o The Bank of New York Mellon, 500 Ross Street,
154-0520 Pittsburgh, PA 15262, if to the Plan Administrator, or such other addresses as may be specified by written notice to all Participants.
Notices to a Participant may be given by letter addressed to the Participant at the Participant's last address of record with the
Fund. Each Participant shall notify the Fund promptly in writing of any change of address.

7. *Taxes*. THE REINVESTMENT OF DISTRIBUTIONS DOES NOT RELIEVE A PARTICIPANT OF ANY INCOME TAX LIABILITY
THAT MAY BE PAYABLE ON THE DISTRIBUTIONS. INFORMATION REGARDING POTENTIAL TAX INCOME LIABILITY OF PARTICIPANTS MAY BE FOUND IN THE PUBLIC
FILINGS MADE BY THE FUND WITH THE SEC.

8. *Share Certificates*. The ownership of the Shares purchased through the Plan will be in book-entry
form unless and until the Fund issues certificates for its outstanding Shares.

9. *Termination by Participant*. A Participant may terminate participation in the Plan at any time,
without penalty, by delivering notice to the Plan Administrator. Such notice must be received by the Plan Administrator five business
days in advance of the first calendar day of the next month in order for a Participant's termination to be effective for such month.
Any transfer of Shares by a Participant to a non-Participant will terminate participation in the Plan with respect to the transferred
Shares. If a participant elects to tender its Shares in full, any Shares issued to the participant under the Plan subsequent to the expiration
of the

tender offer will be considered part of the participant's prior tender, and participant's participation in the Plan will be terminated as of the valuation date of the applicable tender offer, including with respect to the Participant's Shares for which repurchase was requested but that were not repurchased. Any distributions to be paid to such shareholder on or after such date will be paid in cash on or after the scheduled distribution payment date. If a participant elects to tender a portion of its Shares, participant's participation in the Plan will be terminated as of the valuation date of the applicable tender offer with respect to (a) any of the Participant's Shares that were repurchased and (b) any of the Participant's Shares for which repurchase was requested but that were not repurchased. Upon termination of Plan participation for any reason, future Distributions will be distributed to the Shareholder in cash.

10. *Amendment, Suspension or Termination by the Fund*. The Board of Trustees may by majority vote amend
any aspect of the Plan; provided that the Plan cannot be amended to eliminate a Participant's right to terminate participation
in the Plan and that notice of any material amendment must be provided to Participants at least 10 business days prior to the effective
date of that amendment. The Board of Trustees may by majority vote suspend or terminate the Plan for any reason upon 10 business days'
written notice to the Participants.

11. *Liability of the Fund*. The Fund shall not be liable for any act done in good faith, or for any
good faith omission to act, including, without limitation, any claims or liability (i) arising out of failure to terminate a Participant's
account upon such Participant's death prior to timely receipt of notice in writing of such death or (ii) with respect to the time
and the prices at which Shares are purchased or sold for a Participant's account. To the extent that indemnification may apply to
liabilities arising under the Securities Act, or the securities laws of a particular state, the Fund has been advised that, in the opinion
of the SEC and certain state securities commissioners, such indemnification is contrary to public policy and, therefore, unenforceable.

12. *Applicable Law*. These terms and conditions shall be governed by the laws of the State of New York.

## Ex-99

**Exhibit (g)**

**FORM OF INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement, dated and effective as of [ ], 2026, is made by and between Guggenheim Investments Private Credit Fund, a Delaware statutory trust (herein referred to as the "**Fund**"), and Guggenheim Private Investments, LLC, a Delaware limited liability company (herein referred to as the "**Adviser**") (this "**Agreement**").

1. <u>Appointment of Adviser</u>. The Adviser hereby undertakes and agrees, upon the terms and conditions herein set forth, to provide overall investment advisory services for the Fund and in connection therewith to, in accordance with the Fund's investment objective, policies and restrictions as in effect from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) determining the composition and allocation of the Fund's portfolio, the nature and timing of the changes to the Fund's portfolio and the manner of implementing such changes in accordance with the Fund's investment objective, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) identifying, evaluating and structuring investment opportunities and making investment decisions for the Fund, including negotiating the terms of investments in, and dispositions of, portfolio securities and other instruments on the Fund's behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) executing, closing, servicing and monitoring the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) performing due diligence on prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) exercising voting rights in respect of portfolio securities and other investments for 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;(f) serving on, and exercising observer rights for, boards of directors and similar committees of the Fund's portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) negotiating, obtaining and managing financing facilities and other forms of leverage; 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;(h) providing the Fund with such other investment advisory and related services as the Fund may, from time to time, reasonably require for the investment of capital, which may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) making, in consultation with the Fund's board of trustees (the "**Board of Trustees**"), investment strategy decisions for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) reasonably assisting the Board of Trustees and the Fund's other service providers with the valuation of the Fund's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) directing investment professionals of the Adviser or non-investment professionals of the Administrator (as defined below) to provide managerial

assistance to portfolio companies of the Fund as requested by the Fund, from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) exercising voting rights in respect of the Fund's portfolio securities and other investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Adviser shall, upon request by an official or agency administering the securities laws of a state (a "**State Administrator**"), submit to such State Administrator the reports and statements required to be distributed to the Fund's shareholders pursuant to this Agreement, any registration statement filed with the Securities and Exchange Commission ("**SEC**") and applicable federal and state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Adviser has a fiduciary responsibility and duty to the Fund for the safekeeping and use of all the funds and assets of the Fund, whether or not in the Adviser's immediate possession or control. The Adviser shall not employ, or permit another to employ, such funds or assets except for the exclusive benefit of the Fund. The Adviser shall not contract away any fiduciary obligation owed by the Adviser to the Fund's shareholders under common law.

Subject to the supervision of the Board of Trustees, the Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments, the placing of orders for other purchase or sale transactions on behalf of the Fund and causing the Fund to pay investment-related expenses. In the event that the Fund determines to acquire debt financing, the Adviser will arrange for such financing on the Fund's behalf. If it is necessary or appropriate for the Adviser to make investments on behalf of the Fund through a special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such special purpose vehicle and to make such investments through such special purpose vehicle (in accordance with the Investment Company Act of 1940, as amended (the "**1940 Act**")).

Subject to the prior approval of a majority of the Board of Trustees, including a majority of the Board of Trustees who are not "interested persons" of the Fund and, to the extent required by the 1940 Act and the rules and regulations thereunder, subject to any applicable guidance or interpretation of the SEC or its staff, by the shareholders of the Fund, as applicable, the Adviser may, from time to time, delegate to a sub-adviser or other service provider (each, a "**Sub-Adviser**") any of the Adviser's duties under this Agreement, including the management of all or a portion of the assets being managed. The Adviser and not the Fund shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Fund to pay directly to any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses payable to the Adviser under this Agreement. The Fund acknowledges that the Adviser makes no warranty that any investments made by the Adviser hereunder will not depreciate in value or at any time not be affected by adverse tax consequences, nor does it give any warranty as to the performance or profitability of the assets or the success of any investment strategy recommended or used by the Adviser.

2. <u>Expenses</u>. In connection herewith, the Adviser agrees to maintain a staff within its organization to furnish the above services to the Fund. The Adviser shall bear all expenses arising out of its duties hereunder, except as provided in this Section 2.

Except as specifically provided below and above in Section 1 hereof, the Fund anticipates that all investment professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory services to the Fund, and the base compensation, bonus and benefits, and the routine overhead expenses, of such personnel allocable to such services, will be provided and paid for by the Adviser. The Adviser or its affiliates will bear all fees, costs, and expenses incurred that are not assumed by the Fund under this Agreement or under the Administration Agreement by and between the Fund and the Fund's administrator, which may from time to time change (the "Administrator"), pursuant to the then operative administration agreement between the Fund and the Administrator (the "Administration Agreement"). The Fund will bear all other costs and expenses of the Fund's operations, other administration costs and expenses, and transactions, including, but not limited to: (i) expenses (or allocable portion of compensation) related to attendance by employees or the Adviser at meetings of the Board or any committees thereof that are unrelated to the Adviser's advisory services provided hereunder; (ii) all fees, costs and expenses associated with the Fund's market data and research and expenses and fees charged or specifically attributed or allocated by Adviser and/or its affiliates for data-related services provided to the Fund and/or its portfolio companies (including in connection with prospective investments); and (iii) interest and fees 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In addition to the compensation paid to the Adviser pursuant to Section 5, the Fund shall reimburse the Adviser for all expenses of the Fund incurred by the Adviser as well as the actual cost of goods and services used for or by the Fund and obtained from entities not affiliated with the Adviser. The Adviser, the Administrator, or their affiliates may be reimbursed for administrative services performed on behalf of the Fund pursuant to any separate administration or co-administration agreement; however, no reimbursement shall be permitted for services for which the Adviser is entitled to compensation by way of a separate fee. Excluded from the allowable reimbursement shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) rent or depreciation, utilities, capital equipment, and other administrative items of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) salaries, fringe benefits, travel expenses and other administrative items incurred or allocated to any Controlling Person of the Adviser. The term "Controlling Person" shall mean a person, whatever his or her title, who performs functions for the Adviser similar to those of (a) the chairman or other member of a board of directors, (b) executive officers or (c) those holding 10% or more equity interest in the Adviser, or a person having the power to direct or cause the direction of the Adviser, whether through the ownership of voting securities, by contract or otherwise.

From time to time, the Adviser, the Administrator or their affiliates may pay third-party providers of goods or services. Unless such expenses are specifically assumed by the Adviser, Administrator or their affiliates under this Agreement or the Administration Agreement, the Fund will reimburse the Adviser, the Administrator or such affiliates thereof for any such amounts paid on the Fund's behalf. From time to time, the Adviser or the Administrator may defer or waive fees and/or rights to be reimbursed for expenses.

3. <u>Transactions with Affiliates</u>. The Adviser is authorized on behalf of the Fund, from time to time when deemed to be in the best interests of the Fund and to the extent permitted by applicable law, to purchase and/or sell securities in which the Adviser or any of its affiliates underwrites, deals in and/or makes a market and/or may perform or seek to perform investment banking services for issuers of such securities. The Adviser is further authorized, to the extent permitted by applicable law, to select brokers (including any brokers affiliated with the Adviser) for the execution of trades for the Fund.

4. <u>Best Execution; Research Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is authorized, for the purchase and sale of the Fund's portfolio securities, to employ such dealers and brokers as may, in the judgment of the Adviser, implement the policy of the Fund to obtain the best net results, taking into account such factors as price, including the applicable brokerage commission or dealer spread, the size, type and difficulty of the transaction involved, the firm's general execution and operational facilities and the firm's risk in positioning the securities involved. Consistent with this policy, the Adviser is authorized to direct the execution of the Fund's portfolio transactions to dealers and brokers furnishing statistical information or research deemed by the Adviser to be useful or valuable to the performance of its investment advisory functions for the Fund. It is understood that in these circumstances, as contemplated by Section 28(e) of the Securities Exchange Act of 1934, as amended, the commissions paid may be higher than those which the Fund might otherwise have paid to another broker if those services had not been provided. Information so received will be in addition to and not in lieu of the services required to be performed by the Adviser. It is understood that the expenses of the Adviser will not necessarily be reduced as a result of the receipt of such information or research. Research services furnished to the Adviser by brokers who effect securities transactions for the Fund may be used by the Adviser in servicing other investment companies, entities or funds and accounts which it manages. Similarly, research services furnished to the Adviser by brokers who effect securities transactions for other investment companies, entities or funds and accounts which the Adviser manages may be used by the Adviser in servicing the Fund. It is understood that not all of these research services are used by the Adviser in managing any particular account, including the Fund.

The Adviser and its affiliates may aggregate purchase or sale orders for the assets with purchase or sale orders for the same security for other clients' accounts of the Adviser or of its affiliates, the Adviser's own accounts and hold proprietary positions in accordance with its current aggregation and allocation policy (collectively, the "**Advisory Clients**"), but only if (x) in the Adviser's reasonable judgment such aggregation results in an overall economic or other benefit to the assets taking into consideration the advantageous selling or purchase price, brokerage commission and other expenses and

factors and (y) the Adviser's actions with respect to aggregating orders for multiple Advisory Clients, as well as the Fund, are consistent with applicable law. However, the Adviser is under no obligation to aggregate any such orders under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All Front End Fees (as defined in the Fund's Amended and Restated Declaration of Trust the "**Declaration of Trust**") shall be reasonable and shall not exceed 18% of the gross proceeds of any offering, regardless of the source of payment and the percentage of gross proceeds of any offering committed to investment shall be at least eighty-two percent (82%). All items of compensation to underwriters or dealers, including, but not limited to, selling commissions, expenses, rights of first refusal, consulting fees, finders' fees and all other items of compensation of any kind or description paid by the Fund, directly or indirectly, shall be taken into consideration in computing the amount of allowable Front End Fees.

5. <u>Remuneration</u>.

The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a base management fee and an incentive fee as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Management Fee</u>. The management fee is payable monthly and is settled and paid quarterly in arrears at an annual rate of 1.25% of the value of the Fund's net assets as of the beginning of the first calendar day of the applicable month. For the first calendar month in which the Fund has operations, net assets will be measured as the beginning net assets as of the date on which the Fund breaks escrow.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Incentive Fee</u>. The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Fund's income and a portion is based on a percentage of the Fund's capital gains, each as described 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Incentive Fee on Pre-Incentive Fee Net Investment Income</u>. The portion based on the Fund's income is based on Pre-Incentive Fee Net Investment Income Returns. "Pre-Incentive Fee Net Investment Income Returns" means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Fund's net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus operating expenses accrued for the quarter (including the management fee, expenses payable under this Agreement and the Administration Agreement with the Fund's Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns. For purposes of computing the Fund's Pre-Incentive Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund's net assets at the end of the immediate preceding quarter, is compared to a "hurdle rate" of return of 1.25% per quarter (5.0% annualized).

The Fund will pay the Adviser an incentive fee quarterly in arrears with respect to the Fund's Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Fund's Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class do not exceed the hurdle rate of 1.25%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 100% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This is referred to as Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the "catch-up"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 12.5% of the dollar amount of the Fund's Pre-Incentive Fee Net Investment Income Returns attributable to the applicable share class, if any, that exceed a rate of return of 1.43% (5.72% annualized).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) <u>Incentive Fee Based on Capital Gains</u>. The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears.

The amount payable equals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 12.5% of cumulative realized capital gains attributable to the applicable share class from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a

cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Each year, the fee paid for the capital gains incentive fee is net of the aggregate amount of any previously paid capital gains incentive fee by the applicable share class for all prior periods. The Fund will accrue, but will not pay, a capital gains incentive fee with respect to unrealized appreciation because a capital gains incentive fee would be owed to the Adviser if the Fund were to sell the relevant investment and realize a capital gain. For the purpose of computing the capital gains incentive fee, the calculation methodology will look through derivative financial instruments or swaps as if the Fund owned the reference assets directly. In no event will the capital gains incentive fee payable pursuant to this Agreement be in excess of the amount permitted by the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), including Section 205 thereof.

The fees that are payable under this Agreement for any partial period will be appropriately prorated.

6. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Advisers Act, and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall prepare or shall cause to be prepared and distributed to shareholders during each year the following reports of the Fund (either included in a periodic report filed with the SEC or distributed in a separate report) (i) within sixty (60) days of the end of each quarter, a report containing the same financial information contained in the Fund's Quarterly Report on Form 10-Q filed by the Fund under the Securities Exchange Act of 1934, as amended and (ii) within one hundred and twenty (120) days after the end of the Fund's fiscal year, an annual report that shall include financial statements prepared in accordance with U.S. GAAP which are audited and reported on by independent certified public accountants; (iii) a report of the material activities of the Fund during the period covered by the report; (iv) where forecasts have been provided to the Fund's shareholders, a table comparing the forecasts previously provided with the actual results during the period covered by the report; and (v) a report setting forth distributions to the Fund's shareholders for the period covered thereby and separately identifying distributions from: (A) cash flow from operations during the period; (B) cash flow from operations during a prior period which have been held as reserves; (C) proceeds from disposition of assets; and (D) reserves from the gross proceeds of the Fund's offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From time to time and not less than quarterly, the Fund shall cause the Adviser to review the Fund's accounts to determine whether cash distributions are appropriate. The Fund may, subject to authorization by the Board of Trustees, distribute pro rata to the Fund's shareholders funds which the Board deems unnecessary to retain in the Fund. The Board may from time to time authorize the Fund to declare and pay to the Fund's shareholders such dividends or other distributions, in cash or other assets of the

Fund or in securities of the Fund, including in shares of one class or series payable to the holders of the shares of another class or series, or from any other source as the Board of Trustees in its discretion shall determine. Any such cash distributions to the Adviser shall be made only in conjunction with distributions to shareholders and only out of funds properly allocated to the Adviser's account. All such cash distributions shall be made only out of funds legally available therefor pursuant to the Delaware General Corporation Law, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall, in its sole discretion, temporarily place proceeds from offerings by the Fund of its equity securities into short-term, highly liquid investments which, in its reasonable judgment, afford appropriate safety of principal during such time as it is determining the composition and allocation of the portfolio of the Fund and the nature, timing and implementation of any changes thereto pursuant to Section 1 of this Agreement; provided however, that the Adviser shall be under no fiduciary obligation to select any such short-term, highly liquid investment based solely on any yield or return of such investment. The Adviser shall cause any proceeds of the offering of Fund securities not committed for investment within the later of two years from the date of effectiveness of the Registration Statement or one year from termination of the offering, unless a longer period is permitted by the applicable State Administrator, to be paid as a distribution to the shareholders of the Fund as a return of capital without deduction of a sales load.

7. <u>Services Not Deemed Exclusive</u>. The Fund and the Board of Trustees acknowledge and 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;(a) the services provided hereunder by the Adviser are not to be deemed exclusive, and the Adviser and any of its affiliates or related persons are free to render similar services to others and to use the research developed in connection with this Agreement for other Advisory Clients or affiliates. The Fund agrees that the Adviser may give advice and take action with respect to any of its other Advisory Clients which may differ from advice given or the timing or nature of action taken with respect to any client or account so long as it is the Adviser's policy, to the extent practicable, to allocate investment opportunities to the client or account on a fair and equitable basis relative to its other Advisory Clients. It is understood that the Adviser shall not have any obligation to recommend for purchase or sale any loans which its principals, affiliates or employees may purchase or sell for its or their own accounts or for any other client or account if, in the opinion of the Adviser, such transaction or investment appears unsuitable, impractical or undesirable for the Fund. Nothing herein shall be construed as constituting the Adviser an agent of the Fund; 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;(b) the Adviser and its affiliates may face conflicts of interest as described in the Fund's Registration Statement and/or the Fund's periodic filings with the SEC (as such disclosures may be updated from time to time) and such disclosures have been provided, and any updates will be provided, to the Board of Trustees in connection with its consideration of this Agreement and any future renewal of this Agreement.

8. <u>Limit of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser and its directors, officers, shareholders, members, agents, employees, controlling persons and any other person or entity affiliated with, or acting on behalf of, the Adviser (the "Indemnified Parties") 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 Adviser shall not be protected against any liability to the Fund or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or by reason of the reckless disregard of its duties and obligations ("**Disabling Conduct**"). 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 Adviser's services under this Agreement or otherwise as adviser 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 Adviser 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 Adviser had reasonable cause to believe its conduct was unlawful.

Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before which the proceeding was brought that the Indemnified Party was not liable by reason of Disabling Conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the Indemnified Party was not liable by reason of Disabling Conduct by (a) the vote of a majority of a quorum of trustees of the Fund who are neither "interested persons" of the Fund nor parties to the proceeding ("**Disinterested Non-Party Trustees**") or (b) an independent legal counsel in a written opinion.

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.

***The following provisions in Sections 8(b) - (c) shall not apply in respect of the Administrator.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 8(a) to the contrary, the Fund shall not provide for indemnification of an Indemnified Party for any liability or loss suffered by an Indemnified Party, nor shall the Fund provide that any of the Indemnified Parties be held harmless for any loss or liability suffered by the Fund, unless all of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Fund has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fund has determined, in good faith, that the Indemnified Party was acting on behalf of or performing services for 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Fund has determined, in good faith, that such liability or loss was not the result of (A) negligence or misconduct, in the case that the Indemnified Party is the Adviser or an Affiliate (as defined in the Declaration of Trust) of the Adviser, or (B) gross negligence or willful misconduct, in the case that the Indemnified Party is a director of the Fund who is not also an officer of the Fund or the Adviser or an Affiliate of the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such indemnification or agreement to hold harmless is recoverable only out of the Fund's net assets and not from the Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Furthermore, the Indemnified Party shall not be indemnified for any losses, liabilities or expenses arising from or out of an alleged violation of federal or state securities laws by such party unless one or more of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to the Indemnified 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to the Indemnified Party; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a court of competent jurisdiction approves a settlement of the claims against the Indemnified Party and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which the Fund's common shares of beneficial interest ("Shares") were offered or sold as to indemnification for violations of securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund may pay or reimburse reasonable legal expenses and other costs incurred by the Indemnified Party in advance of final disposition of a proceeding only if all of the following are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 proceeding relates to acts or omissions with respect to the performance of duties or services on behalf of 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Indemnified Party provides the Fund with written affirmation of such Indemnified Party's good faith belief that the Indemnified Party has met the standard of conduct necessary for indemnification by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the legal proceeding was initiated by a third party who is not a Fund shareholder, or, if by a Fund shareholder acting in his or her capacity as such, a court of competent jurisdiction approves such advancement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Indemnified Party provides the Fund with a written agreement to repay the amount paid or reimbursed by the Fund, together with the applicable legal rate of interest thereon, if it is ultimately determined that the Indemnified Party did not comply with the requisite standard of conduct and is not entitled to indemnification.

9. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 60 days' written notice by the Fund, by the vote of a majority of the outstanding voting securities of the Fund or by the vote of the Fund's trustees or on at least 120 days' written notice by the Adviser. The provisions of Section 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Sections 2 or 5 through the date of termination or expiration, and Section 8 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect for two years from the date hereof, or to the extent consistent with the requirements of the 1940 Act, from the date of the Fund's election to be regulated as a BDC under the 1940 Act, 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 of Trustees, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the members of the Fund's Board of Trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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 1940 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;(d) After the termination of this Agreement, the Adviser shall not be entitled to compensation for further services provided hereunder, except that it shall be entitled to receive from the Fund within 30 days after the effective date of such termination all unpaid reimbursements and all earned but unpaid fees payable to the Adviser prior to termination of this Agreement, including any deferred fees. The Adviser shall promptly upon termination:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without the approval of holders of a majority of the Shares entitled to vote on the matter, or such other approval as may be required under the mandatory provisions of any applicable laws or regulations, or other provisions of the Declaration of Trust, the Adviser shall not: (i) modify this Agreement except for amendments that do not adversely affect the rights of the shareholders; (ii) appoint a new Adviser (other than a sub-adviser pursuant to the terms of this Agreement and applicable law); (iii) sell all or substantially all of the Fund's assets other than in the ordinary course of the Fund's business or as otherwise permitted by law; or (iv) except as otherwise permitted herein, voluntarily withdraw as the Adviser unless such withdrawal would not affect the tax status of the Fund and would not materially adversely affect the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund may terminate the Adviser's interest in the Fund's revenues, expenses, income, losses, distributions and capital by payment of an amount equal to the then present fair market value of the terminated Adviser's interest, determined by agreement of the terminated Adviser and the Fund. If the Fund and the Adviser cannot agree upon such amount, the parties will submit to binding arbitration which cost will be borne equally by the Adviser and the Fund. The method of payment to the terminated Adviser must be fair and must protect the solvency and liquidity of the Fund.

10. <u>License</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>License Grant</u>. The Adviser hereby grants to the Fund, and the Fund hereby accepts from the Adviser, a fully paid-up, royalty-free, non-exclusive, non-transferable, revocable, worldwide sub-license to use "Guggenheim Private Investments" and "Guggenheim" (the "**Licensed Name**") during the term of this Agreement, solely in connection with the conduct of the Fund's business. The Fund shall have no right to use any modification, stylization or derivative of the Licensed Name without prior written consent of the Adviser in its sole discretion. All rights not expressly granted to the Fund pursuant to this Section 10 shall remain the exclusive property of the Licensed Name Owner (as defined below). Nothing in this Section 10 shall preclude the Adviser, the Licensed Name Owner, its affiliates, or any of its respective successors or assigns from using or permitting other entities to use the Licensed Name whether or not such entity directly or indirectly competes or conflicts with the Fund's business in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership</u>. The Fund acknowledges and agrees that, as between the parties, the Adviser is the sole owner of all right, title, and interest in and to the Licensed Name. The Fund agrees not to do anything inconsistent with such ownership, including directly

or indirectly challenging, contesting, encumbering, or otherwise disputing the validity, enforceability, ownership of, or right, title or interest in the Licensed Name (and the associated goodwill), including without limitation, arising out of or relating to any third-party claim, allegation, action, demand, proceeding or suit regarding enforcement of this Section 10 of the Agreement or involving any third party. The parties intend that any and all goodwill in the Licensed Name arising from the Fund's or any applicable sublicensee's use of the Licensed Name shall inure solely to the benefit of the Adviser affiliate that is the owner of the Licensed Name (the "**Licensed Name Owner**"). Notwithstanding the foregoing, in the event that the Fund is deemed to own any rights to the Licensed Name, the Fund hereby irrevocably assigns (or shall cause such sublicensee to assign), without further consideration, such rights to the Licensed Name Owner together with all goodwill associated therewith. The Licensed Name Owner shall be a third party beneficiary of this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sublicensing</u>. The Fund shall not sublicense its rights under this Section 10 of the Agreement except to a current or future majority-owned subsidiary of the Fund, and then only with the prior written consent of the Adviser or the Licensed Name Owner, provided that (i) no such subsidiary shall use the Licensed Name as part of a trade name without the prior written consent of the Adviser or the Licensed Name Owner in its sole discretion and (ii) any such sublicense shall terminate automatically, with no need for written notice, if (x) such entity ceases to be a majority-owned subsidiary of the Fund, (y) this Agreement terminates for any reason or (z) the Adviser or the Licensed Name Owner gives notice of such termination. The Fund shall be responsible for any such sublicensee's compliance with the provisions of this Agreement, and any breach by a sublicensee of any such provision shall constitute a breach of this Agreement by the Fund. Neither the Fund nor any of its current or future subsidiaries shall use a new trademark, corporate name, trade name or logo that contains or is substantially similar to the Licensed Name without the prior written consent of the Adviser or the Licensed Name Owner in its sole discretion, and any resulting license shall be governed by a new agreement between the applicable parties and/or an amendment to 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;(d) <u>Compliance</u>. In order to preserve the inherent value of the Licensed Name, the Fund agrees to maintain the quality of the Fund's business and the operation thereof equal to the standards prevailing in the operation of the Adviser's and the Fund's business as of the date of this Agreement. The Fund further agrees to use the Licensed Name in accordance with such quality standards as may be reasonably established by the Licensed Name Owner and communicated to the Fund from time to time in writing. The Fund shall notify the Adviser promptly after it becomes aware of (i) any registrations of, or applications for registration of, marks that do or may conflict with the Licensed Name, or (ii) any actual or threatened infringement, imitation, dilution, misappropriation or other unauthorized or illegal use or conduct in derogation of the Licensed Name. The Adviser and its affiliates shall have the sole right to bring any action to remedy the foregoing, and the Fund shall cooperate with the Adviser in same, at the Adviser's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Compliance With Laws</u>. The Fund agrees that the business operated by it in connection with the Licensed Name shall comply in all material respects with all laws, rules, regulations and requirements of any governmental body in the United States of

America or elsewhere as may be applicable to the operation, advertising and promotion of the business, and that it shall notify the Advisor of any action that must be taken by the Fund to comply with such law, rules, regulations or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Upon Termination</u>. Upon expiration or termination of this Agreement, all rights and license granted to the Fund under this Section 10 with respect to the Licensed Name shall cease, and the Fund shall immediately discontinue all use of the Licensed Name; <u>provided</u> that, following expiration or termination, the Fund may use the Licensed Name: (i) to the extent required by applicable law and (ii) in a neutral, non-trademark manner to describe the history of 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;(g) <u>Exclusion of Liability</u>. The Fund acknowledges and agrees that, to the fullest extent permitted by law, neither the Adviser nor the Licensed Name Owner shall be liable for any claims, damages, liabilities, losses, costs, or expenses (including, without limitation, attorneys' fees and other legal expenses) arising out of or in connection with the Fund's use of the Licensed Name, including, but not limited to, any claims for infringement, dilution, or other violations of third-party intellectual property rights. The Fund hereby waives, releases, and forever discharges the Adviser and the Licensed Name Owner, its affiliates, and their respective officers, directors, employees, agents, successors, and assigns from any and all such claims, damages, liabilities, losses, costs, or expenses, whether known or unknown, suspected or unsuspected, that the Fund may have or hereafter may have against the Adviser or the Licensed Name Owner arising out of or in connection with the Fund's use of the Licensed Name. The Fund further agrees to indemnify, defend, and hold harmless Adviser and the Licensed Name Owner, its affiliates, and their respective officers, directors, employees, agents, successors, and assigns from and against any and all such claims, damages, liabilities, losses, costs, or expenses, including reasonable attorneys' fees and other legal expenses, arising out of or in connection with the Fund's use of the Licensed Name.

11. <u>Governing Law</u>. This Agreement shall be governed, construed and interpreted in accordance with the laws of the State of New York, <u>provided</u>, <u>however</u>, that nothing herein shall be construed as being inconsistent with the 1940 Act.

12. <u>Conflicts of Interest and Prohibited Activities</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is not hereby granted or entitled to an exclusive right to sell or exclusive employment to sell assets for 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;(b) The Adviser shall not: (i) receive or accept any rebate, give-up or similar arrangement that is prohibited under applicable federal or state securities laws or the Omnibus Guidelines; (ii) participate in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws governing conflicts of interest or investment restrictions; or (iii) enter into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall not directly or indirectly pay or award any fees or commissions or other compensation to any person engaged to sell Shares or give investment advice to a potential shareholder; provided, however, that this subsection shall not prohibit the payment to a registered broker-dealer or other properly licensed agent of sales commissions or other normal compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing Shares, including out of the Adviser's own assets, including those amounts paid to the Adviser 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;(d) The Adviser covenants that it shall not permit or cause to be permitted the Fund's funds to be commingled with the funds of any other person and the funds will be protected from the claims of affiliated companies.

13. <u>Access to Shareholder List</u>.

If a shareholder requests a copy of the Shareholder List pursuant to [Section 10.3] of the Declaration of Trust or any successor provision thereto (the "**Declaration of Trust Shareholder List Provision**"), the Adviser is hereby authorized to request a copy of the Shareholder List from the Fund's transfer agent and send a copy of the Shareholder List to any shareholder so requesting in accordance with the Declaration of Trust Shareholder List Provision. The Adviser and the Board of Trustees shall be liable to any shareholder requesting the list for the costs, including attorneys' fees, incurred by that shareholder for compelling the production of the Shareholder List, and for actual damages suffered by any shareholder by reason of such refusal or neglect. It shall be a defense that the actual purpose and reason for the requests for inspection or for a copy of the Shareholder List is to secure such list of shareholder or other information for the purpose of selling such list or copies thereof, or of using the same for a commercial purpose other than in the interest of the applicant as a shareholder relative to the affairs of the Fund.

14. <u>Notices</u>. Any notice hereunder shall be in writing and shall be delivered in person or by telex or facsimile (followed by delivery in person) to the parties at the addresses set forth below.

If to the Fund:

Guggenheim Investments Private Credit Fund

330 Madison Avenue

New York, NY 10017

Attn: Brian E. Binder, Trustee

If to the Adviser:

Guggenheim Private Investments, LLC

330 Madison Avenue

New York, NY 10017

Attn: Robert Saperstein, Chief Compliance Officer

or to such other address as to which the recipient shall have informed the other party in writing.

Unless specifically provided elsewhere, notice given as provided above shall be deemed to have been given, if by personal delivery, on the day of such delivery, and, if by facsimile and mail, on the date on which such facsimile or mail is sent.

15. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Counterparts may be delivered by e-mail (including Portable Document Format (.pdf) or any electronic signature complying with the Electronic Signatures in Global and National Commerce (ESIGN) Act of 2000 (e.g., www.docusign.com)) or other transmission method, and any counterpart so delivered shall be deemed to constitute an original signature, have been duly and validly delivered and be deemed the same as a handwritten signature for the purposes of validity, enforceability and admissibility pursuant to the ESIGN Act, the Uniform Electronic Transactions Act (UETA) model law or similar applicable laws.

[*Remainder of Page Intentionally Left Blank*.]

IN WITNESS WHEREOF, the parties hereto caused their duly authorized signatories to execute this Agreement as of the day and year first written above.

GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND

By <u>_______________</u><br> Name: Brian E. Binder<br> Title: Chief Executive Officer

GUGGENHEIM PRIVATE INVESTMENTS, LLC

By:<u>_______________</u><br> Name: Robert Saperstein<br> Title: Chief Compliance Officer

## Ex-99

**Exhibit (h)(1)**

**FORM OF INTERMEDIARY MANAGER AGREEMENT**

Guggenheim Funds Distributors, LLC<br> 330 Madison Avenue

New York, NY 10017

This Intermediary Manager Agreement (this "<u>Agreement</u>") is entered into by and between Guggenheim Investments Private Credit Fund, a Delaware statutory trust (the "<u>Fund</u>"), and Guggenheim Funds Distributors, LLC (the "<u>Intermediary Manager</u>").

The Fund has filed one or more registration statements with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") (each, a "<u>Registration Statement</u>"). In this Agreement, unless explicitly stated otherwise, "the Registration Statement" means, at any given time, the most current effective form of the registration statement related to the common shares of the Fund, $0.01 par value per share ("Common Shares"), as may be amended from time to time.

Each Registration Statement shall register an ongoing offering (each, an "<u>Offering</u>") of the Fund's Common Shares, which may consist of such classes of Common Shares as may be set forth in the Registration Statement from time to time (the "<u>Shares</u>"). In this Agreement, unless explicitly stated otherwise, "the Offering" means each Offering covered by a Registration Statement and "Shares" means the Shares being offered in the Offering.

The Offering is and shall be comprised of a maximum amount set forth in the Prospectus (as defined in Section 1.a. below) that will be issued and sold to the public at the public offering prices per Share determined as set forth in the Prospectus, as may be amended from time to time, pursuant to a primary offering (the "<u>Primary Shares</u>"). The Fund will also issue shares pursuant to its distribution reinvestment plan (the "<u>DRIP Shares</u>"). In connection with the Offering, the minimum purchase by any one person shall be as set forth in the Prospectus (except as otherwise indicated in any letter or memorandum from the Fund to the Intermediary Manager).

In this Agreement, unless explicitly stated otherwise, any references to the Registration Statement, the Offering, the Shares or the Prospectus with respect to each other shall mean only those that are all related to the same Registration Statement.

The Fund intends to initially offer to the public three classes of Shares and may offer additional classes of shares as it may determine appropriate from time to time. The differences between the classes of Shares and the eligibility requirements for each class are described in detail in the Prospectus. The Shares are to be offered and sold to the public as described under the caption "Plan of Distribution" in the Prospectus. Except as otherwise agreed by the Fund and the Intermediary Manager, Shares sold through the Intermediary Manager are to be sold through the Intermediary Manager, as the Intermediary Manager, and the brokers (each a "<u>Broker</u>" and collectively, the "<u>Brokers</u>") with whom the Intermediary Manager has entered into or will enter into a selected intermediary agreement related to the distribution of Shares substantially in the form attached to this Agreement as Exhibit A or such other form as the officers of the Fund may deem appropriate (each a "<u>Selected Intermediary Agreement</u>") at a purchase price equal to the Fund's then-current net asset value ("<u>NAV</u>") per share applicable to the class of Shares being purchased. For shareholders who participate in the Fund's distribution reinvestment plan, the cash distributions attributable to the class of Shares that each shareholder owns will be automatically invested in additional

shares of the same class. The DRIP Shares are to be issued and sold to shareholders of the Fund at a purchase price equal to the most recent available NAV per share for such shares at the time the distribution is payable.

Terms not defined herein shall have the same meaning as in the Prospectus. Now, therefore, the Fund hereby agrees with the Intermediary Manager as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Representations and Warranties of the Fund:* The Fund represents and warrants to the Intermediary Manager and each Broker participating in an Offering, with respect to such Offering, as applicable, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A Registration Statement with respect to the Shares has been prepared by the Fund in accordance with applicable requirements of the Securities Act of 1933, as amended (the "<u>Securities Act</u>") and the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), and the applicable rules and regulations (the "<u>Rules and Regulations</u>") of the SEC promulgated thereunder, covering the Shares. Copies of such Registration Statement and each amendment thereto have been or will be delivered to the Intermediary Manager. The prospectus contained therein, as finally amended and revised at the effective date of the Registration Statement (including at the effective date of any post-effective amendment thereto), is hereinafter referred to as the "Prospectus," except that if the prospectus or prospectus supplement filed by the Fund pursuant to Rule 424 under the Securities Act shall differ from the Prospectus on file at the Effective Date, the term "Prospectus" shall also include such prospectus or prospectus supplement filed pursuant to Rule 424. "Effective Date" means the applicable date upon which the Registration Statement or any post-effective amendment thereto is or was first declared effective by the SEC. "Filing Date" means the applicable date upon which the initial Prospectus or any amendment or supplement thereto is filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Fund has been duly and validly organized and formed as a statutory trust under the laws of the state of Delaware, with the power and authority to conduct its business as described in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As of the Effective Date or Filing Date, as applicable, the Registration Statement and Prospectus complied or will comply in all material respects with the Securities Act and the Rules and Regulations. The Registration Statement, as of the applicable Effective Date, does not and will not contain any untrue statements of material facts or omit to state any material fact required to be stated therein or necessary in order to make the statements therein not misleading; and the Prospectus as of the applicable Filing Date, does not and will not contain any untrue statements of material facts or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, provided, however, that the foregoing provisions of this Section 1.c. will not extend to such statements contained in or omitted from the Registration Statement or Prospectus as are primarily within the knowledge of the Intermediary Manager or any of the Brokers and are based upon information furnished by the Intermediary Manager in writing to the Fund specifically for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Fund intends to use the funds received from the sale of the Shares as set forth in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. No consent, approval, authorization or other order of any governmental authority is required in connection with the execution or delivery by the Fund of this Agreement or the issuance and sale by the Fund of the Shares, except such as may be required under the Securities Act and the Rules and Regulations, by the Financial Industry Regulatory Authority, Inc. ("<u>FINRA</u>") or applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Unless otherwise described in the Registration Statement and Prospectus, there are no actions, suits or proceedings pending or to the knowledge of the Fund, threatened against the Fund at law or in equity or before or by any federal or state commission, regulatory body or administrative agency or other governmental body, domestic or foreign, which will have a material adverse effect on the business or property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The execution and delivery of this Agreement, the consummation of the transactions herein contemplated and compliance with the terms of this Agreement by the Fund will not conflict with or constitute a default under any charter, by-law, indenture, mortgage, deed of trust, lease, rule, regulation, writ, injunction or decree of any government, governmental instrumentality or court, domestic or foreign, having jurisdiction over the Fund, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in Section 4 of this Agreement may be limited under applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The Fund has full legal right, power and authority to enter into this Agreement and to perform the transactions contemplated hereby, except to the extent that the enforceability of the indemnity and/or contribution provisions contained in Section 4 of this Agreement may be limited under applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. At the time of the issuance of the Shares, the Shares will have been duly authorized and, when issued and sold as contemplated by the Prospectus and the Fund's declaration of trust, as may be amended or supplemented from time to time (the "<u>Declaration of Trust</u>"), and upon payment therefor as provided by the Prospectus and this Agreement, will be validly issued, fully paid and nonassessable and will conform to the description thereof contained in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The Fund has filed all material federal, state and foreign income tax returns, which have been required to be filed, on or before the due date (taking into account all extensions of time to file) and has paid or provided for the payment of all taxes indicated by said returns and all assessments received by the Fund to the extent that such taxes or assessments have become due, except where the Fund is contesting such assessments in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. The financial statements of the Fund included in the Prospectus present fairly in all material respects the financial position of the Fund as of the date indicated and the results of its operations for the periods specified; said financial statements have been prepared in conformity with generally accepted accounting principles applied on a consistent basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Upon the commencement of the Offering, the Fund will be a non-diversified, closed-end management investment company that has elected to be treated as a business development company ("<u>BDC</u>") under the 1940 Act, and has not withdrawn such election, and the SEC has not ordered that such election be withdrawn nor to the Fund's knowledge have proceedings to effectuate such withdrawal been initiated or threatened by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Any and all printed sales literature or other materials which have been approved in advance in writing by the Fund and appropriate regulatory agencies for use in the Offering ("<u>Authorized Sales Materials</u>") prepared by the Fund and any of its affiliates specifically for use with potential investors in connection with the Offering, when used in conjunction with the Prospectus, did not at the time provided for use, and, as to later provided materials, will not at the time provided for use, include any untrue statement of a material fact nor did they at the time provided for use, or, as to later provided materials, will they, omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made and when read in conjunction with the Prospectus, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Except as disclosed in the Registration Statement and the Prospectus, no person is serving or acting as investment adviser of the Fund, except in accordance with the applicable provisions of the 1940 Act and the Advisers Act and the applicable published rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. The issuance and sale of the Shares have been duly authorized by the Fund, and, when issued and duly delivered against payment therefor as contemplated by this Agreement, will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Covenants of the Fund.* The Fund covenants and agrees with the Intermediary Manager that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It will, at no expense to the Intermediary Manager, furnish the Intermediary Manager with such number of printed copies of the Registration Statement, including all amendments and exhibits thereto, as the Intermediary Manager may reasonably request. It will similarly furnish to the Intermediary Manager and others designated by the Intermediary Manager as many copies of the following documents as the Intermediary Manager may reasonably request: (a) the Prospectus in preliminary and final form and every form of supplemental or amended prospectus; (b) this Agreement; and (c) any other Authorized Sales Materials (provided that the use of said Authorized Sales Materials has been first approved for use by all appropriate regulatory agencies).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It will furnish such proper information and execute and file such documents as may be necessary for the Fund to qualify the Shares for offer and sale under the securities laws of such jurisdictions as the Intermediary Manager may reasonably designate and will file and make in each year such statements and reports as may be required. The Fund will furnish to the Intermediary Manager upon request a copy of such papers filed by the Fund in connection with any such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. It will: (a) use its commercially reasonable efforts to cause the Registration Statement to become effective; (b) furnish copies of any proposed amendment or supplement of the Registration Statement or Prospectus to the Intermediary Manager; (c) file every amendment or supplement to the Registration Statement or the Prospectus that may be required by the SEC; and (d) if at any time the SEC shall issue any stop order suspending the effectiveness of the Registration Statement, it will promptly notify the Intermediary Manager and, to the extent the Fund determines such action is in the best interests of the Fund, use its commercially reasonable efforts to obtain the lifting of such order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If at any time when a Prospectus is required to be delivered under the Securities Act any event occurs as a result of which, in the opinion of either the Fund or the Intermediary Manager, the Prospectus would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in view of the circumstances under which they were made, not misleading, the Fund will promptly notify the Intermediary Manager thereof (unless the information shall have been received from the Intermediary Manager) and will effect the preparation of an amended or supplemental Prospectus which will correct such statement or omission. The Fund will then promptly prepare such amended or supplemental Prospectus or Prospectuses as may be necessary to comply with the requirements of Section 10 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. It will disclose a per share estimated value of the Shares and related information in accordance with the requirements of FINRA Rule 2310(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Obligations and Compensation of Intermediary Manager*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Fund hereby appoints the Intermediary Manager as its agent and principal intermediary manager for the purpose of selling for cash to the public up to the maximum amount set forth in the Prospectus through Brokers, all of whom shall be members of FINRA or, to the extent agreed to by the Fund and the Intermediary Manager, through registered investment advisers or bank trust departments or otherwise described in the Prospectus. The Intermediary Manager hereby accepts such agency and intermediary managership and agrees to use its best efforts to sell the Shares on said terms and conditions set forth in the Prospectus with respect to each Offering and any additional terms or conditions specified in this Agreement, as it may be amended from time to time. The Intermediary Manager represents to the Fund that it is a member in good standing of FINRA and that it and its employees and representatives have all required licenses and registrations to act under this Agreement. With respect to the Intermediary Manager's participation in the distribution of the Shares in the Offering, the Intermediary Manager agrees to comply in all material respects with the applicable requirements of the Securities Act, the Rules and Regulations, the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), and the rules and regulations promulgated thereunder, and all other state or federal laws, rules and regulations applicable to the Offering and the sale of Shares, all applicable state securities or blue sky laws and regulations, any policies, procedures and processes applicable to the Intermediary Manager designed to comply with applicable artificial intelligence laws and regulations and the rules of FINRA applicable to the Offering, from time to time in effect, including, without limitation, FINRA Rules 2040, 2111, 2310, 5110 and 5141. The Intermediary Manager agrees to prepare, with the Fund's cooperation, the required filings under FINRA Rule 2310, and file the same with FINRA (the "<u>2310 Filing</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Promptly after the initial Effective Date of the Registration Statement, the Intermediary Manager and the Brokers shall commence the offering of the Shares in the Offering for cash to the public in jurisdictions in which the Shares are registered or qualified for sale or in which such offering is otherwise permitted. The Intermediary Manager and the Brokers will immediately suspend or terminate offering of the Shares upon request of the Fund at any time and will resume offering the Shares upon subsequent request of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. As provided in the "Plan of Distribution" section of the Prospectus, which may be amended and restated from time to time, subject to the limitations set forth in Section 3.d. below, the Fund will pay to the Intermediary Manager a Shareholder Servicing and/or Distribution Fee as set forth in the Prospectus with respect to certain classes of Shares ("<u>Distribution Shares</u>"); *provided that* the Fund may retain all or any portion of such amounts to satisfy payment obligations in respect of shareholder servicing or distributions arrangements with other parties, including with Brokers, pursuant to Section 3(e) below in which the Fund may direct such payments to such parties on an agency basis. The Fund will pay the Shareholder Servicing and/or Distribution Fee to the Intermediary Manager monthly in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Fund recognizes that Guggenheim Private Investments, LLC (the "<u>Adviser</u>") or its affiliates, under separate agreement with the Intermediary Manager, may make payment to the Intermediary Manager in connection with the distribution of Shares of the Fund, such payments payable from past profits or other resources of the Adviser or its affiliates including management fees paid to it by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. As provided in the Distribution and Servicing Plan adopted by the Fund pursuant to Rule 12b-1 under the 1940 Act, the Fund recognizes that the Adviser or its affiliates, under separate agreement, may make payment to the Intermediary Manager with respect to any expenses incurred in the distribution of the Shares of the Fund, such payments payable from past profits or other resources of the Adviser or its affiliates including management fees paid to it by the Fund. The

compensation of the Intermediary Manager shall be set forth in a separate agreement between the Intermediary Manager and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Intermediary Manager may reallow all or a portion of a front-end sales charge, if any, and/or Shareholder Servicing and/or Distribution Fee to any Brokers who sold Distribution Shares to the extent the Selected Intermediary Agreement with such Broker provides for such a reallowance and such Broker is in compliance with the terms of such Selected Intermediary Agreement related to such reallowance. Notwithstanding the foregoing, subject to the terms of the Prospectus, at such time as the Broker who sold the Shares is no longer the intermediary of record with respect to such Shares or the Broker no longer satisfies any or all of the conditions in its Selected Intermediary Agreement for the receipt of the Shareholder Servicing and/or Distribution Fees with respect to such Shares, then Broker's entitlement to the Shareholder Servicing and/or Distribution Fees related to such Shares, as applicable, shall cease in, and Broker shall not receive the Shareholder Servicing and/or Distribution Fee for, that month or any portion thereof (i.e., Shareholder Servicing and/or Distribution Fees are payable with respect to an entire month without any proration). Intermediary transfers will be made effective as of the start of the first business day of a month.

Thereafter, such Shareholder Servicing and/or Distribution Fee may be reallowed to the then-current intermediary of record of such Shares, as applicable, if any such intermediary of record has been designated (the "<u>Servicing Broker</u>"), to the extent such Servicing Broker has entered into a Selected Intermediary Agreement or similar agreement with the Intermediary Manager, such Selected Intermediary Agreement with the Servicing Broker provides for such reallowance and the Servicing Broker is in compliance with the terms of such agreement related to such reallowance. In this regard, all determinations will be made by the Intermediary Manager in good faith in its sole discretion. The Intermediary Manager may also reallow some or all of the Shareholder Servicing and/or Distribution Fee to other intermediaries who provide services with respect to the Shares (who shall be considered additional Servicing Brokers) pursuant to a Selected Intermediary Agreement with the Intermediary Manager to the extent such Selected Intermediary Agreement provides for such reallowance and such additional Servicing Broker is in compliance with the terms of such agreement related to such reallowance, in accordance with the terms of such Selected Intermediary Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Unless otherwise disclosed in the Prospectus, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and Shareholder Servicing and/or Distribution Fees paid with respect to any single Share held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such Share (or a lower limit as determined by the Intermediary Manager or the applicable Broker), the Intermediary Manager shall cease receiving the Shareholder Servicing and/or Distribution Fee on either (i) each such Share that would exceed such limit or (ii) all Shares in such shareholder's account, in the Intermediary Manager's discretion. At the end of such month, the applicable Distribution Shares in such shareholder's account (and any DRIP Shares) will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV. In addition, the Intermediary Manager will cease receiving the Shareholder Servicing and/or Distribution Fee on Class S shares and Class D shares in connection with an Offering (i.e., pursuant to the Registration Statement for such Offering) upon the earlier to occur of the following: (i) a listing of Class I shares, (ii) the merger or consolidation of the Fund with or into another entity, or the sale or other disposition of all or substantially all of the Fund's assets, or (iii) the date following the completion of the primary portion of such Offering on which, in the aggregate, underwriting compensation from all sources in connection with such Offering, including placement fees or brokerage commissions, the

Shareholder Servicing and/or Distribution Fee and other underwriting compensation, is equal to ten percent (10%) of the gross proceeds from Primary Shares sold in such Offering, as determined in good faith by the Intermediary Manager in its sole discretion. For purposes of this Agreement, the portion of the Shareholder Servicing and/or Distribution Fee accruing with respect to Distribution Shares of the Fund's Common Shares issued (publicly or privately) by the Fund during the term of a particular Offering, and not issued pursuant to a prior Offering, shall be underwriting compensation with respect to such particular Offering and not with respect to any other Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The terms of any reallowance of the Shareholder Servicing and/or Distribution Fee shall be set forth in the Selected Intermediary Agreement entered into with the Brokers or Servicing Brokers, as applicable. The Fund will not be liable or responsible to any Broker or Servicing Broker for any reallowance of Shareholder Servicing and/or Distribution Fee to such Broker or Servicing Broker, it being the sole and exclusive responsibility of the Intermediary Manager for payment of Shareholder Servicing and/or Distribution Fee to Brokers and Servicing Brokers. Notwithstanding the foregoing, at the discretion of the Fund, the Fund may act as agent of the Intermediary Manager by making direct payment of Shareholder Servicing and/or Distribution Fees to Brokers on behalf of the Intermediary Manager without incurring any liability. Further, the Fund is not responsible for any transaction or other fees, including upfront placement fees or brokerage commissions, charged by Brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. In addition to the other items of underwriting compensation set forth in this Section 3, the Fund and/or the Adviser shall reimburse the Intermediary Manager for all items of underwriting compensation referenced in the Prospectus, to the extent the Prospectus indicates that they will be paid by the Fund or the Adviser, as applicable, and to the extent permitted pursuant to prevailing rules and regulations of FINRA. The Fund shall reimburse the Intermediary Manager for filing fees paid in connection with the 2310 Filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. In addition to reimbursement as provided under Section 3.i, and subject to prevailing rules and regulations of FINRA, the Fund shall also pay directly or reimburse the Intermediary Manager for reasonable *bona fide* due diligence expenses incurred by any Broker as described in the Prospectus. The Intermediary Manager shall obtain from any Broker and provide to the Fund a detailed and itemized invoice for any such due diligence expenses. Notwithstanding anything contained herein to the contrary, no payments or reimbursements made by the Fund with respect to a particular Offering hereunder shall cause (i) total organization and offering expenses, defined under Omnibus Guidelines (as defined in Section 4.a. below) and FINRA rules, to exceed 15% of gross proceeds from such Offering, or (ii) total underwriting compensation (from whatever source with respect to such Offering to exceed 10% of the gross proceeds from such Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. The Intermediary Manager represents that it will comply fully with all applicable currency reporting, anti-money laundering, anti-corruption and anti-terrorist laws and regulations, and any other applicable laws, rules, regulations and interpretations of any other applicable regulatory or self-regulatory body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. (i) The Intermediary Manager has in place internal controls, policies, and procedures ("<u>AML Program</u>") that are reasonably designed to detect, identify, and report illegal activity, including money laundering and further represents that it has implemented, complies with and will comply with anti-money laundering policies and procedures that satisfy and will continue to satisfy the requirements of applicable anti-money laundering and "know your customer" laws, rules and regulations, including, without limitation, the U.S. International Money Laundering Abatement and Anti-Terrorist Financing Act of 2001, the U.S. Foreign Corrupt Practices Act, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct

Terrorism Act of 2001, the U.S. International Emergency Economic Powers Act, and the U.S. Trading with the Enemy Act, as each may be amended from time to time. (ii) The Intermediary Manager's AML Program, at a minimum: (1) designates a compliance office to administer and oversee the AML Program; (2) provides ongoing employee training; (3) includes an independent audit function to test the effectiveness of the Program; (4) establishes internal policies, procedures, and controls that are tailored to its particular business; (5) provides for the filing of all necessary anti-money laundering reports including, but not limited to, suspicious activity reports and (6) provides for screening Brokers against the Office of Foreign Asset Control ("<u>OFAC</u>") list and any other government list that is or becomes required under the USA Patriot Act. (iii) The Intermediary Manager represents and warrants that it has policies, procedures and internal controls in place that are reasonably designed to comply with the U.S. Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>"), and, where applicable, legislation enacted by member States and signatories implementing the OECD Convention Combating Bribery of Foreign Officials, or any similar statute, rule or policy applicable in any jurisdiction in which Broker engages in any activity hereunder (collectively, the "<u>Anti-Corruption Laws</u>"). The Intermediary Manager represents and warrants that it has and will maintain at all times during the term of this Agreement, policies, procedures, and internal controls in place that are reasonably designed to comply with applicable Anti-Corruption Laws, including applicable provisions of the FCPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. The Intermediary Manager represents and warrants to the Fund and each person and firm that signs the Registration Statement that the information under the caption "Plan of Distribution" in the Prospectus and all other information furnished to the Fund by the Intermediary Manager in writing expressly for use in the Registration Statement, the Prospectus, or any amendment or supplement thereto does not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. The Intermediary Manager and all Brokers will offer and sell the Shares at the public offering prices per share as determined in accordance with the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. The Intermediary Manager agrees to update the Chief Compliance Officers of the Adviser and the Fund via written communication on a quarterly basis regarding material compliance issues that have occurred since the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. The Intermediary Manager will ensure through the Selected Intermediary Agreement that the Brokers agree, upon receipt of any instruments of payment received from prospective purchasers of shares, to transmit same together with a copy of the executed Subscription Agreement or copy of the signature page of such agreement, stating among other things, the name of the purchaser, current address, and the amount of the investment to the Transfer Agent by (a) the end of the next business day following receipt where internal supervisory review is conducted at the same location at which subscription documents are received, or (b) the end of the second business day following receipt where internal supervisory review is conducted at a different location than that which subscription documents are received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Indemnification*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. To the extent permitted by the Declaration of Trust, Section 17(h) and Section 17(i) of the 1940 Act, the provisions of Article II.G of the North American Securities Administrators Association, Inc. Omnibus Guidelines Statement of Policy adopted on March 29, 1992 and as amended on May 7, 2007 and from time to time (the "<u>Omnibus Guidelines</u>"), and subject to the limitations below, the Fund will indemnify and hold harmless the Brokers and the Intermediary

Manager, their officers and directors and each person, if any, who controls such Broker or Intermediary Manager within the meaning of Section 15 of the Securities Act (the "<u>Indemnified Persons</u>") from and against any losses, claims, damages or liabilities ("<u>Losses</u>"), joint or several, to which such Indemnified Persons may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon (a) any untrue statement of a material fact contained (i) in the Registration Statement, the Prospectus, or any post-effective amendment or supplement to either or (ii) in any blue sky application or other document executed by the Fund or on its behalf specifically for the purpose of qualifying any or all of the Shares for sale under the securities laws of any jurisdiction or based upon written information furnished by the Fund under the securities laws thereof (any such application, document or information being hereinafter called a "<u>Blue Sky Application</u>") or (iii) in any Authorized Sales Materials, or (b) the omission to state in the Registration Statement, the Prospectus, or any post-effective amendment or supplement to either or in any Blue Sky Application or Authorized Sales Materials a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. The Fund will reimburse the Intermediary Manager and each Indemnified Person of the Intermediary Manager for any reasonable legal or other expenses reasonably incurred by the Intermediary Manager or such Indemnified Person in connection with investigating or defending such Loss.

Notwithstanding the foregoing provisions of this Section 4.a., the Fund may not indemnify or hold harmless the Intermediary Manager, any Broker or any of their affiliates in any manner that would be inconsistent with the provisions to Article II.G of the Omnibus Guidelines. In particular, but without limitation, the Fund may not indemnify or hold harmless the Intermediary Manager, any Broker or any of their affiliates for liabilities arising from or out of a violation of state or federal securities laws, unless one or more of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) There has been a successful adjudication on the merits of each count involving alleged securities law violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A court of competent jurisdiction approves a settlement of the claims against the indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the SEC and of the published position of any state securities regulatory authority in which the securities were offered as to indemnification for violations of securities laws.

Further notwithstanding the foregoing provisions of this Section 4.a., the Fund will not be liable in any such case to the extent that any such Loss or expense arises out of or is based upon an untrue statement or omission made in reliance upon and in conformity with written information furnished (x) to the Fund by the Intermediary Manager or (y) to the Fund or the Intermediary Manager by or on behalf of any Broker specifically for use in the Registration Statement, the Prospectus, or any post-effective amendment or supplement, any Blue Sky Application or any Authorized Sales Materials, and, further, the Fund will not be liable for the portion of any Loss in any such case if it is determined that such Broker or the Intermediary Manager was at fault in connection with such portion of the Loss, expense or action.

The foregoing indemnity agreement of this Section 4.a. is subject to the further condition that, insofar as it relates to any untrue statement or omission made in the Prospectus (or amendment or

supplement thereto) that was eliminated or remedied in any subsequent amendment or supplement thereto, such indemnity agreement shall not inure to the benefit of an Indemnified Party from whom the person asserting any Losses purchased the Shares that are the subject thereof, if a copy of the Prospectus as so amended or supplemented was not sent or given to such person at or prior to the time the subscription of such person was accepted by the Fund, but only if a copy of the Prospectus as so amended or supplemented had been supplied to the Intermediary Manager or the Broker prior to such acceptance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Intermediary Manager will indemnify and hold harmless the Fund, its officers and trustees (including any person named in the Registration Statement, with his consent, as about to become a trustee), each other person who has signed the Registration Statement and each person, if any, who controls the Fund within the meaning of Section 15 of the Securities Act (the "<u>Fund Indemnified Persons</u>"), from and against any Losses to which any of the Fund Indemnified Persons may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or actions in respect thereof) arise out of or are based upon (a) any untrue statement of a material fact contained (i) in the Registration Statement, the Prospectus or any post-effective amendment or supplement to either or (ii) in any Blue Sky Application or (iii) in any Authorized Sales Materials; or (b) the omission to state in the Registration Statement, the Prospectus, any post-effective amendment or supplement to either or in any Blue Sky Application or Authorized Sales Materials a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that clauses (a) and (b) apply, to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Fund by or on behalf of the Intermediary Manager specifically for use with reference to the Intermediary Manager in the preparation of the Registration Statement, the Prospectus, any post-effective amendment or supplement to either or in preparation of any Blue Sky Application or Authorized Sales Materials; or (c) any use of sales literature not authorized or approved by the Fund or any use of "broker-dealer use only" materials with members of the public by the Intermediary Manager in the offer and sale of the Shares or any use of sales literature in a particular jurisdiction if such material bears a legend denoting that it is not to be used in connection with the sale of Shares to members of the public in such jurisdiction; or (d) any untrue statement made by the Intermediary Manager or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares; or (e) any material violation of this Agreement; or (f) any failure to comply with applicable laws governing privacy issues, money laundering abatement and anti-terrorist financing efforts, including applicable rules of the SEC, FINRA and the USA Patriot Act; or (g) any other failure to comply with applicable rules of FINRA or federal or state securities laws and the rules and regulations promulgated thereunder; provided further that the Intermediary Manager's obligation to indemnify the Fund shall be limited to the extent of any fees earned and retained by the Intermediary Manager (excluding any fees re-allowed to Brokers) pursuant to this Agreement. The Intermediary Manager will reimburse the aforesaid parties for any legal or other expenses reasonably incurred by them in connection with investigating or defending such Loss, expense or action. This indemnity agreement will be in addition to any liability that the Intermediary Manager may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Each Broker severally will indemnify and hold harmless the Fund, the Intermediary Manager, each of their officers, trustees and directors (including any person named in the Registration Statement, with his consent, as about to become a trustee), each other person who has signed the Registration Statement and each person, if any, who controls the Fund or the Intermediary Manager within the meaning of Section 15 of the Securities Act (the "<u>Broker Indemnified Persons</u>") from and against any Losses to which a Broker Indemnified Person may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such Losses

(or actions in respect thereof) arise out of or are based upon (a) any untrue statement of a material fact contained (i) in the Registration Statement, the Prospectus, or any post-effective amendment or supplement to either or (ii) in any Blue Sky Application or (iii) in any Authorized Sales Materials; or (b) the omission to state in the Registration Statement, the Prospectus, or any post-effective amendment or supplement to either or in any Blue Sky Application or Authorized Sales Materials a material fact required to be stated therein or necessary to make the statements therein not misleading, provided that clauses (a) and (b) apply, to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with written information furnished to the Fund or the Intermediary Manager by or on behalf of the Broker specifically for use with reference to the Broker in the preparation of the Registration Statement, the Prospectus, any post-effective amendment or supplement either or in preparation of any Blue Sky Application or Authorized Sales Materials; or (c) any use of sales literature not authorized or approved by the Fund or any use of "broker-dealer use only" materials with members of the public by the Broker in the offer and sale of the Shares or any use of sales literature in a particular jurisdiction if such material bears a legend denoting that it is not to be used in connection with the sale of Shares to members of the public in such jurisdiction; or (d) any untrue statement made by the Broker or its representatives or agents or omission to state a fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading in connection with the offer and sale of the Shares; or (e) any material violation of this Agreement or the Selected Intermediary Agreement entered into between the Intermediary Manager and the Broker; or (f) any failure or alleged failure to comply with all applicable laws, including, without limitation, laws governing privacy issues, money laundering abatement and anti-terrorist financing efforts, including applicable rules of the SEC, FINRA and the USA Patriot Act; or (g) any other failure or alleged failure to comply with applicable rules of FINRA or federal or state securities laws and the rules and regulations promulgated thereunder. Each such Broker will reimburse each Broker Indemnified Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such Loss, expense or action. This indemnity agreement will be in addition to any liability that such Broker may otherwise have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Promptly after receipt by an indemnified party under this Section 4 of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 4, notify in writing the indemnifying party of the commencement thereof. The failure of an indemnified party to so notify the indemnifying party will relieve the indemnifying party from any liability under this Section 4 as to the particular item for which indemnification is then being sought, but not from any other liability that it may have to any indemnified party. In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled, to the extent it may wish, jointly with any other indemnifying party similarly notified, to participate in the defense thereof, with separate counsel. Such participation shall not relieve such indemnifying party of the obligation to reimburse the indemnified party for reasonable legal and other expenses (subject to Section 4.e.) incurred by such indemnified party in defending itself, except for such expenses incurred after the indemnifying party has deposited funds sufficient to effect the settlement, with prejudice, of the claim in respect of which indemnity is sought. Any such indemnifying party shall not be liable to any such indemnified party on account of any settlement of any claim or action effected without the consent of such indemnifying party. Any indemnified party shall not be bound to perform or refrain from performing any act pursuant to the terms of any settlement of any claim or action effected without the consent of such indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The indemnifying party shall pay all legal fees and expenses of the indemnified party in the defense of such claims or actions; provided, however, that the indemnifying party shall not be obliged to pay legal expenses and fees to more than one law firm in connection with the defense of

similar claims arising out of the same alleged acts or omissions giving rise to such claims notwithstanding that such actions or claims are alleged or brought by one or more parties against more than one indemnified party. If such claims or actions are alleged or brought against more than one indemnified party, then the indemnifying party shall only be obliged to reimburse the expenses and fees of the one law firm that has been selected by a majority of the indemnified parties against which such action is finally brought; and in the event a majority of such indemnified parties are unable to agree on which law firm for which expenses or fees will be reimbursable by the indemnifying party, then payment shall be made to the first law firm of record representing an indemnified party against the action or claim. Such law firm shall be paid only to the extent of services performed by such law firm and no reimbursement shall be payable to such law firm on account of legal services performed by another law firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The indemnity agreements contained in this Section 4 shall remain operative and in full force and effect regardless of (a) any investigation made by or on behalf of any Broker, or any person controlling any Broker or by or on behalf of the Fund, the Intermediary Manager or any officer, trustee or director thereof, or by or on behalf of any person controlling the Fund or the Intermediary Manager, (b) delivery of any Shares and payment therefor, and (c) any termination of this Agreement. A successor of any Broker or of any of the parties to this Agreement, as the case may be, shall be entitled to the benefits, and subject to the obligations of, the indemnity agreements contained in this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Survival of Provisions*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The respective agreements, representations and warranties of the Fund and the Intermediary Manager set forth in this Agreement shall remain operative and in full force and effect regardless of (a) any investigation made by or on behalf of the Intermediary Manager or any Broker or any person controlling the Intermediary Manager or any Broker or by or on behalf of the Fund or any person controlling the Fund, and (b) the acceptance of any payment for the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The respective agreements of the Fund and the Intermediary Manager set forth in Sections 3.c. through 3.h. and Sections 4 through 14 of this Agreement shall remain operative and in full force and effect regardless of any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Applicable Law.* This Agreement was executed and delivered in, and its validity, interpretation and construction shall be governed by, the laws of the State of New York; provided however, that causes of action for violations of federal or state securities laws shall not be governed by this Section. Venue for any action brought hereunder shall lie exclusively in New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Counterparts.* This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same Agreement. Each party may execute this Agreement by applying an electronic signature using DocuSign or any similar electronic signature program and acknowledges, agrees and confirms that the use of such an electronic signature program (a) shall result in a reliable and valid delivery of such party's signature to this Agreement; and (b) shall constitute reasonable steps on the part of the other party to this Agreement to verify the reliability of such signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Successors and Amendment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall inure to the benefit of and be binding upon the Intermediary Manager and the Fund and their respective successors. Nothing in this Agreement is intended or shall be construed to give to any other person any right, remedy or claim, except as otherwise specifically

provided herein. This Agreement shall inure to the benefit and be binding upon Brokers to the extent set forth in Sections 1 and 4 hereof and the provisions of the applicable Selected Intermediary Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be amended by the written agreement of the Intermediary Manager and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Term and Termination*. This Agreement shall become effective as of the date first written above and shall remain in force until the first anniversary of its effective date and shall thereafter continue in effect from year to year, but only so long as such continuance is specifically approved at least annually by a vote of the board of trustees of the Fund, including the vote of a majority of the trustees who are not "interested persons," as defined by the 1940 Act and the rules thereunder, of the Fund and who have no direct or indirect financial interest in the operation of the Fund's Distribution and Servicing Plan (the "<u>Plan</u>") or any agreements entered into in connection with the Plan (including this Agreement), cast in person at a meeting called for the purpose. Any party to this Agreement shall have the right to terminate this Agreement on 60 days' written notice or immediately upon notice to the other party in the event that such other party shall have failed to comply with any material provision hereof. The Agreement also may be terminated at any time, without the payment of any penalty, by vote of a majority of the Fund's trustees who are not "interested persons," as defined in the 1940 Act, of the Fund and who have no direct or indirect financial interest in the operation of the Fund's distribution plan or this Agreement or by vote a majority of the outstanding voting securities of the Fund, on not more than 60 days' written notice to the Intermediary Manager or the Adviser. This Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

Upon expiration or termination of this Agreement, the Fund shall pay to the Intermediary Manager any reimbursement for all accountable expenses incurred in accordance with this agreement prior to the termination date and not yet paid at such time. Upon termination, the Intermediary Manager shall promptly deliver to the Fund all records and documents in its possession that relate to the Offering other than as required by law to be retained by the Intermediary Manager. Intermediary Manager shall use its commercially reasonable efforts to cooperate with the Fund to accomplish an orderly transfer of management of the Offering to a party designated by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. *Confirmation.* The Fund hereby agrees and assumes the duty to confirm on its behalf and on behalf of Brokers who sell the Shares all orders for purchase of Shares accepted by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. *Prospectus and Authorized Sales Materials.* Intermediary Manager agrees that it is not authorized or permitted to give and will not give, any information or make any representation concerning the Shares except as set forth in the Prospectus and any Authorized Sales Materials. The Intermediary Manager further agrees (a) not to deliver any Authorized Sales Materials to any investor or prospective investor, to any intermediary , or to any representatives or other associated persons of such an intermediary, unless it is accompanied or preceded by the Prospectus as amended and supplemented, (b) not to show or give to any investor or prospective investor or reproduce any material or writing that is supplied to it by the Fund and marked "broker only," "dealer only" or otherwise bearing a legend denoting that it is not to be used in connection with the sale of Shares to members of the public and (c) not to show or give to any investor or prospective investor in a particular jurisdiction (and will similarly require Brokers pursuant to the Selected Intermediary Agreement) any material or writing that is supplied to it by the Fund if such material bears a legend denoting that it is not to be used in connection with the sale of Shares to members of the public in such jurisdiction. Intermediary Manager, in its agreements with Brokers, will include requirements and obligations of the Brokers similar to those imposed upon the Intermediary Manager pursuant to this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. *Suitability of Investors.* The Intermediary Manager, in its agreements with Brokers, will require that the Brokers offer Shares only to persons who meet the financial qualifications set forth in the Prospectus or in any suitability letter or memorandum sent to it by the Fund and will only make offers to persons in the jurisdictions in which it is advised in writing that the Shares are qualified for sale or that such qualification is not required. In offering Shares, the Intermediary Manager, in its agreements with Brokers, will require that the Broker comply with the provisions of all applicable rules and regulations relating to suitability of investors, including, without limitation, the provisions of Exchange Act Rule 15l-1 ("<u>Regulation Best Interest</u>") and Article III of the Omnibus Guidelines and applicable laws of the jurisdiction of which such investor is a resident. The Intermediary Manager, in its agreements with Brokers, will require that the Brokers shall sell Shares only to those persons who are eligible to purchase such shares as described in the Prospectus and that Brokers are duly authorized to sell such shares. The Intermediary Manager, in its agreements with the Brokers, shall require the Brokers to maintain, for at least six years, a record of the information obtained to determine that an investor meets the financial qualification and suitability standards imposed on the offer and sale of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. *Submission of Orders.* The Intermediary Manager will require in its agreements with each Broker that each Broker comply with the submission of orders procedures set forth in the form of the Selected Intermediary Agreement attached as Exhibit A to this Agreement. To the extent the Intermediary Manager is involved in the distribution process other than through a Broker, the Intermediary Manager will comply with such submission of orders procedures, and will require each person desiring to purchase Shares in the Offering to complete and execute a subscription agreement in the form filed as an appendix to the Prospectus (a "<u>Subscription Agreement</u>") in the form provided by the Fund to the Intermediary Manager for use in connection with the Offering and to deliver to the Intermediary Manager or as otherwise directed by the Intermediary Manager such completed and executed Subscription Agreement together with a wire transfer ("<u>instrument of payment</u>") in the amount of such person's purchase, which must be at least the minimum purchase amount set forth in the Prospectus. Subscription Agreements and instruments of payment will be transmitted by the Intermediary Manager to the escrow agent described in the Prospectus and Subscription Agreement for any Offering in which there is a minimum offering contingency described in the Prospectus ("Minimum Offering") that has not yet been satisfied or, after any such Minimum Offering is satisfied or if no such Minimum Offering is applicable to an Offering, to the Fund, as soon as practicable, but in any event by the end of the second business day following receipt by the Intermediary Manager. If the Intermediary Manager receives a Subscription Agreement or instrument of payment not conforming to the instructions set forth in the form of Selected Intermediary Agreement, the Intermediary Manager shall return such Subscription Agreement and instrument of payment directly to such subscriber not later than the end of the next business day following its receipt. Instruments of payment of rejected subscribers will be promptly returned to such subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. *Notice.* Notices and other writings contemplated by this Agreement shall be delivered via (i) hand, (ii) first class registered or certified mail, postage prepaid, return receipt requested, (iii) a nationally recognized overnight courier or (iv) electronic mail. All such notices shall be addressed, as follows:

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| | |
|:---|:---|
| If to the Intermediary Manager: | Guggenheim Funds Distributors, LLC |
|  | 330 Madison Avenue |
|  | New York, NY 10017 |
| If to the Fund: | Guggenheim Investments Private Credit Fund<br> c/o Guggenheim Private Investments, LLC |
|  | 330 Madison Avenue |
|  | New York, NY 10017 |

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If the foregoing correctly sets forth our understanding, please indicate your acceptance thereof in the space provided below for that purpose, whereupon this letter and your acceptance shall constitute a binding agreement between us as of the date written below.

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| |
|:---|
| Very truly yours, |
| GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND |

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| | |
|:---|:---|
| By: |  |
| Name: | Brian E. Binder |
| Title: | Chief Executive Officer |
| Date: |  |

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| |
|:---|
| <br> Accepted and agreed to as of the date written below: |
| GUGGENHEIM FUNDS DISTRIBUTORS, LLC |

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| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

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## Ex-99

**Exhibit (h)(2)**

**EXHIBIT A**

**FORM OF SELECTED INTERMEDIARY AGREEMENT**

Ladies and Gentlemen:

Guggenheim Funds Distributors, LLC, as the Intermediary Manager ("<u>Intermediary Manager</u>") for Guggenheim Investments Private Credit Fund (the "<u>Fund</u>"), a Delaware statutory trust, invites you (the "<u>Broker</u>") to participate in the distribution of common shares of beneficial interest, $0.01 par value per share, of the Fund ("<u>Common Shares</u>") subject to the following terms:

I. *Intermediary Manager Agreement* 

The Intermediary Manager has entered into a Intermediary Manager Agreement (the "<u>Intermediary Manager Agreement</u>") with the Fund dated [ ], attached hereto as Exhibit A. Except as otherwise specifically stated herein, all terms used in this Agreement have the meanings provided in the Intermediary Manager Agreement.

As described in the Intermediary Manager Agreement, the Fund has filed one or more registration statements with the SEC (each, a "<u>Registration Statement</u>") to register an ongoing offering (each, an "<u>Offering</u>") of Common Shares, which may consist of various classes of shares of beneficial interest (the "<u>Shares</u>").

In this Agreement, unless explicitly stated otherwise, "the Registration Statement" means, at any given time, the current effective registration statement, as may be amended or supplemented from time to time. In this Agreement, unless explicitly stated otherwise, "the Offering" means, at any given time, an offering covered by a Registration Statement and "Shares" means the Shares being offered in an Offering. In this Agreement, unless explicitly stated otherwise, any references to the Registration Statement, the Offering, the Shares or the Prospectus with respect to each other shall mean only those that are all related to the same Registration Statement.

By your acceptance of this Agreement, you will become one of the Brokers referred to in the Intermediary Manager Agreement between the Fund and the Intermediary Manager and will be entitled and subject to the indemnification provisions contained in the Intermediary Manager Agreement, including the provisions of Section 4 of the Intermediary Manager Agreement wherein the Brokers severally agree to indemnify and hold harmless the Fund, the Intermediary Manager and each officer and director thereof, and each person, if any, who controls the Fund or the Intermediary Manager within the meaning of the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>"). The Broker acknowledges that the Intermediary Manager's liability for the shareholder servicing and/or distribution fee is limited solely to the proceeds of the shareholder servicing and/or distribution fee receivable from the Fund, and the Broker hereby waives any and all rights to receive any reallowance of the shareholder servicing and/or distribution fee due until such time as the Intermediary Manager is in receipt of the shareholder servicing and/or distribution fee from the Fund.

The Broker hereby agrees to use its best efforts to sell the Shares for cash on the terms and conditions stated in the Prospectus. Nothing in this Agreement shall be deemed or construed to make the Broker an

employee, agent, representative or partner of the Intermediary Manager or of the Fund, and the Broker is not authorized to act for the Intermediary Manager or the Fund or to make any representations on their behalf except as set forth in the Prospectus and in the Authorized Sales Materials.

II. *Submission of Orders* 

Each person desiring to purchase Shares in the Offering will be required to complete and execute a Subscription Agreement and to deliver to the Broker such completed and executed Subscription Agreement together with wire transfer ("<u>instrument of payment</u>") in the amount of such person's purchase, which must be at least the minimum purchase amount set forth in the Prospectus. Those persons who purchase Shares will be instructed by the Broker to make their instruments of payment payable to or for the benefit of the escrow agent described in the Prospectus and Subscription Agreement for any Offering in which there is a minimum contingency described in the Prospectus ("Minimum Offering") that has not yet been satisfied or, after any such Minimum Offering is satisfied or if no such Minimum Offering is applicable to an Offering, to "Guggenheim Investments Private Credit Fund". After achievement of any applicable Minimum Offering, purchase orders which include (i) instruments of payment received by the Fund at least five (5) business days prior to the first calendar day of the month and (ii) a completed and executed Subscription Agreement in good order received by the Fund at least five (5) business days prior to the first calendar day of the month (unless waived by the Intermediary Manager) will be executed as of the first calendar day of the month (based on the NAV per share as determined as of the previous day, being the last day of the preceding month).

Any tender offer requests must be made in accordance with the applicable procedures described in the Fund's Registration Statement, the Fund's Share Repurchase Program described in the Registration Statement (the "<u>Repurchase Plan</u>"), and applicable law, rules and regulations. The parties acknowledge and agree that a tender offer is not received in "good order" unless the tender offer and all required documentation is complete and received by the Fund's transfer agent by the applicable tender offer deadline described in the Fund's tender offer documents or otherwise specified by the Fund in writing.

The Broker agrees, upon receipt of any and all instruments of payment from prospective purchasers of shares, to transmit same, together with a copy of the executed Subscription Agreement or copy of the signature page of such agreement, which conforms to the foregoing instructions and stating among other things, the name of the purchaser, current address, and the amount of the investment, in accordance with the following procedures, unless otherwise agreed with the Intermediary Manager:

(i) Where, pursuant to the Broker's internal supervisory procedures, internal supervisory review is conducted at the same location at which Subscription Agreements and instruments of payment are received from subscribers, Subscription Agreements and instruments of payment will be transmitted by the end of the next business day following receipt by the Broker for deposit to the escrow agent described in the Prospectus and the Subscription Agreement for any Offering in which a Minimum Offering is applicable and has not yet been satisfied or, if no such Minimum Offering is applicable or has been satisfied in accordance with the Prospectus, to the Fund or its agent as set forth in the Subscription Agreement or as otherwise directed by the Fund.

(ii) Where, pursuant to the Broker's internal supervisory procedures, final internal supervisory review is conducted at a different location, Subscription Agreements and instruments of payment will be transmitted by the end of the next business day following receipt by the Broker to the office of the Broker conducting such final internal supervisory review (the " <u>Final Review Office</u> "). The Final Review Office will in turn, by the end of the next business day following receipt by the Final Review Office, transmit such Subscription Agreements and instruments of payment for deposit to the escrow agent described in the Prospectus and

the Subscription Agreement for any Offering in which a Minimum Offering is applicable and has not yet been satisfied or, if no such Minimum Offering is applicable or has been satisfied in accordance with the Prospectus, to the Fund or its agent as set forth in the Subscription Agreement or as otherwise directed by the Fund.

If the Broker receives a Subscription Agreement or instrument of payment not conforming to the foregoing instructions, the Broker shall return such Subscription Agreement and instrument of payment directly to such subscriber not later than the end of the next business day following its receipt.

III. *Pricing* 

Except as otherwise provided in the Prospectus, which may be amended or supplemented from time to time, the Primary Shares shall generally be offered to the public at a purchase price payable in cash equal to the Fund's then-current net asset value ("<u>NAV</u>") per share applicable to the class of Shares being purchased (as calculated in accordance with the procedures described in the Prospectus). The Broker may also charge transaction or other fees, including upfront placement fees or brokerage commissions, in connection with the sale of Shares as described in Schedule I attached hereto. For shareholders who participate in the Fund's distribution reinvestment plan ("<u>DRIP</u>"), the cash distributions attributable to the class of shares that each shareholder owns will be automatically re-invested in additional shares of the same class. The DRIP Shares will be issued and sold to shareholders of the Fund at a purchase price equal to the most recent available NAV per share for such shares at the time the distribution is payable. Minimum purchase amounts for each class of Shares shall be as set forth in the Prospectus. The Shares are nonassessable.

IV. *Brokers' Compensation* 

The Intermediary Manager may make distribution and/or shareholder servicing payments to the Broker under the Fund's Distribution and Servicing Plan (the "<u>Plan</u>"), adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), in an amount and manner set forth in the Prospectus. Such payments shall be made or cause to be made at the Intermediary Manager's direction. Any distribution and/or shareholder servicing payments will be in effect with respect to the Fund only so long as that Fund's Plan remains in effect.

Except as may be provided in the "Plan of Distribution" section of the Prospectus, which may be amended or supplemented from time to time, as compensation for completed sales and ongoing shareholder services rendered by the Broker hereunder, the Broker is entitled, on the terms and subject to the conditions herein, to the compensation set forth on <u>Schedule I</u> hereto.

V. *Representations, Warranties and Covenants of Broker* 

In addition to the representations and warranties found elsewhere in this Agreement, the Broker represents, warrants and agrees that:

(i) It is duly organized and existing and in good standing under the laws of the state, commonwealth or other jurisdiction in which the Broker is organized.

(ii) It is empowered under applicable laws and by the Broker's organizational documents to enter into this Agreement and perform all activities and services of the Broker provided for herein and that there are no impediments, prior or existing, or regulatory, self-regulatory, administrative, civil or criminal matters affecting the Broker's ability to perform under this Agreement.

(iii) The execution, delivery, and performance of this Agreement; the incurrence of the obligations set forth herein; and the consummation of the transactions contemplated herein, including the issuance and sale of the Shares, will not constitute a breach of, or default under, any agreement or instrument by which the Broker is bound, or to which any of its assets are subject, or any order, rule, or regulation applicable to it of any court, governmental body, or administrative agency having jurisdiction over it.

(iv) All requisite actions have been taken to authorize the Broker to enter into and perform this Agreement.

(v) It shall notify the Intermediary Manager, promptly in writing, of any written claim or complaint or any enforcement action or other proceeding with respect to Shares offered hereunder against the Broker or its principals, affiliates, officers, directors, employees or agents, or any person who controls the Broker, within the meaning of Section 15 of the Securities Act.

(vi) The Broker will not offer, sell or distribute Shares, or otherwise make any such Shares available, in any jurisdiction outside of the United States or United States territories unless the Broker receives prior written consent from the Intermediary Manager.

(vii) The Broker acknowledges that the Intermediary Manager will enter into similar agreements with other broker-dealers, which does not require the consent of the Broker.

(viii) The Broker represents that it is a broker-dealer registered with FINRA and (effective August 20, 2017) subject to FINRA Rule 2030 (" <u>Rule 2030</u> "). The Broker represents that it has policies and procedures to ensure compliance with Rule 2030 and is currently in compliance with Rule 2030. Moreover, the Broker represents that neither it nor any of its Covered Associates (i.e., any (i) general partner, managing member or executive officer of the Broker, as well as any person with a similar status or function, (ii) any associated person of the Broker who engages in distribution or solicitation activities with a government entity, (iii) any associated person of the Broker who supervises, directly or indirectly, the government entity distribution or solicitation activities of a person in (ii) above, and (iv) any political action committee controlled by the Broker or one of its Covered Associates) has made, directly or indirectly, any contributions that prohibit the Broker from engaging in solicitation activities for compensation under Rule 2030 (a " <u>Triggering Contribution</u> "). The Broker hereby agrees that neither it nor its Covered Associates will make a Triggering Contribution or violate Rule 2030 while engaged hereunder. If the Broker breaches this provision and becomes aware of a Triggering Contribution or a violation of Rule 2030, it shall promptly provide written notice to the Intermediary Manager of the nature of the ban or violation.

(ix) The Broker represents that the Broker is acting solely as an agent for its customers with respect to their purchase or sale of Shares and is not acting for the Broker's own account. Any transaction or other fees, including upfront placement fees or brokerage commissions, charged by the Broker in connection with its sale of Shares will be charged in a manner consistent with the Prospectus and applicable law and FINRA rules.

(x) The Broker further represents, warrants and covenants
 that neither the Broker, nor any person associated with the Broker, shall offer or sell Shares in any jurisdiction except to investors
 who satisfy the investor suitability standards and minimum investment requirements under the most restrictive of the following: (a) applicable
 provisions described in the Prospectus, including minimum income and net worth standards; (b) applicable laws of the jurisdiction

of which such investor is a resident; (c) applicable provisions of Regulation Best Interest; or (d) applicable FINRA rules. In the case of sales to fiduciary accounts, the suitability standards must be met by the person who directly or indirectly supplied the funds for the purchase of the Shares or by the beneficiary of such fiduciary account. The Broker further represents, warrants and covenants that the Broker, or a person associated with the Broker, will make every reasonable effort to determine the suitability and appropriateness of an investment in Shares of each proposed investor by reviewing documents and records disclosing the basis upon which the determination as to suitability was reached as to each purchaser of Shares pursuant to a subscription solicited by the Broker, whether such documents and records relate to accounts which have been closed, accounts which are currently maintained or accounts hereafter established.<br>

(xi) The Broker agrees to be bound by the terms of any escrow agreement applicable to the Offering, and the Broker further agrees that it will not represent or imply that the escrow agent identified in the Prospectus has investigated the desirability or advisability of an investment in the Fund or has approved, endorsed or passed upon the merits of the Shares or of the Fund, nor will the Broker use the name of said escrow agent in any manner whatsoever in connection with the offer or sale of the Shares other than by acknowledgment that it has agreed to serve as escrow agent.

VI. *Right to Reject Orders or Cancel Sales* 

All orders, whether initial or additional, are subject to acceptance by and shall only become effective upon confirmation by the Fund, which reserves the right to reject any order for any reason or no reason including, without limitation, orders not accompanied by an executed Subscription Agreement in good order or without the required instrument of payment in full payment for the Shares. Issuance and delivery of the Shares will be made only after actual receipt of payment therefor. If the Fund is not in actual receipt of funds transmitted in payment for the Shares, the Fund reserves the right to cancel the sale without notice.

VII. *Prospectus and Authorized Sales Materials; Compliance with Laws* 

The Broker is not authorized or permitted to give and will not give, any information or make any representation concerning the Shares except as set forth in the Prospectus and any Authorized Sales Materials. The Intermediary Manager will make available to the Broker the Prospectus, any supplements thereto and any amended Prospectus, as well as any Authorized Sales Materials, for delivery to investors. The Broker agrees that it shall have delivered (i) to each investor to whom an offer to sell the Shares is made, as of the time of such offer, a copy of the Prospectus and all supplements thereto and any amended Prospectus that have then been made available to the Broker by the Intermediary Manager and (ii) to each investor that subscribes for an order to purchase Shares, as of the time the Fund accepts such investor's order to purchase the Shares within the timeframes described in the Prospectus, a copy of the Prospectus and all supplements thereto and any amended Prospectus that have then been made available to the Broker by the Intermediary Manager. The Broker agrees not to deliver to any Authorized Sales Materials to any investor or potential investor, unless it is accompanied or preceded by the Prospectus as amended and supplemented. The Broker agrees that it will not show or give to any investor or prospective investor or reproduce any material or writing which is supplied to it by the Intermediary Manager and marked "broker only," "dealer only" or otherwise bearing a legend denoting that it is not to be used in connection with the sale of Shares to members of the public. The Broker agrees that it will not show or give to any investor or prospective investor in a particular jurisdiction any material or writing that is supplied to it by the Intermediary Manager if such material bears a legend denoting that it is not to be used in connection with the sale of Shares to members of the public in such jurisdiction. The Broker agrees that it will not use in

connection with the offer or sale of Shares any material or writing which relates to another company supplied to it by the Fund or the Intermediary Manager bearing a legend which states that such material may not be used in connection with the offer or sale of any securities other than the company to which it relates. The Broker further agrees that it will not use in connection with the offer or sale of Shares any materials or writings which have not been previously approved by the Intermediary Manager or the Fund in writing. The Broker agrees, if the Intermediary Manager so requests, to furnish a copy of any final Prospectuses required for compliance with the provisions of Rule 15c2-8 under the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). Regardless of the termination of this Agreement, the Broker will deliver a Prospectus in transactions in the Shares for a period of ninety (90) days from the effective date of the Registration Statement or such longer period as may be required by the U.S. Securities Exchange Act of 1934, as amended.

In offering and selling Shares, the Broker agrees to comply with all the applicable requirements imposed upon it under (a) the Securities Act, the Exchange Act and the rules and regulations of the SEC promulgated under both such acts, (b) all applicable state securities laws and regulations as from time to time in effect, (c) any other state, federal, foreign and other laws and regulations applicable to the Offering, the sale of Shares or the activities of the Broker pursuant to this Agreement, including without limitation the privacy standards and requirements of state and federal laws, including the Gramm-Leach-Bliley Act of 1999, as amended ("<u>GLBA</u>"), and the laws governing money laundering abatement and anti-terrorist financing efforts, including the applicable rules of the SEC and FINRA, the Bank Secrecy Act, as amended, the USA Patriot Act, and regulations administered by the Office of Foreign Asset Control at the Department of the Treasury, and (d) this Agreement and the Prospectus as amended and supplemented.

The Broker and the Intermediary Manager further agree to the following terms:

(i) The Broker agrees that it (1) will maintain written policies and procedures covering the delivery of electronic offering documents and the use of electronic signatures, (2) will comply with all applicable SEC rules and guidelines pertaining to electronic delivery of the Prospectus and Authorized Sales Materials and electronic signature of the Subscription Agreement, (3) will comply with all of the applicable requirements set forth in the NASAA Statement of Policy Regarding Use of Electronic Offering Documents and Electronic Signatures (the "Statement of Policy"), (4) will comply with such requirements in every U.S. jurisdiction irrespective of whether the jurisdiction has adopted the Statement of Policy, (5) acknowledges that it is acting as an agent of the Fund only with respect to the delivery of the Prospectus and Authorized Sales Materials electronically, the administration of the subscription process and the obtainment of electronic signatures and only to the extent its actions are in compliance with the Statement of Policy and the Intermediary Agreement and (6) will also comply, as applicable, with The Electronic Signatures in Global and National Commerce Act and the Uniform Electronic Transaction Act and any other applicable law.

(ii) In consideration of the foregoing, the Intermediary Manager hereby agrees that it will not reject a subscription on account of an electronic signature if such signature was obtained in the manner set forth in this Section 7e.

VIII. *License and Association Membership* 

The Broker's acceptance of this Agreement constitutes a representation to the Fund and the Intermediary Manager that the Broker is a properly registered or licensed broker-dealer, duly authorized to sell Shares under federal and state securities laws and regulations, and foreign laws (including the laws of the jurisdictions listed on <u>Schedule III</u>), if applicable, and in all states or jurisdictions where it offers or sells Shares, and that it is a member in good standing of FINRA. This Agreement shall automatically terminate

if the Broker ceases to be a member in good standing of FINRA. The Broker agrees to notify the Intermediary Manager immediately if the Broker ceases to be a member in good standing of FINRA. The Broker also hereby agrees to abide by the Rules of FINRA, including FINRA Rules 2040, 2111, 2121, 2310, 5110 and 5141.

IX. *Limitation of Offer; Suitability* 

The Broker will offer Shares (both at the time of an initial subscription and at the time of any additional subscription, including initial enrollments and increased participations in the DRIP) only to persons who meet the financial qualifications and suitability standards set forth in the Prospectus or in any suitability letter or memorandum sent to it by the Fund or the Intermediary Manager and will only make offers to persons in the jurisdictions in which it is advised in writing by the Intermediary Manager (as listed on <u>Schedule III)</u> that the Shares are qualified for sale or that such qualification is not required and in which the Broker has all required licenses and registrations to offer Shares in such jurisdictions. In offering Shares, the Broker will comply with the provisions of the Rules set forth in the FINRA Manual, Exchange Act Rule 15l-1 ("<u>Regulation Best Interest</u>"), as well as all other applicable rules and regulations relating to suitability of investors, including without limitation, the provisions of Article III.C and Article III.E of the Omnibus Guidelines Statement of Policy of the North American Securities Administrators Association, Inc. (the "<u>NASAA Guidelines</u>") adopted on March 29, 1992 and as amended on May 7, 2007 and further amended on January 1, 2026. Nothing contained in this section shall be construed to relieve the Broker of its suitability obligations under Regulation Best Interest, FINRA Rule 2111 or FINRA Rule 2310.

The Broker further represents, warrants and covenants that neither Broker, nor any person associated with the Broker, shall offer or sell Shares in any jurisdiction except to investors who satisfy the investor suitability standards and minimum investment requirements under the most restrictive of the following: (a) applicable provisions described in the Prospectus, including minimum income and net worth standards; (b) applicable laws of the jurisdiction of which such investor is a resident; (c) applicable provisions of Regulation Best Interest; or (d) applicable FINRA rules. The Broker agrees to ensure that, in recommending the purchase, sale or exchange of Shares to an investor, the Broker, or a person associated with the Broker, shall have reasonable grounds to believe, on the basis of information obtained from the investor (and thereafter maintained in the manner and for the period required by the SEC, any state securities commission, FINRA or the Fund) concerning his or her age, investment objectives, other investments, financial situation and needs and any other information known to the Broker, or person associated with the Broker, that (i) the investor can reasonably benefit from an investment in the Shares based on the investor's overall investment objectives and portfolio structure, (ii) the investor is able to bear the economic risk of the investment based on the investor's overall financial situation and (iii) the investor has an apparent understanding of (A) the fundamental risks of the investment, (B) the risk that the investor may lose his or her entire investment in the Shares, (C) the lack of liquidity of the Shares, (D) the background and qualifications of the Advisor or the persons responsible for directing and managing the Fund and (E) the tax consequences of an investment in the Shares. In the case of sales to fiduciary accounts, the suitability standards must be met by the person who directly or indirectly supplied the funds for the purchase of the Shares or by the beneficiary of such fiduciary account. The Broker further represents, warrants and covenants that the Broker, or a person associated with the Broker, will make every reasonable effort to determine the suitability and appropriateness of an investment in Shares of each proposed investor by reviewing documents and records disclosing the basis upon which the determination as to suitability was reached as to each purchaser of Shares pursuant to a subscription solicited by the Broker, whether such documents and records relate to accounts which have been closed, accounts which are currently maintained or accounts hereafter established.

The Broker will sell Class S shares, Class D shares and Class I shares only to the extent approved by the Intermediary Manager as set forth on <u>Schedule I</u> to this Agreement, and only to those persons who are

eligible to purchase Class S shares, Class D shares and Class I shares as described in the Prospectus. Nothing contained in this Agreement shall be construed to impose upon the Fund or the Intermediary Manager the responsibility of assuring that prospective investors meet the suitability standards in accordance with the terms and provisions of the Prospectus. The Broker shall not purchase any Shares for a discretionary account without obtaining the prior written approval of the Broker's customer and such customer's completed and executed Subscription Agreement. The Broker agrees to comply with the record-keeping requirements imposed by (a) federal and state securities laws and the rules and regulations thereunder, (b) the applicable rules of FINRA, and (c) the NASAA Guidelines, including the requirement to maintain records (the "<u>Suitability Records</u>") of the information used to determine that an investment in Shares is suitable and appropriate for each subscriber for a period of six (6) years from the date of the sale of the Shares. The Broker further agrees to make the Suitability Records available to the Intermediary Manager and the Fund upon request and to make them available to representatives of the SEC and FINRA and applicable state securities administrators upon the Broker's receipt of a subpoena or other appropriate document request from such agency.

The Broker further represents that it understands that the Shares have not been registered and are not expected to be registered under the laws of any country or jurisdiction outside of the United States except as otherwise described in the Prospectus.

X. *Disclosure Review; Confidentiality of Information* 

The Broker agrees that it shall have reasonable grounds to believe, based on the information made available to it through the Prospectus or other materials, that all material facts are adequately and accurately disclosed in the Prospectus and provide a basis for evaluating the Shares. In making this determination, the Broker shall evaluate, at a minimum, items of compensation, physical properties, tax aspects, financial stability and experience of the sponsor, conflicts of interest and risk factors, and appraisals and other pertinent reports. If the Broker relies upon the results of any inquiry conducted by another member or members of FINRA, the Broker shall have reasonable grounds to believe that such inquiry was conducted with due care, that the member or members conducting or directing the inquiry consented to the disclosure of the results of the inquiry and that the person who participated in or conducted the inquiry is not the Intermediary Manager or a sponsor or an affiliate of the sponsor of the Fund.

It is anticipated that (i) the Broker and the Broker's officers, directors, managers, employees, owners, members, partners, home office diligence personnel or other agents of the Broker that are conducting a due diligence inquiry on behalf of the Broker and (ii) persons or committees, as the case may be, responsible for determining whether the Broker will participate in the Offering ((i) and (ii) are collectively, the "<u>Diligence Representatives</u>") either have previously or will in the future have access to certain Confidential Information (defined below) pertaining to the Fund, the Intermediary Manager, the Advisor, or their respective affiliates. For purposes hereof, "<u>Confidential Information</u>" shall mean and include: (i) trade secrets concerning the business and affairs of the Fund, the Intermediary Manager, the Advisor, or their respective affiliates; (ii) confidential data, know-how, current and planned research and development, current and planned methods and processes, marketing lists or strategies, slide presentations, business plans, however documented, belonging to the Fund, the Intermediary Manager, the Advisor, or their respective affiliates; (iii) information concerning the business and affairs of the Fund, the Intermediary Manager, the Advisor, or their respective affiliates (including, without limitation, historical financial statements, financial projections and budgets, investment-related information, models, budgets, plans, and market studies, however documented; (iv) any information marked or designated "Confidential—For Due Diligence Purposes Only"; and (v) any notes, analysis, compilations, studies, summaries and other material containing or based, in whole or in part, on any information included in the foregoing. The Broker agrees to keep, and to cause its Diligence Representatives to keep, all such Confidential Information strictly confidential and to not use, distribute or copy the same except in connection with the Broker's due diligence inquiry. The

Broker agrees to not disclose, and to cause its Diligence Representatives not to disclose, such Confidential Information to the public, or to the Broker's sales staff, financial advisors, or any person involved in selling efforts related to the Offering or to any other third party and agrees not to use the Confidential Information in any manner in the offer and sale of the Shares. The Broker further agrees to use all reasonable precautions necessary to preserve the confidentiality of such Confidential Information, including, but not limited to (a) limiting access to such information to persons who have a need to know such information only for the purpose of the Broker's due diligence inquiry and (b) informing each recipient of such Confidential Information of the Broker's confidentiality obligation. The Broker acknowledges that the Broker or its Diligence Representatives may previously have received Confidential Information in connection with preliminary due diligence on the Fund and agrees that the foregoing restrictions shall apply to any such previously received Confidential Information. The Broker acknowledges that the Broker or its Diligence Representatives may in the future receive Confidential Information either in individual or collective meetings or telephone calls with the Fund and agrees that the foregoing restrictions shall apply to any Confidential Information received in the future through any source or medium. The Broker acknowledges the restrictions and limitations of Regulation FD promulgated by the SEC and agrees that the foregoing restrictions are necessary and appropriate in order for the Fund to comply therewith.

Notwithstanding the foregoing, Confidential Information may be disclosed (a) if approved in writing for disclosure by the Fund or the Intermediary Manager, (b) pursuant to a subpoena or as required by law, or (c) as required by regulation, rule, order or request of any governing or self-regulatory organization (including the SEC or FINRA), provided that the Broker shall notify the Intermediary Manager in advance if practicable under the circumstances of any attempt to obtain Confidential Information pursuant to provisions (b) and (c).

XI. *Broker's Compliance with Anti-Money Laundering Rules and Regulations* 

The Broker hereby represents that it has complied and will comply with Section 326 of the USA Patriot Act and the implementing rules and regulations promulgated thereunder in connection with broker/Brokers' anti-money laundering obligations. The Broker hereby represents that it has adopted and implemented and will maintain a written anti-money laundering compliance program ("<u>AML Program</u>") including, without limitation, anti-money laundering policies and procedures relating to customer identification in compliance with applicable laws and regulations, including federal and state securities laws, applicable rules of FINRA, and the USA Patriot Act and the implementing rules and regulations promulgated thereunder. In accordance with these applicable laws and regulations and its AML Program, the Broker agrees to verify the identity of its new customers; to maintain customer records; and to check the names of new customers against government watch lists, including the Office of Foreign Asset Control's (OFAC) list of Specially Designated Nationals and Blocked Persons. Additionally, the Broker will monitor account activity to identify patterns of unusual size or volume, geographic factors and any other "red flags" described in the USA Patriot Act as potential signals of money laundering or terrorist financing. The Broker will submit to the Financial Crimes Enforcement Network any required suspicious activity reports about such activity and further will disclose such activity to applicable federal and state law enforcement when required by law. Upon request by the Intermediary Manager at any time, the Broker hereby agrees to furnish (a) a copy of its AML Program to the Intermediary Manager for review, and (b) a copy of the findings and any remedial actions taken in connection with the Broker's most recent independent testing of its AML Program. The Broker agrees to notify the Intermediary Manager immediately if the Broker is subject to a FINRA disclosure event or fine from FINRA related to its AML Program.

XII. *Privacy* 

The Broker agrees as follows:

The Broker agrees to abide by and comply in all respects with (a) the privacy standards and requirements of the GLBA and applicable regulations promulgated thereunder, (b) the privacy standards and requirements of any other applicable federal or state law, including the Fair Credit Reporting Act, asamended ("<u>FCRA</u>"), and (c) its own internal privacy policies and procedures, each as may be amended from time to time.

The parties hereto acknowledge that from time to time, the Broker may share with the Fund and the Fund may share with the Broker nonpublic personal information (as defined under the GLBA) of customers of the Broker. This nonpublic personal information may include, but is not limited to a customer's name, address, telephone number, social security number, account information and personal financial information. The Broker shall only be granted access to such nonpublic personal information of each of its customers that pertains to the period or periods during which the Broker served as the broker of record for such customer's account. The Broker, the Intermediary Manager and the Fund shall not disclose nonpublic personal information of any customers who have opted out of such disclosures, except (a) to service providers (when necessary and as permitted under the GLBA), (b) to carry out the purposes for which one party discloses such nonpublic personal information to another party under this Agreement (when necessary and as permitted under the GLBA), or (c) as otherwise required by applicable law. Any nonpublic personal information that one party receives from another party shall be subject to the limitations on usage described in this Section XII. Except as expressly permitted under the FCRA, the Broker agrees that it shall not disclose any information that would be considered a "consumer report" under the FCRA.

The Broker shall be responsible for determining which customers have opted out of the disclosure of nonpublic personal information by periodically reviewing and, if necessary, retrieving a list of such customers (the "<u>List</u>") to identify customers that have exercised their opt-out rights. In the event Broker, the Intermediary Manager or the Fund expects to use or disclose nonpublic personal information of any customer for purposes other than as set forth in this Section XII, it must first consult the List to determine whether the affected customer has exercised his or her opt-out rights. The use or disclosure of any nonpublic personal information of any customer that is identified on the List as having opted out of such disclosures, except as set forth in this Section XII, shall be prohibited.

The Broker shall implement commercially reasonable measures in compliance with industry best practices designed: (a) to assure the security and confidentiality of nonpublic personal information of all customers; (b) to protect such information against any anticipated threats or hazards to the security or integrity of such information; (c) to protect against unauthorized access to, or use of, such information that could result in material harm to any customer; (d) to protect against unauthorized disclosure of such information to unaffiliated third parties; and (e) to otherwise ensure its compliance with all applicable privacy standards and requirements of federal or state law (including, but not limited to, the GLBA), and any other applicable legal or regulatory requirements. The Broker further agrees to cause all its agents, representatives, affiliates, subcontractors, or any other party to whom Broker provides access to or discloses nonpublic personal information of customers to implement appropriate measures designed to meet the objectives set forth in this Section XII.

XIII. *Broker's Undertaking to Not Facilitate a Secondary Market in the Shares* 

The Broker acknowledges that there is no public trading market for the Shares and that there are limits on the ownership, transferability and repurchase of the Shares, which significantly limit the liquidity of an investment in the Shares. The Broker also acknowledges that the Repurchase Plan provides only a limited opportunity for investors to have their Shares purchased by the Fund and that the Fund's board of trustees may, in its sole discretion, amend, suspend, or terminate the Repurchase Plan at any time in accordance with the terms of the Repurchase Plan. The Broker hereby agrees that so long as the Fund is offering Shares under a Registration Statement filed with the SEC and the Fund has not listed the Shares on a national

securities exchange, the Broker will not engage in any action or transaction that would facilitate or otherwise create the appearance of a secondary market in the Shares without the prior written approval of the Intermediary Manager.

XIV. *Arbitration* 

Any dispute, controversy or claim arising between the parties relating to this Agreement (whether such dispute arises under any federal, state or local statute or regulation, or at common law), shall be resolved by final and binding arbitration administered in accordance with the then current commercial arbitration rules of FINRA in accordance with the terms of this Agreement (including the governing law provisions of this Agreement and pursuant to the Federal Arbitration Act (9 U.S.C. §§ 1 – 16). The parties will request that the arbitrator or arbitration panel ("<u>Arbitrator</u>") issue written findings of fact and conclusions of law. The Arbitrator shall not be empowered to make any award or render any judgment for punitive damages, and the Arbitrator shall be required to follow applicable law in construing this Agreement, making awards, and rendering judgments. The decision of the arbitration panel shall be final and binding, and judgment upon any arbitration award may be entered by any court having jurisdiction. All arbitration hearings will be held at the New York City FINRA District Office or at another mutually agreed upon site. The parties may agree on a single arbitrator, or, if the parties cannot so agree, each party will have the right to choose one arbitrator, and the selected arbitrators will choose a third arbitrator. Each arbitrator must have experience and education that qualify him or her to competently address the specific issues to be designated for arbitration. Notwithstanding the preceding, no party will be prevented from immediately seeking provisional remedies in courts of competent jurisdiction, including but not limited to, temporary restraining orders and preliminary injunctions, but such remedies will not be sought as a means to avoid or stay arbitration.

XV. *Termination and Amendment* 

The Broker will suspend or terminate its offer and sale of Shares upon the request of the Fund or the Intermediary Manager at any time and will resume its offer and sale of Shares hereunder upon subsequent request of the Fund or the Intermediary Manager. Any party may terminate this Agreement by written notice. Such termination shall be effective forty-eight (48) hours after the mailing of such notice. This Agreement is the entire agreement of the parties and supersedes all prior agreements, if any, between the parties hereto.

This Agreement may be amended at any time by the Intermediary Manager by written notice to the Broker, and any such amendment shall be deemed accepted by the Broker upon placement of an order for sale of Shares by such Broker's customer after the Broker has received such notice.

This Agreement with respect to the Plan, will continue in effect for one year from its effective date, and thereafter will continue automatically for successive annual periods; provided, however, that such continuance is subject to termination, at any time, without the payment of any penalty, by vote of a majority of the Fund's trustees who are not "interested persons," as defined in the 1940 Act, of the Fund and who have no direct or indirect financial interest in the operation of the Fund's distribution Plan or this Agreement or by vote a majority of the outstanding voting securities of the Fund, on not more than 60 days' written notice to the Intermediary Manager or the Advisor. This Agreement, other than with respect to the Plan, will continue in effect from year to year after its effective date, unless terminated as provided herein. This Agreement will automatically terminate in the event of its assignment, as defined in the 1940 Act.

In the event that (i) an application for a protective decree under the provision of the Securities Investor Protection Act of 1970 is filed against the Broker; (ii) the Broker files a petition in bankruptcy or a petition seeking similar relief under any bankruptcy, insolvency, or similar law, or a proceeding is commenced

against the Broker seeking such relief; or (iii) the Broker is found by the SEC, the FINRA, or any other federal or state regulatory agency or authority to have violated any applicable federal or state law, rule or regulation arising out of its activities as a broker/dealer or in connection with this Agreement, this Agreement will terminate effective immediately upon the Intermediary Manager giving notice of termination to the Broker. The Broker agrees to notify the Intermediary Manager promptly and to immediately suspend sales of Fund Shares in the event of any such filing or violation, or in the event that the Broker ceases to be a member in good standing of the FINRA.

The respective agreements and obligations of the Intermediary Manager and the Broker set forth in Sections IV, VI, VII, and XIII through XIX of this Agreement shall remain operative and in full force and effect regardless of the termination of this Agreement.

XVI. *Use of Fund and Guggenheim Names* 

The Broker must obtain prior written authorization of the Intermediary Manager prior to the use of any name or identifying marks of the Fund, the Intermediary Manager, or "Guggenheim" (or any combination or derivation thereof, including any name adopted in the future). To the extent such prior written authorization is provided, the respective Guggenheim parties reserve the right to withdraw their consent to the use of the Fund's or Guggenheim's name or mark at any time and to request to review any materials generated by the Broker that use the Fund's or Guggenheim's name or mark. Any such consent is expressly subject to the continuation of this Agreement and shall terminate with the termination of this Agreement as provided herein.

XVII. *Notice* 

Notices and other writings contemplated by this Agreement shall be delivered via (i) hand, (ii) first class registered or certified mail, postage prepaid, return receipt requested, (iii) a nationally recognized overnight courier, or (iv) electronic mail. All such notices shall be addressed, as follows:

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| | |
|:---|:---|
| If to the Intermediary Manager: | Guggenheim Funds Distributors, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Intermediary Manager: | Guggenheim Funds Distributors, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Intermediary Manager: | Guggenheim Funds Distributors, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Intermediary Manager: | Guggenheim Funds Distributors, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Intermediary Manager: | Guggenheim Funds Distributors, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Advisor: | Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Advisor: | Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Advisor: | Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Advisor: | Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Advisor: | Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Fund: | Guggenheim Investments Private Credit Fund<br> c/o Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Fund: | Guggenheim Investments Private Credit Fund<br> c/o Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Fund: | Guggenheim Investments Private Credit Fund<br> c/o Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Fund: | Guggenheim Investments Private Credit Fund<br> c/o Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Fund: | Guggenheim Investments Private Credit Fund<br> c/o Guggenheim Private Investments, LLC<br> 330 Madison Avenue<br> New York, NY 10017 |
| If to the Broker: | [ ]<br> [ ]<br> [ ] |

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XVIII. *Attorney's Fees and Applicable Law* 

In any action to enforce the provisions of this Agreement or to secure damages for its breach, the prevailing party shall recover its costs and reasonable attorney's fees. This Agreement shall be construed under the laws of the State of New York and shall take effect when signed by the Broker and countersigned by the Intermediary Manager. Venue for any action (including arbitration) shall lie exclusively in New York.

XIX. *No Partnership* 

Nothing in this Agreement shall be construed or interpreted to constitute the Broker as an employee, agent or representative of, or in association with or in partnership with, the Intermediary Manager, the Fund or the other Brokers; instead, this Agreement shall only constitute the Broker as a Broker authorized by the Intermediary Manager to sell the Shares according to the terms set forth in the Registration Statement and the Prospectus as amended and supplemented and in this Agreement.

XX. *Changes; Amendments* 

Except as specifically provided in this Section XX, this Agreement may be changed or amended only by written instrument signed by all parties.

In the event of a change in law, regulation or other regulatory guidance which affects this Agreement, the Broker authorizes the Intermediary Manager to amend this Agreement in order to comply with the requirements of any such law, regulation or other regulatory guidance. The Broker agrees that such amendment shall automatically become effective upon the execution of the first transaction the Broker or its Customer executes with the Fund thirty (30) calendar days after receipt of the amendment (or sooner, if required to comply with applicable law and that the amendment shall not require the signature of the Broker in order to be effective).

XXI. *Entire Agreement* 

This Agreement (including any Schedules and Exhibits hereto) are the entire agreement of the parties and supersede all prior agreements, if any, relating to the subject matter hereof between the parties hereto.

XXII. *Successors and Assigns* 

This Agreement shall be binding upon the Intermediary Manager, the Advisor and the Broker and their respective successors and permitted assigns.

XXIII. *Severability*.

The invalidity or unenforceability of any provision of this Agreement shall not affect the other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted.

XXIV. *Counterparts.* 

This Agreement may be executed in any number of counterparts. Each counterpart, when executed and delivered, shall be an original contract, but all counterparts, when taken together, shall constitute one and the same agreement, including all exhibits. Each party may execute this Agreement by applying an electronic signature using DocuSign or any similar electronic signature program and acknowledges, agrees and confirms that the use of such an electronic signature program (a) shall result in a reliable and valid

delivery of such party's signature to this Agreement; and (b) shall constitute reasonable steps on the part of the other party to this Agreement to verify the reliability of such signature.

[THE REMAINDER OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK. THE SIGNATURE PAGE FOLLOWS.]

---

| |
|:---|
| THE INTERMEDIARY MANAGER: |
| GUGGENHEIM FUNDS DISTRIBUTORS, LLC |
| Date: |

---

THE BROKER:

---

| | |
|:---|:---|
|  | (Broker's Firm Name) |
| By: |  |
|  | Signature |
| Name: |  |
| Title: |  |
| Date: |  |

---

SCHEDULE I

ADDENDUM

TO

SELECTED INTERMEDIARY AGREEMENT WITH

GUGGENHEIM FUNDS DISTRIBUTORS, LLC

<br> Name of Broker:

The following reflects the transaction or other fee arrangements and shareholder servicing and/or distribution fees as agreed upon between Guggenheim Funds Distributors, LLC (the "<u>Intermediary Manager</u>") and the Broker, effective as of the effective date of the Selected Intermediary Agreement (the "<u>Agreement</u>") between the Intermediary Manager and the Broker in connection with the offering of Shares of Guggenheim Investments Private Credit Fund (the "<u>Fund</u>"). Capitalized terms used herein but not otherwise defined shall have the meaning ascribed thereto in the Agreement.

**Brokerage Transaction Fee**

The Broker may charge a transaction or other fee, including upfront placement fees or brokerage commissions, on sales of Shares, as set forth in "Share Class Election" below, to the extent the Prospectus discloses that such brokerage commissions or fees may be charged for the relevant class of Shares. The Broker represents that the Broker is acting solely as an agent for its customers with respect to their purchase or sale of Shares and is not acting for the Broker's own account. Any transaction or other fee, including upfront placement fees or brokerage commissions, charged by the Broker in connection with its sale of Shares will be charged in a manner consistent with the Prospectus and applicable law and FINRA rules. Purchases and sales of such Shares may only be executed as purchases or repurchases between the customer and the Fund. The Broker shall not execute trades of Shares between customers.

**Terms and Conditions of the Shareholder Servicing and/or Distribution Fees.**

The payment of the shareholder servicing and/or distribution fee to the Broker is subject to terms and conditions set forth herein and the Prospectus as may be amended or supplemented from time to time. If the Broker elects to sell Class S shares and/or Class D shares, eligibility to receive the shareholder servicing and/or distribution fee with respect to the Class S shares and/or Class D shares, as applicable, sold by the Broker is conditioned upon the Broker acting as broker of record with respect to such Shares and complying with the requirements set forth below, including providing shareholder and account maintenance services with respect to such Shares. For the avoidance of doubt, such services are non-distribution services, other than those primarily intended to result in the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the existence of an effective Selected Intermediary Agreement between the Intermediary Manager and the Broker, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the provision of the following services with respect to the Class S shares and/or Class D shares, as applicable, by the Broker:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. assistance with recordkeeping, including maintaining records for and on behalf of the Broker's customers reflecting transactions and balances of Shares owned,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. answering investor inquiries regarding the Fund, including distribution payments and reinvestments,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. helping investors understand their investments upon their request, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. facilitating tender offer requests.

The Broker hereby represents by its acceptance of each payment of the shareholder servicing and/or distribution fee that it complies with each of the above requirements and is providing the above-described services.

Subject to the conditions described herein and the prospectus, the Intermediary Manager will reallow to the Broker the shareholder servicing and/or distribution fee on Class S shares or Class D shares, as applicable, sold by the Broker. To the extent payable, the shareholder servicing and/or distribution fee will be payable monthly in arrears as provided in the Prospectus. All determinations regarding the total amount and rate of reallowance of the shareholder servicing and/or distribution fee, the Broker's compliance with the listed conditions, and/or the portion retained by the Intermediary Manager will be made by the Intermediary Manager in its sole discretion.

Notwithstanding the foregoing, subject to the terms of the Prospectus, at such time as the Broker is no longer the intermediary of record with respect to such Class S or Class D shares or the Broker no longer satisfies any or all of the conditions set forth above, then the Broker's entitlement to the shareholder servicing and/or distribution fee related to such Class S and/or Class D shares, as applicable, shall cease in, and the Broker shall not receive the shareholder servicing and/or distribution fee for, that month or any portion thereof (i.e., shareholder servicing and/or distribution fees are payable with respect to an entire month without any proration). Intermediary transfers will be made effective as of the start of the first business day of a month.

Thereafter, such shareholder servicing and/or distribution fee may be reallowed to the then-current intermediaries of record of the Class S and/or Class D shares, as applicable, if any such intermediary of record has been designated (the "<u>Servicing Broker</u>"), to the extent such Servicing Broker has entered into a Selected Intermediary Agreement or similar agreement with the Intermediary Manager and such Selected Intermediary Agreement provides for such reallowance. In this regard, all determinations will be made by the Intermediary Manager in good faith in its sole discretion. The Broker is not entitled to any shareholder servicing and/or distribution fee with respect to Class I shares.

Unless otherwise disclosed in the Prospectus, at the end of the month in which the Intermediary Manager in conjunction with the transfer agent determines that total transaction or other fees, including upfront placement fees or brokerage commissions, and shareholder servicing and/or distribution fees paid with respect to any single share held in a shareholder's account would exceed, in the aggregate, 10% of the gross proceeds from the sale of such share (or a lower limit as determined by the Intermediary Manager or the Broker), the Intermediary Manager shall cease receiving the shareholder servicing and/or distribution fee on either (i) each such share that would exceed such limit or (ii) all Class S shares and Class D shares in such shareholder's account, in the Intermediary Manager's discretion. At the end of such month, the applicable Class S shares or Class D shares in such shareholder's account will convert into a number of Class I shares (including any fractional shares), with an equivalent aggregate NAV as such Class S or Class D shares.

In addition, the Fund and the Intermediary Manager will cease paying the shareholder servicing and/or distribution fee on Class S shares and Class D shares in connection with an Offering upon the earlier to occur of the following: (i) a listing of Class I shares, (ii) the merger or consolidation of the Fund with or into another entity, or the sale or other disposition of all or substantially all of the Fund's assets, or (iii) the

date following the completion of the primary portion of such Offering on which, in the aggregate, underwriting compensation from all sources in connection with such Offering, including transaction or other fees, including upfront placement fees or brokerage commissions, the shareholder servicing and/or distribution fee and other underwriting compensation, is equal to ten percent (10%) of the gross proceeds from Primary Shares sold in such Offering. For purposes of this <u>Schedule I</u>, the portion of the shareholder servicing and/or distribution fee accruing with respect to Class S and Class D shares of the Fund's common shares issued (publicly or privately) by the Fund during the term of a particular Offering, and not issued pursuant to a prior Offering, shall be underwriting compensation with respect to such particular Offering and not with respect to any other Offering.

**General**

Shareholder servicing and/or distribution fees due to the Broker pursuant to this Agreement will be paid to the Broker after receipt by the Intermediary Manager. The Broker, in its sole discretion, may authorize Intermediary Manager to deposit shareholder servicing and/or distribution fees or other payments due to it pursuant to this Agreement directly to its bank account. If the Broker so elects, the Broker shall provide such deposit authorization and instructions in <u>Schedule II</u> to this Agreement.

The parties hereby agree that the foregoing shareholder servicing and/or distribution fee are not in excess of the usual and customary distributors' or sellers' commission received in the sale of securities similar to the Primary Shares, that the Broker's interest in the Offering is limited to such shareholder servicing and/or distribution fee from the Intermediary Manager and the Broker's indemnity referred to in Section 4 of the Intermediary Manager Agreement, and that the Fund is not liable or responsible for the direct payment of such shareholder servicing and/or distribution fee to the Broker.

Except as otherwise described under "Brokerage Transaction Fee" above, the Broker waives any and all rights to receive compensation, including the shareholder servicing and/or distribution fee, until it is paid to and received by the Intermediary Manager. The Broker acknowledges and agrees that, if the Fund pays shareholder servicing and/or distribution fees to the Intermediary Manager, the Fund is relieved of any obligation for shareholder servicing and/or distribution fees to the Broker. The Fund may rely on and use the preceding acknowledgement as a defense against any claim by the Broker for shareholder servicing and/or distribution fees the Fund pays to Intermediary Manager but that Intermediary Manager fails to remit to Broker. The Broker affirms that the Intermediary Manager's liability for the shareholder servicing and/or distribution fee is limited solely to the proceeds of the shareholder servicing and/or distribution fee receivable from the Fund and the Broker hereby waives any and all rights to receive any reallowance of the shareholder servicing and/or distribution fee due until such time as the Intermediary Manager is in receipt of the shareholder servicing and/or distribution fee from the Fund. Notwithstanding the above, the Broker affirms that, to the extent that the Broker retains transaction or other fees, including upfront placement fees or brokerage commissions, as described above under "Brokerage Transaction Fee," neither the Fund nor the Intermediary Manager shall have liability for such brokerage commission or other transaction based fee payable to the Broker, and the Broker is solely responsible for retaining the brokerage commissions or other similar transaction based fees due to the Broker from the subscription funds received by the Broker from its customers for the purchase of Shares in accordance with the terms of this Agreement.

Notwithstanding anything herein to the contrary, the Broker will not be entitled to receive any transaction or other fees, including upfront placement fees or brokerage commissions, or shareholder servicing and/or distribution fee which would cause the aggregate amount of transaction or other fees, including upfront placement fees or brokerage commissions, transaction based fees, shareholder servicing and/or distribution fees and other forms of underwriting compensation (as defined in accordance with applicable FINRA rules) paid from any source in connection with this Offering to exceed ten percent (10%) of the gross proceeds raised from the sale of Shares in the Offering.

The Broker shall furnish Intermediary Manager and the Fund with such information as shall reasonably be requested by the Fund with respect to the fees paid to the Broker pursuant to this Schedule I, and the Broker shall notify Intermediary Manager if the Broker is not eligible to receive transaction or other fees, including upfront placement fees or brokerage commissions, shareholder servicing and/or distribution fees at the time of purchase.

**Due Diligence**

In addition, as set forth in the Prospectus, the Intermediary Manager or, in certain cases at the option of the Fund, the Fund, will pay or reimburse the Broker for reasonable *bona fide* due diligence expenses incurred by the Broker in connection with the Offering. Such due diligence expenses may include customary travel, lodging, meals and other reasonable out-of-pocket expenses incurred by the Broker and its personnel when visiting the Fund's offices verify information relating to the Fund. The Broker shall provide a detailed and itemized invoice for any such due diligence expenses and shall obtain the prior written approval from the Intermediary Manager for such expenses, and no such expenses shall be reimbursed absent a detailed and itemized invoice being sent to the Intermediary Manager. Notwithstanding the foregoing, no such payment will be made if such payment would cause the aggregate of such reimbursements to the Broker and other brokers, together with all other organization and offering expenses, defined under Omnibus Guidelines and FINRA rules, to exceed ten percent (10%) and fifteen percent (15%) of the Fund's gross proceeds from the Offering. All such reimbursements will be made in accordance with, and subject to the restrictions and limitations imposed under the Prospectus, FINRA rules and other applicable laws and regulations.

**Share Class Election**

CHECK EACH APPLICABLE BOX BELOW IF THE BROKER ELECTS TO PARTICIPATE IN THE LISTED SHARE CLASS

☐ Class S Shares ☐ Class D Shares ☐ Class I Shares

The following reflects the transaction or other fee, including upfront placement fees or brokerage commissions, arrangement and shareholder servicing and/or distribution fee as agreed upon between the Intermediary Manager and the Broker for the applicable share Class.

---

| | | |
|:---|:---|:---|
| _________(Initials) | No upfront selling commission but intermediaries may charge transaction or other fees, including upfront placement fees or brokerage commissions, up to 3.5% of the NAV per Class S share sold in the Offering | By initialing here, the Broker hereby agrees to the terms of the Agreement and this <u>Schedule I</u> with respect to the Class S shares. |
| _________ (Initials) | Shareholder servicing and/or distribution fee of 0.85% per annum of the aggregate NAV of outstanding Class S shares as of the beginning of the first calendar day of each month | By initialing here, the Broker agrees to the terms of eligibility for the shareholder servicing and/or distribution fee set forth in this <u>Schedule I</u> with respect to Class S shares. Should the Broker choose to opt out of this provision, it will not be eligible to receive the shareholder servicing and/or distribution fee with respect to Class S shares and initialing is not necessary. The Broker represents by its acceptance of each payment of the shareholder servicing and/or distribution fee that it complies with each of the above requirements. |

---

---

| | | |
|:---|:---|:---|
| _________(Initials) | No upfront selling commission but intermediaries may charge transaction or other fees, including upfront placement fees or brokerage commissions, up to 1.5% of the NAV per Class D share sold in the Offering | By initialing here, the Broker hereby agrees to the terms of the Agreement and this <u>Schedule I</u> with respect to the Class D shares. |
| _________ (Initials) | Shareholder servicing and/or distribution fee of 0.25% per annum of the aggregate NAV of outstanding Class D shares as of the beginning of the first calendar day of each month | By initialing here, the Broker agrees to the terms of eligibility for the shareholder servicing and/or distribution fee set forth in this <u>Schedule I</u> with respect to Class D shares. Should the Broker choose to opt out of this provision, it will not be eligible to receive the shareholder servicing fee with respect to Class D shares and initialing is not necessary. The Broker represents by its acceptance of each payment of the shareholder servicing and/or distribution fee that it complies with each of the above requirements. |

---

WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed as of the date first written above.

---

| |
|:---|
| "INTERMEDIARY MANAGER" |
| GUGGENHEIM FUNDS DISTRIBUTORS, LLC |
| By: |

---

Name: <br> <br> Title:

---

| | |
|:---|:---|
| "BROKER" | "BROKER" |
| (Print Name of Broker) | (Print Name of Broker) |
| By: |  |
|  | Name: |
|  | Title: |

---

SCHEDULE II

TO

SELECTED INTERMEDIARY AGREEMENT WITH

GUGGENHEIM FUNDS DISTRIBUTORS, LLC

**NAME OF ISSUER**: [ ]

**NAME OF BROKER**: [ ]

**SCHEDULE TO AGREEMENT DATED**:

The Broker hereby authorizes the Intermediary Manager or its agent to deposit shareholder servicing and/or distribution fee and other payments due to it pursuant to the Selected Intermediary Agreement to its bank account specified below. This authority will remain in force until the Broker notifies the Intermediary Manager in writing to cancel it. In the event that the Intermediary Manager deposits funds erroneously into the Broker's account, the Intermediary Manager is authorized to debit the account with no prior notice to the Broker for an amount not to exceed the amount of the erroneous deposit.

Bank Name:

Bank Address:

Bank Routing Number:

Account Number:

---

| | |
|:---|:---|
| "BROKER" | "BROKER" |
| (Print Name of Broker) | (Print Name of Broker) |
| By: |  |
|  | Name: |
|  | Title: |
|  | Date: |

---

SCHEDULE III

TO

SELECTED INTERMEDIARY AGREEMENT WITH

GUGGENHEIM FUNDS DISTRIBUTORS, LLC

Every United States state or jurisdiction, including the District of Columbia and Puerto Rico.

------

IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be executed as of the date first written above.

---

| | |
|:---|:---|
| "INTERMEDIARY MANAGER" | "INTERMEDIARY MANAGER" |
| guggenheim funds distributors, llc | guggenheim funds distributors, llc |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| "BROKER" | "BROKER" |
| (Print Name of Broker) | (Print Name of Broker) |
| By: |  |
|  | Name: |
|  | Title: |

---

## Ex-99

**Exhibit (h)(3)**

**GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND**

**DISTRIBUTION AND SERVICING PLAN** 

January 14, 2026

This Distribution and Servicing Plan (the "Plan") has been adopted in conformity with Rule 12b-1 (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), by Guggenheim Investments Private Credit Fund, a Delaware statutory trust (the "Fund"), with respect to its classes of shares of beneficial interest (each, a "Class") listed on Appendix A, as amended from time to time, subject to the terms and conditions set forth herein.

**1.** **Distribution Fee and Shareholder Servicing Fee** 

The Fund may pay to Guggenheim Funds Distributors, LLC (the "Intermediary Manager"), in its capacity as principal intermediary manager of the Fund's shares of beneficial interest, with respect to and at the expense of each Class listed on Appendix A, a fee for (i) distribution and sales support services (the "Distribution Fee"), as applicable, and/or (ii) shareholder services (the "Shareholder Servicing Fee"), and each as more fully described below (together, the "Shareholder Servicing and/or Distribution Fee"), such fee to be paid at the rate per annum of the aggregate net asset value ("NAV") as of the beginning of the first calendar day of each applicable month of the Class specified with respect to such Class under the column "Shareholder Servicing and/or Distribution Fee" on Appendix A. The Distribution Fee under the Plan will be used primarily to compensate the Intermediary Manager for such services provided in connection with the offering and sale of shares of the applicable Class, and to reimburse the Intermediary Manager for related expenses incurred, including payments by the Intermediary Manager to compensate or reimburse brokers, other financial institutions or other industry professionals (collectively, "Selling Agents"), for distribution services and sales support services provided and related expenses incurred by such Selling Agents. Payments of the Distribution Fee on behalf of a particular Class must be in consideration of services rendered for or on behalf of such Class. However, joint distribution or sales support financing with respect to the shares of the Class (which financing may also involve other investment portfolios or companies that are affiliated persons of such a person, or affiliated persons of the Intermediary Manager) are permitted in accordance with applicable law. Payments of the Shareholder Servicing Fee will be used to compensate the Intermediary Manager for personal services and/or the maintenance of shareholder accounts services provided to shareholders in the related Class and to reimburse the Intermediary Manager for related expenses incurred, including payments by the Intermediary Manager to compensate or reimburse brokers, dealers, other financial institutions or other industry professionals that are furnishing such services. Payments of the Shareholder Servicing and/or Distribution Fee may be made without regard to expenses actually incurred. All or a portion of the Shareholder Servicing Fee and/or Distribution Fee may be used to pay for sub-transfer agency, sub-accounting and certain other administrative services.

**2.** **Calculation and Payment of Fees** 

The amount of the Shareholder Servicing and/or Distribution Fee payable with respect to each Class listed on Appendix A will be calculated at the rate per annum of the aggregate NAV as of the beginning of the first calendar day of each applicable month, payable monthly in arrears, at the applicable annual rates indicated on Appendix A. The Shareholder Servicing and/or Distribution Fee will be calculated and paid separately for each Class.

**3.** **Approval of Plan** 

The Plan will become effective, as to any Class (including any Class not currently listed on Appendix A), upon its approval by (a) a majority of the Board of Trustees, including a majority of the Trustees who are not "interested persons" (as defined in the 1940 Act) of the Fund and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan ("Qualified Trustees"), pursuant to a vote cast in person at a meeting called for the purpose of voting on the approval of the Plan (or as may otherwise be permitted by applicable law and regulations or by orders of the Securities and Exchange Commission), and (b) if the Plan is adopted for a Class after any public offering of shares of the Class or the sale of shares of the Class to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters, a majority of the outstanding voting securities (as defined in the 1940 Act) of such Class.

**4.** **Continuance of the Plan** 

The Plan will continue in effect with respect to a Class for one year from the date of execution, and from year to year thereafter indefinitely so long as such continuance is specifically approved at least annually by the Fund's Board of Trustees in the manner described in Section 3(a) above.

**5.** **Implementation** 

All agreements with any person relating to implementation of this Plan with respect to any Class shall be in writing, and any agreement related to this Plan with respect to any Class shall provide: (a) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Qualified Trustees or by a majority vote of the outstanding voting securities of the relevant Class, on not more than 60 days' written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment (as defined under the 1940 Act).

**6.** **Termination** 

This Plan may be terminated at any time with respect to the shares of any Class by vote of a majority of the Qualified Trustees, or by a majority vote of the outstanding voting securities of the relevant Class.

**7.** **Amendments** 

The Plan may not be amended with respect to any Class so as to increase materially the amount of the Shareholder Servicing and/or Distribution Fee with respect to such Class without approval in the manner described in Section 3(a) above and by a majority vote of the outstanding voting securities of the relevant Class. All material amendments to this Plan shall be approved in the manner provided for approval of this Plan in Section 3(a) above.

**8.** **Written Reports** 

While the Plan is in effect, the Fund's Board of Trustees will receive, and the Trustees will review, at least quarterly, written reports complying with the requirements of the Rule, which set out the amounts expended under the Plan and the purposes for which those expenditures were made.

**9.** **Preservation of Materials** 

The Fund will preserve copies of the Plan, any agreement relating to the Plan and any report made pursuant to Section 8 above, for a period of not less than six years (the first two years in an easily accessible place) from the date of the Plan, agreement or report.

APPENDIX A TO DISTRIBUTION AND SERVICING PLAN

GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND

---

| | |
|:---|:---|
| **Class of Shares of Beneficial Interest**  | **Shareholder Servicing and/or Distribution Fee** |
| Class I Shares | N/A |
| Class S Shares | 0.85% Shareholder Servicing and/or Distribution Fee |
| Class D Shares | 0.25% Shareholder Servicing and/or Distribution Fee |

---

## Ex-99

**Exhibit (j)**<br>

 **BNY AND CUSTOMER CONFIDENTIAL**

 **EXECUTION**

 **CUSTODY AGREEMENT**<br>**By and Between**<br>**THE BANK OF NEW YORK MELLON**

 **And**

 **EACH GUGGENHEIM BUSINESS DEVELOPMENT COMPANY (OR CUSTOMER) DESCRIBED HEREIN**

 **BNY AND CUSTOMER CONFIDENTIAL**

 **EXECUTION**

---

| | | | |
|:---|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| **1.** | **DEFINITIONS** | **DEFINITIONS** | **1** |
| **2.** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **3** |
|  | 2.1 | Appointment of Custodian | 3 |
|  | 2.2 | Establishment of Accounts | 4 |
| **3.** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC** |  |
|  | **ACCESS** | **ACCESS** | **4** |
|  | 3.1 | Authorized Persons | 4 |
|  | 3.2 | Instructions | 5 |
|  | 3.3 | BNY Actions Without Instructions | 5 |
|  | 3.4 | Funds Transfers | 6 |
|  | 3.5 | Electronic Access | 7 |
| **4.** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **7** |
|  | 4.1 | Use of Subcustodians and Depositories | 7 |
|  | 4.2 | Liability for Subcustodians | 8 |
|  | 4.3 | Liability for Depositories | 8 |
|  | 4.4 | Use of Agents | 8 |
| **5.** | **CORPORATE ACTIONS** | **CORPORATE ACTIONS** | **8** |
|  | 5.1 | Notification | 8 |
|  | 5.2 | Exercise of Rights | 8 |
|  | 5.3 | Partial Redemptions, Payments, Etc. | 9 |
| **6.** | **SETTLEMENT** | **SETTLEMENT** | **9** |
|  | 6.1 | Settlement Instructions | 9 |
|  | 6.2 | Settlement Funds | 9 |
|  | 6.3 | Settlement Practices | 9 |
| **7.** | **TAX MATTERS** | **TAX MATTERS** | **9** |
|  | 7.1 | Tax Obligations | 9 |
|  | 7.2 | Payments | 10 |
| **8.** | **CREDITS AND ADVANCES** | **CREDITS AND ADVANCES** | **11** |
|  | 8.1 | Contractual Settlement and Income | 11 |
|  | 8.2 | Advances | 11 |
|  | 8.3 | Payment | 11 |
|  | 8.4 | Securing Payment | 11 |
|  | 8.5 | Setoff | 12 |
|  | 8.6 | Currency Conversion | 12 |
| **9.** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA** | **12** |
|  | 9.1 | Statements | 12 |
|  | 9.2 | Books and Records | 13 |
|  | 9.3 | Third Party Data | 13 |

---

i

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **EXECUTION** |
| **10.** | **DISCLOSURES** | **DISCLOSURES** | **13** |
|  | 10.1 | Required Disclosure | 13 |
|  | 10.2 | Foreign Exchange Transactions | 14 |
|  | 10.3 | Investment of Cash | 14 |
| **11.** | **REGULATORY MATTERS** | **REGULATORY MATTERS** | **14** |
|  | 11.1 | USA PATRIOT Act | 14 |
|  | 11.2 | Sanctions; Anti-Money Laundering | 15 |
| **12.** | **COMPENSATION** | **COMPENSATION** | **16** |
|  | 12.1 | Fees and Expenses | 16 |
|  | 12.2 | Other Compensation | 16 |
| **13.** | **REPRESENTATIONS, WARRANTIES AND COVENANTS** | **REPRESENTATIONS, WARRANTIES AND COVENANTS** | **16** |
|  | 13.1 | BNY | 16 |
|  | 13.2 | Customer | 17 |
| **14.** | **LIABILITY** | **LIABILITY** | **17** |
|  | 14.1 | Standard of Care | 17 |
|  | 14.2 | Limitation of Liability | 17 |
|  | 14.3 | Force Majeure | 19 |
|  | 14.4 | Indemnification | 19 |
| **15.** | **CONFIDENTIALITY** | **CONFIDENTIALITY** | **19** |
|  | 15.1 | Confidentiality Obligations | 19 |
|  | 15.2 | Exceptions | 19 |
| **16.** | **TERM AND TERMINATION** | **TERM AND TERMINATION** | **20** |
|  | 16.1 | Term | 20 |
|  | 16.2 | Termination | 20 |
|  | 16.3 | Effect of Termination | 20 |
|  | 16.4 | Survival | 20 |
| **17.** | **GENERAL** | **GENERAL** | **21** |
|  | 17.1 | Non-Custody Assets | 21 |
|  | 17.2 | Assignment | 21 |
|  | 17.3 | Amendment | 21 |
|  | 17.4 | Governing Law/Forum | 21 |
|  | 17.5 | Business Continuity/Disaster Recovery | 22 |
|  | 17.6 | Non-Fiduciary Status | 22 |
|  | 17.7 | Notices | 22 |
|  | 17.8 | Entire Agreement | 22 |
|  | 17.9 | No Third Party Beneficiaries | 22 |
|  | 17.10 | Counterparts | 22 |
|  | 17.11 | Interpretation | 23 |
|  | 17.12 | No Waiver | 23 |
|  | 17.13 | Headings | 23 |
|  | 17.14 | Severability | 23 |
|  | 17.15 | Limitation of Liability of the Trustees and Shareholders | 24 |
|  | 17.16 | Loan Servicing | 24 |

---

ii

 **EXECUTION**

 **CUSTODY AGREEMENT**

This Custody Agreement is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY**"), and Guggenheim Investments Private Credit Fund a Delaware statutory trust ("**Customer**"). BNY and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

 **RECITALS**

WHEREAS, Customer wishes to appoint BNY as the custodian of certain of its assets, and BNY is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, the Parties agree as follows.

 **1. DEFINITIONS**

Whenever used in this Agreement, the following words have the meanings set forth below:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended.

"**Account**" or "**Accounts**" has the meaning set forth in Section 0.

"**Act**" has the meaning set forth in Section 0.

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Affiliate Securities**" has the meaning set forth in Section 0.

"**Agreement**" means, collectively, this Custody Agreement, any Appendices and Exhibits hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering Control Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 0.

"**Authorized Person**" has the meaning set forth in Section 0.

 **EXECUTION**

"**BNY**" has the meaning set forth in the introductory paragraph.

"**Breach Notice**" has the meaning set forth in Section 16.2(a).

"**Breach Termination Notice**" has the meaning set forth in Section 16.2(a).

"**Cash**" means the money and currency of any jurisdiction which BNY accepts for deposit in an Account.

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party (including, with respect to Customer, information regarding the Accounts and including, with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Data Terms Website**" means *http://www.bny.com/products/assetservicing/vendoragreement.pdf* or any successor website the address of which is provided by BNY to Customer.

"**Depository**" means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Electronic Signature**" means an image, representation or symbol inserted into an electronic copy of the Agreement by electronic, digital or other technological methods.

"**Foreign Depository**" means an "Eligible Securities Depository" (as defined in Rule 17f-7 under the 1940 Act) identified by BNY to Customer from time to time.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY by way of (a) one of the following methods (each as and to the extent specified by BNY as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by the Parties and that appear on their face to have been transmitted by an Authorized Person.

 **EXECUTION**

"**Key Personnel**" means the designated primary relationship individual and client service individual assigned to Customer as of the Effective Date.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY.

"**Non-Custody Assets**" has the meaning set forth in Section 0.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY under permissible circumstances agreed by Customer and BNY, all in such manner and in accordance with such testing and authentication procedures as the Parties shall agree upon from time to time, and reasonably believed by BNY to be from an Authorized Person.

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Securities**" means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive, subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY and Customer and which are from time to time delivered to or received by BNY and/or any Subcustodian for deposit in an Account.

"**Series**" means the respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix I to this Agreement then a reference to a Series means Customer.

"**Standard of Care**" has the meaning set forth in Section 0.

"**Subcustodian**" means a bank or other financial institution (other than a Depository) that is selected and used by BNY or a BNY Affiliate (acting as subcustodian) in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of, any of the foregoing.

"**Tax Information**" means all accurate, relevant and necessary information with respect to the Accounts or with respect to Customer's identification or classification for purposes of Tax Obligations, in each case as may be required by applicable tax laws or by a tax authority inquiry, or as may be requested by BNY in connection with the matters in Section 0.

 **EXECUTION**

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Third Party Data**" has the meaning set forth in Section 0.

 **2. APPOINTMENT OF CUSTODIAN; ACCOUNTS**

&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Appointment of Custodian** 

Customer hereby appoints BNY as custodian of all Securities, and Cash to be held under, and in accordance with the terms of, this Agreement (collectively, "**Assets**"), and BNY hereby accepts such appointment. BNY agrees to perform its duties under this Agreement in accordance with the provisions of this Agreement and in accordance with statutes, laws, rules and regulations applicable to BNY's performance of the services set forth in this Agreement. The Parties acknowledge and agree that BNY's duties pursuant to such appointment will be limited solely to those duties expressly undertaken pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding the foregoing, BNY
has no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Assets until they
are actually received in an Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To inquire into, make recommendations,
supervise or determine the suitability of any transactions affecting any Account or to question any Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To monitor the Securities in the Accounts
to determine whether Customer complies with limitations on ownership or any restrictions on investors provided for by local law, regulations
or market practice, or provisions in the issuer's articles of incorporation or by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To determine the adequacy of title
to, or the validity or genuineness of, any Assets received by it or delivered by it pursuant to this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) With respect to any matters related
to: the establishment, maintenance, operation or termination of Customer; or the offer, sale or distribution of the shares of, or interests
in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Operational terms, procedures and processes
supporting the services described herein are set out in a separate service level description, a current version of which will be available
upon request at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Cash held hereunder may be subject
to additional deposit terms and conditions issued by BNY or the applicable Subcustodian from time to time, including rates of interest
and deposit account access.

 **EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Customer engages in securities lending
activities, such activities will be subject to certain additional and/or modified terms to be set forth in a separate written agreement
between Customer and BNY or a BNY Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Customer engages in transactions
that require posting margin or collateral with a counterparty (for example, uncleared derivatives transactions or To-Be-Announced transactions),
other than margin posted in reliance on Rule 17f-6 under the Investment Company Act and other exemptive or no-action relief under Section
17(f) of the Investment Company Act, such activities will be subject to a separate written agreement (an account control agreement) among
the Customer, BNY and the relevant counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Establishment of Accounts** 

BNY will establish and maintain a separate account for each Series in which BNY will hold Assets relating to the relevant Series as provided herein (each, an "**Account**," and collectively, the "**Accounts**"). The Account of each Series established under this Agreement shall be maintained separately from the Account of each other Series.

 **3. AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS**

&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY with one or more written lists or other documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer (with respect to a particular Series, if applicable) with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided
in this Agreement, BNY will have no obligation to take any action hereunder unless and until it receives Instructions issued in accordance
with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer will be responsible for ensuring
that (i) only Authorized Persons issue Instructions to BNY and (ii) all Authorized Persons safeguard and treat with extreme care any
user and authorization codes, passwords and authentication keys used in connection with the issuance of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where Customer may or is required to
issue Instructions, such Instructions will be issued by an Authorized Person.

 **EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY will be entitled to deal with any
Authorized Person until notified otherwise pursuant to Instructions, and will be entitled to act in accordance with and rely upon any
Instruction received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Instructions must include all information
necessary, and must be delivered using such methods as are described in the definition of "Instructions" and in such format
as BNY may reasonably require and be received within BNY's established cut-off times and otherwise in sufficient time, to enable
BNY to act upon such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY may in its sole discretion decline
to act upon any Instructions that do not comply with requirements set forth in Section 0 or that conflict with applicable law or regulations
or BNY's operating policies and practices, in which event BNY will promptly notify Customer unless prevented from doing so by applicable
law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer acknowledges that while it
is not part of BNY's normal practices and procedures to accept Oral Instructions, BNY may in certain limited circumstances accept
Oral Instructions. In such event, such Oral Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized
Person issuing such an Oral Instruction will promptly confirm such Oral Instruction to BNY in writing. Notwithstanding the foregoing,
Customer agrees that the fact that such written confirmation is not received by BNY, or that such written confirmation contradicts the
Oral Instruction, will in no way affect (i) BNY's reliance on such Oral Instruction or (ii) the validity or enforceability of transactions
authorized by such Oral Instruction and effected by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Customer acknowledges and agrees that
it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to BNY and that there
may be more secure methods of transmitting Instructions than the method selected by the sender. Customer agrees that the security procedures,
if any, to be followed by Customer and BNY with respect to the transmission and authentication of Instructions provide to Customer a
commercially reasonable degree of protection in light of its particular needs and circumstances.

 **3.3 BNY Actions Without Instructions**

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY, without Instructions, to take any administrative or ministerial actions with respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive income and other payments due
to the Accounts; provided, however, that BNY will have no duty to pursue collection of any amount due to an Account, including for Securities
in default, if such amount is not paid when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Carry out any exchanges of Securities
or other corporate actions not requiring discretionary decisions;

 **EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Facilitate access by Customer or its
designee to ballots or online systems that provide (i) notice of proxies received by BNY in its capacity as custodian for eligible positions
of Securities held in the Accounts (excluding bankruptcy matters) and (ii) assist Customer or its designee in the voting of such proxies,
all of which will be exercised by Customer or its designee and not by BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Forward to Customer or its designee
information (or summaries of information) that BNY receives in its capacity as custodian from Depositories or Subcustodians concerning
Securities in the Accounts (excluding bankruptcy matters);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Forward to Customer or its designee
an initial notice of bankruptcy cases relating to Securities held in the Accounts and a notice of any required action related to such
bankruptcy cases as may be received by BNY in its capacity as custodian. BNY will take no further action nor provide further notification
related to the bankruptcy case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise elected by Customer,
and in accordance with BNY's standard terms and conditions, provide class action filing services for settled claims related to Securities
with industry recognized identifiers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Endorse for collection checks, drafts
or other negotiable instruments received for the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Execute and deliver, solely in its
capacity as custodian, certificates, documents or instruments incidental to BNY's performance under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon presentment of a check pursuant
to a check redemption process agreed between Customer and BNY, unless otherwise instructed pursuant to instructions, charge the amount
of the check against the cash held in the Account of the relevant Series. If BNY receives timely instructions that a check is not to
be honored, BNY will return the check unpaid.

 **3.4 Funds Transfers**

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

 **3.5 Electronic Access**

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a

 **EXECUTION**

separate written agreement between the Parties or their Affiliates. However, if an Authorized Person elects, with BNY's prior consent, to transmit Instructions through a third-party electronic communications service, BNY will not be responsible or liable for the reliability or availability of any such service.

 **4. SUBCUSTODIANS, DEPOSITORIES AND AGENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Use of Subcustodians and Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY will be entitled to utilize Subcustodians
and Depositories in connection with its performance hereunder; provided that BNY will not utilize a Subcustodian that is an "Eligible
Foreign Custodian" (as defined in Rule 17f-5 under the 1940 Act) to hold "Foreign Assets" (as defined in such Rule 17f-5)
until after BNY is informed, pursuant to such means as determined by BNY, that Customer's board of directors or similar governing
body or Customer's "Foreign Custody Manager" (as defined in such Rule 17f-5) has determined that utilization of such Subcustodian
satisfies the applicable requirements of such Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY will only utilize Subcustodians
that have entered into an agreement with BNY or a BNY Affiliate, and Assets held through a Subcustodian will be held subject to the terms
and conditions of such Subcustodian's respective agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assets deposited in a Depository will
be held subject to the rules, procedures, terms and conditions of such Depository. Subcustodians may hold Assets in Depositories in which
such Subcustodians participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with each Depository
utilized by BNY that is a "securities depository" (as defined in Rule 17f-4 under the 1940 Act), BNY (a) will exercise due
care in accordance with reasonable commercial standards in discharging its duties as a securities intermediary to obtain and thereafter
maintain Securities or financial assets deposited or held in such Depository and (b) will provide, promptly upon request by Customer,
such reports as are available concerning the internal accounting controls and financial strength of BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to each Foreign Depository,
BNY will exercise reasonable care, prudence and diligence (a) to provide Customer with an analysis of the custody risks associated with
maintaining assets with the Foreign Depository and (b) to monitor such custody risks on a continuing basis and promptly notify Customer
of any material change in such risks. Customer acknowledges and agrees that such analysis and monitoring will be made on the basis of,
and limited by, information gathered from certain Subcustodians or through publicly available information otherwise obtained by BNY,
and will not include any evaluation of the matters referenced in Section 14.2(b)(i). If a custody arrangement with a Foreign Depository
no longer meets the requirements of Rule 17f-7 under the 1940 Act, and the Customer directs that the Customer's Foreign Assets must
be withdrawn from the depository, Custodian will, subject to market, regulatory and legal limitations, withdraw such assets as soon as
reasonably practicable.

 **EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise required by local
law or practice or a particular Subcustodian agreement, Assets deposited with Subcustodians or Depositories may be held in a commingled
account in the name of, as applicable, BNY, a BNY Affiliate or the applicable Subcustodian, for its clients.

&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Liability for Subcustodians** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY will exercise the Standard of Care
in selecting, retaining and monitoring Subcustodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to Assets held by a Subcustodian,
BNY will be liable to Customer for the activities of such Subcustodian under this Agreement to the extent that BNY would have been liable
to Customer under this Agreement if BNY had performed such activities itself in the relevant market in which such Subcustodian is located;
provided, however, that with respect to Securities held by a Subcustodian that is not a BNY Affiliate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY's liability will be limited
solely to the extent resulting directly from BNY's failure to exercise the Standard of Care in selecting, retaining, and monitoring
such Subcustodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that BNY is not liable
pursuant to Section 0, BNY's sole responsibility to Customer will be to: (A) take reasonable and appropriate action to recover from
such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY in connection
therewith).

&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Liability for Depositories** 

BNY will have no responsibility or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on the transfer or holding of Assets held with such Depository.

&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Use of Agents** 

BNY may appoint agents, including BNY Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except as otherwise specifically provided herein, no such appointment will discharge BNY from its obligations hereunder.

 **5. CORPORATE ACTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Notification** 

BNY will notify Customer or its designee of rights or discretionary corporate actions as promptly as practicable under the circumstances, provided that BNY has actually received, in its capacity as custodian, notice of such right or discretionary corporate action from the relevant issuer, or from a Subcustodian, Depository or third party vendor. Without actual

 **EXECUTION**

receipt of such notice by BNY, BNY will have no responsibility or liability for failing to so notify Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Exercise of Rights** 

Whenever there are voluntary rights that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its designee will be responsible for making any decisions relating thereto and for instructing BNY to act. In order for BNY to act, Customer must issue Instructions using, or directly referencing, the BNY-issued corporate actions instruction form, and include all the required information fields therein. Such Instructions must be addressed as BNY may request, by the deadline specified by BNY in its sole discretion from time to time, together with any amount which is required to be paid in carrying out any such action. In the event BNY does not receive such Instructions together with any required amount prior to its specified deadlines, BNY will not be liable for failure to take any actions relating to, or to exercise any rights conferred by, such Securities.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Partial Redemptions, Payments, Etc.** 

BNY will advise Customer or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with respect to a Security affecting fewer than all such Securities held within an Account. If BNY or any Subcustodian or Depository holds any Securities affected by one of the events described, BNY or such Subcustodian or Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.

 **6. SETTLEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Settlement Instructions** 

Promptly after the execution of each Securities transaction, Customer will issue to BNY Instructions to settle such transaction. Unless otherwise agreed by BNY and subject to Section 0, Assets will be credited to the relevant Account only when actually received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Settlement Funds** 

For the purpose of settling a Securities transaction, Customer will provide BNY with sufficient immediately available funds or Securities, as applicable, in the relevant Account by such time and date as is required to enable BNY to settle such transaction in the country of settlement and in the currency to be used to settle such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Settlement Practices** 

Securities transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. BNY will provide or make available to Customer market information and market profiles about the customary settlement practices in

 **EXECUTION**

available jurisdictions and markets. Customer understands that when BNY is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment related to such Securities may not be completed simultaneously and can also be made without payment. Customer assumes full responsibility for all risks involved in connection with BNY's delivery of Securities or Cash in accordance with such practices.

 **7. TAX MATTERS**

&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Tax Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that BNY has received
the Tax Information within the time stipulated, BNY will perform the following services with respect to Tax Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless prohibited by law or regulation,
at the reasonable request of Customer, BNY will provide to Customer such information received by BNY in its capacity as custodian that
could, in Customer's reasonable belief, assist Customer or its designee in the submission of any reports or returns with respect
to Tax Obligations. An Authorized Person will inform BNY in writing as to which party or parties will receive information from BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY will, upon receipt of sufficient
Tax Information from Customer (as reasonably determined by BNY), file claims for exemptions or refunds with respect to withheld taxes
in those markets where it provides such services and subject to BNY's service level description (in each case as made available
to Customer from time to time). Where Customer (for whatever reason) fails or neglects to provide BNY with or to review and confirm the
Tax Information within the time stipulated by BNY, then such failure or neglect may result in the disapplication of withholding tax relief
or the obligation on Customer to immediately return amounts already refunded by a tax authority. Customer may, however, elect to appoint
its own tax agent to file claims for exemptions or refunds in any or all markets, with advance notice to BNY of such appointment and
subject to such terms as separately agreed in writing between Customer and BNY; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY or the applicable Subcustodian
will withhold appropriate amounts, as required by applicable tax laws, with respect to amounts received and is authorized to debit the
relevant Account in the amount of a Tax Obligation and to pay such amount to the appropriate taxing authority.

Customer's receipt of the foregoing services is dependent upon its subscription to BNY's information reporting system, and Customer will be responsible for enrolling its designated Authorized Persons in such system. Customer acknowledges that BNY may, at any time, amend the scope of its tax service offering and reasonable notice of such changes will be made available to BNY's customers through its information reporting system. Such changes may require additional documentation, attestations or declarations to be entered into by

 **EXECUTION**

Customer in order to continue receiving the relevant tax service in a particular market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges that BNY is a
service provider and not an economic beneficiary of any transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will be responsible for understanding
its Tax Obligations, and will be solely responsible and liable for all Tax Obligations with respect to any Assets held on behalf of Customer
and any transaction related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer will provide BNY with Tax
Information to enable BNY to comply with BNY's obligations under any applicable tax laws or with any tax authority enquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer acknowledges and agrees that
none of BNY nor any BNY Affiliate is a tax adviser and none of BNY nor any BNY Affiliate will, under any circumstances, provide tax advice
to Customer. Customer will obtain its own independent tax advice for any tax-related matters or Tax Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Payments** 

Where BNY receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third party service providers, Customer acknowledges that in making such payments BNY is acting in an administrative capacity, and not as the payor, for tax information reporting and withholding purposes.

 **8. CREDITS AND ADVANCES**

&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Contractual Settlement and Income** 

BNY may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, or interest, dividends or other distributions payable on Securities prior to its actual receipt thereof. All such credits will be conditional until BNY's actual receipt of such proceeds and may be reversed by BNY to the extent that such proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and the transaction will not be considered final, until BNY has received sufficient immediately available funds or Securities specifically applicable to such transaction that, under applicable local law, rule or practice, are irreversible.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Advances** 

If BNY receives an Instruction that, if processed, would result in an overdraft in an Account, BNY may, in its sole discretion, advance funds in the relevant currency hereunder; however, BNY will have no obligation to advance its own funds.

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&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Payment** 

If: (a) BNY has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY, Customer agrees to pay BNY (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at the rate charged by BNY to its institutional custody clients in the relevant currency at the time of the event.

&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Securing Repayment** 

In order to secure repayment of Customer's obligations and liabilities relating to a Series (whether or not matured) to BNY or any BNY Affiliate, relating to or arising under this Agreement or any other agreement with BNY or any BNY Affiliate, and in addition to any preference, lien or other rights and security interest to which BNY or such BNY Affiliate may be entitled under applicable law or any other agreement, Customer hereby pledges and grants to BNY and such BNY Affiliate, and agrees BNY and such BNY Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's and such Series' right, title and interest in and to the Account relating to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY or any BNY Affiliate relating to such Series; provided that Customer does not hereby grant a security interest in any Securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act and related implementing regulations (Regulation W, 12 C.F.R. part 223)) of BNY (such securities, "**Affiliate Securities**") with the exception of Affiliate Securities that (i) constitute "eligible affiliated mutual fund securities" as defined in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)) and (ii) meet the requirements in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)). Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY or any BNY Affiliate relating to Customer, free and clear of all liens, claims and security interests (except for those granted in accordance with this Agreement or as otherwise acknowledged in writing by BNY), and that the first lien and security interest granted herein with respect to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute). Customer will take any additional steps required to assure BNY of such priority security interest, including notifying third parties or obtaining their consent. BNY will be entitled to collect from the relevant Account sufficient Cash for reimbursement, and if such Cash is insufficient, to sell Securities in such Account to the extent necessary to obtain reimbursement. In this regard, BNY will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then in effect as if Customer or the relevant Series is in default.

&nbsp;&nbsp;&nbsp;&nbsp;**8.5** **Setoff** 

BNY has the right to debit any Cash for any amount payable by Customer in connection with any and all obligations (whether or not matured) of Customer relating to a Series to

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BNY or any BNY Affiliate, relating to or arising under this Agreement or any other agreement with BNY or any BNY Affiliate. In addition to the rights of BNY or such BNY Affiliate under applicable law or any other agreement, at any time when Customer has not honored any of its obligations relating to a Series to BNY or such BNY Affiliate, BNY will have the right without notice to Customer to retain or set-off against any obligations relating to such Series any cash BNY or any BNY Affiliate may directly or indirectly hold with respect to such Series, and any obligations (whether or not matured) that BNY or any BNY Affiliate may have with respect to such Series in any currency. BNY will endeavor in good faith to notify the Customer of any such setoffs, with such notice to include an explanation of such setoffs and any remaining applicable obligations of the Customer to BNY, provided that failure to provide such notice by Custodian shall not have direct bearing on its entitlement hereunder to exercise such set off rights. Any such cash or obligation relating to a Series may be transferred to BNY and any BNY Affiliate in order to effect the above rights.

&nbsp;&nbsp;&nbsp;&nbsp;**8.6** **Currency Conversion** 

BNY is hereby authorized to effect any necessary currency conversions in order to exercise its rights under this Section 0 at BNY's own rate of exchange then prevailing.

 **9. STATEMENTS; BOOKS AND RECORDS; THIRD PARTY DATA**

&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Statements** 

BNY will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree upon from time to time). Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY, notify BNY of any exception or objection thereto. Notwithstanding the foregoing, Customer may notify BNY of any such exceptions or objections at any time; provided, however, that BNY will not be responsible or liable for any losses that could have been mitigated had such notice been provided during such ninety (90) day period.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Books and Records** 

The books and records, directly pertaining to the Accounts, which are in the possession of BNY will be the property of Customer. Such books and records will be prepared and maintained as required by the 1940 Act and the rules thereunder. In addition, upon notification by Customer that it is in receipt of or otherwise subject to a court order, regulatory request or order, subpoena, or other similar action or context necessitating the preservation of certain records maintained by BNY for the Customer, BNY shall promptly implement reasonable measures to preserve such records in accordance with the duration or other direction specified by the Customer in accordance with BNY's policies and procedures and cooperate in the provision to Customer of such records; provided, however, that if BNY is not able to accommodate any such request, it will reasonably assist Customer

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in its efforts to preserve such records, including by transmitting such records to Customer. BNY will identify on its books and records the Assets belonging to Customer with respect to each Series whether held directly or indirectly through Subcustodians or Depositories. Securities held in the Accounts will be held in registered form in the name of BNY or one of its nominees and will be segregated on BNY's books and records from BNY's own property. Copies of all such records shall be furnished promptly to the Series upon request from Customer, including in connection with any regulatory request or examination, and shall at all times during the regular business hours of BNY be open for inspection by duly authorized officers or employees of the Customer or its designee. Any such access will be subject to BNY's applicable security policies and procedures. Third Party Data

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Customer acknowledges that BNY will be receiving, utilizing and relying on Market Data and other data provided by Customer and/or by third parties in connection with its performance of the services hereunder (collectively, "**Third Party Data**"). BNY is entitled to rely without inquiry on all Third Party Data provided to BNY hereunder (and all Instructions related to Third Party Data), and BNY makes no assurances or warranties in relation to the accuracy or completeness of Third Party Data and will not be responsible or liable for any losses or damages incurred as a result of any Third Party Data that is inaccurate or incomplete. BNY may follow Instructions with respect to Third Party Data, even if such Instructions direct BNY to override its usual procedures and data sources or if BNY, in performing services for itself or others (including services similar to those performed for Customer), receives different Third Party Data for the same or similar Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Although statements and reports provided by BNY hereunder with respect to the Accounts may contain values of, and pricing information in relation to, Securities held pursuant to this Agreement, BNY does not undertake any duty or responsibility under this Agreement to report such values or pricing information.

Certain Market Data may be the intellectual property of Market Data Providers, which impose additional terms and conditions upon Customer's use of such Market Data. Such additional terms and conditions can be found on the Data Terms Website. Customer agrees to those terms and conditions as they are posted on the Data Terms Website from time to time. BNY will post updates to the Data Terms to the Data Terms Website.

 **10. DISCLOSURES**

&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Required Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Securities that are
registered under the U.S. Securities Exchange Act of 1934, as amended, or that are issued by an issuer registered under the 1940 Act,
the U.S. Shareholder Communications Act of 1985 (the "**Act**") requires BNY to disclose to issuers of such Securities,
upon their request, the name, address and securities position of BNY's clients who are "beneficial owners" (as defined
in the Act) of the issuer's Securities, unless the beneficial owner objects to such disclosure. The Act defines a "beneficial
owner" as any person who has or shares the power to vote a security (pursuant to an agreement or

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otherwise) or who directs the voting of a security. Customer has designated on the signature page hereof whether (i) as beneficial owner, it objects to the disclosure of its name, address and securities position to any U.S. issuer that requests such information pursuant to the Act for the specific purpose of direct communications between such issuer and Customer or (ii) it requires BNY to contact the relevant investment manager with respect to relevant Securities to make the decision as to whether it objects to the disclosure of the beneficial owner's name, address and securities position to any U.S. issuer that requests such information pursuant to the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to certain Securities
issued outside the United States, BNY may disclose information to issuers of Securities as required by the organizational documents of
the relevant issuer or in accordance with local market practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any disclosure contemplated
by this Section 0, Customer agrees to supply BNY with any required information.

&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Foreign Exchange Transactions** 

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY or a BNY Affiliate acting as a principal through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any terms, rules or limitations that apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY or such BNY Affiliate is acting as a principal counterparty on its own behalf which may retain any profits from such foreign exchange transactions, and is not acting as a fiduciary or agent for, or on behalf of, Customer, a Series, an investment manager or any Account.

&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Investment of Cash** 

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Affiliate or by a client of BNY, and BNY may receive compensation therefrom. By making investment vehicles available, BNY and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account under this Agreement. BNY will have no liability for any loss under this Agreement incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

 **11. REGULATORY MATTERS**

&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **USA PATRIOT Act** 

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY to implement a customer identification program pursuant to which BNY must obtain certain information from Customer in order to verify

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Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY to verify Customer's identity. Customer acknowledges that BNY cannot establish an Account unless and until BNY has successfully performed such verification.

&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Sanctions; Anti-Money Laundering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout the term of this Agreement,
Customer: (i) will have in place and will implement policies and procedures designed to prevent violations of Sanctions, including measures
to accomplish effective and timely scanning of all relevant data with respect to its clients (to the extent the Assets are client assets)
and with respect to incoming or outgoing assets or transactions relating to this Agreement; (ii) will ensure that neither Customer nor
any of its Affiliates, directors, officers, employees or clients (to the extent the Assets are client assets) is an individual or entity
that is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident
in a country or territory that is, or whose government is, the target of Sanctions and (iii) will not, directly or indirectly, use the
Accounts in any manner that would result in a violation by Customer or BNY of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges and agrees that,
in connection with the services provided by BNY under this Agreement, each of Customer's investors is not a customer or joint customer
with BNY. Customer (and not BNY) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to
each of its investors under all Anti-Money Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money Laundering
Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its investors that includes
the following: (i) a know-your-customer program in order to understand and verify the identity of each investor, in accordance with the
requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction surveillance and monitoring program,
and (iii) a policy for identifying and reporting any suspicious transactions and/or activities with respect to each investor to the appropriate
law enforcement and regulatory authorities and to BNY where related to the services provided by BNY hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will promptly provide to BNY
such information as BNY reasonably requests in connection with the matters referenced in this Section 0, including information regarding
(i) the Accounts, (ii) the Assets and the source thereof, (iii) the identity of any individual or entity having or claiming an interest
therein, including any investor, and (iv) Customer's anti-money laundering and Sanctions compliance programs and any related records
and/or transaction information, including with respect to any investor, regardless of whether such request is made under USA PATRIOT
Act Section 314(b) (where applicable). Customer will cooperate with BNY and provide assistance reasonably requested by BNY in connection
with any anti-money laundering and terrorist financing or Sanctions

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inquiries. Prior to delivering to BNY the assets of any investor, Customer will obtain from each such investor, and will continue to maintain in effect throughout the term of this Agreement, any consents or waivers that may be required under applicable law in order to comply with the foregoing obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY may decline to act or provide services
in respect of any Account, and take such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection
with the matters referenced in this Section 0. If BNY declines to act or provide services as provided in the preceding sentence, except
as otherwise prohibited by applicable law or official request, BNY will inform Customer as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) While Customer remains responsible
for the matters set forth in Section 11.2(a) and Section 11.2(b), it is noted that certain duties relating to such matters may be delegated
by Customer to its transfer agent service provider.

&nbsp;&nbsp;&nbsp;&nbsp;**11.3** **Notice of Certain Regulatory Matters** 

At the request of the Customer, and provided that disclosure by BNY is not prohibited by applicable law, rule or agreement between BNY and any governmental authority, BNY will make available to the Customer publicly filed information regarding a criminal or regulatory investigation of BNY. Customer acknowledges and agrees that BNY's failure to make any such information available to Customer shall not be deemed to be a breach of this Agreement.

 **12. COMPENSATION**

&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Fees and Expenses** 

In consideration of BNY's services provided hereunder, Customer will (a) pay to BNY the fees set forth in the fee schedule (as agreed in good faith and as amended from time to time on the mutual agreement of the parties) and (b) reimburse BNY for such reasonable out-of-pocket and incidental expenses incurred by BNY in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY within thirty (30) calendar days of Customer's receipt of the relevant invoice. Customer shall notify BNY in writing within thirty (30) calendar days following receipt of an invoice if Customer is disputing any amounts in good faith. Without limiting BNY's other rights set forth in this Agreement, BNY may charge interest on undisputed amounts that are overdue at a rate then charged by BNY to its institutional custody clients in the relevant currency. The Parties agree that any new fees and/or expenses to be charged to the Customer that are related to any changes to the services required by any new applicable law, rule or regulation shall be agreed upon in advance in writing.

&nbsp;&nbsp;&nbsp;&nbsp;**12.2** **Other Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that, as part
of BNY's compensation, BNY will earn interest on Cash balances held by BNY (including disbursement balances, balances

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arising from purchase and sale transactions and when Cash otherwise remains uninvested) as provided in BNY's compensation disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where an error or omission has occurred
under this Agreement that results in an unintended gain, provided that Customer is put in the same or equivalent position as it would
have been in had such error or omission not occurred, any such gain will be solely for the account of BNY without any duty to report
such gain to Customer.

 **13. REPRESENTATIONS, WARRANTIES AND COVENANTS**

&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **BNY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY represents and warrants that: (a)
it is duly organized, validly existing and in good standing in its jurisdiction of organization; (b) it has the requisite corporate power
and authority to enter into and to carry out the transactions contemplated by this Agreement; (c) the individual executing this Agreement
on its behalf has the requisite authority to bind BNY to this Agreement including by Electronic Signature, and any such Electronic Signature
represents an intent to enter into this Agreement and an agreement with its terms; (d) no legal or administrative proceedings have been
instituted or threatened which would materially impair BNY's ability to perform its duties and obligations under this Agreement;
(e) its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation
of BNY or any law or regulation applicable to it; and, (f) it has and will continue to have access to the necessary facilities, equipment
and personnel to perform its duties and obligations under this Agreement; and (g) it will use adequate numbers of qualified personnel
with suitable training, education, experience and skill to perform the services under this Agreement, and it is skilled and experienced
in providing services similar to the services under this Agreement for customers other than the Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall provide the Customer, as
it may reasonably request, but no more than annually, with a SOC 1 report and, upon request, a SOC 2 report (or any comparable successor
report thereto) by independent public accountants on BNY's system, relating to the services provided by BNY under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY will make commercially reasonable
efforts to not remove or replace with any other person, any Key Personnel without providing notice to Customer unless such Key Personnel
is being terminated or suspended or notification is not practicable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer represents and warrants that:
(i) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (ii) it has the requisite corporate
power and authority to enter into and to carry out the transactions contemplated by this Agreement; and (iii) the individual executing
this Agreement on its behalf has the requisite authority to bind Customer to this Agreement including by Electronic

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Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer represents, warrants and covenants
that (i) it or its agent has determined that the custody arrangements of each Depository maintaining "Foreign Assets" (as defined
in Rule 17f-5 under the 1940 Act) provide reasonable safeguards against the custody risks associated with maintaining assets with such
Depository within the meaning of Rule 17f-7 under the 1940 Act and (ii) it shall manage its borrowings, including without limitation
any advance or overdraft (including any daylight overdraft) in an Account, so that the aggregate of its total borrowings for each Series
do not exceed the amount such Series is permitted to borrow under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer represents and warrants that
all actions taken, or to be taken, by or on behalf of Customer in connection with establishing, maintaining, operating or terminating
Customer (including, any offer, sale or distribution of the shares of, or interest in, Customer) shall be done in compliance with all
applicable U.S. state and federal securities laws and regulations and all other applicable laws and regulations of all applicable jurisdictions.

 **14. LIABILITY**

&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Standard of Care** 

In performing its duties under this Agreement, BNY will exercise the standard of care and diligence that a prudent professional custodian responsible for providing custodial and similar services to registered investment companies would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market and shall act without bad faith, negligence, willful misconduct, willful misfeasance, fraud, or reckless disregard of its duties and obligations under this Agreement ("**Standard of Care**").

&nbsp;&nbsp;&nbsp;&nbsp;**14.2** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY's liability arising out of
or relating to this Agreement will be limited solely to those direct damages that are caused by BNY's failure to perform its obligations
under this Agreement in accordance with the Standard of Care. In no event will BNY be liable for any indirect, incidental, consequential,
exemplary, punitive or special losses or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating
to this Agreement (whether or not foreseeable and even if BNY has been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary
set forth in this Agreement, in no event will BNY be liable for any losses or damages arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's or an Authorized Person's
decision to invest in or hold Assets in any particular country, including any losses or damages arising out of or relating to: (A) the
financial infrastructure of a country; (B) a country's

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prevailing custody and settlement practices; (C) nationalization, expropriation or other governmental actions; (D) a country's regulation of the banking or securities industry; (E) currency and exchange controls, restrictions, devaluations, redenominations, fluctuations or asset freezes; (F) laws, rules, regulations or orders that at any time prohibit or impose burdens or costs on the transfer of Assets to, by or for the account of Customer or (G) market conditions which affect the orderly execution of securities transactions or affect the value of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY's reliance on and acts in
accordance with Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY's receipt or acceptance of
fraudulent, forged or invalid Securities (or Securities which are otherwise not freely transferable or deliverable without encumbrance
in any relevant market);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For any matter with respect to which
BNY is required to act only upon the receipt of Instructions, (A) BNY's failure to act in the absence of such Instructions or (B)
Instructions that are late or incomplete or do not otherwise satisfy the requirements of Section 0, whether or not BNY acted upon such
Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BNY receiving or transmitting any data
to or from Customer or any Authorized Person via any non-secure method of transmission or communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Customer's or an Authorized Person's
decision to invest in Securities or to hold Cash in any currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The insolvency of any Person, including
a Subcustodian that is not a BNY Affiliate, Depository, broker, bank or a counterparty to the settlement of a transaction or to a foreign
exchange transaction, except to the extent arising directly from BNY's failure to exercise the Standard of Care in selecting, retaining,
and monitoring a Subcustodian that is not a BNY Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any inability of BNY, a Subcustodian
or any of their respective agents to file claims for exemptions or refunds or otherwise obtain relief from Tax Obligations due to (A)
Customer's failure to provide, or delay in providing, Tax Information to BNY, (B) any failure of Customer to comply with applicable
tax laws, or (C) any failure or refusal of any taxing authority to provide such relief; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The use of any third party appointed
or selected by Customer, or by BNY at the express request of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If BNY is in doubt as to any action
it should or should not take, either pursuant to, or in the absence of, Instructions, BNY may obtain the advice of either reputable counsel
of its own choosing or counsel to Customer. To the extent BNY notifies

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Customer of such advice, BNY will not be liable for acting in accordance with such advice.

&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Force Majeure** 

BNY will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by natural disasters, fire, acts of God, strikes or other labor disputes, work stoppages, acts of war or terrorism, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint, the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control. BNY will use commercially reasonable methods to notify the Customer upon the occurrence of any such event as soon as reasonably practicable under the relevant circumstances and use commercially reasonable efforts to minimize the effect of any such events. For the avoidance of doubt, the occurrence of any such event will not relieve BNY of its obligations to execute its business continuity and/or disaster recovery plans as described in Section 17.5.

In the event that the Customer reasonably believes that the occurrence of any such event will substantially prevent, hinder or delay performance of the services contemplated by this Agreement for more than three (3) consecutive business days, the Customer may take commercially reasonable actions to mitigate the impact of such services not being provided; provided, that the Customer shall consult with BNY in good faith in connection with any such mitigation and BNY shall provide Customer with reasonable assistance under the relevant circumstances in good faith in connection therewith; provided, further, that BNY shall resume providing, and the Customer shall pay for, such services when BNY resumes providing them, unless the Customer has terminated this Agreement pursuant to the terms of Section 16.2. Notwithstanding anything set forth in this Section 14.3, in no event shall the Customer be obligated to pay any fees under this Agreement to BNY with respect to any services not actually provided during any event described in this Section 14.3.

&nbsp;&nbsp;&nbsp;&nbsp;**14.4** **Indemnification and Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer will indemnify and hold harmless
BNY from and against all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and expenses) incurred by
BNY arising out of or relating to BNY's performance under this Agreement, except to the extent resulting from BNY's failure
to perform its obligations under this Agreement in accordance with the Standard of Care. The Parties agree that the foregoing will include
reasonable counsel fees and expenses incurred by BNY in its successful defense of claims that are asserted by Customer against BNY arising
out of or relating to BNY's performance under this Agreement. Any obligations of Customer under this Section 14.4 with respect to
a particular Series will not be satisfied out of the assets of another Series.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the limitations of liability
in Section 14.2, BNY will indemnify and hold harmless the Customer from and against all losses, costs, expenses, damages and liabilities
(including reasonable counsel fees and expenses) incurred by the Customer as the direct result of BNY's failure to perform its obligations
under this Agreement in accordance with the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the occurrence of any event directly
arising out of the services provided by BNY under this Agreement that causes any loss, cost, expense, damage or liability to the Customer,
BNY will promptly notify the Customer of the occurrence of such event and use commercially reasonable efforts to attempt to mitigate
the detrimental effects of such event and limit or avoid continuing harm to the Customer. In order that the indemnification provisions
contained in this Section 14.4 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 material developments concerning such claim, although the failure to do so in good faith shall not affect the rights hereunder
except to the extent the indemnifying party is materially prejudiced thereby. The Party who may be required to indemnify shall have the
right to control the defense of the claim, and the party seeking indemnification shall have the option to participate in the defense
of such claim, at its own cost and expense. The Party seeking indemnification will cooperate reasonably, at the indemnifying Party's
expense, with the indemnifying Party in the defense of such claim; provided, however, that the Party seeking indemnification shall not
be required to take any action that would impair any claim it may have against the indemnifying 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, which will not be unreasonably withheld, delayed or conditioned. The indemnifying
Party shall not settle or compromise any claim or consent to the entry of any judgment with respect to which indemnification is being
sought hereunder without the prior written consent of the Party seeking indemnification, which consent shall not be unreasonably withheld,
delayed or conditioned. This Section 14.4 shall indefinitely survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY will maintain, at its own cost,
at all times during the term of this Agreement, errors and omissions insurance, fidelity bonds and such other insurance as BNY may deem
appropriate, in each case in a commercially reasonable amount deemed by BNY to be sufficient to cover its potential liabilities under
this Agreement, including without limitation cyber-liability insurance coverage deemed by BNY to be appropriate. Upon reasonable request,
BNY agrees to provide the Customer with certificates of insurance.

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 **15. CONFIDENTIALITY**

&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Confidentiality Obligations** 

Each Party agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY's and its Affiliates' reporting, research, product development and distribution, and marketing purposes provided that BNY shall not distribute the aggregated data in a format that identifies customer-related data with respect to Customer or any particular Series.

&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **Exceptions** 

The Parties' respective obligations under Section 0 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority. The Parties acknowledge that the existence and terms of this Agreement are required to be publicly disclosed by the Series pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Information Security** 

BNY will implement an information security program consistent with the Information Security Rider for the protection of information received from Customer in connection with this Agreement.

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 **16. TERM AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will commence on the
Effective Date and, unless terminated pursuant to its terms, shall continue until 11:59 PM (Eastern Time) on the date which is the third
(3rd) anniversary of the Effective Date (the "Initial Term"), at which time this Agreement shall terminate, unless renewed
in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically
renew for successive terms of one (1) year each (each, a "Renewal Term"), unless a particular Fund or BNY gives written notice
to the other Party of its intent not to renew and such notice is received by the other Party not less than ninety (90) days prior to
the expiration of the Initial Term or the then current Renewal Term (a "Non-Renewal Notice). In the event a Party provides a Non-Renewal
Notice, this Agreement shall terminate with respect to the relevant Fund at 11:59 PM (Eastern Time) on the last day of the Initial Term
or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**16.2** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding Section 16.1, if either
Party materially breaches this Agreement, the non-breaching Party may give written notice thereof to the other Party ("Breach Notice"),
and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the non-breaching
Party may terminate this Agreement by giving at least thirty (30) days' written notice ("Breach Termination Notice").
If a Breach Termination Notice is provided by the non-breaching Party, this Agreement shall terminate as of 11:59 PM (Eastern time) on
the 30th day following the date the Breach Termination Notice is given by the non-breaching Party, or such later date as may be specified
in the Breach Termination Notice. In all cases, termination by the non-breaching Party shall not constitute a waiver of any other rights
it might have under this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, either Customer or the
Custodian may terminate this agreement if (i) the other Party commences as debtor any case or proceeding under any bankruptcy, insolvency
or similar law, or there is commenced against such other Party any such case or proceeding; (ii) the other Party commences as debtor
any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such Party or any
substantial part of its property or there is commenced against such other Party any such case or proceeding; (iii) the other Party makes
a general assignment for the benefit of creditors; or (iv) the other Party admits in any recorded medium, written, electronic or otherwise,
its inability to pay its debts as they come due. The terminating Party may exercise its termination right under this Section 16.2 at
any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such
exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise
by a Party of its termination right under this Section 16.2 shall be without any prejudice to any other remedies or rights available
to such Party and shall not be subject to any fee or penalty, whether

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monetary or equitable. Notwithstanding the provisions of Section 17.7 below, notice of termination under this Section 16.2 shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;**16.3** **Effect of Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon termination hereof, Customer will
pay to BNY such compensation as may be due to BNY, and will reimburse BNY for other amounts payable or reimbursable to BNY hereunder,
through the date of termination. As soon as practical following the service of a termination notice, Customer will give BNY the details
of the successor custodian or other person or persons to whom the Assets are to be transferred. BNY will follow such reasonable Instructions
as Customer issues concerning the transfer of custody of records, Assets and other items; provided that (a) BNY will have no responsibility
or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY of any owed or incurred
compensation, costs, expenses and other amounts to which it is entitled hereunder. If any Assets remain in any Account after termination,
BNY will deliver to Customer or the Person or Persons to whom the remaining Assets are to be transferred such Assets as soon as reasonably
practicable. The terms of this Agreement (including the terms relating to fees payable to BNY) will continue to apply from day to day
until any transferable Asset is transferred in accordance with this Section, except that no additional Cash or Securities may be deposited
with BNY or any Subcustodian after such date other than with BNY's express prior consent, and Customer will have a continuing obligation
to provide BNY as soon as possible with the details of the Person or Persons to whom the remaining Assets are to be transferred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any provision of this
Section 16 to the contrary, in the event that this Agreement is terminated in its entirety, the Parties agree to continue operating under
the terms of this Agreement as if this Agreement remained in full force and effect for up to six (6) months or for such shorter period
of time as the Parties mutually agree is necessary for BNY to transfer the custody records, Assets and other items to a successor custodian
pursuant to Instructions (the "Transition Period"); provided, that during any such Transition Period, BNY will be entitled
to compensation for BNY's Transition Period services pursuant to Section 12 and the provisions of this Agreement relating to the
duties and obligations of BNY will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;**16.4** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 0 (Representations, Warranties and Covenants); Section 0 (Liability); Section 0 (Confidentiality); Section 0 (Effect of Termination); Section 0 (Survival) and Section 0 (Governing Law/Forum).

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 **17. GENERAL**

&nbsp;&nbsp;&nbsp;&nbsp;**17.1** **Non-Custody Assets** 

At Customer's request pursuant to Instructions, subject to BNY's approval and as an accommodation to Customer, BNY will provide consolidated recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY ("**Non-Custody Assets**"). Non-Custody Assets will be designated on BNY's books as "assets not held in custody" or by other similar designation and will not constitute Assets for purposes of this Agreement. Customer acknowledges and agrees that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY with respect to Non-Custody Assets; (b) BNY will rely, without independent verification, on information provided by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY will have no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on BNY's books or set forth on account statements concerning Non-Custody Assets.

&nbsp;&nbsp;&nbsp;&nbsp;**17.2** **Assignment** 

Neither Party may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise). Notwithstanding the foregoing, BNY may, without the prior written consent of Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder: (a) to any BNY Affiliate or to any successor to the business of BNY to which this Agreement relates in connection with a sale or transfer of a majority or more of its assets, equity interests, or voting control, provided, that (i) BNY provides notice of such assignment or transfer to a BNY Affiliate or successor to Customer, and (ii) such assignment or transfer does not impair the provision of services under this Agreement in any material respect; or (b) as otherwise permitted in this Agreement; provided further that any entity to which this Agreement is assigned by BNY without the prior written consent of Customer pursuant to a foregoing item (a) or (b) will satisfy the requirements for serving as a custodian for a registered investment company. Any purported assignment or delegation by a Party in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, the Parties and their respective permitted successors and assigns. BNY shall notify Customer as soon as reasonably practical following the execution of any agreement that would result in, or would be expected to result in, a change of control of BNY; provided that such information is publicly available information and that BNY makes such information available to its clients generally.

&nbsp;&nbsp;&nbsp;&nbsp;**17.3** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each Party, provided that BNY shall not unreasonably withhold, delay or condition its agreement to the addition of a Series of Customer to the

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list of Series serviced under this Agreement. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**17.4** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The substantive laws of the state of
New York (without regard to its conflicts of law provisions) will govern all matters arising out of or relating to this Agreement, including
the establishment and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all issues specified in Article
2(1) of the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party irrevocably agrees that
all legal actions or proceedings brought by it against the other Party arising out of or relating to this Agreement will be brought solely
and exclusively before the state or federal courts situated in New York City, New York. Each Party irrevocably submits to personal jurisdiction
in such courts and waives any objection which it may now or hereafter have based on improper venue or *forum non conveniens*. The
Parties hereby unconditionally waive, to the fullest extent permitted by applicable law, any right to a jury trial with respect to any
such actions or proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;**17.5** **Business Continuity/Disaster Recovery** 

BNY has implemented and shall maintain in effect at all times during the terms of this Agreement, business continuity and disaster recovery plans consistent with the Information Security Rider.

&nbsp;&nbsp;&nbsp;&nbsp;**17.6** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;**17.7** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a) addressed to BNY or Customer at the address set forth on the signature page (or such other address as either Party may designate in writing to the other Party) and (b) delivered either (i) by hand delivery, by certified mail, or by overnight delivery service, in each case with receipt acknowledged and postage or charges prepaid, or (ii) by email (as a signed attachment) with confirmation of email receipt. All notices given in accordance with this Section will be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;**17.8** **Entire Agreement** 

This Agreement constitutes the sole and entire agreement among the Parties with respect to the matters dealt with herein, and merges, integrates and supersedes all prior and

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contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;**17.9** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, the Parties. Each Party intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;**17.10** **Counterparts** 

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

&nbsp;&nbsp;&nbsp;&nbsp;**17.11** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between the Parties. The Parties intend that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**17.12** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision. All waivers will be in writing and signed by an authorized representative of the waiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;**17.13** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**17.14** **Severability** 

The invalidity, illegality or unenforceability of any provision of this Agreement will not affect the validity, legality or enforceability of any other provision, and if any provision is held to be unenforceable as a matter of law, the other provisions will remain in full force and effect. In such case, the Parties will negotiate in good faith to replace each illegal, invalid or unenforceable provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

 **EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;**17.15** **Limitation of Liability of the Trustees and Shareholders** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties acknowledge that the rights
and obligations of the Series hereunder are several and not joint, that no Series shall be liable for any amount owing by another Series
and that the Series have executed one instrument for convenience only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of each Series hereunder
shall be limited in all cases to the assets of such Series and BNY will not seek satisfaction of any such obligations from the officers,
trustees, directors, or shareholders of any such Series. This Agreement is executed on behalf of each Customer by an officer or trustee
of such Customer in his or her capacity as an officer or trustee of the Customer and not individually, and the obligations arising out
of this Agreement are not binding on any Customer's trustees, officers, directors or shareholders individually, but are binding
only upon the assets or property of the applicable Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any obligation of a
Series arising out of this Agreement, BNY will seek payment or satisfaction of such obligation solely from the assets of the Series to
which such obligation relates with the same effect as if BNY had separately contracted with each Series by separate written instrument
with respect to each Series.

&nbsp;&nbsp;&nbsp;&nbsp;**17.16** **Loan Servicing** 

Customer may separately engage BNY to perform certain loan administration services with regard to loan investments as the parties may mutually agree upon from time to time. Such loan administration services shall be provided by BNY pursuant to that certain Fund Loan Administration Agreement dated

[Signature page follows]

 **EXECUTION**

 **IN WITNESS WHEREOF**, the Parties have executed this Agreement as of the Effective Date.

---

| | |
|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **GUGGENHEIM INVESTMENTS** |
|  | **PRIVATE CREDIT FUND** |

---

---

| | |
|:---|:---|
| By: /s/ Michael Gronsky | By: /s/ Brian Binder |
| Name: Michael Gronsky | Name: Brian Binder |
| Title: Senior Vice President | Title: President & CEO |
| Date: Nov 20, 2025 | Date: Nov 19, 2025 |
| **Address for Notice:** | **Address for Notice:** |
| &nbsp;&nbsp;The Bank of New York Mellon | &nbsp;&nbsp;Guggenheim Investments Private Credit |
| &nbsp;&nbsp;240 Greenwich Street | &nbsp;&nbsp;Fund |
| &nbsp;&nbsp;New York, NY, 10286 | &nbsp;&nbsp;AT&T Center |
| &nbsp;&nbsp;Attention: Sarah Fisher | &nbsp;&nbsp;227 W Monroe St |
|  | &nbsp;&nbsp;Chicago, IL 60606 |
|  | &nbsp;&nbsp;Attention: Legal Department |

---

Pursuant to Section 0:

[ ] as beneficial owner, Customer OBJECTS to disclosure

[X] as beneficial owner, Customer DOES NOT OBJECT to disclosure

[ ] BNY will CONTACT THE RELEVANT INVESTMENT MANAGER with respect to relevant Securities to make the decision whether it objects to disclosure

IF NO BOX IS CHECKED, BNY <u>WILL RELEASE</u> SUCH INFORMATION UNTIL IT

RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.

## Ex-99

**Exhibit (k)(1)** <br>

EXECUTION

![](bny.jpg)

**<u>FUND ADMINISTRATION AND ACCOUNTING AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AGREEMENT is made as of December 23, 2025 by and between each entity referenced on Exhibit A hereto (each a "Fund", collectively the "Funds"), and The Bank of New York Mellon, a New York banking organization ("BNY"). BNY and the Funds are collectively referred to as the "Parties" and individually as a "Party". This Agreement shall be effective on December 23, 2025 or on such other date as the Funds and BNY may agree in writing (the "Effective Date").

<u>W I T N E S S E T H</u> :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Fund is a closed-end management investment company that has elected or will elect to be regulated as a business development company under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each Fund desires to retain BNY to provide for the Funds (each also a "Series") the services described herein, and BNY is willing to provide such services, all as more fully set forth below;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u>

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>Authorized Person</u>" shall mean each person, whether or not an officer or an employee of a Fund, duly authorized to execute this Agreement and to give Instructions on behalf of such Fund as set forth in Exhibit B hereto and each Authorized Person's scope of authority may be limited by setting forth such limitation in a written document signed by BNY and the applicable Fund. From time to time each Fund may deliver a new Exhibit B to add or delete any person and BNY shall be entitled to rely on the last Exhibit B actually received by BNY.

"<u>BNY Affiliate</u>" shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation.

"<u>Board</u>" shall mean a Fund's board of directors, board of trustees, general partner or manager, as applicable.

"<u>Confidential Information</u>" shall have the meaning given in Section 21 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>Contract Year</u>" shall mean the period of twelve (12) months starting on the Effective Date and successive periods of twelve (12) months thereafter for the remainder of the term of this Agreement.

"<u>Custody Agreement</u>" shall mean that certain Custody Agreement, dated as of November 20, 2025, by and between BNY and each of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>Documents</u>" shall mean such documents, including but not limited to, Board resolutions, including resolutions of the Fund's Board authorizing the execution, delivery and performance of this Agreement by the Fund, and opinions of outside counsel, as BNY may reasonably request from time to time, in connection with its provision of services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>Instructions</u>" shall mean Oral Instructions or written communications actually received by BNY by S.W.I.F.T., tested telex, email, letter, facsimile transmission or other method or system specified by BNY as available for use in connection with the services hereunder, from an Authorized Person or person believed in good faith to be an Authorized Person.

"<u>Investment Adviser</u>" shall mean the entity identified by a Fund to BNY as the entity having investment responsibility with respect to the Fund.

"<u>Key Personnel</u>" shall mean the designated primary relationship individual and service individual assigned to the Funds as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>Net Asset Value</u>" shall mean the per share value of a Fund, calculated in the manner described in the Fund's Offering Materials and the Fund's and its valuation designee's current valuation policies pursuant to Rule 2a-5 under the 1940 Act as provided by or on behalf of the Fund to BNY.

"<u>Offering Materials</u>" shall mean a Fund's currently effective prospectus and most recently filed registration statement with the SEC relating to shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>Oral Instructions</u>" shall mean oral instructions received by BNY under permissible circumstances agreed by the Funds and BNY, in such a manner and in accordance with such testing and authentication procedures as the Parties shall agree upon from time to time, and reasonably believed by BNY to be an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>Organizational Documents</u>" shall mean certified copies of a Fund's articles of incorporation, certificate of incorporation, certificate of formation or organization, certificate of limited partnership, declaration of trust, trust instrument, bylaws, limited partnership agreement, memorandum of association, limited liability company agreement, operating agreement, confidential offering memorandum, material contracts, Offering Materials, SEC exemptive orders relied upon by a Fund, required filings or similar documents of formation or organization, as applicable, delivered to and received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>Private Investments</u>" means private equity investments, including investments in partnership and limited liability companies, acquired by a Fund (ii) all dividends in kind (e.g., non-cash dividends) from the investments described in clause (i); and (iii) loans or loan commitments originated by or otherwise obtained by a Fund.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act, the 1934 Act and the 1940 Act.

"<u>Shares</u>" means the shares of beneficial interest of any Series or class of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>TA Agreement</u>" shall mean that certain Transfer Agency and Shareholder Services Agreement, dated as of December 23, 2025, by and between BNY Mellon Investment Servicing (US) Inc. and certain of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund hereby appoints BNY as its agent for the term of this Agreement to perform the services described herein ("Services"). BNY hereby accepts such appointment and agrees to perform the duties hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties; Covenants.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Fund hereby represents and warrants to BNY, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. This Agreement has been duly authorized, executed and delivered by such Fund in accordance with all requisite action of the Board and constitutes a valid and legally binding obligation of such Fund, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. The Fund's Investment Adviser is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. It is conducting its business in material compliance with all applicable laws and regulations, both state and federal, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. The method of valuation of securities and the method of computing the Net Asset Value shall be as set forth in the Offering Materials of the Fund and the Fund's and its valuation designee's pricing policies and procedures adopted pursuant to Rule 2a-5 and provided to BNY. To the extent the performance of any services described in Schedule I attached hereto by BNY in accordance with the then effective Offering Materials for the Fund would violate any applicable laws or regulations, the Fund shall notify BNY in writing and thereafter shall either furnish BNY with the appropriate values of securities, Net Asset Value or other computation, as the case may be, or instruct BNY in writing to value securities and/or compute Net Asset Value or other computations in a manner the Fund specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation by the Fund that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject to confirmation by BNY as to its capacity to act in accordance with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. The terms of this Agreement and the fees and expenses associated with this Agreement and any benefits accruing to BNY or to the Investment Adviser or sponsor of

the Fund in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, upfront payments, signing payments or periodic payments made or to be made by BNY to such Investment Adviser or sponsor or any affiliate of the Fund relating to this Agreement have been fully disclosed to the Board of the Fund and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses and any such benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Each person named on Exhibit B hereto is duly authorized by such Fund to be an Authorized Person hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VIII. Without limiting the provisions of Section 21 below, the Fund shall treat as confidential the terms and conditions of this Agreement relating to fees and shall not disclose nor authorize disclosure thereof to any other person, except (i) to its employees, regulators, examiners, internal and external accountants, auditors and counsel, (ii) for a summary description of this Agreement in the Offering Materials, (iii) to any other person when required by applicable law, a court order or legal process, (iv) as agreed in writing by BNY or (v) whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Fund shall instruct its employees, regulators, examiners, internal and external accountants, auditors and counsel who may be afforded access to such information of the Fund's obligations of confidentiality hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IX. The Fund shall, if it is permitted to do so under applicable law, promptly notify BNY in writing of any and all legal or regulatory proceedings or securities investigations filed or commenced against the Fund or the Board that might materially adversely impact a Fund's ability to perform its obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. The Fund acknowledges, for itself and its users, that certain information provided by BNY on its websites may be protected by copyrights, trademarks, service marks and/or other intellectual property rights, and as such, agrees that all such information provided is for the sole and exclusive use of the Fund and its users. Certain information provided by BNY is supplied to BNY pursuant to third party licensing agreements which restrict the use of such information and protect the proprietary rights of the appropriate licensor ("Licensor") with respect to such information. Therefore, the Fund, on behalf of itself and its users, further agrees not to disclose, disseminate, reproduce, redistribute or republish information provided by BNY on

its websites in any way not contemplated by this Agreement without the express written permission of BNY and the Licensor. (Licensor permission to be obtained by BNY prior to BNY providing its permission.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY hereby represents and warrants to the Funds, which representations and warranties shall be deemed to be continuing, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. This Agreement has been duly authorized, executed and delivered by BNY in accordance with all requisite corporate action and constitutes a valid and legally binding obligation of BNY, enforceable in accordance with its terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. It is conducting its business in material compliance with laws and regulations applicable to BNY in its capacity as a service provider hereunder, including both state and federal, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no provision of its organizational documents, nor of any contract which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. BNY shall, if it is permitted to do so under applicable law, regulation or by the applicable regulatory or governmental authority, promptly notify the Fund in writing of any and all legal or regulatory proceedings or investigations filed or commenced against BNY that have a materially adverse impact on BNY's ability to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. BNY has and will continue to have access to the necessary facilities, equipment and personnel with suitable training, education, experience and skill to perform the services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Delivery of Documents.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Fund shall promptly provide, deliver or cause to be delivered from time to time to BNY the Fund's Organizational Documents, Documents and other materials used in the distribution of Shares and all amendments thereto as may be necessary for BNY to perform its duties hereunder. BNY shall not be deemed to have notice of any information (other than

information supplied by BNY) contained in such Organizational Documents, Documents or other materials until they are actually received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Matters Regarding BNY.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the direction and control of each Fund's Board and the provisions of this Agreement, BNY shall provide to each Fund the administrative services and the valuation and computation services listed on Schedule I attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Fund seeks to have BNY provide Loan Administration Services (as defined in Schedule II attached hereto), the delivery of such Loan Administration Services shall be subject to the terms and conditions set forth in this Agreement and those included in Schedule II.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing hereunder, BNY shall provide, at its expense, office space, facilities, equipment and personnel necessary to provide its services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY shall not provide any services relating to the management, investment advisory or sub-advisory functions of any Fund, distribution of shares of any Fund, maintenance of any Fund's financial records other than specifically provided in this Agreement or other services normally performed by the Funds' respective counsel or independent auditors and the services provided by BNY do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person, and each Fund acknowledges that BNY does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. The scope of services provided by BNY under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to a Fund, unless the Fund and BNY expressly agree in writing to any such increase in the scope of services. BNY agrees that any new fees and/or expenses to be charged to the Funds that are related to any changes to the services required by any new or revised regulatory or other requirements shall be agreed upon in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (i) Each Fund shall cause its officers, advisors, sponsor, distributor, legal counsel, independent auditors and accountants, transfer agent and any other service providers to cooperate with BNY and to provide BNY, upon its reasonable request, with such information,

documents and advice relating to such Fund as is within the possession or knowledge of such persons, and which in the opinion of BNY, is reasonably necessary in order to enable BNY to perform its duties hereunder. In connection with its duties hereunder, BNY shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to, the accuracy, validity or propriety of any information, documents or advice provided to BNY by any of the aforementioned persons. BNY shall not be liable for any loss, damage or expense resulting from or arising out of the failure of a Fund to cause any information, documents or advice to be provided to BNY as provided herein and shall be held harmless by each Fund when acting in reliance upon such information, documents or advice relating to such Fund. All fees or costs charged by such persons shall be borne by the appropriate Fund, and BNY shall have no liability with respect to such fees or charges, including any increases in, or additions to, such fees or charges related directly or indirectly to the services described herein or the performance by BNY of its duties hereunder. BNY shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third-party service providers engaged by a Fund, or by any affiliate of such Fund or by any other third-party service provider to such Fund. In the event that any services performed by BNY hereunder rely, in whole or in part, upon information obtained from a third party service utilized or subscribed to by BNY which BNY in its reasonable judgment deems reliable, BNY shall not have any responsibility or liability for, be under any duty to inquire into (other than the initial controls and tolerance verification steps referred to below), or be deemed to make any assurances with respect to, the accuracy or completeness of such information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Investment Adviser may, from time to time, be responsible for valuing Private Investments. The Investment Adviser shall be solely responsible for providing BNY with information relating to the value, including but not limited to the fair value, of Private Investments ("Manager Marks"), from time to time and the Investment Adviser hereby instructs BNY to use Manager Marks in connection with BNY's provision of the Services. Notwithstanding anything in this Agreement to the contrary, the each Fund acknowledges and agrees that BNY shall have no duty, responsibility or obligation to value, price or otherwise calculate or determine the value of a Fund's interest in a Private Investment or to investigate, verify, inquire into or be deemed to make any assurances with respect to the accuracy or completeness of any Manager Marks or whether Manager Marks have been determined in accordance with the Investment Adviser's or the

applicable Fund's written valuation policies, offering materials or organizational documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Nothing in this Agreement shall limit or restrict BNY, any BNY Affiliate or any officer or employee thereof from acting for or with any third parties, and providing services similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each Fund shall furnish BNY with any and all instructions, explanations, information, specifications and documentation reasonably deemed necessary by BNY in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of Fund liabilities and expenses, and the value of any securities lending related collateral investment account(s). BNY shall not be required to include as Fund liabilities and expenses, nor as a reduction of Net Asset Value, any accrual for any federal, state or foreign income taxes unless the Fund shall have specified to BNY in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce Net Asset Value. Each Fund shall also furnish BNY with bid, offer or market values of securities if BNY notifies such Fund that the same are not available to BNY from a security pricing or similar service utilized, or subscribed to, by BNY which the Fund directs BNY to utilize, and which BNY in its reasonable judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Fund also may furnish BNY with bid, offer or market values of securities and instruct BNY in Instructions to use such information in its calculations hereunder. BNY shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any securities pricing or similar service. In no event shall BNY be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the applicable Fund. Notwithstanding the foregoing, BNY shall provide an initial control over the reliability of the pricing information received from pricing sources by reviewing reports generated from its automated price flagging systems and performing other tolerance verification steps each as mutually agreed upon from time to time between the 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;&nbsp;&nbsp;&nbsp;&nbsp;(h) BNY may apply to an Authorized Person of any Fund for Instructions with respect to any matter arising in connection with BNY's performance hereunder for such Fund, and

BNY shall not be liable for any action taken or omitted to be taken by it in good faith without negligence or willful misconduct in accordance with such Instructions. Such application for Instructions may, at the option of BNY, set forth in writing any action proposed to be taken or omitted to be taken by BNY with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Group"). The BNY Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) each Fund consents to the disclosure of and authorizes BNY to disclose information regarding the Fund ("Customer-Related Data") to the BNY Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) BNY may store the names and business contact information of each Fund's employees and representatives on the systems or in the records of the BNY Group or its service providers. The BNY Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Group, and notwithstanding anything in this Agreement to the contrary the BNY Group will own all such aggregated data, provided that the BNY Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular Fund. Each Fund confirms that it is authorized to consent to the foregoing and that the disclosure and storage of information in connection with the Centralized Functions does not violate any relevant data protection legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) If BNY is in doubt as to any action it should or should not take, either pursuant to, or in the absence of, Instructions, BNY may obtain the advice of either reputable counsel of its own choosing or counsel to the Fund. To the extent BNY notifies the Fund of such advice and the Fund does not dispute such advice, BNY will not be liable for acting in accordance

with such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Notwithstanding any other provision contained in this Agreement or Schedule I attached hereto, BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles. BNY is solely responsible for processing such securities, as identified by the applicable Fund or its Authorized Persons, in accordance with U.S. tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) BNY shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY in connection with 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;&nbsp;&nbsp;&nbsp;&nbsp;(m) BNY, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by a Fund and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of securities; the amounts or formula for calculating the amounts and times of accrual of a Fund's or Series' liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of securities; and the amounts receivable or the amounts payable for the sale or redemption of Fund Shares effected by or on behalf of a Fund. In the event BNY's computations hereunder rely, in whole or in part, upon information, including, without limitation, bid, offer or market values of securities or other assets, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY which the Fund directs BNY to utilize, and which BNY in its reasonable judgment deems reliable, BNY shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY shall not be required to inquire into any valuation of securities or other assets by a Fund or any third party described in this sub-section (l) even though BNY in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of the same or different securities of the same issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) BNY, in performing the services required of it under the terms of this Agreement, shall not be responsible for determining whether any interest accruable to a Fund is or

will be actually paid, but will accrue such interest until otherwise instructed by such 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;&nbsp;&nbsp;&nbsp;&nbsp;(o) BNY shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption or loss of data) which occur directly or indirectly by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement, including, without limitation, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications or computer (hardware or software) services or functions or malfunctions of the internet, firewalls, encryption systems or security devices in each case caused by any of the above. BNY will use commercially reasonable methods to notify the applicable Fund upon the occurrence of any such event as soon as reasonably practicable under the relevant circumstances and will use commercially reasonable efforts to minimize its effect. For the avoidance of doubt, the occurrence of any such event will not relieve BNY of its obligations to execute its business continuity and/or disaster recovery plans as summarized in BNY's Information Security Rider, which is set forth in a separate document which is incorporated herein and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) In the event that the Fund reasonably believes that the occurrence of any such event will substantially prevent, hinder or delay performance of the services contemplated by this Agreement for more than three (3) consecutive business days, the Fund may take commercially reasonable actions to mitigate the impact of such services not being provided including, but not limited to, contracting with another service provider to provide such services during such period and/or engaging the Investment Adviser or an affiliate of the Investment Adviser to perform such services during such period; provided, that the Fund shall consult with BNY in good faith in connection with any such mitigation and BNY shall provide the Fund with reasonable assistance under the relevant circumstances in good faith in connection therewith; provided, further, that BNY shall resume providing, and the applicable Fund(s) shall pay for, such services when BNY resumes providing them, unless the Fund has terminated this Agreement pursuant to the terms of Section 12(c). Notwithstanding anything set forth in this Section 5(o): (i) in no event shall any Fund be obligated to pay any fees under this Agreement to BNY with respect to any services not actually provided during any event described in this Section 5(o) and (ii) no Fund shall have responsibility to pay BNY for services temporarily performed by the Investment Adviser or a third party service

provider. BNY shall not be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any person(s) other than BNY to supply any instructions, explanations, information, specifications or documentation reasonably deemed necessary by BNY in the performance of 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;(q) BNY shall provide the Funds with a SOC 1 report annually and, upon request, a SOC 2 report (or comparable successor reports thereto) no more than once annually regarding BNY's system relating to the services provided by BNY under this Agreement, subject to appropriate confidentiality requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) BNY will make commercially reasonable efforts to not remove or replace any Key Personnel without providing notice to the Funds, unless such Key Personnel is being terminated or suspended or notification is not practicable or permissible under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Allocation of Expenses.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by the appropriate Fund, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of such Fund's trustees, directors, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase of Fund shares or membership interests, as applicable, fees and expenses incident to the registration or qualification under the Securities Laws and state and other applicable securities laws of the Fund or its shares or membership interests, as applicable, costs (including printing and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy material to such Fund's shareholders or members, as applicable, all expenses incidental to holding meetings of such Fund's trustees, directors and shareholders, and extraordinary expenses as may arise, including litigation affecting such Fund and legal obligations relating thereto for which the Fund may have to indemnify its trustees, directors, officers, managers and/or members, as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Portfolio Compliance Services.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY shall provide a Fund with portfolio compliance services referred to in Schedule I, such services shall be provided pursuant to the terms of this Section 7 (the "Portfolio Compliance Services"). The precise compliance review and testing services to be provided shall be as directed by each Fund and as mutually agreed between BNY and such Fund, and the results of BNY's Portfolio Compliance Services shall be detailed in a portfolio compliance summary report (the "Compliance Summary Report") prepared on a periodic basis as mutually agreed. Each Compliance Summary Report shall be subject to review and approval by the Fund. BNY shall have no responsibility or obligation to provide Portfolio Compliance Services other than those services specifically listed in Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Fund will examine each Compliance Summary Report delivered to it by BNY and notify BNY of any error, omission or discrepancy within twenty (20) days of its receipt. The Fund agrees to notify BNY promptly in writing if it fails to receive any such Compliance Summary Report. The Fund further acknowledges that unless it notifies BNY of any error, omission or discrepancy within twenty (20) days, such Compliance Summary Report shall be deemed final. In addition, if the Fund learns of any out-of-compliance condition before receiving a Compliance Summary Report reflecting such condition, the Fund will notify BNY of such condition within one (1) business day after discovery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) While BNY will endeavor to identify out-of-compliance conditions, BNY does not and could not for the fees charged, make any guarantees, representations or warranties with respect to its ability to identify all such conditions. In the event of any errors or omissions in the performance of Portfolio Compliance Services, a Fund's sole and exclusive remedy and BNY's sole liability shall be limited to re-performance by BNY of the Portfolio Compliance Services affected and in connection therewith the correction of any error or omission, if practicable, and the preparation of a corrected report, at no cost to the Fund. For the avoidance of doubt, this Paragraph (c) relates only to BNY's failure to identify any out of compliance condition and does not otherwise absolve BNY of potential liability under the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Rule 38a-1 and Regulatory Administration Services.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Schedule I contains a requirement for BNY to provide a Fund with compliance support services related to Rule 38a-1 promulgated under the 1940 Act and/or

Regulatory Administration services, such services shall be provided pursuant to the terms of this Section 8 (such services, collectively hereinafter referred to as the "Regulatory Support Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, the Regulatory Support Services provided by BNY under this Agreement are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All work product produced by BNY as outlined at Schedule I in connection with its provision of Regulatory Support Services under this Agreement is subject to review and approval by the applicable Fund and by the Fund's legal counsel. The Regulatory Support Services performed by BNY under this Agreement will be at the request and direction of the Fund and/or its chief compliance officer (the "Fund's CCO"), as applicable. BNY disclaims liability to the Fund, and the Fund is solely responsible, for the selection, qualifications and performance of the Fund's CCO and the adequacy and effectiveness of the Fund's compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Standard of Care; Indemnification; Insurance.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In performing its obligations under this Agreement, BNY will exercise the standard of care and diligence that a prudent professional administrator responsible for providing administrative, compliance, valuation and computation services to registered investment companies would observe in these affairs and shall act without bad faith, negligence, willful misconduct, willful misfeasance, fraud, or reckless disregard of its duties and obligations under this Agreement (the "Standard of Care"), and except as otherwise provided herein, BNY and any BNY Affiliate shall not be liable for any costs, expenses, damages, liabilities or claims (including attorneys' and accountants' fees) incurred by or asserted against a Fund, except those costs, expenses, damages, liabilities or claims arising out of BNY's or any BNY Affiliate's failure to satisfy the Standard of Care. In no event shall any party be liable to the other party or any third party for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action. BNY and any BNY Affiliate shall not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any

specifications or other information furnished by the Fund, or for delays caused by circumstances beyond BNY's reasonable control, unless such loss, damage or expense arises out of BNY's or any BNY Affiliate's failure to perform its obligations under this Agreement in accordance with the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for the gross negligence, fraud, or willful misconduct of BNY, BNY and each Fund agree that to the extent that BNY would otherwise be liable hereunder, in no event shall BNY's total maximum aggregate liability to the Funds under this Agreement, whether based on a claim in contract, equity, negligence, tort or otherwise, for any reason and upon any cause of action whatsoever, exceed an aggregate amount equal to the fees paid to BNY by all of the Funds for the services under this Agreement for the twelve (12) months prior to the month in which the first event giving rise to liability occurred; provided, however, that if the event giving rise to liability occurs during the first twelve (12) months after the Effective Date, such total aggregate liability shall be twelve (12) times the result obtained by dividing (i) the total fees for Services paid to BNY from the Effective Date through the date on which such event occurred by (ii) the number of months from the Effective Date through such date ("Fund Damages Cap").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the limitations on liability and responsibility set forth in this Agreement with respect to the Funds, each Fund shall indemnify and hold harmless BNY and any BNY Affiliate from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by a Fund), and reasonable attorneys' and accountants' fees relating thereto, which are sustained or incurred or which may be asserted against BNY or any BNY Affiliate, by reason of or as a result of any action taken or omitted to be taken by BNY or any BNY Affiliate, or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) such Fund's Offering Materials or Documents (excluding information provided by BNY), (iii) any Instructions or (iv) any opinion of legal counsel for such Fund or BNY, or arising out of transactions or other activities of such Fund which occurred prior to the commencement of this Agreement; provided, that no Fund shall indemnify BNY nor any BNY Affiliate for costs, expenses, damages, liabilities or claims for which BNY or any BNY Affiliate is liable under the preceding sub-section 9(a). This indemnity shall be a continuing obligation of each Fund, its successors and assigns, notwithstanding the termination of this Agreement with respect to such Fund. Without limiting the generality of the foregoing, each Fund shall indemnify BNY and any BNY Affiliate against and

save BNY and any BNY Affiliate harmless from any loss, damage or expense, including reasonable counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY by or on behalf of a Fund by an Authorized Person or by an authorized third party on behalf of such Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Any action or inaction reasonably taken or omitted to be taken by BNY or any BNY Affiliate pursuant to Instructions of any Fund or otherwise in accordance with the Standard of Care;

&nbsp;&nbsp;&nbsp;&nbsp;&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 action taken or omitted to be taken by BNY in good faith in accordance with the advice or opinion of counsel for any Fund or its own counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Any improper use by any Fund or its agents, distributor or investment adviser of any valuations or computations supplied by BNY pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. The method of valuation of the securities and the method of computing each Series' Net Asset Value as set forth in the Offering Materials of the Series and the Series' and its valuation designee's pricing policies and procedures required pursuant to Rule 2a-5;

&nbsp;&nbsp;&nbsp;&nbsp;&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. Any valuations provided by any Fund with respect to securities, other assets or the Net Asset Value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VII. Delays or errors that are related to the onboarding or conversion process for the Services provided under this Agreement to the extent caused by the Funds' current service provider or the data it provides.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any action or inaction reasonably taken or omitted to be taken in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate, power of attorney, assignment, affidavit or other instrument believed by BNY in good faith to be from an Authorized Person, or upon the opinion of legal counsel for a Fund or BNY's own counsel, shall be conclusively presumed to have been taken or omitted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the limitations of liability set forth in this Section 9 with respect to BNY, BNY shall indemnify and hold harmless a Fund from and against direct losses, costs, expenses, damages, and/or liabilities (including reasonable attorneys' fees and expenses), incurred by the Fund, as the direct result of BNY's or a BNY Affiliate's failure to meet the Standard of Care. This indemnity shall be a continuing obligation of BNY, its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY will maintain, at all times during the term of this Agreement, errors and omissions insurance, fidelity bonds and such other insurance as BNY may deem appropriate, in each case in a commercially reasonable amount deemed by BNY to be sufficient to cover its potential liabilities under this Agreement, including without limitation cyber-liability insurance coverage deemed by BNY to be appropriate. Upon request, BNY agrees to provide the Funds with certificates of insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In order that the indemnification provisions contained in this Section 9 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 material developments concerning such claim, although the failure to do so in good faith shall not affect the rights hereunder except to the extent the indemnifying party is materially prejudiced thereby. The Party who may be required to indemnify shall have the right to control the defense of the claim, and the Party seeking indemnification shall have the option to participate in the defense of such claim, at its own cost and expense. The Party seeking indemnification will cooperate reasonably, at the indemnifying Party's expense, with the indemnifying Party in the defense of such claim; provided, however, that the Party seeking indemnification shall not be required to take any action that would impair any claim it may have against the indemnifying 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, which will not be unreasonably withheld delayed or conditioned. The indemnifying Party shall not settle or compromise any claim or consent to the entry of any judgment with respect to which indemnification is being sought hereunder without the prior written consent of the Party seeking indemnification, which consent shall not be unreasonably withheld, delayed or conditioned. This Section 9 shall indefinitely survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Compensation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the services provided hereunder, each Fund agrees to pay BNY such compensation as is mutually agreed to in writing by such Fund and BNY from time to time and such reasonable out-of-pocket expenses (<u>e.g.</u>, telecommunication charges, postage and delivery charges, costs of independent compliance reviews, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY in performing its duties hereunder. Except as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. Following authorization by the Fund, BNY shall debit such Fund's custody account for all amounts due and payable hereunder by that Fund. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY, each Fund's Net Asset Value shall be computed at the times and in the manner specified in the Fund's Offering Materials and its current applicable policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Records; Visits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The books and records pertaining to each Fund and such Fund's Series which are in the possession or under the control of BNY shall be the property of the Fund. The Fund and Authorized Persons shall have access to such books and records at all times during BNY's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by BNY to the Fund or to an Authorized Person including in connection with any regulatory request or examination, at the Fund's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall keep all books and records with respect to each Series' books of account, records of each Series' securities transactions and all other books and records as BNY is required to maintain pursuant to Rule 31a-1 of the 1940 Act in connection with the services provided hereunder. In addition, upon notification by a Fund that it is in receipt of or otherwise subject to a court order, regulatory request or order, subpoena, or other similar action or context necessitating the preservation of certain records maintained by BNY for the Fund, BNY shall promptly implement reasonable measures to preserve such records in accordance with the duration or other direction specified by the Fund in accordance with BNY's policies and procedures and cooperate in the provision to the Fund of such records; provided, however, that if BNY is not able to

accommodate any such request, it will reasonably assist the Fund in its efforts to preserve such records, including by transmitting such records to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the foregoing, during the term of the Agreement, authorized representatives of the Funds may conduct periodic site visits of BNY's facilities and inspect BNY's records and procedures solely as they pertain to BNY's services for the Funds under or pursuant to the Agreement. Such inspections shall occur during BNY's regular business hours and shall be subject to availability of personnel to facilitate such site visits and to BNY's confidentiality and security requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Term of Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the Effective Date first written above and, unless terminated pursuant to its terms, shall continue until 11:59 PM (Eastern time) on the date which is the fifth anniversary of such Effective Date (the "Initial Term"), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless a particular Fund or BNY gives written notice to the other Party of its intent not to renew and such notice is received by the other Party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal Notice"). In the event a Party provides a Non-Renewal Notice, this Agreement shall terminate with respect to the relevant Fund at 11:59 PM (Eastern time) on the last day of the Initial Term or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Sections 12(a) and (b), if a Fund or BNY materially breaches this Agreement (a "Defaulting Party") the other Party (the "Non-Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non-Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("Breach Termination Notice"). If any such Breach Termination Notice is provided, this Agreement shall terminate as of 11:59 PM (Eastern time) on the 90<sup>th</sup> day following the date the Breach Termination Notice is given by the Non-Defaulting Party, or such later date as may be specified in the Breach Termination Notice. In all cases, termination by the Non-Defaulting Party

shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, following the "Burn-In Period" of four (4) months (or, for Critical KPIs not measured monthly, two (2) consecutive measurement periods) following the commencement of the Services hereunder, if BNY fails to meet the service standards in any one service category designated as a "Critical Key Performance Indicator" or "Critical KPI" as separately agreed by the Parties by performing in the "Red Zone" for (i) four (4) consecutive measurement periods or (ii) any six (6) months in a twelve (12) month period, the Funds, upon evaluating BNY's performance in accordance with such service standards, may terminate this Agreement prior to the end of the Initial Term or then-current Renewal Term. Such termination described in this Section 12(c) shall not be considered an Early Termination as defined at Section 12(d) below, but shall instead be subject to the default termination and notice procedures under this Section 12(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If a Fund gives notice to BNY terminating this Agreement or terminating it as the provider of any of the services hereunder, except for a termination by the Fund pursuant to Section 12(b) or 12(c) above or Section 12(e), Section 12(f) or Section 14(b)(i) below, before the expiration of the Initial Term ("Early Termination"), the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The "Early Termination Fee" shall be an amount equal to all fees and other amounts calculated as if BNY were to provide all services hereunder (excluding reimbursable expenses if not to be incurred) until the earlier of the first anniversary of the date of the Early Termination or the expiration of the Initial Term. However, in no event shall the Early Termination Fee exceed 12 months' fees due to BNY under the Agreement. The Early Termination Fee shall be calculated using the average of the monthly fees and other amounts due to BNY under this Agreement during the last three calendar months before the date of the notice of Early Termination (or, if not given, the date services are terminated hereunder). An Early Termination Fee payable by a Fund hereunder shall be paid by such Fund on or before the effective date of such Early Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund expressly acknowledges and agrees that the Early Termination Fee is not a penalty but reasonable compensation to BNY for the termination of services before the expiration of the Initial Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For clarification, a merger, reorganization or consolidation of a Fund with another entity, or the sale by a Fund of all, or substantially all of, its assets to another entity (collectively, a "Fund Reorganization"), or the liquidation or dissolution of a Fund and the distribution of such Fund's assets, shall not be considered an Early Termination subject to this Section 12(d). Notwithstanding the foregoing sentence, if during the first 3 years following the Effective Date of this Agreement a Fund Reorganization into another entity not serviced by BNY represents 15% or more of the aggregate net assets being serviced by BNY under this Agreement as of the end of the most recent semi-annual calendar period preceding the approval of such Fund Reorganization, such Fund Reorganization shall be deemed to be an Early Termination subject to Section 12(d) for the Fund that is party to the Fund Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision of this Agreement, BNY or a Fund may, in its sole discretion, terminate this Agreement immediately (and, in the case of BNY, with respect to a particular Fund) by sending notice thereof to the other Party upon the happening of any of the following: (i) the other Party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such other Party any such case or proceeding; (ii) the other Party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such Party or any substantial part of its property or there is commenced against such other Party any such case or proceeding; (iii) the other Party makes a general assignment for the benefit of creditors; or (iv) the other Party admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. The terminating Party may exercise its termination right under this Section 12(f) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by a Party of its termination right under this Section 12(f) shall be without any prejudice to any other remedies or rights available to such Party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 18 below, notice of termination under this Section 12(f) shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding any provision of this Section 12 to the contrary, in the event that this Agreement is terminated in its entirety (except for termination by BNY pursuant to Section 12(c) or Section 12(f)), the Parties agree to continue operating under the terms of this Agreement as if this Agreement remained in full force and effect for up to one (1) year or for such shorter period of time as the Parties mutually agree is necessary for BNY to transfer the books and records pertaining to the Fund or Funds and each such Fund's Series which are in BNY's possession or control to a successor service provider (the "Transition Period"); provided, that during any such Transition Period, BNY will be entitled to compensation for its services and any transition assistance pursuant to Section 10. The provisions of this Agreement relating to the duties and obligations of BNY will remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendment</u>.

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY and the Fund to be bound thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Assignment; Subcontracting.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall extend to and shall be binding upon the Parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable or delegable by any Fund without the written consent of BNY, or by BNY without the written consent of the affected Fund. For the avoidance of doubt, (i) this Agreement shall not automatically extend to or be binding upon a successor entity as the result of the merger, reorganization or consolidation of a Fund with such entity or the sale by a Fund of all, or substantially all of, its assets to such other entity, and (ii) BNY shall have no right to prevent the merger, reorganization or consolidation of a Fund with another entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing: (i) BNY may assign or transfer this Agreement to any BNY Affiliate or transfer this Agreement in connection with a sale or transfer of a majority or more of its assets, equity interests or voting control, provided that (a) BNY gives the relevant Funds at least sixty (60) days' prior written notice of such assignment or transfer (b) such assignment or transfer does not impair the provision of services under this Agreement in any material respect, (c) in the reasonable discretion of the Funds, the assignee or transferee has adequate financial strength and other resources, and (d) the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY; provided further, that if BNY assigns or

transfers this Agreement pursuant to this Section 14(b) to a non-BNY Affiliate or not in connection with a sale or transfer of a majority or more of its assets, equity interests or voting control without the written consent of the Funds, the Funds shall have the option, exercisable for one hundred and eighty (180) days after receiving written notice such assignment or transfer (or for such longer period as may be mutually agreed by the parties), to terminate this Agreement, and no Early Termination Fee shall be owed by the Funds upon termination pursuant to this Section 14(b)(i); (ii) the Funds may assign or transfer this Agreement to any affiliate of the Funds or transfer this Agreement in connection with the sale of a majority or more of its assets, equity interests or voting control, provided that (A) the Funds give BNY at least ninety (90) days' prior written notice (or such shorter notice as may be commercially practicable under the circumstances, as determined by the Funds in good faith) of such assignment or transfer, (B) such assignment or transfer, in any such case, does not impair the Funds' ability to comply with its obligations under this Agreement in any material respect in the reasonable discretion of BNY, (C) in the reasonable discretion of BNY, the assignee or transferee has adequate financial strength and other resources to meet its obligations under this Agreement and is subject to and provides information in order for BNY to complete onboarding requirements and due diligence procedures, and (D) the assignee or transferee agrees to be bound by all terms of this Agreement in the place of the Funds; (iii) BNY may subcontract with, hire, engage or otherwise outsource to any BNY Affiliate or unaffiliated third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement provided that any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY of any of its responsibilities or liabilities hereunder and BNY shall be responsible for the actions or omissions of such entities to the same extent BNY is responsible for its own actions and omissions under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY, in the course of providing certain additional services requested by a Fund, including but not limited to, Typesetting, Money Market Fund or eBoard Book services ("Vendor Eligible Services") as further described in Schedule I, may in its sole discretion, enter into an agreement or agreements with a financial printer or electronic services provider ("Vendor") to provide BNY with the ability to generate certain reports or provide certain functionality. BNY shall not be obligated to perform any of the Vendor Eligible Services unless an agreement between BNY and the Vendor for the provision of such services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY will

disclose the identity of the Vendor and the status of the contractual relationship, and a Fund is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As compensation for the Vendor Eligible Services rendered by BNY pursuant to this Agreement, the applicable Fund will pay to BNY such fees as may be agreed to in writing by the Fund and BNY. In turn, BNY will be responsible for paying the Vendor's fees. For the avoidance of doubt, BNY anticipates that the fees it charges hereunder will be more than the fees charged to it by the Vendor, and BNY will retain the difference between the amount paid to BNY hereunder and the fees BNY pays to the Vendor as compensation for the additional services provided by BNY in the course of making the Vendor Eligible Services available to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) BNY shall give the Funds at least thirty (30) days' prior written reasonably detailed notice of any unaffiliated third party entity BNY subcontracts with, hires, engages or otherwise outsources to as contemplated in Section 14(b)(iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Governing Law; Consent to Jurisdiction.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. Each Fund hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that in any jurisdiction any Fund may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, such Fund irrevocably agrees not to claim, and it hereby waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Severability; No Third Party Beneficiaries.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances. A person who is not a party to this Agreement shall have no rights to enforce any provision of this Agreement, provided that BNY and the Funds acknowledge and

agree that each Fund shall be a beneficiary of the representations, warranties, indemnities, covenants, agreements and undertakings of BNY under this Agreement. No Fund shall have a right to enforce any provision of this Agreement as it relates to another Fund. BNY shall not be responsible for any costs or fees charged to a Fund or an affiliate of a Fund by consultants, counsel, auditors, public accountants or other service providers retained by the Fund or any such affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>No Waiver.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each and every right granted to BNY or any of the Funds hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY or any Fund to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY or any Fund of any right preclude any other or future exercise thereof or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Notices.</u>

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

if to a Fund, at

Guggenheim Investments Private Credit Fund

AT&T Center

227 W Monroe St

Chicago, IL 60606

Attn: Legal Department

if to BNY, at

The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, Delaware 19809

Attention: Head of U.S. Fund Accounting

with a copy to:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept. – Asset Servicing

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts/Headings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts together shall constitute only one instrument. All headings in this Agreement are for reference purposes only and not intended to affect in any way the interpretation or meaning of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Several Obligations; Limitation on Fund Liabilities.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties acknowledge that the rights and obligations of the Funds hereunder are several and not joint, that no Fund shall be liable for any amount owing by another Fund and that the Funds have executed one instrument for convenience only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of each Fund hereunder shall be limited in all cases to the assets of such Fund or its Series, as applicable, and BNY will not seek satisfaction of any such obligations from the officers, trustees, directors, or shareholders of any such Fund or Series. This Agreement is executed on behalf of each Fund by an officer or trustee of such Fund in his or her capacity as an officer or trustee of the Fund and not individually, and the obligations arising out of this Agreement are not binding on any Fund's trustees, officers, directors or shareholders individually, but are binding only upon the assets or property of the Fund or its applicable Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any obligation of a Fund on behalf of any Series arising out of this Agreement, BNY will seek payment or satisfaction of such obligation solely from the assets of the Series to which such obligation relates with the same effect as if BNY had separately contracted with each Fund by separate written instrument with respect to each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Confidentiality</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY shall keep confidential any information relating to a Fund's business and each Fund shall keep confidential any information relating to BNY's business (each, "Confidential Information"), except as expressly agreed in writing by the protected Party. Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans,

marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans and internal performance results relating to the past, present or future business activities of a Fund or BNY and their respective subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula or improvement that is commercially valuable and secret in the sense that its confidentiality affords a Fund or BNY a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, as between BNY and a particular Fund information shall not be Confidential Information and shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving Party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of the receiving Party; (c) is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality; (d) is released by the protected Party to a third party without restriction; (e) is requested or required to be disclosed by the receiving Party pursuant to a court order, subpoena, governmental or regulatory authority request or law; (f) is relevant to the defense of any claim or cause of action asserted against the receiving Party; (g) if required to be provided by BNY in connection with an independent third party compliance or other review at the Fund's direction; (h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed or obtained by the receiving Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties acknowledge that the existence and the terms of this Agreement may be publicly disclosed by the Funds pursuant to applicable law, however, the terms and conditions of this Agreement relating to fees shall be kept confidential. Except as otherwise provided in this Agreement, nothing herein is intended to transfer ownership of the Funds' Confidential Information to BNY. Provisions authorizing the disclosure of information shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The obligations set forth in this Section 21 shall survive any termination of this Agreement for a period of one (1) year after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties acknowledge and agree that any breach of Section 21(a) hereof would cause not only financial damage, but irreparable harm to the other party, for which money damages will not provide an adequate remedy. Accordingly, in the event of a breach of Section 21(a) hereof, the non-breaching Party shall (in addition to all other rights and remedies they may have pursuant to this Agreement and at law or in equity) be entitled to an injunction, without the necessity of posting any bond or surety, to restrain disclosure or misuse, in whole or in part, of any information in violation of Section 21(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Without limiting the foregoing, BNY will separately execute an Information Security Rider setting forth certain terms regarding the information security and resiliency programs maintained by BNY, which is incorporated herein and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Non-Solicitation; Disclosure of Certain Regulatory Matters</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the term of this Agreement with respect to a particular Fund and for one (1) year thereafter, the Fund shall not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire BNY's employees who service the Funds under this Agreement, and the Fund shall cause the Fund's sponsor and any affiliates of the Fund to not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY's employees who service the Funds under this Agreement. To "knowingly" solicit, recruit or hire within the meaning of this provision does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNY employee by a Fund, the Fund's sponsor or an affiliate of the Fund if the BNY employee was identified by such entity solely as a result of the BNY employee's response to a general advertisement by such entity in a publication of trade or industry interest or other similar general solicitation by such entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the request of the Funds (which request shall be made by the applicable Fund not more than once annually), and provided that disclosure by BNY is not prohibited by applicable law, rule or agreement between BNY and a governmental authority with jurisdiction over BNY, BNY will make available to the Fund publicly available information which BNY makes available to its clients generally regarding a criminal or regulatory investigation of BNY with respect to a violation by BNY of Securities Laws, the U.S. Bank Secrecy Act, the Patriot Act, or a failure of BNY to have sufficient policies or procedures relating to compliance with applicable law (collectively, "Regulatory Matters"). In addition, provided that disclosure by BNY is not

prohibited by applicable law, rule or agreement between BNY and a governmental authority with jurisdiction over BNY, BNY will make available to the Fund publicly available information regarding a Regulatory Matter which would reasonably be expected to have a material adverse impact on BNY's performance of services to the Funds under this Agreement as promptly as reasonably practicable under the circumstances. In each case, the Fund acknowledges and agrees that BNY's failure to make any such information available to the Fund shall not be deemed to be a breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Limitation of Liability of the Trustees and Shareholders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Parties acknowledge that the rights and obligations of the Series hereunder are several and not joint, that no Series shall be liable for any amount owing by another Series and that the Series have executed one instrument for convenience only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligations of each Series hereunder shall be limited in all cases to the assets of such Series and BNY will not seek satisfaction of any such obligations from the officers, trustees, directors, or shareholders of any such Series. This Agreement is executed on behalf of each Fund by an officer or trustee of such Fund in his or her capacity as an officer or trustee of the Fund and not individually, and the obligations arising out of this Agreement are not binding on any Fund's trustees, officers, directors or shareholders individually, but are binding only upon the assets or property of the applicable Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any obligation of a Series arising out of this Agreement, BNY will seek payment or satisfaction of such obligation solely from the assets of the Series to which such obligation relates with the same effect as if BNY had separately contracted with each Series by separate written instrument with respect to each Series.

[Remainder of Page Intentionally Left Blank]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the date first written above.

By: <u>/s/ Brian Binder</u><br>on behalf of each Fund<br>identified on Exhibit A<br>attached hereto, separately and not jointly

<br> Name: <u>Brian Binder</u><br> Title: <u>Chief Executive Officer</u>

THE BANK OF NEW YORK MELLON<br>By: <u>/s/ Robert M Stein Jr</u>

Name: <u>Robert M Stein Jr</u><br>Title: <u>Vice President, 12/23/25</u>

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**<u>EXHIBIT A</u>**

<u>List of Funds and Series of Funds</u>

<u>Dated: December 23, 2025</u>

**<u>Name</u>**

Guggenheim Investments Private Credit Fund

**<u>EXHIBIT B</u>**

<br> I, [Name] , of Guggenheim Investments Private Credit Fund, a [State]

[corporation/trust] (the "Fund"), do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following individuals serve in the following positions with the Fund, and each has been duly elected or appointed by the Board of the Fund to each such position and qualified therefor in conformity with the Fund's Organizational Documents, and the signatures set forth opposite their respective names are their true and correct signatures. Each such person is designated as an Authorized Person under the Fund Administration and Accounting Agreement dated as of December 23, 2025, between the Fund and The Bank of New York Mellon.

<br> Name Position Signature

**<u>SCHEDULE I</u>**<br><u>Schedule of Services</u>

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Fund officers, Fund counsel and accountants of each Fund, as may be applicable. The services included on this Schedule of Services may be provided by BNY or a BNY Affiliate, collectively referred to herein as "BNY".

**<u>VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES</u>**

BNY shall provide the following valuation support and computation accounting services for each Fund:

• Journalize investment, capital share and income and expense activities;<br>• Maintain individual ledgers for investment securities;<br>• Maintain security set-ups for country code, investment type classifications, maintain income and amortization elections, accrue dividends, process corporate actions, and paydowns, as applicable;<br>• Maintain historical tax lots for each security;<br>• Reconcile cash and investment balances of each Fund with the Fund's custodian;<br>• Reconcile investment balances of each Fund with balances in Guggenheim's investment management system;<br>• Calculate various contractual expenses;<br>• Calculate capital gains and losses;<br>• Calculate monthly/quarterly distribution rate per share;<br>• Determine net income;<br>• Obtain security market quotes and currency exchange rates from pricing services approved by a Fund's investment adviser, or if such quotes are unavailable, then obtain such prices from the Fund's investment adviser, and in either case, calculate the market value of each Fund's investments in accordance with the Fund's and its valuation designee's current valuation policies or guidelines; provided, however, that BNY shall not under any circumstances be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral investments, itself (including daily fair valuation of certain foreign futures contracts and fair valuation of foreign future contracts on foreign holidays, which requires client instruction regarding methodology for benchmarking, timing, and applicability) or to confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY have any liability relating to inaccuracies or otherwise with respect to such information or valuations;<br>• Calculate Net Asset Value in the manner specified in the Fund's Offering Materials and the Fund's and its valuation designee's current valuation policy (which, for the service described herein, shall include the Fund's Net Asset Value error policy);<br>• Transmit or make available a copy of the daily portfolio valuation to a Fund's investment adviser;<br>• Calculate yields, SEC yields and portfolio average dollar-weighted maturity as applicable; and<br>• Calculate portfolio turnover rate for inclusion in the financial statements included in periodic shareholder reports.

**<u>FINANCIAL REPORTING</u>**

BNY shall provide the following financial reporting services for the Fund:

• *Financial Statement Preparation & Review*

<br> • Prepare financial statements for the Fund - financial statement production for funds for inclusion in Form 10-K and 10-Q filings

<br> • Prepare the Fund's periodic shareholder reports, including certain information furnished by the Fund to BNY, as required pursuant to the Securities and Exchange Act of 1934; and

<br> • For annual NFA filing, provide report with data attributes required for Guggenheim to complete annual NFA filing;

<br> • Prepare, circulate and maintain the Fund's financial reporting production calendar.

<br> • End-to-end management of report production from planning, drafting and edits through finalization.

**<u>TAX SERVICES</u>**

BNY shall provide the following tax services for each Fund:

• *Tax Provision Preparation*<br>• Prepare fiscal year-end tax provision analysis;<br>• Process tax adjustments on securities identified by a Fund that require such treatment;<br>• Prepare ROCSOP adjusting entries; and<br>• Prepare financial statement footnote disclosures.

*• BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under .S. generally accepted accounting principles; this responsibility resides with the Fund or Fund's management. BNY is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations.*

• *Excise Tax Distributions Calculations*<br>• Prepare calendar year tax distribution analysis;<br>• Process tax adjustments on securities identified by a Fund that require such treatment; and<br>• Prepare annual tax-based distribution estimate for each Fund.

*• BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles; this responsibility resides with the Fund or Fund's management. BNY is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations.*

• *Other Tax Services*

• Calculate and report wash sale deferrals with respect to transactions for the Fund based upon an agreed upon schedule with BNY;<br>• Prepare for execution and filing, the federal and state income and excise tax returns;<br>• Prepare year-end Investment Company Institute broker/dealer reporting and prepare fund distribution calculations disseminated to broker/dealers;<br>• Coordinate U.S.C. Title 26 Internal Revenue Code ("IRC") 855 and excise tax distribution requirements;<br>• Provide income and two capital gain estimates in advance of year-end for portfolio management purposes;<br>• Prepare all tax related provisions and distribution requirements for all Controlled Foreign Corporations (CFCs).<br>• *Uncertain Tax Positions*<br>• Documentation of all material tax positions taken by a Fund with respect to specified fiscal years and identified to BNY ("Tax Positions");<br>• Review of a Fund's: (i) tax provision work papers, (ii) excise tax distribution work papers, (iii) income and excise tax returns, (iv) tax policies and procedures and (v) Subchapter M compliance work papers;<br>• Determine as to whether or not Tax Positions have been consistently applied, and documentation of any inconsistencies;<br>• Review relevant statutory authorities;<br>• Review tax opinions and legal memoranda prepared by tax counsel or tax auditors to a Fund;<br>• Review standard mutual fund industry practices, to the extent such practices are known to, or may reasonably be determined by, BNY; and<br>• Delivery of a written report to the applicable Fund detailing such items.

*• The following are expressly excluded from the Uncertain Tax Positions services: (i) assessment of risk of any challenge by the Internal Revenue Service or other taxing authority against any Tax Position (including, without limitation, whether it is "more likely than not" such Tax Position would be sustained); (ii) calculation of any tax benefit measurement, in whole or in part, that may be required if any "more likely than not" threshold has not been met; and (iii) any tax opinion or tax advice. Additionally, none of the Uncertain Tax Positions services shall be deemed to be or constitute a tax opinion or tax advice.*

*(a) The Fund shall provide such information and documentation as BNY may reasonably request in connection with the Uncertain Tax Positions services. The Fund's independent public accountants shall cooperate with BNY and make such information available to BNY as BNY may reasonably request.*

*(b) Notwithstanding anything to the contrary in this Agreement and without limiting any rights, protections or limitations of liability otherwise provided to BNY pursuant to this Agreement, (i) BNY is authorized and permitted to release such information as is necessary or desirable to be released in connection with the provision of any of the Uncertain Tax Positions services, (ii) management of the Fund is responsible for complying with all uncertain tax positions reporting obligations relating to the Fund and BNY shall have no liability to the Fund or any other entity or governmental authority with*

*respect to any tax positions taken by the Fund, (iii) BNY shall have no liability either for any error or omission of any other service provider (including any accounting firm or tax adviser) to the Fund or for any failure to discover any such error or omission, (iv) the Fund shall be responsible for all filings, tax returns and reports on all Tax Positions and for the payment of all taxes and similar items (including without limitation penalties and interest related thereto) and (v) in the event of any error or omission in the performance of a Uncertain Tax Positions service the Fund's sole and exclusive remedy and BNY's sole liability shall be limited to re-performance of the applicable Uncertain Tax Positions service and the preparation and delivery to the Fund of a corrected report (if necessary), such re-performance, preparation and delivery to be provided at no additional service charge to the Fund.*

• IRS CIRCULAR 230 DISCLOSURE:

To ensure compliance with requirements imposed by the Internal Revenue Service, BNY informs the Fund that any U.S. tax advice contained in any communication from BNY to the Fund (including any future communications) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein or therein.

**<u>FUND ADMINISTRATION SERVICES</u>**

BNY shall provide the following fund administration services for each Fund:

• In accordance with Instructions received from a Fund, and subject to portfolio limitations as provided by such Fund to BNY in writing from time to time, monitor such Fund's compliance, on a post-trade basis, with such portfolio limitations requirements under the 1940 Act and rules thereunder and the IRC, as well as rules identified in the Fund's prospectus and SAI or provided to BNY on an ad-hoc basis), provided that BNY maintains in the normal course of its business all data necessary to measure the Fund's compliance or receives necessary data from the Fund or other sources utilized by BNY in the normal course of its business. Such post-trade compliance testing shall be conducted on a daily basis using automated<br> means; if BNY detects a possible non-compliance with portfolio limitations applicable to a Fund, it shall promptly notify the Fund thereof;<br>• Monitor the Fund's status as a regulated investment company under Subchapter M of the IRC and Subchapter L of the IRC (if required);<br>• Establish appropriate expense accruals and compute expense ratios, maintain expense files (including with respect to overdraft charges reporting) and coordinate the payment of Fund approved invoices;<br>• Monitor expense accruals vs payments for operating expenses, and adjust accruals based upon client approval, particularly around semi-annual and year-end periods;<br>• Monitor expense ratios for expense limitations, waivers, and accrued eligible class-<br> level recoupments;

• Calculate Fund approved income and per share amounts required for periodic (monthly, quarterly or annual) distributions to be made by the applicable Fund;<br>• Facilitate the preparation and delivery of statistical reports for outside tracking agencies;<br>• Calculate total return based on NAV information for the Funds to populate their website with total returns and other financial information;<br>• Provide reporting to support loan and preferred share limits and NRSRO security ratings, sourced from the Accounting System;<br>• Coordinate a Fund's annual audit;<br>• Supply various normal and customary portfolio and Fund statistical data as requested on an ongoing basis, which may include foreign withholding reclaim reporting;<br>• Provide monthly reports to support Valuation Committee reporting needs;<br>• If the chief executive officer or chief financial officer of a Fund is required to provide a certification as part of the Fund's Form 10-Q/10-K filing pursuant to regulations promulgated by the SEC under Section 302 of the Sarbanes-Oxley Act of 2002,<br> provide a sub-certification in support of certain matters set forth in the aforementioned certification. Such sub-certification is to be in such form and relating to such matters as agreed to by BNY in advance. BNY shall be required to provide the sub-certification only during the term of this Agreement with respect to the applicable Fund and only if it receives such cooperation as it may request to perform its investigations with respect to the sub-certification. For clarity, the sub-<br> certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation;<br>• Prepare such distribution calculations and related financial information as may be required to support any required Section 19(a) notices or income or capital gain distribution press releases; and<br>• Daily asset coverage testing and exception reporting for indebtedness leverage within the Fund as required and defined by the 1940 Act;

**<u>REGULATORY ADMINISTRATION SERVICES</u>**

BNY shall provide the following regulatory administration services for each Fund:

• Maintain a regulatory calendar for each Fund listing various SEC filing and Board approval deadlines;<br>• Assemble and distribute board materials, including 15(c) materials, for quarterly meetings of the Board, including the drafting of agendas and resolutions for such quarterly meetings of the Board (with final selection of agenda items made by Fund counsel);

• Attend (in-person or telephonically) quarterly Board meetings and draft minutes thereof;<br>• Assist the Fund in the handling of SEC examinations by providing requested documents in the possession of BNY that are on the SEC examination request list; and<br>• Assist with and/or coordinate such other filings, notices and regulatory matters on such terms and conditions as BNY and the applicable Fund may mutually agree upon in writing from time to time.<br>• *eBoard Book Services*:<br>• Permit persons or entities entering a valid password to have electronic access, via an Internet-based secure website, to current quarterly Board meeting materials and such other Board meeting materials as may be agreed between BNY and a Fund.<br>• *38a-1 Compliance Support Services*

<br> • Provide compliance policies and procedures related to certain services provided by BNY and, if mutually agreed, certain of the BNY Affiliates; summary procedures thereof; and periodic certification letters.

**SCHEDULE II**

**LOAN ADMINISTRATION SERVICES ADDENDUM**

**TO FUND ADMINISTRATION AND ACCOUNTING AGREEMENT**

This Loan Administration Services Addendum ("**Addendum**") to the Fund Administration and Accounting Agreement ("**Agreement**"), contains additional provisions which apply whenever a Fund desires that BNY provide Loan Administration Services (as defined below) in respect of Loans (as defined below) made or acquired by a Fund. The provisions of this Addendum shall be considered part of the Agreement and shall be enforceable in accordance with the terms of such Agreement. In the event of any conflict between any of the provisions set forth in this Addendum and any of the provision set forth in the Agreement or in any exhibits, schedules or other attachments thereto, the provisions of this Addendum shall control with respect to the Loan Administration Services. All subsequent references in this Addendum to the Agreement shall mean the Agreement as modified by this Addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. **Definitions**. Whenever used in this Addendum, the following words shall have the meanings set forth below. Capitalized terms not otherwise defined below shall have the meanings given to such terms in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a. "**Loan Administration Services**" shall mean with respect to each Loan, those services to be provided by BNY to a Fund as set forth on Exhibit A to this Addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b. "**Loan Documents**" shall mean, for each Loan acquired or made by a Fund, each of the assignment and acceptance agreement, funding memorandum, credit agreement, amendments to the credit agreement (if any), the current amortization schedule for each Loan (if any) and such other information with respect to the Loan as BNY may reasonably require in order to perform the Loan Administration Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c. "**Loans**" shall mean any direct, participation or subparticipation interest in or assignment or novation of a loan or other extension of credit including, but not limited to, bank loans, interests in bank loans, loan commitments or other commercial loans, whether the loans are bilateral or syndicated and whether any obligor is located in or outside of the United States, made or acquired by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **The Services**. BNY shall provide to each Fund the Loan Administration Services in respect of Loans.

Each Fund shall, promptly after the date hereof, deliver or cause to be delivered to BNY copies of all Loan Documents in connection with the Loans being serviced by BNY pursuant to the terms of the Agreement and this Addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **[Reserved]**<br>4. **Representations and Warranties of a Fund.** Each Fund represents and warrants to BNY that it has:<br>a. independently and without reliance upon BNY, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of any borrower and its affiliates and made its own decision to make and/or purchase the Loans; and<br>b. independently and without reliance upon BNY, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action with respect to the Loans, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of any borrower.<br>5. **Exculpation of BNY**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. BNY will have no liability for any
delay or failure by a Fund or any third party in providing Loan Documents to BNY or for any inaccuracy or incompleteness of any Loan
Documents. BNY will have no obligation to verify, investigate, recalculate, update or otherwise confirm the accuracy or completeness
any Loan Documents or other information or notices received by BNY in respect of a Loan. BNY will be entitled to (i) rely upon the Loan
Documents and any other instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype
message, statement, order or other document reasonably believed by it to be genuine and correct and to have been signed, sent or made
by the proper person or persons, including, but not limited to, any syndication agent, lead or obligor or any similar party with respect
to a Loan and/or upon advice and statements of legal counsel (including, without limitation, counsel to BNY, any Fund, any borrower or
any lender), independent accountants and other experts selected by BNY and (ii) update its records on the basis of such information or
notices as may from time to time be received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Delivery of reports, information
and documents to BNY is for informational purposes only and BNY's receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the borrower's compliance with any
of its covenants under the Loan Document. BNY shall be fully justified in failing or refusing to take any action under this Agreement
unless it shall first receive such advice or concurrence of any Fund as it deems appropriate or it shall first be indemnified to its
satisfaction by the Funds against any and all liability and expense that may be incurred by it by reason of taking or continuing to take
any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. BNY will have no obligation to (i)
determine whether any necessary steps have been taken or requirements have been met for a Fund to have acquired good or record title
to a Loan, (ii) ensure that a Fund's acquisition of a Loan has been authorized by such Fund, (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 a Loan) or otherwise take any other action to enforce the payment obligations of any obligor on a 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. BNY shall not be
deemed to have knowledge or notice of the occurrence of any default or event of default under the Loans unless BNY has received notice
from the Funds referring to this Agreement, describing such default or event of default and stating that such notice is a "notice
of default." BNY shall take such action with respect to such default or event of default as shall be reasonably directed by the
Funds; <u>provided</u> that
unless and until BNY shall have received such directions, BNY may (but shall not be obligated to) take such action, or refrain from taking
such action, with respect to such default or event of default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Each Fund expressly acknowledges
that neither BNY nor any of their respective officers, directors, employees, agents, attorneys, attorneys-in-fact or affiliates have
made any representations or warranties to it and that no act by BNY hereafter taken, including, without limitation, any review of the
affairs of any borrower or any affiliate of any borrower, shall be deemed to constitute any representation or warranty by BNY. Except
for notices, reports and other documents expressly required to be furnished to the Funds by BNY, BNY shall not have any duty or responsibility
to provide any Fund with any credit or other information concerning the business, operations, property, condition (financial or otherwise),
prospects or creditworthiness of any borrower that may come into the possession of the BNY or any of its officers, directors, employees,
agents, attorneys, attorneys-in-fact or affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. BNY shall not be obligated to accept
nor be responsible for holding or safekeeping any collateral including, any securities, promissory notes, certificates of equity or debt
ownership or obligations, deeds, mortgages, bonds, security agreements, any other type of negotiable instrument, or any other document
related to the Loan Administration Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. With respect to any Loan, BNY will
have no duties or responsibilities whatsoever with respect to any Loan except as are expressly set forth in this Addendum.

**EXHIBIT A TO SCHEDULE II**<br><u>Schedule of Services</u>

1. With respect to a Loan to be serviced hereunder, the parties agree that BNY shall perform the following services for each Fund.

(a) <u>Set-Up / File Maintenance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY shall accept from each Fund
or its designee, the relevant information pertaining to the Loans, and thereafter maintain paper or electronic copies of same in BNY's
system, including as available or appropriate, copies of all new assignment and acceptance agreements, funding memoranda, current loan
or credit agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY shall record daily interest
accruals for each Loan held in any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY shall record and process validated
interest, principal and fee payments to such Fund's designated account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY shall record and process rollovers,
re-pricings, conversions and margin changes for Loans held in any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) BNY shall maintain current records
of account activity regarding payments remitted under the Loans to BNY for the benefit of each Fund, and shall remit such payments as
instructed by such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Notwithstanding the foregoing, BNY
shall not be obligated to accept nor be responsible for holding or safekeeping originals of any securities, promissory notes, certificates
of equity or debt ownership or obligations, deeds, mortgages, bonds, security agreements, any other type of negotiable instrument, or
any other document related to the Loans.

(b) <u>Reporting / Communications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Reports" shall mean
those reports produced by BNY and transmitted daily to the various parties as shall be designated by each Fund, containing the information
indicated in and substantially in the form of the sample reports provided to the Funds before the execution of this Agreement and listed
on Exhibit B hereto. The Reports may be transmitted by electronic means, including but not limited to e-mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Additionally, the parties agree
that, whereas it is necessary hereunder for BNY to expeditiously obtain and process information, including notices, derived from third-parties,
including agents for the Loans (particularly in connection with providing any reports to the Funds), BNY shall be entitled to rely upon
such third-party information and shall not be required to verify or authenticate in any manner such information. BNY will be deemed to
have acted reasonably in accepting, using and transmitting such information, as contemplated herein.

(c) <u>Assignments / Pay-Offs / Terminations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY shall further maintain records
of information it receives regarding the transfer, payoff, assignment, participation, sale, modification, termination or other changes
in the Loans, and reflect such changes in its system, and in the Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If applicable, BNY will coordinate
settlement of assignments and transfer of sale proceeds with the Custodian.

(d) <u>Inquiries/ Record Keeping</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY shall maintain electronic records
of material notices it receives from the administrative agents of the Loans regarding the Loans and transactions with respect to the
Loans for a period of seven years from receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY will provide initial response
to e-mail or telephone inquiries by Fund about a Loan within 2 business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY will, to the extent requested
by a Fund, liaise with the administrative agents of the Loans regarding the Loans.

**EXHIBIT B TO SCHEDULE II**

<u>Reports</u>

**A. Standard Daily Reports as produced by BNY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Daily Trial Balance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Daily Accrued Interest Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Daily Activity Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Daily Repricing and Past Due Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Daily Margin Change Report

**B. Custom Reports (if requested by a Fund)**

**C. Customized Extracts (if requested by a Fund)**

**<u>EXHIBIT C TO SCHEDULE II</u>**

<u>List of Fund(s), Loan Accounts, and the applicable Custody Account</u>

---

| | | |
|:---|:---|:---|
| **Fund(s)** | **Loan Account Number** | **Custodial Account Number** |

---

## Ex-99

**Exhibit (k)(2)**

EXECUTION VERSION

**<u>GUGGENHEIM BDC</u>**

**<u>TRANSFER AGENCY AND SHAREHOLDER SERVICES AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Transfer Agency and Shareholder Services Agreement is made as of December 23, 2025 ("**Effective Date**") by and between BNY Mellon Investment Servicing (US) Inc. ("**BNY**"), and each business development company listed on the signature page to this Agreement (each, a "**BDC**"), each on its own behalf, and to the extent applicable, on behalf of each series of each BDC contained on <u>Schedule B</u> (each such series a "**Portfolio**"). Capitalized terms, and certain noncapitalized terms, not otherwise defined shall have the meanings set forth in <u>Schedule A</u> (<u>Schedule A</u> also contains an index of defined terms providing the location of all defined terms). The term "**Agreement**" shall mean this Transfer Agency and Shareholder Services Agreement, and each schedule and exhibit thereto, and any rider incorporated herein, as constituted on the Effective Date, and thereafter as it may be amended from time to time as provided for herein. All references to "<u>Schedule B</u>" herein mean <u>Schedule B</u> attached hereto as constituted on the Effective Date, and thereafter as it may be amended from time to time (deemed or in writing) pursuant to Sections 16 or 19(l).

**<u>Background</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each BDC is a closed-end management investment company that has elected or will elect to be regulated as a business development company under the 1940 Act and wishes to retain BNY to serve as its transfer agent, registrar, dividend disbursing agent and shareholder servicing agent, or, if applicable, to serve as the transfer agent, registrar, dividend disbursing agent and shareholder servicing agent for it and each of its Portfolios on <u>Schedule B, as may be applicable</u>, and BNY wishes to furnish such services. The term "**Fund**" as used hereinafter in this Agreement means, as applicable a particular BDC, if no Portfolios of the particular BDC are contained on <u>Schedule B</u>, or a particular BDC and each Portfolio of such BDC contained on <u>Schedule B</u>, where a BDC has such Portfolios, all and each considered in its individual and separate capacity.

**<u>Terms</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Fund and BNY, intending to be legally bound, hereby agree to the statements made in the preceding paragraphs and as follows:

**1. <u>Appointment</u>.** The Fund hereby appoints BNY to serve as transfer agent, registrar, dividend disbursing agent and shareholder servicing agent to the Fund and BNY accepts such appointments and agrees in connection with such appointments to furnish the services expressly set forth in Section 3. BNY shall be under no duty to provide any service to or on behalf of the Fund except as specifically set forth in Section 3 or as BNY and the Fund may specifically agree in a written amendment hereto. BNY shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third party service providers engaged by the Fund or by any other third party service provider not engaged by BNY.

**2. <u>Records</u>.** Data pertaining to the Fund which the Fund is obligated to keep as its books and records pursuant to Section 31(a) of the 1940 Act and which is held in the BNY System due to the services performed hereunder by BNY pursuant to Section 3 ("**Fund Data**") shall be the property of the Fund. Upon the reasonable request of the Fund, BNY shall provide Authorized Persons with (i) access to Fund Data at BNY's facilities during BNY's normal business hours in the format and on the equipment normally utilized by BNY and if reasonably requested during such visit provide, (ii) printed output of the Fund Data or copies thereof (or, as the Fund may request, in an electronic form that is supported at the time by the BNY System without modification of any nature) at the Fund's expense.

EXECUTION VERSION

**3. <u>Services</u>.** BNY shall provide the services specified in subsections (a) through (d) below commencing on the Service Effective Date, the services specified in subsection (e) below commencing on the Effective Date, and the services specified in subsection (f) as of the dates specified therein:

**(a) <u>General Services</u>**:

(1) Services to be provided on an ongoing basis to the extent applicable to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculate 12b-1
payments, if applicable, and such other fees, commissions, concessions and intermediary payables as the Fund and BNY shall reasonably
agree;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Establish Fund
shareholder registrations for shares and Fund shareholder accounts and accept, effect and post changes to such Fund shareholder registrations;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Direct payment
processing of wire transfers, with electronic funds transfers permitted solely upon the prior written consent of BNY and checks of any
nature not permitted under any circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide toll-free
lines for direct Fund shareholder use, plus customer liaison staff for on-line inquiry response, and in accordance with the Subscription
Procedures (as defined below) attempt to resolve standard issues with the Fund shareholder and refer nonstandard issues to the Fund for
resolution;

&nbsp;&nbsp;&nbsp;&nbsp;(v) Where a Fund shareholder
conducts Fund transactions through a financial intermediary, mail duplicate statements to the financial intermediary upon the Investment
Advisor's request;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) Upon the Fund's
reasonable request, provide periodic Fund shareholder lists and standard reports, including but not limited to, dissemination of quotations
of the value of Net Assets per Share, to the Fund, its intermediaries or DTCC;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) Prepare and mail
year-end tax reporting and statement information;

&nbsp;&nbsp;&nbsp;&nbsp;(viii) Notify on a timely
basis the Fund's investment adviser, accounting agent (if different from BNY), and custodian ("Fund Custodian") of Share
activity;

&nbsp;&nbsp;&nbsp;&nbsp;(ix) Record Share purchases
and repurchases in the record keeping system;

&nbsp;&nbsp;&nbsp;&nbsp;(x) Perform Fund shareholder
transfers and exchanges to the extent permitted by and in accordance with the fund's prospectus and record same in the record keeping
system;

&nbsp;&nbsp;&nbsp;&nbsp;(xi) Remediation Services,
as required.

"<u>Remediation Services</u>" means the additional services required to be provided hereunder by BNY in connection with a Fund Error in order to correct, remediate, adjust, reprocess, repeat, reverse or otherwise modify conduct previously taken in accordance with the Agreement to achieve the outcome originally intended by the previous conduct.

"<u>Fund Error</u>" means the Fund or a third party acting on behalf of the Fund or conveying

EXECUTION VERSION

Fund data or information committing an error, furnishing inaccurate, incorrect or incomplete data or information to BNY or by other act or omission requiring Remediation Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) To the extent a
person seeks to open a new Fund shareholder account in connection with a Purchase Order (as defined below) and the Purchase Order does
not contain all information and documentation necessary or appropriate to create a Fund shareholder account, correspond with the Financial
Intermediary identified in the Purchase Order to attempt to complete or correct standard information to the extent provided for in the
Subscription Procedures, and if BNY cannot identify the Financial Intermediary to its reasonable satisfaction from the Purchase Order,
notify the Fund of the non-conforming Purchase Order.

(2) <u>Purchase of Shares</u>. This Section 3(a)(2) shall govern BNY's responsibilities with respect to instructions for the opening of Fund accounts and the purchase of Fund Shares received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY will review subscription purchase forms for Fund Shares and any accompanying documents (collectively, a "Purchase Order") it receives from Approved Financial Intermediaries (as defined below) and determine in accordance with written procedures mutually agreed to by the parties (the "Subscription Procedures") whether the Purchase Order constitutes a "Conforming Purchase Order", which is hereby defined to mean a Purchase Order with respect to which all the following criteria are satisfied, or a "Non-Conforming Purchase Order", which is hereby defined to mean a Purchase Order with respect to which one or more of the following criteria are not satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The subscription
purchase form and any accompanying documentation are in completed proper form and good order (including, with respect to Purchase Orders
requiring the opening of a Fund shareholder account, the presence of an affirmation, in a manner appropriate to the particular Purchase
Order form, that the purchaser is a qualified investor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchase Order
contains all information and documentation necessary or appropriate to create a Fund shareholder account for the purchaser named in the
subscription purchase form, if a Fund shareholder account does not already exist for such purchaser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY has received
confirmation that good funds in sufficient amount to pay for the purchase transaction have been received from the purchaser or have been
credited to the account of the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) With respect to each Conforming Purchase Order that BNY receives in a given calendar month in good order on or before the last business day of the particular calendar month, upon receiving in writing in accordance with the Subscription Procedures the NAV applicable to such Purchase Orders BNY will in accordance with the Subscription Procedures: (i) create a Fund shareholder account in the Fund for the purchaser if the purchaser does not already have an established Fund shareholder account in the Fund; (ii) execute the Conforming Purchase Order by issuing a number of Shares consistent with the Conforming Purchase Order, the amount of funds tendered in connection with the Purchase Order and the applicable NAV, (iii) credit the appropriate Fund accounts with the Shares issued in accordance with clause (ii); and (iv) record the purchase date for the transaction effected pursuant to clause (ii) in accordance with the Subscription Procedures.

(C) In the event BNY determines a Purchase Order to be a Non-Conforming Purchase Order,

EXECUTION VERSION

BNY will coordinate corrective conduct with the Fund's investment advisor or administrator, as appropriate, in accordance with any applicable procedures set forth in the Subscription Procedures, and in the absence of such procedures or if unable to take corrective conduct will return the Non-Conforming Purchase Order to the Approved Financial Intermediary that submitted it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) For purposes of this Section 3(a)(2), "Approved Financial Intermediary" means a broker-dealer or registered investment advisor that BNY reasonably believes based on Written Instructions has been approved by the Fund to sell Shares of the Fund.

(3) <u>Repurchase of Shares</u>. This Section 3(a)(3) shall govern BNY's responsibilities with respect to instructions for the repurchase of Fund Shares received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) In the event BNY receives a Repurchase Order (as defined immediately below) other than during a Tender Offer Period (as defined in Section 3(a)(3)(B) below) from a Fund shareholder of the Fund, BNY shall not execute any repurchase on the basis of the Repurchase Order and will notify the Fund of its receipt of such Repurchase Order. "Repurchase Order" is defined to mean, collectively, a written instrument from a Fund shareholder containing a request that Fund shares held by the Fund shareholder be repurchased and any documentation accompanying such written instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) After BNY has received a copy of a Tender Offer Notice (as defined below) from the Fund, BNY will process any Repurchase Orders received during the relevant Tender Offer Period in accordance with this Agreement, the Tender Offer Notice and any written procedures that have been mutually agreed to by the Fund and BNY with respect to the processing of Repurchase Orders (the "Repurchase Procedures"). "Tender Offer Notice" is defined to mean the written notification of a tender offer from the Fund sent to Fund shareholders containing the terms and conditions of the Fund's repurchase of Fund shares from Fund shareholders in the tender offer, including a designation of the period during which a Repurchase Order must be received in order for the Fund shareholder submitting the Repurchase Order to participate in the particular tender offer ("Tender Offer Period") and terms governing the processing of Repurchase Orders (including without limitation terms governing proration of share repurchase rights in the event of an over-tendering of shares) that have been approved in advance by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) All repurchases of Fund Shares shall occur in accordance with the following provisions, and provisions of the Tender Offer Notice and Repurchase Procedures not in conflict with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Repurchase Order
must comply with all requirements of the Repurchase Procedures, must be tendered in proper form and must contain all information and
consist of all documentation as BNY may reasonably determine necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All required or
permitted endorsements and signatures must in BNY's reasonable judgment be valid and genuine; the requested repurchase must in BNY's
reasonable judgment be legally authorized, and in BNY's reasonable judgment (aa) no evidence of any nature whatsoever, whether credible
or uncredible, exists with respect to a claim adverse to such repurchase or the rights of the Fund shareholder to redeem, regardless
of the merits of the claim; and (bb) the Repurchase Order satisfies all applicable requirements for personal property and securities
transfer as specified in the Written Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) When Shares are
redeemed, BNY shall deliver to the Fund Custodian and the Fund or its designee a notification setting forth the number of Shares redeemed.
Such redeemed Shares shall be reflected on appropriate accounts maintained by BNY reflecting

EXECUTION VERSION

outstanding Shares of the Fund and Shares attributed to individual accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY shall, upon
receipt of the monies provided to it by the Fund Custodian for the repurchase of Shares, pay such monies received from the Fund Custodian
to redeeming Fund shareholders, all in accordance with the procedures established from time to time between BNY and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BNY shall not execute
any Share repurchases after it or its agent receives written notification that the determination of the NAV of the Fund has been suspended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) In the event a Repurchase Order is not complete or otherwise fails to meet the terms and conditions of Sections 3(a)(3)(C)(i) and (ii), the Tender Offer Notice and Repurchase Procedures, BNY shall implement any appropriate procedures that may be contained in the Repurchase Procedures or in the absence of such procedures notify the Fund.

(4) <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Upon receipt by BNY of Written Instructions containing all requisite information that may be reasonably requested by BNY, including payment directions and authorization, BNY shall issue Shares in payment of the dividend or distribution, or, upon Fund shareholder election, pay such dividend or distribution in cash. If requested by BNY, the Fund shall furnish a certified resolution of the Fund's Board of Directors declaring and authorizing the payment of a dividend or other distribution but BNY shall have no duty to request such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY shall issue Shares or pay dividends or distributions as provided for in Section 3(a)(4)(A), and pay proceeds of Share repurchase transactions as provided for in Section 3(a)(3), after it deducts and withholds all amounts it reasonably determines to be appropriate under any applicable tax laws, rules or regulations or other laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) BNY shall (i) mail to the Fund's shareholders such tax forms and other information, or permissible substitute forms or notices, relating to dividends and distributions paid by the Fund as are required to be filed and mailed by applicable law, rule or regulation; and (ii) prepare, maintain, file, and remit any withholdings to the IRS and other appropriate taxing authorities reports relating to all dividends and distributions by the Fund paid to its shareholders (above threshold amounts stipulated by applicable law) as required by tax or other laws, rules or regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Notwithstanding any other provision of this Section 3(a)(4) or this Agreement, and for clarification: (i) BNY's exclusive obligations with respect to any written statement that Section 19(a) of the 1940 Act may require to be issued with respect to the Fund ("19(a) Statement") shall be, upon receipt of specific Written Instructions to such effect, to receive from the Fund the text which is to be printed on the 19(a) Statement, to print such text on appropriate paper stock and to mail such document to shareholders, and (ii) BNY's sole obligation with respect to any dividend or distribution that Section 59(a) of the 1940 Act may require be accompanied by a 19(a) Statement shall be to perform only the conduct expressly directed by Sections 3(a)(4)(A) through (C) and shall expressly exclude any duty associated with any determination of the appropriateness of, or the drafting or other preparation of the text to be printed on, a 19(a) Statement.

(5) *[Intentionally Omitted]*

(6) <u>Communications to Shareholders</u>. BNY shall collect and print the data necessary for, and mail to Fund shareholders, the documents listed below and any other communications and documents that are

EXECUTION VERSION

reasonably related in the ordinary course of business to the other services performed by BNY hereunder. The Fund agrees BNY shall be its non-exclusive provider of such services. BNY shall print or mail to Fund shareholders, or both print and mail to Fund shareholders, such other documents or instruments as the Fund may reasonably request in Written Instructions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Tender offer notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Confirmations of
purchases and repurchases of Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Monthly statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Dividend and distribution
notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Tax form information
and Forms 1099; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Solely when specifically
requested by the Fund pursuant to authorizing Written Instructions reasonably satisfactory to BNY, prospectuses, periodic reports and
other shareholder materials.

---

| | | |
|:---|:---|:---|
| (7) | <u>Shareholder Records</u>. | <u>Shareholder Records</u>. |
|  | (A) | BNY shall maintain records of the accounts for each shareholder showing the following |
|  | information | to the extent received by BNY: |
|  | (i) | Name, address and United States Tax Identification or Social Security number; |
|  | (ii) | Number and class of Shares held and number and class of Shares for which certificates, if any, have been issued, including certificate numbers and denominations; |
|  | (iii) | Historical information regarding the account of each shareholder, including sales loads, if any, dividends and distributions paid and the date and price for all transactions on a shareholder's account; |
|  | (iv) | Any stop or restraining order placed against a shareholder's account; |
|  | (v) | Any correspondence relating to the current maintenance of a shareholder's account; and |
|  | (vi) | Information with respect to tax withholdings. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (B) BNY shall maintain the records required by Section 31(a) of the 1940 Act to be kept by the Fund with respect to the Services performed hereunder by BNY on behalf of the Fund, and shall keep such other records in connection with performing the Services as may be specified in the Written Procedures.

(8) *[Intentionally Omitted]*

(9) <u>Shareholder Inspection of Stock Records</u>. Upon a request from any Fund shareholder to inspect stock records, BNY will notify the Fund and the Fund will on a timely basis issue instructions authorizing or denying such inspection access. Absent authorizing instructions from the Fund or legal process compelling access, BNY will deny access to Fund stock records upon such a request. Unless BNY has acted contrary to the Fund's instructions, other than when such contrary action occurs pursuant to legal process, the Fund agrees to and does hereby release and indemnify BNY in accordance with Section 12 from any liability for refusal of permission for a particular shareholder to inspect the Fund's records.

(10) *[Intentionally Omitted]*

(11) <u>SEC Rule 17Ad-17</u>.

(A) BNY shall perform such services as are required in order to comply with Rule 17Ad-17 of the 1934 Act (the "Rule 17Ad-17"), including but not limited to the following:

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;(i) execution of required
database searches for "lost securityholders", as that term is defined in Rule 17Ad-17;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) sending the required
written notification to each "unresponsive payee", as that term is defined in Rule 17Ad-17;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) maintain records
to demonstrate compliance with the requirements of Rule 17Ad-17, including written procedures that describe BNY's methodology for complying
with Rule 17Ad-17 and records of the results of the database searches for lost securityholders; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) retain the records
required by Rule 17Ad-17 in accordance with applicable SEC regulations.

(B) For purposes of clarification: Section 3(a)(11)(A) does not obligate BNY to perform the services described therein for broker-controlled accounts, omnibus accounts and similar accounts with respect to which BNY does not receive or maintain information which would permit it to determine whether the account owner is a lost securityholder or an unresponsive payee.

(12) *[Intentionally Omitted]*

(13) <u>Print Mail</u>. The Fund hereby engages BNY as its exclusive print/mail service provider with respect to the print/mail items listed in the Fee Agreement at the fees set forth in the Fee Agreement.

(14) <u>Legal Process</u>. In the event (i) BNY directly receives a US Legal Process Item (defined immediately below) that has been properly served, (ii) the Fund receives a US Legal Process Item that has been properly served and delivers the US Legal Process Item to BNY, or (iii) the Fund accepts service of a US Legal Process Item that has not been properly served and delivers the US Legal Process Item to BNY and requests that it be serviced by BNY, BNY will act in accordance with the applicable Written Instructions or Written Procedures in effect between the Fund and BNY. "**US Legal Process Item**" means a Legal Process Item (defined immediately below) which originates from and requires a response to a jurisdiction in the "**United States**", which is hereby defined to mean the states of the United States and the District of Columbia. "**Legal Process Item**" means civil and criminal subpoenas, court orders, civil or criminal seizure or restraining orders, writs of execution, IRS and state tax authority civil or criminal notices including notices of lien or levy, and other functionally equivalent legal process instruments directing the Fund, or BNY in its capacity as transfer agent for the Fund, to take an "**Administrative Action**", which is hereby defined to mean the furnishing of information about a shareholder or a shareholder account, the production of documents within BNY's possession or control relating to a shareholder or a shareholder account, and such other ministerial, transactional, recording, processing or administrative actions with respect to a shareholder or a shareholder account that is within the scope of services provided for in another subsection of this Section 3 or is a service ancillary to those services. For clarification: This Section 3(a)(14) requires BNY only to perform Administrative Actions with respect to a Legal Process Item and does not require BNY to take any other action with respect to a Legal Process Item, including without limitations, the filing of an objection, answer, claim, defense or other pleading, communication with a court, attorney or other person, involvement of any nature in a legal proceeding and actions that by law or common practice are performed by attorneys ("**Legal Response**"). Legal Responses shall be the responsibility of the Fund, including with respect to a Legal Process Item that may require both an Administrative Action and a Legal Response. Notwithstanding the foregoing sentence, BNY may in its reasonable discretion seek to limit or reduce by any reasonable means the scope and coverage of a Legal Process Item and seek extensions of the period to respond without incurring any duty to perform any other conduct that may constitute a Legal Response.

(B) BNY's only obligation with respect to a Legal Process Item originating from or requiring a response to a jurisdiction other than within the United States, notwithstanding that such legal process item may be directed at BNY as agent of the Fund, shall be (i) if received by BNY, to forward it to the Fund, and (ii) to act in accordance with Written Instructions received from the Fund but solely to the extent Written Instructions direct BNY to take an Administrative Action.

EXECUTION VERSION

(15) <u>Unclaimed Property Services</u>.

(A) Subject to the further provisions of this Section 3(a)(15), BNY shall implement procedures on behalf of the Fund that are reasonably designed for the Fund to comply on a substantial basis with the unclaimed property laws and regulations of the States and Territories of the United States (as defined below) ("Unclaimed Property Laws") with respect to Eligible Property (as defined below). In connection with its performance of the foregoing services ("Unclaimed Property Services"), BNY shall be entitled to implement procedures consistent with practices adopted by mutual funds and other mutual fund service providers, procedures it determines represent reasonable risk based on the reasoned analysis of counsel, procedures based on communications with the agencies enforcing and administering the Unclaimed Property Laws, the administrative practices of such agencies and interpretations of the Unclaimed Property Laws by such agencies and BNY shall not be liable for reasonable conduct undertaken in accordance with any of the foregoing. For purposes of the foregoing:

&nbsp;&nbsp;&nbsp;&nbsp;(i) "States and
Territories of the United States" means the states of the United States of America, the District of Columbia, Guam, Puerto Rico,
U.S. Virgin Islands and any territory or commonwealth of the United States of America with a formal local government substantially equivalent
to a state government which subsequent to the Effective Date adopts a statute substantially similar to the Uniform Unclaimed Property
Act of 1995 (or its then current successor).

&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Eligible
Property" means property beneficially owned by a person or entity other than the Fund and held in a bank account maintained by
BNY for or on behalf of the Fund, or property held in a Fund shareholder account, which is (x) subject to reporting or escheat under
an Unclaimed Property Law, (y) of a nature or type or classification reasonably related to the services performed by BNY under this Agreement
(such as cash amounts representing non-negotiated dividend checks and shares in abandoned shareholder accounts), and (z) under the control
of BNY.

&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY shall have
no liability for any Loss arising (i) with respect to Eligible Property deemed abandoned or unclaimed under an Unclaimed Property Law
before the UPS Commencement Date (as defined immediately below) but which was not reported or delivered to the applicable jurisdiction
as required by an Unclaimed Property Law; (ii) from any inaccuracy in, or from the absence of any data or information from, any records
of the Fund relating to any period prior to the UPS Commencement Date that adversely impacts BNY's ability to perform the Unclaimed Property
Services or BNY's ability to comply with an Unclaimed Property Law on behalf of the Fund, including without limitation absences due to
the failure to record the occurrence or non-occurrence of events relevant to an Unclaimed Property Law; (iii) from any other failure
of any party to comply with an Unclaimed Property Law or to perform a service required for accurate, timely and complete future compliance
with an Unclaimed Property Law, other than a failure by BNY to perform in accordance with this Section 3(a)(15) (collectively, "Compliance
Failures"). At its election, BNY may in good faith seek to respond to Compliance Failures of which it becomes aware or respond
to a Compliance Failure only upon the request of the Fund and in accordance with a written agreement reached with the Fund regarding
the response, but BNY shall have no liability for any course of conduct undertaken in good faith in accordance with the foregoing. The
Fund alone shall be exclusively liable for and shall directly pay any fines, penalties, interest or other monetary liability, payment
obligations or remediation requirements that arise due to a Compliance Failure. Notwithstanding any other provision of the Agreement,
the Fund shall indemnify BNY for all Loss BNY suffers or incurs as a result of or in connection with any Compliance Failure, including
without limitation all Loss suffered or incurred as a result of seeking in good faith to respond to the Compliance Failure. In addition
to any fees and reimbursement of expenses that BNY may be entitled to under Section 3(a)(15), in the event BNY performs any services
in connection with Compliance Failures

EXECUTION VERSION

BNY shall be entitled to be paid fees for such services at the rate set forth in the Fee Agreement, or if no applicable fee is set forth therein, at commercially reasonable rates, and to a reimbursement of all reasonable expenses incurred in connection with such services, and the Fund shall pay BNY such fees and reimburse BNY for such expenses upon being invoiced. "UPS Commencement Date" means the date the Fund was converted to the BNY System or, if applicable, the date that individual accounts within the Fund were converted to the BNY System, or, if later than either of the foregoing, the date BNY commenced providing Unclaimed Property Services to the Fund or, if applicable, to an individual account within the Fund.

(C) (i) The Fund shall be the "holder" under all Unclaimed Property Laws, as that term or its equivalent is used and defined in the Unclaimed Property Laws, and BNY acts solely as agent of the Fund in performing the Unclaimed Property Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund hereby
authorizes BNY to sign reports, to sign letters, to communicate with government representatives, current and former shareholders and
other appropriate third parties and otherwise to act in all manners on behalf of and in the name of the Fund and to utilize all tax identification
numbers or other appropriate identifying numbers or data of a Fund ("Identification Data") in the scope and manner BNY reasonably
determines to be appropriate to perform the Unclaimed Property Services, including for clarification utilizing the Identification Data
associated with each specific portfolio of the Fund (including each class, series, tier or other subdivision of a portfolio, if any)
for reporting purposes if such is determined to be appropriate based on an Unclaimed Property Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In signing the
abandoned property reports and other written instruments and communications appropriate to compliance with the Unclaimed Property Laws
(" **Unclaimed Property Documentation**") pursuant to the authorization granted by subsection (ii) above, BNY does so as
an agent of the Fund as holder under the Unclaimed Property Laws. In the event any law, regulation, rule, regulatory order or legal process
requires the Fund to sign the Unclaimed Property Documentation or prohibits BNY from signing the Unclaimed Property Documentation as
agent, or The Bank of New York Mellon Corporation adopts a formal policy applicable to all unclaimed property clients of BNY prohibiting
BNY from signing the Unclaimed Property Documentation as agent, the Fund shall thereafter be responsible for signing the Unclaimed Property
Documentation and BNY and the Fund shall reasonably cooperate to develop and implement procedures enabling the Fund to perform the signing
function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Fund agrees
to execute and deliver to BNY all documentation or instruments that may be reasonably requested by BNY to evidence the authorization
of subsection (ii) above but agrees that the authority of BNY to act on behalf of and in the name of the Fund as described above and
to use the Identification Data shall not be diminished or revoked by the absence of such documentation or instruments, and the Fund irrevocably
releases BNY from any and all Claims against BNY on the grounds of absence of the authority granted by subsection (ii) above. This Section
3(a)(15)(C) shall survive any termination of the Agreement.

(D) The Fund agrees, upon the reasonable request of BNY, to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) execute and deliver
to BNY in a timely manner any reports, forms, documents and instruments reasonably determined by BNY to be appropriate in connection
with its performance the Unclaimed Property Services;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) respond in a timely
manner to requests from BNY for information and requests to review information or reports related to the Unclaimed Property Services;
and

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Provide sufficient
letterhead paper of the Fund or its electronic letterhead template for use by BNY in communications related to the Unclaimed Property
Services.

(E) The Fund agrees that upon any termination of the Agreement it will cause all property held in bank accounts maintained by BNY for or on behalf of the Fund, and all property held in Fund shareholder accounts maintained by BNY on a Fund's behalf, to be transferred to the Fund or to a successor service provider and BNY may condition completion of Deconversion Services on the completion of arrangements reasonably satisfactory to BNY for such transfers.

(F) BNY agrees that in performing the Unclaimed Property Services it will reasonably communicate with the Fund on significant unclaimed property matters it discovers, it will act as liaison between the Fund and governmental agencies responsible for administering the Unclaimed Property Laws, and it will advise the Fund of any significant matters that arise with such governmental agencies in the course of performing the Unclaimed Property Services. BNY also agrees it will provide such assistance to the Fund as the Fund shall reasonably request in responding to inquiries pursuant to Unclaimed Property Laws.

(16) <u>Cost Basis Reporting</u>. In accordance with IRS Regulations, utilizing relevant information provided to BNY in the ordinary course of performing the services provided for in the Agreement, report cost basis information to shareholders on an average cost basis by tax year and Shares, except when the Fund shareholder requests such reporting to occur on another basis permitted by the Written Procedures.

(b) <u>Anti-Money Laundering Program Services.</u> BNY will perform one or more of the services described in subsections (1) through (7) of this Section 3(b) if requested by the Fund and the Fund agrees to pay the fees applicable to the service as set forth in the Fee Agreement ("AML Services").

(1) <u>Anti-Money Laundering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY will perform actions reasonably designed to assist the Fund in complying with Section 352 of the USA PATRIOT Act, as amended, as follows: BNY will (i) establish and implement written internal policies, procedures and controls reasonably designed to prevent the Fund from being used for money laundering or the financing of terrorist activities and to achieve compliance with applicable provisions of the Bank Secrecy Act (31 U.S.C. 5311, *et seq*.) ("**Bank Secrecy Act**") and implementing regulations thereunder; (ii) provide for independent testing, by an employee who is not responsible for the operation of BNY's anti-money laundering ("**AML**") program or by a qualified outside party, for compliance with BNY's written AML policies and procedures; (iii) designate a person or persons responsible for implementing and monitoring the operation and internal controls of BNY's AML program; (iv) provide ongoing training for appropriate persons, and (v) implement appropriate risk-based procedures for conducting ongoing shareholder due diligence to include but not be limited to (aa) understanding the nature and purpose of shareholder relationships for the purposes of developing a shareholder risk profile, and (bb) conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update shareholder information, including information regarding the beneficial owners of legal entity shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY will provide to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of BNY's written AML policies and procedures, or, alternatively, access to such policies and procedures at a BNY website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the report prepared by independent accountants covering the independent accountants' examination of BNY's AML controls and control objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a summary of the training provided pursuant to clause (iv) of subsection (A) above.

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the parties agree this Section 3(b)(1) relates solely to Fund compliance with Section 352 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(2) <u>Foreign Account Due Diligence</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To assist the Fund in complying with requirements regarding a due diligence program for "foreign financial institution" accounts in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 312 of the USA PATRIOT Act, as amended ("FFI Regulations"), BNY will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement and operate a due diligence program that includes appropriate, specific, risk-based policies, procedures and controls that are reasonably designed to enable the Fund to detect and report, on an ongoing basis, any known or suspected money laundering activity conducted through or involving any correspondent account established, maintained, administered or managed by the Fund for a "foreign financial institution" (as defined in 31 CFR 1010.605(f))("Foreign Financial Institution");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Conduct due diligence to identify and detect any Foreign Financial Institution accounts in connection with new accounts and account maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assess the money laundering risk presented by each such Foreign Financial Institution account, based on a consideration of all appropriate relevant factors (as generally outlined in 31 CFR 1010.610), and assign a risk category to each such Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Apply risk-based procedures and controls to each such Foreign Financial Institution account reasonably designed to detect and report known or suspected money laundering activity, including a periodic review of the Foreign Financial Institution account activity sufficient to determine consistency with information obtained about the type, purpose and anticipated activity of the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Include procedures to be followed in circumstances in which the appropriate due diligence cannot be performed with respect to a Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Adopt and operate enhanced due diligence policies for certain Foreign Financial Institution accounts in compliance with 31 CFR 1010.610(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Record due diligence program and maintain due diligence records relating to Foreign Financial Institution accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Report to the Fund about measures taken under (i)-(vii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Nothing in Section 3(b)(2) shall be construed to require BNY to perform any course of conduct that is not required for Fund compliance with the FFI Regulations.

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the parties agree this Section 3(b)(2) relates solely to Fund compliance with Section 312 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(3) <u>Customer Identification Program</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To assist the Fund in complying with requirements regarding a customer identification program in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 326 of the USA PATRIOT Act ("**CIP Regulations**"), BNY will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement procedures which require that prior to establishing a new account in the Fund BNY obtain the name, date of birth (for natural persons only), address and government-issued identification number (collectively, the "**Data Elements**") for the "**Customer**" (defined for purposes of this Agreement as provided in 31 CFR 1024.100(c)) associated with the new account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before or after each corresponding new account is opened. Methods of verification may consist of non-documentary methods (for which BNY may use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31 CFR 1024.220), and may include procedures under which BNY personnel perform enhanced due diligence to verify the identities of Customers the identities of whom were not successfully verified through the first-level (which will typically be reliance on results obtained from an information vendor) verification process(es).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR 1024.220(a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Regularly report to the Fund about measures taken under (i)-(iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If BNY provides services by which prospective Customers may subscribe for shares in the Fund via the Internet or telephone, BNY will work with the Fund to notify prospective Customers, consistent with 31 CFR 1024.220(a)(5), about the program conducted by the Fund in accordance with the CIP Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) To assist the Fund in complying with the Customer Due Diligence Requirements for Financial Institutions promulgated by FinCEN (31 CFR § 1020.230) pursuant to the Bank Secrecy Act ("**CDD Rule**"), BNY will maintain and implement written procedures that are reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Obtain information of a nature and in a manner permitted or required by the CCD Rule in order to identify each natural person who is a "beneficial owner" (as that term is defined in the CDD Rule) of a legal entity at the time that such legal entity seeks to open an account as a shareholder of the Fund, unless that legal entity is excluded from the CDD Rule or an exemption provided for in the CDD Rule applies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Verify the identity of each beneficial owner so identified according to risk based procedures to the extent reasonable and practicable, in accordance with the minimum requirements of the CDD Rule.

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Nothing in Section 3(b)(3) shall be construed to require BNY to perform any course of conduct that is not required for Fund compliance with the CIP Regulations or CDD Rule, including by way of illustration not limitation the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries which use the facilities of the NSCC.

(4) <u>FinCEN Requests Under USA PATRIOT Act Section 314(a)</u>. BNY will provide the services set forth in this Section 3(b)(4) with respect to FinCEN Section 314(a) information requests ("**Information Requests**") received by the Fund. Upon receipt by BNY of an Information Request delivered by the Fund in full compliance with all 314(a) Procedures (as defined below), BNY will compare appropriate information contained in the Information Request against relevant information contained in account records maintained for the Fund. Information relating to potential matches resulting from these comparisons, after review by BNY for quality assurance purposes ("**Comparison Results**"), will be made available to the Fund in a timely manner. In addition, a potential match will be analyzed by BNY in conjunction with other relevant activity contained in records for the particular relevant account, and if, after such analysis, BNY determines that further investigation is warranted because the activity might constitute "suspicious activity", as that term is used in the Bank Secrecy Act and the suspicious activity reporting requirements thereunder, then BNY will deliver a suspicious activity referral to the Fund in a timely manner, with "timely" for all purposes of Section 3(b) meaning within a commercially reasonable period following BNY's detection of the events and circumstances reasonably suspected to be suspicious activity and BNY's investigation of such events and circumstances, utilizing reasonably designed detection and investigative procedures which may include consultation with the Fund. BNY shall have no responsibility for filing reports with FinCEN that may be appropriate based on the Comparison Results or a referral. Such responsibility, as between the Fund and BNY, shall remain with the Fund exclusively. "**314(a) Procedures**" means the procedures adopted from time to time by BNY governing the delivery and processing of Information Requests transmitted by BNY's clients to BNY, including without limitation requirements governing the timeliness, content, completeness, format and mode of transmissions to BNY.

(5) <u>U.S. Government List Matching Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY will compare Appropriate List Matching Data (as defined in subsection (C) below) contained in BNY databases which are maintained for the Fund pursuant to this Agreement ("**Fund List Data**") to "**U.S. Government Lists**", which is hereby defined to mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) data promulgated
in connection with the list of Specially Designated Nationals published by the Office of Foreign Asset Control of the U.S. Department
of the Treasury ()"**OFAC**") and any other sanctions lists or programs administered by OFAC to the extent such lists or
programs remain operative and applicable to the Fund ()"**OFAC Lists** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) data promulgated
in connection with the published Financial Action Task Force lists ()"**FATF Lists** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) data promulgated
in connection with determinations by the Director (the "**Director**") of the Financial Crimes Enforcement Network of the
U.S. Department of the Treasury that a foreign jurisdiction, institution, class of transactions, type of account or other matter is a
primary money laundering concern ()"**PMLC Determination** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) data promulgated
in connection with any other lists, programs or determinations (A) which BNY determines to be substantially similar in purpose to any
of the foregoing lists,

EXECUTION VERSION

programs or determinations, or (B) which BNY and the Fund agree in writing to add to the service described in this Section 3(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In the event that following a comparison of Fund List Data to a U.S. Government List as described in subsection (A) BNY determines that any Fund List Data constitutes a "match" with the U.S. Government List in accordance with the criteria applicable to the particular U.S. Government List, BNY:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will notify the
Fund of such match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will send any other
notifications required by applicable law or regulation by virtue of the match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a match to an
OFAC List, will to the extent required by applicable law or regulation assist the Fund in taking appropriate steps to block any transactions
or attempted transactions to the extent such action may be required by applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a match to the
FATF Lists or a PMLC Determination, will to the extent required by applicable law or regulation conduct a suspicious activity review
of accounts related to the match and if suspicious activity is detected will deliver a suspicious activity referral to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if a match to a
PMLC Determination, will assist the Fund in taking the appropriate special measures imposed by the Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) will assist the
Fund in taking any other appropriate actions required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Appropriate List Matching Data**" means (A) account registration and alternate payee data, to the extent made appropriate by statutes, rules or regulations governing the U.S. Government Lists, (ii) data determined by BNY in light of statutes, rules or regulations governing the U.S. Government Lists to be necessary to provide the services described in this Section 3(b)(5), and (iii) data the parties agree in writing to be necessary to provide the services described in this Section 3(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) BNY may fulfill its obligations under this Section 3(b)(5) by utilizing commercially available lists that contain the data promulgated as the U.S. Government Lists, whether such lists consist of data exclusive to one U.S. Government List or of data representing a combination of several watch lists, including several U.S. Government Lists.

(6) <u>Legal Process SAR Referral</u>. Upon the conclusion of the legal process service described in Section 3(a)(14), BNY will review the Legal Process Item and other pertinent account records to determine whether such information reasonably indicates "suspicious activity" has occurred, and if it determines suspicious activity has occurred deliver a suspicious activity referral to the Fund in a timely manner.

(7) <u>Suspicious Activity Monitoring</u>. BNY will maintain and implement procedures reasonably designed to assist the Fund in complying with rules promulgated by FinCEN under the Bank Secrecy Act (31. C.F.R § 1024.320) with respect to the monitoring for suspicious activity that may occur in connection with the Fund and its shareholders during BNY's performance of transaction processing and

EXECUTION VERSION

recordkeeping services hereunder and if in the course of such monitoring it determines that any of such activities could indicate the existence of suspicious activity and that an investigation of the potential suspicious activity is warranted, then BNY will deliver a suspicious activity referral to the Fund in a timely manner.

(8) BNY agrees to permit governmental authorities with jurisdiction over the Fund requesting such to conduct examinations of the operations and records relating to the services performed by BNY under this Section 3(b) upon reasonable advance request and during normal business hours and to furnish copies at the Fund's cost and expense of information reasonably requested by the Fund or such authorities and relevant to the services.

(9) For purposes of clarification: All Written Procedures relating to the services performed by BNY pursuant to this Section 3(b) and any information, written matters or other recorded materials relating to such services and maintained by BNY shall constitute Confidential Information of BNY, except to the extent, if any, such materials constitute Fund records under the Securities Laws.

(10) Notwithstanding any other term of this Section 3(b), application of specific AML Services to particular applying persons, accounts and account owners shall occur in accordance with BNY's Written Procedures. Without limiting the generality of the foregoing, BNY will have no obligation to provide AML Services with respect to shareholder accounts opened by financial intermediaries on behalf of their customers, or with respect to the owners of such accounts, whether opened through public or private electronic communication channels with BNY, Internet portals or applications hosted by BNY, the NSCC or otherwise, where such accounts do not contain sufficient information to provide the AML Services, unless expressly provided for in the Written Procedures.

(11) The Fund is solely and exclusively responsible for determining the applicability to the Fund of the Bank Secrecy Act, the USA PATRIOT Act, regulations of FinCEN, and all other laws and regulations of similar subject matter, as they may be constituted from time to time ("**Fund AML Laws**"), for complying with the Fund AML Laws, for determining the extent to which the AML Services assist the Fund in complying with the Fund AML Laws, and for furnishing any supplementation or augmentation to the AML Services it determines to be appropriate. BNY Section 3(b) of the Agreement shall not be construed to impose on BNY any obligation other than to engage in the specific course of conduct specified by the provisions therein, and in particular shall not be construed to impose any other obligation on BNY to design, develop, implement, administer, or otherwise manage compliance activities of the Fund. The services provided pursuant to this Section 3(b) may be changed at any time and from time to time by BNY in its reasonable sole discretion to include commercially reasonable provisions appropriate to the relevant requirements of the Fund AML Laws and the description of services contained in Section 3(b) shall be deemed revised accordingly without written amendment pursuant to Section 16(a). BNY shall provide to the Fund for its review notice of the nature or content of any such changes that BNY reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(b)(11).

**(c) <u>Red Flags Services</u>**.

(1) The provisions of this Section 3(c) (the "**Red Flags Section**") shall apply in the event the Fund elects to receive the "**Red Flags Services**", which are hereby defined to mean the following services:

(i) BNY will maintain written controls reasonably designed to detect the occurrence of Red Flags (as defined below) in connection with (i) account opening and other account activities and transactions conducted directly through BNY with respect to Direct Accounts (as defined below),

EXECUTION VERSION

and (ii) transactions effected directly through BNY by Covered Persons (as defined below) in Covered Accounts (as defined below). Such controls, as they may be revised from time to time hereunder, are referred to herein as the "**Controls**". Solely for purposes of the Red Flags Section, the capitalized terms below will have the respective meaning ascribed to each:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "**Red Flag** "
means a pattern, practice, or specific activity or a combination of patterns, practices or specific activities which may indicate the
possible existence of Identity Theft (as defined below) affecting a Registered Owner (as defined below) or a Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "**Identity Theft**" means a fraud committed or attempted using the identifying information of another person without authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Registered Owner**" means the owner of record of a Direct Account on the books and records of the Fund maintained by BNY as registrar of
the Fund (the "**Fund Registry** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) "**Covered Person**" means the owner of record of a Covered Account on the Fund Registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) "**Direct Account**" means an Account established directly with and through BNY as a registered account on the Fund Registry and through
which the owner of record has the ability to directly conduct account and transactional activity with and through BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) "**Covered Account**" means an Account established by a financial intermediary for another as the owner of record on the Fund Registry and
through which such owner of record has the ability to conduct transactions in Fund shares directly with and through BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) "**Account** "
means (1) an account holding Fund Shares with respect to which a natural person is the owner of record, and (2) any other account holding
Fund Shares with respect to which there is a reasonably foreseeable risk to the particular account owner's customers from identity theft,
including financial, operational, compliance, reputation, or litigation risks.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY will provide
the Fund with a printed copy of or Internet viewing access to the Controls.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY will notify
the Fund of Red Flags which it detects and reasonably determines to indicate a significant risk of Identity Theft to a Registered Owner
or Covered Person ()"**Possible Identity Theft**") and assist the Fund in determining the appropriate response of the Fund
to the Possible Identity Theft.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY will (A) annually
at its sole expense engage an independent auditing firm or other similar firm of independent examiners to conduct an examination of BNY
management's assertion pertaining to the Controls and issue a report on the results of the examination (the "**Examination Report** "),
and (B) furnish a copy of the Examination Report to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;(v) Upon the Fund's
reasonable request on not more than a quarterly basis, issue a certification in a form determined to be appropriate by BNY in its reasonable
discretion, certifying to BNY's continuing compliance with the Controls after the date of the most recent Examination Report.

(2) The Fund agrees it is responsible for complying with and determining the applicability to the Fund of Section 615(e) of the Fair Credit Reporting Act of 1970, as amended, and regulations

EXECUTION VERSION

promulgated thereunder by the SEC or other applicable federal agency (the "**Red Flags Requirements**"), for determining the extent to which the Red Flags Services assist the Fund in complying with the Red Flags Requirements, and for furnishing any supplementation or augmentation to the Red Flags Services it determines to be appropriate, and that BNY has given no advice and makes no representations with respect to such matters. This Red Flags Section shall not be interpreted in any manner which imposes a duty on BNY to act on behalf of the Fund or otherwise, including any duty to take any action upon the occurrence of a Red Flag, other than as expressly provided for in this Red Flags Section. The Controls and the Red Flags Services may be changed at any time and from time to time by BNY in its reasonable sole discretion to include commercially reasonable provisions appropriate to the Red Flags Requirements, as they may be constituted from time to time. BNY shall provide to the Fund for its review notice of the nature or content of any such change that it reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(c)(2).

**(d) <u>Access To And Use Of The BNY System</u>.** The terms of Schedule C to this Agreement shall apply to the Fund's access to and use of any component of the BNY System (as defined in Schedule C). Commencing on the Service Effective Date, BNY shall provide the Fund with access to and use of those components of the BNY System for which the Fund pays a fee in accordance with the Fee Agreement or with respect to which the Fee Agreement indicates the fee is included in the Account Fees (as such term is used in the Fee Agreement).

**(e) <u>Transition Services</u>.** With respect to those Funds listed on Schedule B as of the Effective Date:

BNY shall in consultation with the Fund and with the service provider providing transfer agency services to the Fund on the Effective Date ("**Current Service Provider**") develop and implement a plan providing for the transfer from the Current Service Provider to BNY of (i) all shareholder accounts, shareholder account information and any related materials that are required by the 1934 Act and the 1940 Act to be transferred to a successor transfer agent, and (ii) such other data, information and materials as the Fund and BNY shall agree in their respective sole discretion ("**Transition Plan**"). The Fund shall cooperate, and to the extent practicable shall cause its Current Service Provider to cooperate, with BNY to implement the Transition Plan, including without limitation by providing personnel and other resources reasonably required by the Transition Plan and by performing the tasks described for, as applicable, the Fund and/or the Current Service Provider in the Transition Plan. The obligations in this Section 3(e) shall terminate on the Service Effective Date.

**(f) <u>Subsequent Conversion and Onboarding Services</u>.** With respect to Funds added to Schedule B after the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;(1) If immediately
prior to the time such a Fund is added to Schedule B it has shareholder accounts or shareholder records to transfer from another service
provider to BNY, BNY shall in consultation with the Fund and its then-current service provider develop and implement a plan providing
for the transfer of (i) all accounts, account information and any related materials that are required by the 1934 Act and the 1940 Act
to be transferred to a successor transfer agent, and (ii) such other data, information and materials as the Fund and BNY shall agree
in their respective sole discretion ()"**Conversion Plan** "). The Fund shall cooperate, and to the extent practicable shall
cause its then-current service provider to cooperate, with BNY to implement the Conversion Plan, including without limitation by providing
personnel and other resources reasonably required by the Conversion Plan and by performing the tasks described for, as applicable, the
Fund and the then-current service provider in the Conversion Plan. The obligations in this Section 3(f)(i) shall commence as of the date
a Fund is added to Schedule B and shall terminate as of the date that conversion services are completed and the parties agree that the
processing of live transactions

EXECUTION VERSION

through the BNY System for shareholders of the particular Fund on a production basis shall begin ("**Post-Conversion Service Date**") and the obligation to provide the Services to the particular Fund shall commence on the Post-Conversion Service Date.

&nbsp;&nbsp;&nbsp;&nbsp;(2) If immediately
prior to the time such a Fund is added to Schedule B it does not have shareholder accounts or shareholder records to transfer from another
service provider to BNY, BNY shall in consultation with the Fund develop and implement a plan to prepare the BNY System and BNY personnel
for the transaction processing, recordkeeping and other Services to be provided under the Agreement ()"**Onboarding Plan** ").
The Fund shall reasonably cooperate with BNY to implement the Onboarding Plan, including without limitation by providing personnel and
other resources reasonably required by the Onboarding Plan and by performing the tasks described for, as applicable, the Fund in the
Onboarding Plan. The obligations in this Section 3(f)(ii) shall commence as of the date a Fund is added to Schedule B and shall terminate
as of the date that onboarding services are completed and the parties agree that the processing of live transactions through the BNY
System for shareholders of the particular Fund on a production basis shall begin ()"**Post-Onboarding Service Date**") and
the obligation to provide the Services to the particular Fund shall commence on the Post-Onboarding Service Date.

**4. <u>Confidentiality</u>.**

(a) Each party shall implement, maintain and comply with procedures reasonably designed to keep the Confidential Information (as defined immediately below) of the other party in confidence and to allow use and disclosure of and access to Confidential Information solely in connection with the activities contemplated by this Agreement or as otherwise expressly agreed in writing. Each party acknowledges that the Confidential Information of the disclosing party will remain the sole property of such party.

(b) Subject to the exceptions, qualifications and other terms of subsections (c) and (d) below, "**Confidential Information**" means:

&nbsp;&nbsp;&nbsp;&nbsp;(i) all compensation
agreements, arrangements and understandings (including waivers) respecting this Agreement, disputes pertaining to the Agreement, and
information about a party's exercise of rights hereunder, performance of obligations hereunder or other conduct of a party in connection
with the Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;(ii) information and
data of, owned by or about a disclosing party or its Affiliates, customers, or subcontractors that may be provided to the other party
or become known to the other party in the course of the relationship established by this Agreement, regardless of form or content, and
regardless of whether in original or derivative form, including but not limited to Company Data and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) competitively sensitive
material not generally known to the public, including, but not limited to, studies, plans, reports, surveys, summaries, documentation
and analyses, regardless of form, information about product plans, marketing strategies, finances, operations, customer relationships,
customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or
future business activities of the Fund or BNY, their respective subsidiaries and Affiliates and the customers, clients and suppliers
of any of them;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) scientific, technical
or technological information, designs, processes, procedures, formulas, or improvements that are commercially valuable and secret in
the sense that its confidentiality affords the Fund or BNY a competitive advantage over its competitors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a confidential
or proprietary concept, documentation, report, data, specification, computer software, source code, object code, flow chart, database,
invention, know how, trade secret, whether or not patentable or copyrightable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) information related
to privacy measures, compliance, physical security, information security, disaster recovery, business continuity and any other operational
plans, procedures, practices and protocols;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) anything designated
as confidential, and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any extent not
included within clause (i) or clause (ii) above: (i) with respect to BNY, any information within the BNY System accessed by the Fund
that is not Company Data or any information provided by BNY from within the BNY System that is not Company Data; and (ii) with respect
to the Fund, Company Data and personal information (as defined in Section 5).

&nbsp;&nbsp;&nbsp;&nbsp;(c) Information or
data that would otherwise constitute Confidential Information under subsection (b) above, except for personal information which shall
always remain Confidential Information, shall not constitute Confidential Information to the extent it:

&nbsp;&nbsp;&nbsp;&nbsp;(i) is already known
to the receiving party at the time it is obtained;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) is or becomes publicly
known or available through no wrongful act of the receiving party; (iii) is rightfully received from a third party who, to the receiving
party's knowledge, is not under a duty of confidentiality; (iv) is released by the protected party to a third party without restriction;
or (v) has been or is independently developed or obtained by the receiving party without reference to the Confidential Information provided
by the protected party.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Confidential Information
of a disclosing party may be used or disclosed by the receiving party in the circumstances set forth below but except for such permitted
use or disclosure shall remain Confidential Information subject to all applicable terms of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with
activities contemplated by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) as required by
law or regulation (including without limitation filings required by the Federal Securities Laws) or pursuant to a court order, subpoena,
order or request of a governmental or regulatory or self-regulatory authority or agency, or binding discovery request in pending litigation
(provided the receiving party will provide the other party written notice of such requirement or request, to the extent such notice is
permitted, and subject to proper jurisdiction, if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with
inquiries, examinations, audits or other reviews by a governmental, regulatory or self-regulatory authority or agency, audits by independent
auditors or accountants or requests for advice or opinions from counsel; or

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the information
or data is relevant and material to any claim or cause of action between the parties or the defense of any claim or cause of action asserted
against the receiving party and is disclosed in formal pleadings, confidential judicial conferences, discovery or dispute resolution
proceedings.

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(e) Subject to the exceptions in (d), each Party agrees not to publicly disseminate, broadcast or release Confidential Information of the other Party or mutual Confidential Information even if such action otherwise could be construed to be permitted by other provisions of this Section 4; provided, however, a use in strict compliance with subsection (d)(ii) through (d)(iv) shall not constitute a breach of this subsection (e).

(f) To the extent any Confidential Information provided by BNY constitutes Proprietary Items, or is of a nature that would constitute a Proprietary Item if part of the BNY System, then notwithstanding and in lieu of subsections (a), (c) and (d) of Section 4, the terms of Sections 6.6 and 6.10 of Schedule C shall govern such Confidential Information, except that the return and destroy provisions of Section 6.6 shall apply upon the request of BNY or upon a determination by the Fund or its Affiliates not to engage in the proposed transaction.

(g) The parties acknowledge that the existence and the terms of this Agreement may be publicly disclosed by the Funds pursuant to applicable law, however, the terms and conditions of this Agreement relating to fees shall be kept confidential.

(h) The provisions of this Section 4 shall survive termination of this Agreement for a period of three (3) years after such termination.

**5. Privacy; Information Security.**

(a) Privacy. Each party hereto acknowledges and agrees that, subject to the reuse and re-disclosure provisions of Regulation S-P, 17 CFR Part 248.11, it shall implement procedures reasonably designed to limit disclosure of the non-public personal information of shareholders and former shareholders of the Fund obtained under this Agreement to disclosures appropriate to carrying out the activities contemplated by this Agreement or as otherwise agreed in writing or permitted by law or regulation. BNY will comply with the U.S. privacy and data security laws applicable to BNY, including the provisions of the Gramm-Leach Bliley Act of 1999 ("**GLB Act**"), with respect to the personal information of shareholders and former shareholders of the Fund. Except as expressly provided otherwise in this Agreement, "personal information" for purposes of this Agreement has the meaning ascribed to that term in the GLB Act. For the avoidance of doubt, "personal information" shall be deemed Confidential Information. BNY also agrees to implement procedures reasonably designed to protect "personal information" as that term is defined in 201 CMR 17.00: Standards For The Protection Of Personal Information Of Residents Of The Commonwealth ("**Massachusetts Privacy Regulation**"), consistent with the Massachusetts Privacy Regulation and any applicable federal regulations. BNY shall receive, process, use and disclose personal information from the Funds solely for the purpose of providing the Services, or as may be required under applicable law.

(b) At all times during the term, BNY shall establish, implement, maintain, update and periodically test systems, plans and procedures relating to a comprehensive information security program with written policies and procedures reasonably designed to protect the confidentiality, security and integrity of Company Data, including the non-public personal information of the Fund's current and former shareholders. The information security program will be consistent with market standards and applicable law, and be at least as comprehensive and protective of confidential and proprietary data as the information security program that BNY uses to protect its own confidential information. The information security program will contain administrative, technical and physical safeguards, appropriate to the type of Customer Data concerned, reasonably designed to: (i) protect and maintain the security, integrity, confidentiality and availability of Customer Data; (ii) protect against any anticipated threats or hazards to the security or integrity of Customer Data; (iii) protect against unauthorized access to or use of Customer Data that could result in substantial harm or inconvenience to the Fund or individuals, and (iv) provide for

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secure disposal of Company Data. During the term of this Agreement, BNY shall comply with the information security program requirements in a separate Information Security Rider (which is incorporated herein and made a part hereof) agreed by BNY and the Funds.

(c) Commencing as of the Service Effective Date, upon request by the Fund, BNY shall no more than once per contract year: (i) provide the Fund with a copy of its current SOC 1, Type 2 audit report, or substantially equivalent external audit report, prepared in accordance with audit standards then prevalent in the financial industry (such as SSAE 18), for the system utilized by BNY to provide the services hereunder, and (ii) participate in the Fund's reasonable information security due diligence questionnaire process.

**6. <u>Cooperation with Accountants</u>.** BNY shall cooperate with the independent public accountants for the Fund and shall take commercially reasonable measures to furnish or to make available to such accountants information relating to this Agreement and BNY's performance of the obligations hereunder as requested by such accountants and necessary for the expression of their opinion.

**7. <u>Ownership Rights</u>.** Ownership rights with respect to property utilized in connection with the parties' use of the BNY System shall be governed by applicable provisions of Schedule C. As between the parties, Company owns all right, title, and interest, including Intellectual Property Rights, in and to the Company Data. Company hereby grants BNY a limited, nonexclusive, nontransferable license to access and use the Company Data, and consents to BNY's permitting access to, transferring and transmitting Company Data, all as appropriate to Company's use of the Licensed Rights or as contemplated by the Documentation.

**8. <u>Disaster Recovery and Business Continuity</u>.** BNY shall establish, implement, maintain in effect and periodically test and update, during the term of this Agreement, disaster recovery and business continuity plans designed to minimize interruptions of service and ensure recovery of systems and applications used to provide the Services to confirm continuing compliance with BNY's information security program, industry standards and applicable law. BNY shall maintain or arrange with third parties for back-up facilities ("**Back-Up Facilities**") to the primary operations and data centers used by BNY to provide the services ("**Primary Facilities**"). The Back-Up Facilities will be capable of providing the material services in the event an incident to the Primary Facilities significantly interrupts the delivery of a material service from that facility. BNY shall maintain (i) a written disaster recovery plan providing for continued operation of critical components of the BNY System in the event of an significant interruption in the performance or use of the BNY System, and (ii) a written business continuity plan providing for the continued provision of critical services pursuant Section 3 of this Agreement in the event of a significant disruption to such services, which such plans shall provide, where appropriate to the particular plan, for BNY (a) to maintain the Backup Facilities, (b) perform periodic disaster recovery and business continuity testing, and (c) maintain disaster recovery and business continuity capabilities and procedures that are commercially reasonable for a financial institution. In the event of an equipment failure or service disruption, BNY shall, at no additional expense to the Fund, take reasonable steps to minimize the impact of the equipment failure or service interruptions, including implement the disaster recovery plan or business continuity plan, or both, in accordance with their terms, including using the Back-Up Facilities to the extent appropriate under such plans.

**9. <u>Compensation; Service Accounts, Fund Custodian Matters</u>.**

(a) As compensation for services rendered by BNY during the term of this Agreement, the Fund will pay to BNY such fees and charges (the "**Fees**") as may be agreed to from time to time and set forth in writing by the Fund and BNY (the "**Fee Agreement**"). In addition, the Fund agrees to pay, and will be billed separately in arrears for, reasonable expenses incurred by BNY in the performance of its duties

EXECUTION VERSION

hereunder ("**Reimbursable Expenses**").

(b) BNY may establish demand deposit accounts or other accounts in its own name for the benefit of the Fund at third party financial institutions ("**Third Party Institution**"), including without limitation Third Party Institutions that may be an affiliate of BNY ("**Affiliated Third Party Institutions**") or a client of BNY, for the purpose of administering funds received by BNY in the course of performing its services hereunder ("**Service Accounts**"). BNY will issue instructions to the Fund Custodian as appropriate to administer the Service Accounts. BNY may establish Service Accounts primarily or exclusively with Affiliated Third Party Institutions and retain funds primarily or exclusively in the Service Accounts at Affiliated Third Party Institutions. BNY and its Affiliated Third Party Institutions may derive a benefit from the funds placed on deposit with the Affiliated Third Party Institutions in Service Accounts due to the availability of the funds for use by the Affiliated Third Party Institutions in their business operations and BNY takes that possibility of deriving benefit from such funds into consideration when determining the Fees and other terms set forth in the Fee Agreement. As of the Effective Date, BNY does not receive any balance credits, interest income, dividend income or other money or money-equivalent benefits ("**Monetary Benefits**") with respect to Service Accounts but reserves the right to retain any Monetary Benefits related to Service Accounts that may accrue to it or be paid to it in the future as well as the right to transfer amounts between Service Accounts for cash administration purposes.

(c) In connection with BNY's performance of transfer agency services, the Fund acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY in its role
as transfer agent may be notified of a Fund payment obligation that BNY as transfer agent is expected to satisfy, such as a same-day
settlement obligation with the NSCC, by forwarding payment to the NSCC or other obligee but the amount required to satisfy the particular
payment obligation of the Fund may exceed the amount of funds then available for transfer in the relevant Service Accounts (such excess
amount if transferred by BNY being hereinafter referred to as an "**Overdraft Amount** ");

&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY is not obligated
to transfer any funds representing Overdraft Amounts and may in its sole discretion decline without liability hereunder to transfer funds
representing Overdraft Amounts;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding
the absence of an obligation to do so, BNY may elect to transfer funds representing Overdraft Amounts (from sources other than the Service
Accounts) as a courtesy to a Fund and to maintain BNY's good standing with the NSCC and other participants in the financial services
industry and that by electing to transfer funds representing Overdraft Amounts BNY does not, even if it has transferred such funds as
part of a regular pattern of conduct, waive any rights under this Section 9(c) or assume the obligation it has expressly disclaimed in
clause (ii) above and BNY may at any time in its sole discretion and without notice decline to continue to make such transfers;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Fund is at
all times obligated to pay to BNY an amount of money equal to the Overdraft Amounts that have not been offset by credits posted to the
relevant Service Account subsequent to the transfer of the Overdraft Amount and such amounts are payable, and shall be paid, together
with such accrued interest as may be charged by the Bank in accordance with the Custody Agreement (as defined in Schedule A), by the
Fund immediately upon demand by BNY, except that to the extent the Fund repays outstanding Overdraft Amounts and any accrued interest
to BNY pursuant to the eighth paragraph of Schedule D, the Fund's obligation to repay that amount to BNY pursuant to this Section 9(c)(iv)
shall be deemed satisfied; and

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;(v) Simultaneously
with the execution of this Agreement the Fund will execute the letter agreement attached hereto as Schedule D with BNY as an Affiliated
Third Party Institution in which one or more Service Accounts will be established and as the Fund Custodian.

(d) The undersigned hereby represents and warrants to BNY that (i) the terms of this Agreement, and (ii) the fees and expenses associated with this Agreement, and (iii) any benefits accruing to BNY or to the advisor or sponsor to the Fund in connection with this Agreement, including but not limited to any fee waiver, conversion cost reimbursements, up-front payments, signing payments or periodic payments made or to be made by BNY to such advisor or sponsor or any affiliate of the Fund relating to the Agreement have been fully disclosed to the Board and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses, and any such benefits.

(e) No termination of this Agreement shall cause, and no provision of this Agreement shall be interpreted in any manner that would cause, BNY's right to receive payment of its fees and charges for services actually performed hereunder, and the Fund's obligation to pay such fees and charges, to be barred, limited, abridged, conditioned, reduced, abrogated, or subject to a cap or other limitation or exclusion of any nature.

(f) Provisions of this Agreement providing for BNY to receive commercially reasonable compensation or fees and reimbursement of expenses due to BNY from the Fund for services or a course of conduct BNY might perform supplemental to the services expressly provided for herein or in circumstances outside the ordinary course of business shall not be diminished to any degree solely due to such compensation, fees and reimbursable expenses not being expressly provided for in the Fee Agreement.

(g) In the event the Fund or any class, tier or other subdivision of the Fund is liquidated, ceases operations, dissolves or otherwise winds down operations ("**Dissolution Event**") or effects a final distribution to shareholders (a "**Final Distribution**"), the Fund shall be responsible for paying to BNY all fees and reimbursing BNY for all reasonable expenses associated with services to be provided by BNY in connection with the Dissolution Event or Final Distribution, whether provided pursuant to a specific request of the Fund or provided by BNY due to industry standards or due to obligations under applicable law or regulation by virtue of the services previously performed for the Fund ("**Final Expenses**"). The Fund shall (i) as promptly as practicable notify BNY in reasonable detail of actions taken by its Board with respect to any Dissolution Event or Final Distribution or any significant aspect of a Dissolution Event or Final Distribution, and, furnish BNY with copies of materials filed with the SEC or other applicable regulatory authority or distributed to shareholders with respect to a Dissolution Event or Final Distribution, (ii) calculate, set aside, reserve and withhold from the Final Distribution or from any distribution subsequent to Board approval of the Dissolution Event or Final Distribution all amounts necessary to pay the Final Expenses and shall notify BNY as far in advance as practicable of any deadline for submitting materials appropriate or necessary for the determination of such amounts, and (iii) provide sufficient staff or make other accommodations to ensure timely payment of Final Expenses as they come due.

**10. <u>Instructions</u>.**

(a) BNY will engage in conduct when so directed by a Written Instruction or an Implementing Communication if the Written Instruction or an Implementing Communication, as appropriate, complies with applicable requirements set forth in this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;(1) *<u>Written Instructions</u>* .
Notwithstanding any other provision of this Agreement: (A) unless the terms of this Agreement, Written Procedures or other written agreement
between the Fund and

EXECUTION VERSION

BNY expressly provide, in the reasonable discretion of BNY, all requisite details and directions for it to take a specific course of conduct, BNY may, prior to engaging in a course of conduct on a particular matter, whether the course of conduct is proposed by or otherwise originates with BNY or is directed by the Fund in a Fund Communication, require the Fund to provide it with Written Instructions with respect to the particular conduct, and (B) BNY may also require Written Instructions with respect to conduct specified in a Fund Communication if it reasonably determines that the Agreement, Written Procedures or other written agreement between the Fund and BNY provides for the Fund to furnish a Written Instruction in connection with the specified conduct.

&nbsp;&nbsp;&nbsp;&nbsp;(2) *<u>Implementing Communications</u>* . "**Implementing Communication**" means Fund Communications that are not a Written Instruction and
that BNY has determined in accordance with clause (1) above are not required in whole or in part to be the subject of a Written Instruction.

(b) Subject to the right of BNY to require in accordance with Section 10(a)(i) that conduct directed by a Fund Communication be provided in a Written Instruction, BNY reserves the right to decline to act in accordance with a Fund Communication:

&nbsp;&nbsp;&nbsp;&nbsp;(i) for a Bona Fide
Reason; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Fund Communication
(or contents thereof) does not constitute in all material respects, in the sole judgment of BNY exercised reasonably, a "**Standard Instruction** ", which is hereby defined to mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) an instruction
received by BNY directing a course of conduct substantially similar in all material respects to a course of conduct provided for in a
Written Procedure, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if a Written Procedure
provides for a particular form of instruction to be used in connection with a matter (a "**Standard Form** "), an instruction
received by BNY (I) on the specified Standard Form which responds appropriately to all requirements of the specified Standard Form, or
(II) in a format other than the specified Standard Form but conforming in all material respects to, and responding appropriately to all
requirements of, the specified Standard Form in BNY's sole judgment exercised reasonably.

(c) (1) Notwithstanding the right reserved by BNY in Section 10(b) to decline to engage in conduct directed by a Fund Communication that is not a Standard Instruction (such instruction being a "**Non-Standard Instruction**"), if BNY determines in its sole judgment exercised reasonably that sufficient time exists under the circumstances to evaluate fully and implement the requested conduct it will engage in a Reasoned Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BNY will act in accordance with a Non-Standard Instruction solely pursuant to the terms of a mutually agreeable written instrument executed by the Fund and BNY with respect to the conduct constituting the Non-Standard Instruction (such written instrument is referred to herein as an "**Accepted Non-Standard Instruction**"). For the avoidance of doubt, such conduct is included within the conduct described in clause (b) of Section 12. Upon not less than thirty (30) days advance written notice, BNY may for a Bona Fide Reason terminate an Accepted Non-Standard Instruction with respect to its future conduct.

(d) (1) The Fund shall implement reasonable measures to ensure that Fund Communications received by BNY are authorized, accurate and complete and shall have sole and exclusive responsibility for the authorization, accuracy and completeness of such Fund Communications. BNY is not obligated to act,

EXECUTION VERSION

and may refrain from acting, on any Illegible Communication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) BNY will as promptly as reasonable in consideration of the subject matter of the Fund Communication notify the Fund in a timely manner of its determination that a Fund Communication is an Illegible Communication; <u>provided</u>, <u>however</u>, BNY shall have no duty to discover an Illegible Communication. BNY may act in reliance on Fund Communications as received by it and shall have no duty to inquire into any matter regarding the Fund Communication, including without limitation the validity, authority, truthfulness, accuracy or genuineness of the Fund Communication, or to verify the identity of an individual giving the Fund Communication; <u>provided</u>, <u>however</u>, BNY shall be obligated to verify that the name of any person executing a Written Instruction is listed as an Authorized Person and to act in accordance with any applicable Written Procedures, if the parties have agreed to such in writing. BNY may assume and rely on the assumption that any Fund Communication is not in any way inconsistent with the provisions of the Fund's Prospectus or organizational documents, this Agreement or any vote, resolution or proceeding of the Fund's Board or shareholders. BNY may also rely on and is authorized by the Fund to act in reliance on communications from shareholders of the Fund and from persons reasonably believed to be representatives of shareholders of the Fund with respect to all matters reasonably related to the services provided for herein other than those BNY determine to be not in good order or which it reasonably rejects on other grounds ("**Shareholder Communications**", and together with Fund Communications (excluding Fund Communications identified to the Fund as Illegible Communications), "**Service Communications**"). BNY shall notify the Fund of any such rejections in accordance with Written Procedures.

(e) Absent Liable Conduct on the part of BNY, BNY shall not be liable to the Fund for any Loss of the Fund, and the Fund shall indemnify and defend BNY in accordance with Section 12 against all Loss, directly or indirectly arising from or incurred due to or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY's reasonable
good faith interpretation of a Service Communication;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY's reasonable
reliance on, or conduct it reasonably engages in pursuant to, a Service Communication;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a delay in BNY's
implementing a course of conduct contained in an Illegible Communication;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY's failure to
engage in conduct requested by a Service Communication with respect to which it has no duty to act;

&nbsp;&nbsp;&nbsp;&nbsp;(v) any error, omission,
inaccuracy, inconsistency, misrepresentation, fraud, forgery or other defect connected to a Service Communication;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) any failure to
receive an item intended to be a Service Communication or the delay of its actual receipt or its receipt in a form, configuration or
with contents other than as transmitted;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) any interception
of or unauthorized access to or use of a Service Communication or item intended to be a Service Communication prior to receipt by BNY
(with "receipt by BNY" to include electronic receipt at an electronic address within the BNY information system specifically
designated by BNY under the terms applicable to that address, as well as physical receipt by BNY at an authorized address specifically
designated by BNY); or

&nbsp;&nbsp;&nbsp;&nbsp;(viii) the invalidity
or lack of truthfulness, accuracy, authority or genuineness of a Service Communication.

(f) In addition to any other provision of this Agreement that may be applicable to a particular Instruction, BNY may include in the writing constituting a Standard Instruction, or in a Standard Form, appropriate operational, procedural and functional terms and provisions, provisions appropriate to its agency role, and provisions appropriate in light of or imposed by applicable law or regulations, rules of the DTCC, NSCC or similar service providers or governmental, regulatory or self-regulatory authority, or Industry Standards. In addition, in the absence of provisions in this Agreement that in the sole judgment of BNY exercised reasonably provide sufficient authority, indemnification, limitations on liability or

EXECUTION VERSION

confidentiality and privacy protections, BNY may require third parties purportedly authorized to act on behalf of or for the benefit of the Fund in connection with activities contemplated by this Agreement, or the Fund, to execute a document containing such terms and conditions as BNY may reasonably require prior to engaging in any course of conduct with such third parties.

(g) BNY may conclusively presume that a Fund Communication has been properly authorized (i) if received by BNY via an electronic transmission method authorized by BNY requiring use of user IDs, passwords, authorization codes, authentication keys or other security mnemonics ("**Security Codes**"), or (ii) if received by facsimile, email, or other electronic method not requiring Security Codes at a number or address that has been authorized by BNY.

(h) While reserving its right under this Section 10 to decline to act in accordance with instructions not constituting Written Instructions, BNY may agree to act in accordance with Oral Instructions on a particular matter, and, with respect to each acceptance of Oral Instructions, the Fund agrees that it will deliver to BNY, for receipt by 5:00 PM (Eastern Time) on the same business day as the day the Oral Instructions were given, Written Instructions which confirm the course of conduct contained in the Oral Instructions. Under all circumstances and for all purposes of the Agreement: BNY's written memorialization of the Oral Instructions shall constitute the Written Instructions applicable to the particular matter; and the validity and authorization of such Written Instructions and of the conduct undertaken by BNY and BNY's right to rely on such Written Instructions shall not be abridged, abrogated or adversely impacted in any manner. In connection with Oral Instructions, the parties shall act in accordance with any applicable Written Procedures, if the parties have agreed to such in writing.

(i) In the event facts, circumstances, or conditions exist or events occur, including without limitation situations contemplated by Section 10(d), and BNY reasonably determines that it must take a course of conduct in response to such situation (including a course of action that constitutes taking no action) and must receive an Instruction from the Fund to direct its conduct, and BNY so notifies two Authorized Persons of the Fund, and the Fund fails to furnish Instructions ("**Response Failure**"), BNY will in good faith seek to determine the appropriate course of conduct in response to the circumstances and will have all rights with respect to the conduct taken in good faith in such circumstances (including a course of action that constitutes taking no action) that it would have if the conduct were specified in Written Instructions.

(j) Any form furnished by the Fund to third parties for use in connection with the activities or services of BNY contemplated by this Agreement that does not constitute a Standard Form or a form that is substantially equivalent in all material respects to a Standard Form ("**Non-Standard Form**") shall constitute a Non-Standard Instruction subject to all terms of this Section 10 applicable to Non-Standard Instructions. BNY may without liability hereunder decline to accept or act upon a Non-Standard Form and the Fund indemnifies and releases BNY for and from all Loss incurred in connection with reasonable conduct BNY engages in in connection with the Non-Standard Form, including accepting or declining to accept or acting or declining to act upon a Non-Standard Form.

**11. <u>Standard of Care; Terms Relating to Liability</u>.**

(a) In performing its duties under this Agreement, BNY will exercise the standard of care and diligence that a prudent professional transfer agent registered with the SEC under the 1934 Act would exercise in performing such obligations for Investment Companies and their series registered with the SEC under the 1940 Act, taking into account the prevailing rules, practices, procedures and circumstances in the relevant market, and shall act without bad faith, negligence, willful misconduct, willful misfeasance, fraud or reckless disregard of its duties and obligations under this Agreement (the "**Standard of Care**"). BNY's sole and exclusive monetary liability to the Fund (and all persons claiming

EXECUTION VERSION

through or for the Fund) under this Agreement shall be for the direct damages (i) that result from BNY's failure to meet the Standard of Care in the performance of the Services under this Agreement ("**Liable Conduct**") and (ii) that are not excluded by another provision of this Agreement.

(b) Except for the gross negligence, fraud or willful misconduct of BNY, BNY's maximum aggregate cumulative liability to all Funds collectively, and all persons or entities claiming through one or more Funds, all of the foregoing considered as a whole, for all loss, cost, expense, damages and liabilities under this Agreement, including for a Confidentiality Loss or under Section 12(b), the recovery of which is not excluded by another provision of this Agreement ("**Damages**"), shall not exceed for damages incurred during any Contract Year (as defined below) (i) the Fees actually paid to BNY by the Funds collectively for services provided hereunder during the twelve (12) calendar months immediately preceding the last Loss Date; or (ii) if the last Loss Date occurs prior to the completion of twelve (12) full calendar months following the Service Effective Date, the greater of (A) all Fees paid by the Funds collectively with respect services rendered during the full calendar months that have elapsed subsequent to the Service Effective Date ("**Elapsed Months**"), or (B) the average monthly amount of Fees paid by the Funds collectively during the Elapsed Months multiplied by 12 (the "**General Damage Cap**"). The General Damage Cap shall reset on the first day of each Contract Year; provided, however, that: (i) to the extent the General Damage Cap is not exhausted during a particular Contract Year, any "excess" that was not exhausted during such Contract Year shall not "roll over" into the subsequent Contract Year; and (ii) any Damages incurred or arising in a particular Contract Year shall be limited to the General Damage Cap in effect for the applicable Contract Year, and shall not be subject to any re-setting in any subsequent Contract Year, even if such Damages remain active or unresolved during a subsequent Contract Year.

(c) Notwithstanding any other provision, and for all purposes, of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) BNY shall not be responsible or liable for any damages or failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by any event beyond its reasonable control, including, without limitation, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications or computer (hardware or software) services or functions or malfunctions of the internet, firewalls, encryption systems or security devices in each case that is caused by any of the above (each, a Force Majeure Event") provided that: (1) BNY will use commercially reasonable efforts to mitigate the effect of such Force Majeure Event; (2) BNY will promptly provide notice to the Company of the occurrence of such Force Majeure Event, its effect on performance, and how long BNY expects it to last, and thereafter provides ongoing updates as reasonably necessary. For the avoidance of doubt, the occurrence of any such event will not relieve BNY of its obligations to execute its business continuity and/or disaster recovery plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event that a Fund reasonably believes that the occurrence of any such event will substantially prevent, hinder or delay performance of the services contemplated by this Agreement for more than three (3) consecutive business days, the Fund may take commercially reasonable actions to mitigate the impact of such services not being provided, including, but not limited to, at the Fund's expense, contracting with another service provider to provide such service during such period; provided, that the Fund shall consult with BNY in good faith in connection with any such mitigation and BNY shall provide the Fund with reasonable assistance under the relevant circumstances in good faith in connection therewith; provided, further, that BNY shall resume providing, and the Fund shall pay for, such services when BNY resumes providing them, unless the Fund has terminated this Agreement pursuant to a termination right provided for in Section 13. Notwithstanding anything set forth in this Section 11(c): (i) in no event shall a Fund be obligated to pay any fees under this Agreement to BNY with respect to any

EXECUTION VERSION

services not actually provided during any event described in this Section 11(c), and (ii) no Fund shall have any responsibility to pay BNY for services temporarily performed by a third party service provider.

(d) BNY shall not be liable for any Loss arising out of any action, omission or conduct of any prior service provider of the Fund or for any failure to discover any action, omission or conduct of any prior service provider of the Fund that caused or could cause Loss. In addition, BNY shall not be liable for delays or errors that are related to the onboarding or conversion process for the Services provided under this Agreement to the extent caused by the Funds' current service provider or the data it provides.

(e) Notwithstanding any other provision of this Agreement, except to the extent a provision may expressly provide for indemnification of all Loss, in which case indemnification for all Loss shall be permitted, in no event shall BNY, its Affiliates or any of its or their directors, officers, employees, agents or subcontractors be liable under the Agreement under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, for exemplary, punitive, special, incidental, indirect or consequential damages, or for any other losses which are not direct damages regardless of whether such losses or damages were or should have been foreseeable and regardless of whether any entity or person has been advised of the possibility of such losses or damages, all and each which such loss is hereby excluded by agreement of the Parties.

(f) In connection with a declared "**Security Incident**" (as defined in Schedule A) involving the loss or unauthorized access, disclosure, use, alteration or destruction of personal information stored or processed by BNY pursuant to this Agreement , BNY will be responsible for a "**Confidentiality Loss**", which for the purpose of this Agreement means (A) the actual costs and expenses of BNY, or of the Fund in consultation with BNY, as a result of a Security Incident caused by or arising from BNY's breach of the Standard of Care, of notification(s) required by law to individuals adversely impacted by such Security Incident and (B) the costs of providing up to twelve (12) months of credit monitoring required by law to individuals impacted by a Security Incident caused by BNY's breach of the Standard of Care. Notwithstanding anything herein to the contrary, the parties agree that a Confidentiality Loss does not include costs of legal counsel and legal representation, consultants, public relations firms and other internal and third-party services that are not provided directly to individuals adversely impacted by such Security Incident.

(g) Each party shall have a duty to mitigate damages for which the other party may become responsible. BNY shall be permitted to pursue recovery of amounts paid by BNY to persons not entitled to such amounts or payments, including through all available legal remedies, and the Fund agrees to cooperate with BNY (at BNY's expense and request).

(h) With respect to securities data, files, reports, information and research furnished to BNY by third parties (not delegated duties, subcontracted or otherwise engaged by BNY to perform the services hereunder on its behalf) and included in the BNY System ("**Securities Data**"), the Fund acknowledges that BNY makes no warranty concerning the Securities Data and BNY disclaims all responsibility for the Securities Data, including its content, accuracy, completeness, availability or timeliness of delivery, and BNY shall not be liable for Loss caused by Errant Securities Data (as defined below); <u>provided</u>, <u>however</u>, with respect to transaction activity communicated to BNY by the DTCC or NSCC, BNY will maintain commercially reasonable processes and procedures to detect and attempt to resolve rejected transactions. "**Errant Securities Data**" means Securities Data not being provided to BNY with the content and at the time which is standard for the industry or which is required for or used in the performance of any service provided for in the Agreement.

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(i) If BNY becomes aware of a matter that involves a signature guarantee, signature validation, or any other guarantee or certification regarding a signature, document or instrument, a fraudulent signature, document or instrument, a document or instrument that is alleged to be fraudulently procured, tendered or negotiated, any other matter involving a payment instrument, a payment or funds transfer system, or a payment clearance system, and any other matter that may give rise to a claim for recovery under applicable law or regulation or the rules of an industry utility (such as the NSCC or NACHA), BNY will take commercially reasonable measures to investigate the facts of the matter and upon the conclusion of the investigation provide to the Fund with access to all materials and information gathered during the investigation not subject to a confidentiality obligation to third parties and thereafter, as between the Fund and BNY, any further action on behalf of the Fund or a shareholder in connection with the matter investigated shall be the sole and exclusive responsibility of the Fund. BNY shall cooperate reasonably to provide information in its possession at the time in any ongoing investigation conducted by the Fund into such matters.

(j) (1) In the event BNY relies on and engages in conduct based upon the written advice, written memorandum or written opinion of legal counsel to the Fund provided by the Fund to BNY, BNY shall be indemnified in accordance with Section 12(a) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In the event BNY relies on and engages in conduct based upon the written advice, a written memorandum or a written opinion of legal counsel to BNY ("BNY Legal Advice"), BNY shall be indemnified in accordance with Section 12(a) of the Agreement.

(k) In connection with any dispute or action between the parties to this Agreement, unless recovery of legal fees or expenses is expressly provided for by a particular provision: no party to this Agreement shall be liable to any other party to this Agreement for any costs or expenses of any nature related to legal counsel, legal representation or legal action, including without limitation costs and expenses associated with litigation, threatened litigation and dispute resolution, court costs and costs of arbitration, discovery, experts, settlement and investigation that arise in connection with any claim, indemnification right, action or demand made or sought under this Agreement; each party shall bear its own such costs and expenses.

(l) (1) Any Loss incurred by any party to the Agreement or its Affiliates or any other party, including a current or former Fund shareholder, as a result of fraud by a Fund shareholder or other person, including without limitation Loss incurred in connection with any one or more of the events or circumstances described immediately below ("**Fraud Loss**"), shall, as between BNY and the Fund, be the responsibility and liability of the Fund, if in connection with all related purchase and/or repurchase transactions BNY complied in all material respects with the Written Procedures applicable to such transactions ("**Applicable Procedures**"):

&nbsp;&nbsp;&nbsp;&nbsp;(i) The acceptance,
processing, negotiation or crediting to an account of a payment for the purchase of Shares (whether a check, permissible cash equivalent,
ACH transfer, wire transfer or other permissible payment instrument or method) that is (A) subsequently determined or claimed to be fraudulent,
unauthorized or otherwise invalid, (B) an electronic funds transfer that is returned, reversed, reclaimed or otherwise withdrawn, or
(C) an instrument that is dishonored, rejected or returned after the Fund's hold period on new purchases expires;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Multiple deposit,
negotiation or other taking possession of the proceeds of a distribution, such as (A) the remote deposit of a check through a "smart
phone" or other mobile check-depositing application combined with the cashing of the same check at a check cashing agency, or (B)
a shareholder reporting a distribution check as lost, stolen or missing combined with a request for a replacement payment by electronic
funds transfer followed by the cashing at a check cashing agency of the check reported lost, stolen or missing; or

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The receipt in
good order and the processing of instructions, whether oral, written, electronic, sent via Internet, automated voice or by other permissible
means, regarding the repurchase of shares in an account and the distribution of the proceeds of that repurchase or any other financial
or maintenance transaction, including without limitation changing the bank account of record, that are subsequently claimed to have been
given by someone not authorized to issue instructions for that account (including, for avoidance of doubt, instructions given by persons
misrepresenting themselves as an account owner or other authorized person who accurately presents required security data elements or
otherwise satisfies or complies with security and identity verification protocols);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To the extent BNY does not follow the Applicable Procedures in all material respects BNY shall be liable for that portion of the Fraud Loss not otherwise excluded by this Agreement directly arising from such conduct. In the event Fraud Loss is incurred by BNY or its Affiliates and not excludable pursuant to the immediately preceding sentence, the Fund agrees to reimburse BNY within a reasonable period following its receipt of a request from BNY and reasonable evidence of the Fraud Loss.

(m) This Section 11 shall survive termination of this Agreement.

**12. <u>Indemnification</u>.**

(a) Subject to the limitations on liability and responsibility set forth in this Agreement with respect to the Funds, the Fund agrees to indemnify and hold harmless BNY and its affiliates, and to indemnify and hold harmless the Custodian and its affiliates in connection with services it provides pursuant to Section 3(a)(12), and the respective directors, trustees, officers, agents and employees of each, from all Loss arising directly or indirectly from: (i) third party Claims based on conduct of the Fund or a Fund agent, contractor, subcontractor or prior or current service provider; (ii) BNY's response to legal process from third parties compelling testimony or evidence production in connection with a Claim asserted against the Fund or its agents but not BNY, (iii) Administrative Actions taken in connection with Legal Process Items, (iv) conduct of BNY as agent of the Fund not involving Liable Conduct in the execution of the conduct, including without limitation conduct required or permitted by the Agreement and conduct taken pursuant to Fund Communications, Written Procedures, Section 10(h) (Response Failure), or NonStandard Forms, and (v) a Fund Error or Errant Securities Data. BNY shall have no liability to the Fund or any person claiming through or for the Fund for any Loss caused in whole or in part by any conduct described in the preceding sentence. Notwithstanding the foregoing, the Fund shall have no obligation to indemnify BNY for any of the foregoing to the extent arising out of BNY's Liable Conduct.

(b) Subject to the limitations of liability set forth in Section 11 of this Agreement, BNY shall indemnify and hold harmless the Fund from and against direct losses, costs, expenses, damages, and/or liabilities (including reasonable attorneys' fees and expenses) incurred by the Fund as the direct result of BNY's Liable Conduct. BNY shall have no obligation to indemnify the Fund for any such damages arising out of the Fund's own bad faith, negligence, or willful misconduct or breach of the Agreement.

(c) In order that the indemnification provisions contained in this Section 12 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 material developments concerning such claim, although the failure to do so shall not affect the rights hereunder except to the extent the indemnifying Party is materially prejudiced thereby. The Party who may be required to indemnify shall have the right to control the defense of the claim, and the Party seeking indemnification shall have the option to participate in the defense of such claim, at its own cost and expense. The Party seeking indemnification will cooperate reasonably, at the indemnifying party's expense, with the indemnifying Party in the defense of such claim; provided,

EXECUTION VERSION

however, that the Party seeking indemnification shall not be required to take any action that would impair any claim it may have against the indemnifying 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, which will not be unreasonably withheld, delayed or conditioned. The indemnifying party shall not settle or compromise any claim or consent to the entry of any judgment with respect to which indemnification is being sought hereunder without the prior written consent of the party seeking indemnification, which consent shall not be unreasonably withheld, delayed or conditioned.

(d) Sections 12(a) through 12(c) shall survive termination of this Agreement.

(e) BNY will maintain, at all times during the term of this Agreement, errors and omissions insurance, fidelity bonds and such other insurance as BNY may deem appropriate, in each case in a commercially reasonable amount deemed by BNY to be sufficient to cover its potential liabilities under this Agreement, cyber-liability insurance coverage deemed by BNY to be appropriate. Upon request, BNY agrees to provide the Funds with certificates of insurance.

**13. <u>Duration and Termination</u>.**

(a) This Agreement shall be effective on the Effective Date and continue, unless validly terminated pursuant to this Section 13 prior thereto, until the date which is the fifth (5<sup>th</sup>) anniversary of the Service Effective Date (the "**Initial Term**").

(b) (1) This Agreement shall automatically renew on the final day of the Initial Term or the then current Renewal Term for successive terms of one (1) year each (each such additional term being a "**Renewal Term**"), unless the Funds acting collectively, on one hand, or BNY, on the other hand, gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "**Non-Renewal Notice**"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate on the last day of the Initial Term or Renewal Term, as applicable, or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with a termination occurring pursuant to a Non-Renewal Notice or pursuant to a termination notice received under Section 13(c) (except for termination by BNY),13(d), 13(f) or 13(g), if Deconversion Services are requested by the Fund BNY shall make commercially reasonable efforts to perform the requested Deconversion Services for a period to be mutually agreed by the parties up to one (1) year (the "Transition Period"), subject to BNY's existing work and project schedules and the availability of personnel with requisite expertise, provided further that during such Transition Period, BNY will be entitled to compensation for its services and any transition assistance pursuant to Section 9 and Section 13(e)(1)(B)(III).

(c) (1) If a party (BNY or any Fund) materially breaches this Agreement (a "**Defaulting Party**") the other party (on one hand, BNY; on the other hand, the Funds acting collectively) (the "**Non-Defaulting Party**") may give written notice thereof to the Defaulting Party (BNY or the Funds collectively) ("**Breach Notice**"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non-Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("**Breach Termination Notice**"), in which case this Agreement shall terminate on the 90th day following the date the Breach Termination Notice is given, or, such later date as may be specified in the Breach Termination Notice (but not later than the last

EXECUTION VERSION

day of the Initial Term or then-current Renewal Term, as appropriate), or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed. In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In addition, after the "Burn-In Period" of four (4) months (or, for Critical KPIs not measured monthly, two (2) consecutive measurement periods) following the Service Effective Date hereunder, if BNY fails to meet the service standards in any one service category designated as a "Critical Key Performance Indicator" or "Critical KPI" as separately agreed by BNY and the Funds by performing in the "Red Zone" for (i) four (4) consecutive measurement periods or (ii) any six (6) months in a twelve (12) month period, the Funds, upon evaluating BNY's performance in accordance with such service standards, may terminate this Agreement prior to the end of the Initial Term or then-current Renewal Term. Such termination described in this Section 13(c)(2) shall not be considered an Early Termination as defined at Section 13(d) below, but shall instead be subject to the default termination and notice procedures under Section 13(c)(1).

(d) (1) A Fund may give notice to BNY at any time terminating this Agreement with respect to such Fund, provided that any Early Termination (as defined below) occurs in accordance with this Section 13(d). Notwithstanding any other provision of this Agreement, but subject to Section 13(d)(3) below, if for any reason prior to the expiration of the Initial Term the Fund gives written notice to BNY terminating this Agreement, other than pursuant to Section 13(b)(1), 13(c), 13(f) or 13(g) or the proviso to Section 17(b)(ii), or terminating BNY as the provider of the services hereunder with respect to such Fund (individually and collectively, "**Early Termination**"), the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Before the earlier
to occur of the effective date of the Early Termination or the commencement date of any significant activities related to the conversion
or transfer of Fund records and accounts to a successor service provider, the Fund shall pay to BNY an amount equal to all fees and other
charges and amounts that would be due under the Fee Agreement (excluding Reimbursable Expenses if not to be incurred) until the earlier
of the first anniversary of the date of the Early Termination and the expiration of the Initial Term as if services had been performed
by BNY and accepted by the Fund during such period in accordance with the Agreement ()"**Early Termination Fee** "**)**.
However, in no event shall the Early Termination Fee exceed 12 months' fees due to BNY under the Agreement. The Early Termination
Fee shall be calculated using the average of the monthly fees and other charges and amounts due to BNY under this Agreement during the
last three full calendar months immediately preceding the date BNY receives the notice of Early Termination (or, if not given, the date
services are terminated hereunder) extrapolated over the period for which the Early Termination Fee is to be paid. The Early Termination
Fee shall apply only during the Initial Term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) [Intentionally
Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Fund expressly
acknowledges and agrees that the Early Termination Fee is not a penalty but is a reasonable payment in connection with a termination
of the Agreement before the expiration of the Initial Term and prior to receipt by BNY of the compensation upon which the fees, costs,
expenses, resource commitments and other planning matters related to the Agreement were based and for the costs related to an early decommissioning
and redeployment of resources.

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) In the event of
an Early Termination, this Agreement will terminate with respect to the affected Funds (or all Funds, if appropriate) on the last to
occur of the date contained in a notice of termination, the day substantially all Services cease to be provided (for avoidance of doubt,
other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Reserved.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event Section 13(d)(1) becomes applicable due to a termination of this Agreement by a Fund and less than all Funds terminate this Agreement, or in the event Section 13(d)(1) becomes applicable due to a termination of Services and less than all Services are terminated with respect to all Funds, except in any such case for the termination of this Agreement by a Fund pursuant to Section 13(c), 13(f) or 13(g) (individually, a "**Termination Event**"; collectively, "**Termination Events**"), or any combination of Termination Events occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) If the assets no
longer serviced by BNY under this Agreement due to Termination Events exceed fifteen percent (15%) of the Annual Asset Benchmark (as
defined below) during the Initial Term, the Funds shall be responsible for paying the Early Termination Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The following terms
shall have the ascribed meaning:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Contract Year**" means the year commencing on the Service Effective Date and ending on the first anniversary date of the Service Effective Date and thereafter the year commencing on the day immediately following the most recent anniversary of the Service Effective Date and ending on the next occurring anniversary of the Service Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Annual Asset Benchmark**" means the total aggregate amount of assets held by the Funds as of the first day of a Contract Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For clarification: A merger, reorganization or consolidation of a Fund with another entity, or the sale by a Fund of all, or substantially all of, its assets to another entity (collectively, a "Fund Reorganization") shall not be considered a Termination Event subject to an Early Termination Fee under this Section 13(d) and a liquidation of the Fund resulting in a liquidating distribution of Fund assets shall also not be considered a Termination Event subject to an Early Termination Fee under this Section 13(d). Notwithstanding the foregoing sentence, if during the first three (3) years following the Effective Date of this Agreement a Fund Reorganization into another entity not serviced by BNY represents 15% or more of the aggregate net assets being serviced by BNY under this Agreement as of the end of the most recent semi-annual calendar period preceding the approval of such Fund Reorganization, such Fund Reorganization shall be deemed to be an Early Termination subject to Section 13(d) for the Fund that is party to the Fund Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) In the event the Funds acting collectively, or Funds representing a majority at such time of assets or Funds serviced under the Funds' Custody or Fund Accounting and Administration Agreement with the Bank (each, a "**Guggenheim Fund Agreement**"), terminate or cause the termination of such Guggenheim Fund Agreement with respect to such Funds or assets, other than pursuant to termination provisions comparable to Section 13(c) or Section 13(f) of this Agreement of such Guggenheim Fund Agreement, BNY shall have the option, exercisable after receiving notice or knowledge of the termination event until ninety (90) days following the termination date of the Guggenheim Fund Agreement, to terminate this Agreement with respect to all Funds and the Funds subject to such termination shall not owe a Termination Fee. The "termination date" for purposes of the foregoing sentence means the date that BNY ceases to be entitled to fees for services rendered under the applicable Guggenheim Fund Agreement. BNY may exercise the right provided for in this Section 13(d)(5) by giving written notice to

EXECUTION VERSION

the Funds, referencing this Section 13(d)(5) and designating a termination date not less than ninety (90) days following the date such notice is given to the Funds. BNY may terminate services hereunder at any time after such termination date except to the extent services hereunder continue in conjunction with the Funds' good faith participation in Deconversion Services requested by the Funds.

(e) (1) In connection with any termination of this Agreement, whether with respect to the Fund alone or in conjunction with other Funds, the Fund shall pay to BNY the amounts described in clauses (A) and (B) below not later than the "**Payment Date**", which is hereby defined to mean (i) the effective date of the termination of the Agreement or Service (whether such date is determined by the sending of a Non-Renewal Notice or by designation of a date in a notice of termination), or, (ii) if either of the following, or both, should occur before such effective date of termination, the date that either of the following first occurs: (aa) the date of cessation of a substantial portion of the Services, or (bb) the date that a Deconversion is scheduled to commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Fees and Reimbursable
Expenses that may be owed by the Fund pursuant to Section 9(a) for services performed by BNY pursuant to the Agreement through and including
the Payment Date (whether already invoiced, pending invoice or estimated in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount estimated
in good faith by BNY ()"**Good Faith Estimate**") for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any services to
be provided by BNY following the Payment Date that may relate to a cessation of operations or the winding up of the affairs of the Fund
or a termination of the Agreement, including by way of example and not limitation, answering general shareholder inquiries, furnishing
historical shareholder account information to authorized parties, providing tax services with respect to transactions occurring before
the termination such as the filing of final tax forms, maintaining a Service Account for checks not yet cleared, and compliance with
record retention requirements ()"**Trailing Services** "), at the fees set forth in the Fee Agreement or, if applicable fees
are not provided for therein, at commercially reasonable rates, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the reasonable
out-of-pocket expenses expected to be incurred in performing the Trailing Services ()"**Reimbursable Trailing Expenses** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) if BNY is requested
to perform any Deconversion Services (as defined below): (I) fees and charges of BNY for such Deconversion Services at the rates set
forth in the Fee Agreement or, if applicable fees are not provided for therein, fees at commercially reasonable rates, and (II) amounts
to reimburse BNY for any reasonable out-of-pocket expenses reasonably expected to be incurred in performing the Deconversion Services.
" **Deconversion Services**" means a Deconversion and any and all other measures taken and conduct engaged in by BNY associated
with any transfer or movement of files, records, materials or information or a conversion thereof, including but not limited to the transfer,
movement or duplication of any files, records, materials or information and any conversion of such from the formats and specifications
of the BNY System to the formats and specifications of a successor service provider or as otherwise specified by the Funds. BNY's obligation
to perform any Deconversion Services is expressly conditioned on the prior performance by the Funds, to BNY's reasonable satisfaction,
of their obligations under Section 3(a)(12)(C)(ii).

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For avoidance of doubt: to the extent BNY performs any services pursuant to Section 3 or Schedule C of the Agreement subsequent to the Payment Date, the Fund shall pay for such services upon being invoiced for such services in accordance with the terms of the invoice. In addition, to the extent Services are performed during a period for which an Early Termination Fee has been paid, the amount of Early Termination Fee paid for that period shall be applied as credit against the fees and other charges and amounts owed by the Fund for such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Within 120 days
following the Deconversion (or final Deconversion if more than one):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY shall determine
any (i) amounts payable by the Fund for services provided pursuant to Section 3 or Schedule C of the Agreement that have not been paid,
(ii) amounts payable by the Fund for Trailing Services, for reimbursement of reasonable out-of-pocket expenses incurred in performing
the Trailing Services, for Deconversion Services and for reimbursement of reasonable out-of-pocket expenses incurred in performing the
Deconversion Services that have not been paid by the Fund, whether or not included in whole or in part in the Good Faith Estimate, and
(iii) amounts paid by the Fund pursuant to Sections 13(e)(1)(B) and 13(e)(2) in excess of amounts actually owed by the Fund to BNY for
the services indicated therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY shall net the
amounts determined in accordance with clause (A) above and notify the Fund whether BNY owes money to the Fund or the Fund owes money
to BNY and the amount owed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Within thirty (30) days following receipt of the invoice provided Section 13(e)(3)(B), BNY will pay the Fund any amount it owes the Fund and the Fund shall pay BNY any amount it owes BNY.

(f) Subject to applicable law:

A party hereunder is an "**Insolvent Party"** if it: (i) commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or if there is commenced against it any such case or proceeding; (ii) commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for itself or for any substantial part of its property or if there is commenced against it any such case or proceeding; (iii) makes a general assignment for the benefit of creditors; or (iv) states in any medium, written, electronic or otherwise, any public communication or in any other public manner its inability to pay debts as they come due. Notwithstanding any other provision of this Agreement, upon the happening of any event or circumstance making a party an Insolvent Party (an "**Insolvency Event**"), the other party hereunder (the "**Solvent Party"**) may in its sole discretion terminate this Agreement immediately (and, for clarification, in the event of a termination hereunder effected by BNY, immediately cease providing all services) by sending notice of termination to the Insolvent Party. The Solvent Party may exercise its termination right under this Section 13(f) at any time following the occurrence of the Insolvency Event notwithstanding that the Insolvency Event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by the Solvent Party of its termination right under this Section 13(f) shall be without any prejudice to any other remedies or rights available to the Solvent Party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding clause (iii) of Section 15, notice of termination under this Section 13(f) shall be considered effective when sent.

(g) (1) [Reserved].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If BNY assigns or transfers this Agreement to a non-Affiliate without the consent of the affected Fund or Funds, the Funds acting collectively, without payment of an Early Termination Fee, shall have the option, exercisable for one hundred and eighty (180) days after receiving notice or knowledge of such assignment or transfer of this Agreement, or such longer period as may be mutually agreed by the parties, to terminate this Agreement with respect to all Funds by giving written notice to BNY, referencing this Section 13(g)(ii) and designating a termination date not less than ninety (90) days following the date such notice is given to BNY.

(h) References in this Agreement to a termination of the Agreement on or as of a particular day or date, unless specifically stated to be otherwise, means that termination occurs at 11:59 PM on the particular day or date.

(i) Any termination of this Agreement or Services must occur in accordance with the provisions of this Section 13.

**14. <u>Policies and Procedures</u>.**

(a) BNY shall perform the services provided for in this Agreement in accordance with the written policies, processes, procedures, manuals, documentation and other operational guidelines of BNY governing the performance of the services in effect at the time the services are performed ("**Standard Procedures**"). BNY may embody in its Standard Procedures, including Standard Procedures for determining whether an instruction it receives is "in good order" ("**IGO**") or is "not in good order" ("**NIGO**"), and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with generally accepted industry practices, principles or standards ("**Industry Standard**"). Likewise, when in connection with a providing a service, including IGO and NIGO determinations, BNY is required to engage in conduct for which it does not have a Standard Procedure or Standard Procedures only partially address the facts and circumstances of a particular issue, BNY may engage in and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with Industry Standards. In making the decisions described in the foregoing sentences BNY may rely on such information, data, research, analysis and advice, including legal analysis and advice, as it reasonably determines appropriate under the circumstances. For clarification: the published guidelines of the Securities Transfer Association shall constitute an Industry Standard on the subject matter addressed therein. BNY may revise the Standard Procedures in accordance with the provisions of this Section 14(a).

(b) (1) Notwithstanding any other provision of this Agreement, in the event facts, circumstances or conditions exist or events occur which would require a service to be provided hereunder other than in accordance with BNY's Standard Procedures, or if BNY is requested by the Fund, or a third party authorized to act for the Fund, to deviate from a Standard Procedure in connection with the performance of a service hereunder or institute a service or procedure with respect to which there is no Standard Procedure (collectively, a "**Non-Standard Procedure**"), then BNY will engage in a Reasoned Consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Non-Standard Procedure that BNY agrees to implement in a written instrument executed by the Fund and BNY is referred to herein as an "**Exception Procedure**" and BNY shall obligated to perform a Non-Standard Procedure only to the extent expressly provided for in an Exception Procedure. For the avoidance of doubt, conduct engaged in pursuant to an Exception Procedure is included within the conduct described in clause (b) of Section 12. Upon not less than thirty (30) days advance written notice BNY may terminate an Exception Procedure for a Bona Fide Reason.

(c) In the event that Fund requests documentation, analysis or verification in whatsoever form

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regarding the commercial reasonableness or industry acceptance of conduct provided for in a Standard Procedure, BNY will cooperate to furnish such materials as it may have in its possession at the time of the request without cost to the Fund, but the Fund agrees to reimburse BNY for all reasonable out-of-pocket costs and expenses incurred, including the costs of legal or expert advice or analysis, in obtaining additional materials in connection with the request. Prior to engaging any third party legal or expert pursuant to the previous sentence, BNY will advise the Fund it is doing so and the Fund shall have the option of obtaining such legal or expert advice on its own and providing results to BNY.

(d) If in the course of acting in accordance with an Exception Procedure, BNY encounters questions, issues or uncertainty of a legal or other nature as to the appropriate course of conduct under the NonStandard Procedure, the Fund agrees that any expenses incurred by BNY in consulting with third parties, such as, without limitation, attorneys, auditors or accountants, to resolve the questions, issues or uncertainty shall be the responsibility of the Fund to be paid upon being invoiced by BNY. Prior to engaging any such third party BNY shall advise the Fund it is doing so and the Fund shall have the option of obtaining such consulting services on its own and providing the results to BNY. For the avoidance of doubt, conduct engaged in pursuant to this Section 14(d) is included within the conduct described in clause (b) of Section 12.

**15. <u>Notices</u>.** Notices permitted or required by this Agreement shall be in writing and:

(i) addressed as follows, unless a notice provided in accordance with this Section 15 shall specify a different address or individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to BNY by mail:
to BNY Mellon Investment Servicing (US) Inc., 103 Bellevue Parkway, Wilmington, Delaware 19809, Attention: President; with a copy to
BNY Mellon Investment Servicing (US) Inc., 240 Greenwich Street, New York, NY 10286, Attention: Legal Department;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to the Fund,
at [Name of Fund], AT&T Center, 227 W Monroe St, Chicago, IL 60606, Attention: Legal Department; and

(ii) delivered: by hand (personal delivery by an Authorized Person to addressee); private messenger, with signature of recipient; U.S. Postal Service (with return receipt or other delivery verification provided); overnight national courier service, with signature of recipient; and

(iii) deemed given on the day received by the receiving party.

**16. <u>Amendments</u>.**

(a) This Agreement, or any term thereof, including without limitation the Schedules hereto, may not be amended, changed, modified, supplemented, rescinded, terminated, cancelled, or discharged orally or in any other manner except by an agreement signed by the Parties set out in writing, excluding emails, specifically referencing that it is, as applicable, an amendment, change, modification, or supplement to or rescission, termination, cancellation, or discharge of this Agreement.

(b) Notwithstanding subsection (a) above, in the event an officer of the BDC, or other person acting with apparent authority on behalf of the BDC, requests in writing, including by email, that BNY perform some or all of the services provided for in this Agreement for a Portfolio not listed on <u>Schedule B</u>, as amended and to the extent applicable, and such Portfolio accepts such services and the relevant BDC, Portfolio or other party pays amounts provided for in the Fee Agreement as Fees and Reimbursable Expenses, then in the absence of an express written statement to the contrary, documented in accordance

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with subsection (a) above, such services are provided in accordance with the terms of this Agreement, Schedule B is deemed amended to include the particular Portfolio and the Portfolio shall be bound by the terms of this Agreement with respect to all matters addressed herein, except that BNY may at any time thereafter terminate such deemed amendment to this Agreement, and terminate services to such Portfolio, if within 60 days of the first such acceptance of services by the Portfolio the BDC and BNY do not execute a written amendment to <u>Schedule B</u> on terms mutually acceptable to BNY and the BDC in their respective sole discretion. BNY and the BDC each reserve the right to negotiate terms appropriate to such additional Portfolios which differ from the terms herein.

**17. <u>Assignment; Subcontracting</u>.**

(a) Except as expressly provided in this Section 17, no party may assign, transfer or delegate this Agreement, or assign or transfer any right hereunder or assign, transfer or delegate any obligation hereunder, without the written consent of the other party and any purported assignment, transfer or delegation in violation of this Section 17 by a party shall be voidable at the option of the other party. For clarification: "assign," "transfer" and "delegate" as used in the foregoing sentence are intended to mean conveyances, whether voluntary or involuntary, whether by contract, a sale of a majority or more of the assets, equity interests or voting control of a party, merger, consolidation, dissolution, insolvency proceedings, court order, operation of law or otherwise, which fully and irrevocably vest in the assignee, transferee or delegatee, as applicable, some or all rights and/or obligations under the Agreement and fully and irrevocably divest the assignor, transferor or delegator, as applicable, of some or all rights and/or obligations under the Agreement. For the avoidance of doubt, no Fund liquidation or dissolution and no Corporate Event (as defined below) shall require the consent of BNY under this Section 17(a); <u>provided</u>, <u>however</u>, if a Corporate Event includes or purports to include an assignment, transfer or delegation as described in this Section 17(a), then the assignment, transfer or delegation shall remain subject to this Section 17(a). BNY shall have no right to prevent the merger, reorganization or consolidation of a Fund with another entity. "**Corporate Event**" means (i) a change in the investment adviser to a Fund, (ii) the merger or reorganization of a Fund into, or the consolidation of a Fund with another entity, or (iii) the sale by a Fund of all, or substantially all, of its assets to another entity.

(b) Notwithstanding subsection (a), without the prior written consent of any party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent appropriate
under rules and regulations of the NSCC, BNY may satisfy its obligations with respect to services involving the NSCC through an Affiliate
that is a member of the NSCC by delegation or subcontracting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY may (i) assign
or transfer this Agreement to an Affiliate and (ii) assignor transfer this Agreement in connection with a sale or transfer of a majority
or more of its assets, equity interests or voting control; provided, that (A) BNY provides at least sixty (60) days' prior written notice
(or such shorter notice as may be commercially practicable under the circumstances, as determined by BNY in good faith) of such assignment
or transfer to an Affiliate or successor to the relevant Funds, (B) such assignment or transfer does not impair the provision of services
under this Agreement in any material respect, (C) in the reasonable discretion of the relevant Funds, the assignee or transferee has
adequate financial strength and other resources, and (D) the assignee, or transferee agrees to be bound by all terms of this Agreement
in place of BNY; provided, however, if BNY assigns or transfers this Agreement pursuant to this Section 17(b)(ii) to a non-BNY Affiliate
or not in connection with a sale or transfer of a majority or more of its assets, equity interests or voting control without the written
consent of the Funds, the Funds shall have the option, exercisable for one hundred and eighty (180) days after receiving written notice
of such assignment or transfer (or for such longer period as may be

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mutually agreed by the parties), to terminate this Agreement, and no Early Termination Fee shall be owed by the Funds upon termination pursuant to this Section 17(b)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Funds may assign
or transfer this Agreement to any affiliate of the Funds or transfer this Agreement in connection with the sale of a majority or more
of its assets, equity interests or voting control, provided that (A) the Funds give BNY at least ninety (90) days' prior written
notice (or such shorter notice as may be commercially practicable under the circumstances, as determined by the Funds in good faith)
of such assignment or transfer, (B) such assignment or transfer, in any such case, does not impair the Funds' ability to comply
with its obligations under this Agreement in any material respect in the reasonable discretion of BNY, (C) in the reasonable discretion
of BNY, the assignee or transferee has adequate financial strength and other resources to meet its obligations under this Agreement and
is subject to and provides information in order for BNY to complete onboarding requirements and due diligence procedures, and (D) the
assignee or transferee agrees to be bound by all terms of this Agreement in the place of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY may subcontract
with, hire, engage or otherwise outsource to any third party with respect to the performance of any one or more of the functions, services,
duties or obligations of BNY under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY
of any of its obligations or liabilities hereunder and BNY shall be responsible for the actions and omissions of such entities to the
same extent BNY is responsible for its own actions and omissions under this Agreement. BNY shall give the Fund at least thirty (30) days'
prior written reasonably detailed notice of any unaffiliated third party BNY subcontracts with, hires, engages or otherwise outsources
to as contemplated by this section, except with respect to the subcontracting or outsourcing of the following services, which shall require
at least sixty (60) days' prior written reasonably detailed notice: (i) any shareholder facing communications involving telephonic or
email communications, (ii) any other direct communication with shareholders or the public that would disclose a non-U.S. servicing source
to the shareholder or prospective shareholder, or (iii) a process for producing shareholder reports where there is not a substantive
review and verification of key information, formatting and calculations by BNY personnel in the U.S. (all such notifications subject
to applicable law or good faith agreement).

**18. <u>Signatures; Counterparts</u>.** This Agreement may be executed in one or more counterparts and such execution may occur by manual signature on a copy of the Agreement physically delivered, on a copy of the Agreement transmitted by facsimile transmission or on a copy of the Agreement transmitted as an imaged document attached to an email, or by "**Electronic Signature**", which is hereby defined to mean inserting an image, representation or symbol of a signature into an electronic copy of the Agreement by electronic, digital or other technological methods. Each counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed counterparts of this Agreement or of executed signature pages to counterparts of this Agreement, in either case by facsimile transmission or as an imaged document attached to an email transmission, shall constitute effective execution and delivery of this Agreement and may be used for all purposes in lieu of a manually executed and physically delivered copy of this Agreement.

**19. <u>Miscellaneous</u>.**

(a) <u>Entire Agreement</u>. This Agreement, and the related Fee Agreement, embody the final, complete, exclusive and fully integrated record of the agreement of the parties on the subject matter herein and

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therein and supersedes all prior agreements, understandings, proposals, responses to requests for proposal, memoranda of understanding or memoranda of any other nature, terms sheets, letters of intent and communications of any other nature relating to such subject matter.

(b) [Reserved.]

(c) <u>Changes That Materially Affect Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund agrees to provide BNY with at least 30 days advance written notice of any new or modified Company Standard (as defined below) that could reasonably require revised or new Conduct, including without limitation revisions or additions to, or new, Shareholder Materials; <u>provided</u>, <u>however</u>, in the event 30 days' advance notice is not reasonably practicable under particular circumstances, the Fund shall provide as much advance notice as is reasonably practicable under those circumstances ("**Available Notice**"), but acknowledges and agrees that less than 30 days' notice may adversely impact BNY's ability to perform an obligation hereunder or to respond to the Company Standard Change in a manner contemplated by Section 19(c)(2) and that BNY shall have no liability and shall not be in breach of this Agreement or any performance standard if due in whole or in part to the Available Notice it is unable to perform an obligation in accordance with this Agreement. "**Company Standards**" means, collectively, as of a point in time that Company Standards is being determined, each feature, policy, procedure, service, operation, parameter or other aspect of whatsoever nature of the Fund that impacts or influences in any manner BNY's provision of the Services or performance of an obligation, including without limitation all contents of the Fund's Shareholder Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any other provision of the Agreement, including without limitation the description of services in Section 3:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) To the extent that any obligation, Service or course of conduct of BNY provided for hereunder is configured or performed as it is at a particular time in whole or in part due to Company Standards, standards imposed by clearing corporations or other industry-wide service bureaus or organizations, or laws, rules, regulations, orders or legal process in effect at such time ("**Service Requirements**") and BNY's performance of that obligation, Service or course of conduct in compliance with any new or modified Service Requirement requires that BNY develop, implement or provide a new or modified service, process, procedure, resource, functionality or conduct ("**New Service**"), or a new or modified Service Requirement requires that BNY develop, implement or provide a New Service to remain in compliance with the Agreement, or the Fund requests that BNY develop, implement or provide a New Service, BNY shall be obligated to develop, implement or provide the New Service only in accordance with a written amendment to this Agreement entered into in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The scope of services provided by BNY under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to a Fund, unless the Fund and BNY expressly agree in writing to any such increase in the scope of services. If in order to perform an obligation under this Agreement BNY develops, implements or provides a New Service that it may not be obligated to develop, implement or provide pursuant to subsection (A) above but that it develops, implements and provides for clients generally due to a new or revised Service Requirement, BNY shall be entitled to commercially reasonable fees and reimbursement of reasonable expenses for such development, implementation and performance as mutually agreed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Funds and BNY agree that any new fees and/or expenses to be charged by BNY that are related to any New Service required by any new standards imposed by clearing corporations or other industry-wide service bureaus or organizations, or new laws, rules, regulations, orders or legal

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process shall be agreed upon in advance.

(d) <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

(e) <u>Requested Information and Documentation</u>. The Fund will provide in a timely manner such information and documentation as BNY may reasonably request in connection with providing services under this Agreement and BNY will not be liable for any Loss incurred by the Fund due to a failure or delay in providing such information or documentation.

(f) <u>Governing Law</u>. This Agreement shall be deemed to be a contract made in New York and governed by New York law, without regard to its principles of conflicts of law that would apply the law of another jurisdiction. This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Uniform Computer Information Transaction Act drafted by the National Conference Of Commissioners On Uniform State Laws, or a version thereof, or any law based on or similar to such Act ("**UCITA**"), if and as adopted by the jurisdiction whose laws govern with respect to this Agreement in any form, shall not apply to this Agreement or the activities contemplated hereby. To the extent UCITA is applicable notwithstanding the foregoing, the parties agree to opt out of the applicability of UCITA pursuant to the "opt out" provisions contained therein. The parties hereby waive any right they may have to trial by jury in any action or proceeding involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Agreement.

(g) <u>Severability</u>. The parties intend every provision of this Agreement to be severable. If a court of competent jurisdiction determines that any term or provision is illegal or invalid for any reason, the illegality or invalidity shall not affect the validity of the remainder of this Agreement. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties. Without limiting the generality of this paragraph, if a court determines that any remedy stated in this Agreement has failed of its essential purpose, then all other provisions of this Agreement, including the limitations on liability and exclusion of damages, shall remain fully effective.

(h) <u>Parties in Interest</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Except with respect to those certain provisions providing for rights of the Custodian or obligations of the Fund with respect to the Custodian, and those certain provisions benefitting Affiliates of the parties, this Agreement is not for the benefit of any other person or entity and there shall be no third party beneficiaries hereof. Unless expressly provided to the contrary herein: the parties to the Agreement alone shall have the right to enforce its provisions and any action to enforce the Agreement by a person not a party shall be void.

(i) <u>No Representations or Warranties</u>. Except as expressly provided in this Agreement, BNY hereby disclaims all representations and warranties, express or implied, made to the Fund or any other person, including, without limitation, any warranties regarding quality, suitability, merchantability, fitness for a particular purpose or otherwise (irrespective of any course of dealing, custom or usage of trade), of any services or any goods provided incidental to services provided under this Agreement. BNY disclaims any warranty of title or non-infringement except as expressly set forth in this Agreement.

(j) <u>Customer Identification Program Notice</u>. To help the U.S. government fight the funding of terrorism and money laundering activities, U.S. Federal law requires each financial institution to obtain, verify, and record certain information that identifies each person who initially opens an account with that financial institution on or after October 1, 2003. Certain of BNY's Affiliates are financial institutions, and BNY may, as a matter of policy, request (or may have already requested) the name, address and taxpayer identification number or other government-issued identification number of the Fund or others, and, if such

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other is a natural person, that person's date of birth. BNY may also ask (and may have already asked) for additional identifying information, and BNY may take steps (and may have already taken steps) to verify the authenticity and accuracy of these data elements.

(k) <u>Use of "Fund"</u>. Only to the extent applicable, in the event "Fund" as used in this Agreement refers to Portfolios listed on <u>Schedule B</u>, notwithstanding such use, the BDC bears to the extent permitted by law all responsibilities, obligations, liabilities and duties of all such Portfolios to the extent not performed by such Portfolios; <u>provided</u>, <u>however</u>, notwithstanding the foregoing, no assets of one Portfolio of the BDC shall be subject to the liabilities of any other Portfolio of the BDC.

(l) <u>Additional Fund Adoption</u>. Notwithstanding anything in this Agreement to the contrary, if BNY is requested orally or in writing to furnish any service provided for in this Agreement to any BDC that is not a party to this Agreement or any class, tier, portfolio, series or other subdivision of a BDC that is not party to this Agreement ("**Additional Fund**") by any representative of a Fund who BNY reasonably believes also to be a representative of the Additional Fund, and BNY provides such service to such Additional Fund, then, from the date BNY commences providing such service, such Additional Fund shall be deemed a party to and bound by the terms and conditions of this Agreement with respect to all matters addressed herein even in the absence of a writing by such Additional Fund agreeing to be so bound by this Agreement and Schedule B shall be deemed amended to include the Additional Fund.

(m) <u>Requests to Transfer Information to Third Parties</u>. In the event that the Fund, other than pursuant to a Standard Procedure, whether by Written Instructions, Fund Communications or otherwise, requests or instructs BNY to send, deliver, mail, transmit or otherwise transfer to a third party which is not a subcontractor of BNY and which is not the DTCC, NSCC or other SEC-registered clearing corporation, or to make available to such a third party for retrieval from within the BNY System, any information in the BNY System: BNY may decline to provide the information requested on the terms contained in the request due to legal or regulatory concerns, transmission specifications not supported by BNY, or other good faith or bona fide business reasons, but will in good faith discuss the request and attempt to accommodate the Fund with respect to the request, and BNY will not be obligated to act on any such request unless it agrees in writing to the terms of the information transfer. In the event BNY so agrees in writing to transfer information or make it available within the BNY System: the Fund shall pay a reasonable fee for such activities upon being invoiced for same by BNY; BNY shall have no liability or duty with respect to such information after it releases the information or makes it available within the BNY System, as the case may be, provided BNY does not commit Liable Conduct when executing the express instructions of the written information transfer request; BNY shall be entitled to the indemnification provided for at Section 12 pursuant to clause (b) in connection with the activities contemplated by any such written information transfer request, including for the avoidance of doubt third party claims; and BNY may conclusively presume without a duty of independent verification that the Fund has received all applicable third party authorizations.

(n) <u>Service Indemnifications; Survival</u>. Any indemnification provided to BNY by the Fund in connection with any service provided under the Agreement, including by way of illustration and not limitation, indemnifications provided in connection with an Accepted Non-Standard Instruction and indemnifications contained in any agreements regarding an Exception Procedure ("**Service Indemnifications**"), shall survive any termination of this Agreement. Likewise, any indemnification provided to the Fund or its affiliates, or the respective directors, trustees, officers, agents and employees of each, under this Agreement, shall survive any termination of this Agreement. In addition, Sections 4, 5, 7, 10(d), (e), (g) - (i), 11, 12, 13(e), 19(e), (i), (m), (n) and (s) and provisions necessary to the interpretation of such Sections and any Service Indemnifications and the enforcement of rights conferred by any of the foregoing shall survive any termination of this Agreement. In the event the Board of the Fund authorizes a liquidation of the Fund or termination of the Agreement, BNY may require as a

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condition of any services provided in connection with such liquidation or termination that the Fund make provisions reasonably satisfactory to BNY for the satisfaction of contingent liabilities outstanding at the time of the liquidation or termination.

(o) <u>Compliance with Law</u>. Each of BNY and the Fund agrees to comply in all material respects with the respective laws, rules, regulations and legal process applicable to the operation of its business. For clarification: With respect to BNY, the foregoing requires compliance with laws, rules, regulations and legal process applicable to BNY directly, not derivatively by virtue of providing services to the Fund. The Fund agrees that BNY is not obligated to assist the Fund with, or bring the Fund into, compliance with laws, rules, regulations and legal process applicable to the Fund, except where BNY has expressly agreed to assume such an obligation hereunder and then it is obligated only to perform strictly in accordance with the express terms of the assumed obligation.

(p) <u>Enterprise Nature of Services</u>. Notwithstanding any other provision of this Agreement, in furnishing the services provided for in this Agreement or any component or segment of such services BNY may utilize any combination of its own employees, facilities, equipment, systems and other resources and the employees, facilities, equipment, systems and other resources of its Affiliates, including employees, facilities, equipment, systems and other resources shared by BNY and its Affiliates, and BNY may satisfy its obligations under this Agreement directly or through Affiliates. References to employees, facilities, equipment, systems or other resources of BNY in this Agreement shall mean employees, facilities, equipment, systems or other resources of BNY and its Affiliates considered collectively. Notwithstanding the foregoing, nothing in this Section 19(q) shall have the effect of transferring any obligation of BNY to any other entity, including Affiliates. Use of Affiliates pursuant to this Section 19(q) shall not relieve BNY of any of its obligations or liabilities hereunder and BNY shall remain responsible for the conduct of the Affiliates.

(q) <u>Centralized Functions</u>. The Bank of New York Mellon Corporation is a global financial organization that includes BNY and provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "**BNY Group**"). The BNY Group may centralize functions including audit, accounting, risk, legal, compliance, regulatory reporting, sales, administration, operations, technology services, product, client and client-customer communications, relationship management, storage and record retention, compilation and analysis of customer-related data, and other functions (the "**Centralized Functions**") in one or more Affiliates and subsidiaries of the BNY Group, joint ventures and third-party service providers (the "**Centralized Providers**"). Notwithstanding any other provision of the Agreement and subject to the confidentiality obligations herein, the Fund consents to the foregoing centralization of functions, the receipt of services hereunder through the Centralized Functions, BNY's disclosure of Fund information, including Fund Confidential Information, to the Centralized Providers, BNY's use of such information in connection with the Centralized Functions, and BNY's storage of names and business addresses of Fund employees and employees of its Affiliates and sponsors with the Centralized Providers. In addition, the Fund consents to BNY's use of Fund Confidential Information to analyze and improve product and service performance and for internal research and development activities, and to the BNY Group's aggregation of Fund Confidential Information on an fully anonymized basis with other similar client data for product and service development and distribution, for general marketing purposes and for producing market or similar analysis for its clients. The BNY Group shall possess all ownership rights with respect to such aggregated anonymized data. The BNY Group shall not distribute the aggregated data in a format that identifies data with any Fund or the Funds collectively, or any shareholder(s) of a Fund. Use of Centralized Providers pursuant to this Section 19(r) shall not relieve BNY of any of its obligations or liabilities hereunder and BNY shall remain responsible for the conduct of the Centralized Providers.

(r) <u>No Interpretation Against A Party</u>. All parties to the Agreement have had access to and use of

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legal counsel to the extent each has deemed sufficient and hereby irrevocably and unconditionally waive any claim or defense that this Agreement, or any provision of this Agreement, should be interpreted or construed against a party solely on the basis that the particular party drafted or was responsible for the drafting of the Agreement or a particular provision.

(s) <u>Funds Added After Effective Date</u>. Each Fund that becomes a party to this Agreement pursuant to Section 16(b) or 20(l) agrees to be bound by all terms of this Agreement as if an original signatory hereto and, in addition, each Custodied Portfolio that becomes a party to this Agreement after the Effective Date further agrees to be bound by Schedule D as if an original signatory thereto.

(u) <u>Several Obligations; Limitation on Fund Liabilities</u>.

(1) The parties acknowledge that the rights and obligations of each Fund hereunder are several and not joint, that no Fund shall be liable for any amount owing by another Fund and that the Funds have executed one instrument for convenience only.

(2) The obligations of each Fund hereunder shall be limited to the assets of such Fund and BNY will not seek satisfaction of any such obligations from the officers, trustees, directors, or shareholders of any Fund. This Agreement is executed on behalf of each Fund by an officer or trustee of such Fund in his or her capacity as an officer or trustee of the Fund and not individually, and the obligations arising out of this Agreement are not binding on any of the Fund's trustees, officers, directors or shareholders individually, but are binding only upon the assets or property of the Fund.

(3) This Agreement is an agreement between BNY and each Fund. With respect to any obligation of a Fund arising out of this Agreement, BNY will seek payment or satisfaction of such obligation solely from the assets of the particular Fund to which such obligation relates with the same effect as if BNY had separately contracted with each Fund by separate written instrument.

(v) <u>BNY Representation</u>. BNY represents and warrants that it is duly registered with the SEC as a transfer agent under the 1934 Act and that it will remain so registered during the effectiveness of this Agreement.

(w) <u>Disclosure of Regulatory Matters</u>. At the reasonable request of the Funds acting collectively (not more than once annually), and provided that disclosure by BNY is not prohibited by applicable law, rule or agreement between BNY and a governmental authority with jurisdiction over BNY, BNY will make available to the Funds publicly available information which BNY makes available to its clients generally regarding a criminal or regulatory investigation of BNY with respect to a violation by BNY of federal securities laws, the U.S. Bank Secrecy Act, or the USA PATRIOT Act or a failure of BNY to have sufficient policies or procedures relating to compliance with applicable law (collectively, "**Regulatory Matters**"**)**. In addition, provided that disclosure by BNY is not prohibited by applicable law, rule or agreement between BNY and a governmental authority with jurisdiction over BNY, BNY will make available to the Funds publicly available information regarding a Regulatory Matter which would reasonably be expected to have a material adverse impact on BNY's performance of services to the Funds under this Agreement as promptly as reasonably practicable under the circumstances. In each case, each

EXECUTION VERSION

Fund acknowledges and agrees that BNY's failure to make any such information available to the Funds shall not be deemed to be a breach of this Agreement.

***[Remainder Of Page Intentionally Blank - Signatures Appear On Following Page]***

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, each of the parties hereto has caused this Transfer Agency And Shareholder Services Agreement to be executed as of the Effective Date by its duly authorized representative designated below. An authorized representative, if executing this Agreement by Electronic Signature, affirms authorization to execute this Agreement by Electronic Signature and that the Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

---

| | |
|:---|:---|
| **BNY Mellon Investment Servicing (US) Inc.** | **Guggenheim Investments Private Credit** |
|  | **Fund** |
| By: /s/ Robert M Stein Jr | By: /s/ Brian Binder |
| Name: Robert M Stein Jr | Name: Brian Binder |
| Title: Vice President, 12/23/25 | On behalf of the BDC, as |
|  | Title: Chief Executive Officer |

---

EXECUTION VERSION

**<u>SCHEDULE A<br> Definitions</u>**

As used in this Agreement:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Affiliate</u>" means, with respect to BNY, an entity controlled by, controlling or under common control with BNY, and with respect to the Fund, all investment advisors and investment subadvisors to the Fund and an entity controlled by, controlling or under common control with an investment advisor or investment subadvisor to the Fund.

"<u>Authorized Person</u>" means (i) with respect to the Fund, each individual identified to BNY as an Authorized Person on the properly completed version of Schedule E most recently provided to BNY, and (ii) with respect to BNY, employees designated in writing as authorized to receive facsimile transmissions or emails, or both, as Written Instructions (as provided in the definition of Written Instructions). Any limitation on the authority of an Authorized Person of the Fund to give Instructions must be expressly set forth in Schedule E next to the individual's name.

"BNY" means BNY Mellon Investment Servicing (US) Inc.

" <u>Bank</u>" means The Bank of New York Mellon, a New York chartered commercial bank and affiliate of BNY, and its lawful successors and assigns.

"<u>BNY Trust</u>" means BNY Mellon Investment Servicing Trust Company, an affiliate of BNY, and its lawful successors and assigns.

"<u>Board</u>" means the Fund's Board of Directors or Board of Trustees, as applicable.

"<u>Bona Fide Reason</u>" means a bona fide legal, commercial or business reason including by way of example and not limitation the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) the course of conduct
is not consistent or compliant with, is in conflict with, or requires a deviation from an Industry Standard or a Written Procedure;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the course of conduct
is not reasonably necessary or appropriate to or consistent with the services contemplated by this Agreement or constitutes a change
to a service;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the course of conduct
is in conflict or inconsistent with or violates a law, rule, regulation, or order or legal process of any nature;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) the course of conduct
is in conflict or inconsistent with or will violate a provision of this Agreement or constitutes a unilateral amendment of the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(v) the course of conduct
imposes on BNY a risk, cost, liability or obligation not contemplated by this Agreement with potentially adverse consequences to BNY
incurred from sources external to BNY, including without limitation, for illustration and not limitation: sanction, criticism, fines,
penalties, examination comments or special examination of a governmental, regulatory or self-

EXECUTION VERSION

regulatory authority; civil, criminal or regulatory action; a loss or downgrading of membership, participation or access rights or privileges in or to organizations providing common services to the financial services industry; or significant reputational harm.

&nbsp;&nbsp;&nbsp;&nbsp;(vi) the course of conduct
imposes on BNY a risk, cost, liability or obligation not contemplated by this Agreement related to internal matters, such as, without
limitation: imposes costs and expenses on BNY that are not adequately recovered by payments the Fund indicates it is willing to pay and
BNY reasonably anticipates disputes over invoices; contemplates higher or additional performance standards; adds gain/loss, operational,
strategic, compliance or credit risk; requires performance of a course of conduct customarily performed pursuant to a separate service
or fee agreement; requires more than an incidental increase in the resources required to provide services to the Fund; or is reasonably
likely to result in a diversion of resources or disruption in established work flows, course of operations or functioning of controls;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) the course of conduct
requires technology, personnel with technological expertise, a technology service or product or another resource that is not available
on a commercially reasonable basis or constitutes a service or function that is not closely related to services commonly performed by
organizations acting as transfer agents, registrars, dividend disbursing agents and shareholder servicing agents to business development
companies regulated under the 1940 Act; or

&nbsp;&nbsp;&nbsp;&nbsp;(viii) BNY lacks sufficient
information, analysis or legal advice to determine that the conditions in clauses (iii) or (v) do not exist and the Funds and BNY fail
to reach agreement on a reasonable method of paying any expense of obtaining such information.

"<u>Claim</u>" means any claim, demand, suit, action, obligation, liability, suit, controversy, breach, proceeding or allegation of any nature, claim for indemnification, including any threat of any of the foregoing (including but not limited to those arising out of or related to this Agreement) and regardless of the form of action or legal theory or forum.

"<u>Code</u>" means: (i) when reference is made to a specific Section of the "Code", the Internal Revenue Code as amended through the date of reference, otherwise (ii) the Internal Revenue Code as amended through the relevant date, the regulations promulgated by the IRS under the Internal Revenue Code, as amended through the relevant date, and the revenue rulings, revenue procedures, technical advice memorandums, notices and announcements published by the IRS with respect to the Internal Revenue Code, as amended through the relevant date.

"<u>Company Data</u>" means (i) data and information regarding each Fund and the shareholders and shareholder accounts of each Fund which is inputted into the Licensed System and the content of the records, files and reports generated from such data and information by the Licensed System, and (ii) Company 22c-2 Data (as defined in Section 6.15(a) of Schedule C, including all summaries, aggregations, compilations, analytics and other derivatives of any of the foregoing, except to the extent deidentified or anonymized.

"<u>Conduct</u>" or "<u>Course of Conduct</u>" (both capitalized and uncapitalized) means a single act, two or more acts, a single instance of an action not being taken or of forbearance given, two or more instances of an action not being taken or of forbearance given, or any combination of the foregoing.

"<u>Control</u>" and "<u>control</u>" means direct or beneficial ownership of 50% or more of the equity interests of an entity and possession of the power to elect 50% or more of the entity's directors, trustees or similar persons performing policy-making functions.

EXECUTION VERSION

"<u>Custody Agreement</u>" shall mean that certain Custody Agreement, dated as of November 20, 2025, by and between the Bank and each of the Funds.

"<u>Deconversion</u>" means the completion of the transfer of Fund data, information and records from the production database and production environment of the Fund in the BNY System to the production database and production environment of the Fund in the computer system of a successor transfer agency services provider with the intention that on the next occurring business day such successor service provider will perform transfer agency services for the Fund utilizing such transferred data, information and records.

"<u>Dedicated Personnel</u>" means individuals employed by or under contract with BNY whose primary duty is providing services to or on behalf of the Fund.

"<u>DTCC</u>" means the Depository Trust Clearing Corporation, and its successors and assigns.

"<u>External Research</u>" means consultation with and the written opinions, analysis, research or other work product of third party technical specialists, legal counsel or other advisors, consultants or professionals.

"<u>FinCEN</u>" means the Financial Crimes Enforcement Network of the U.S. Department of the Treasury.

"<u>Fund Communication</u>" means any Instruction, direction, inquiry, notice, instrument, data, file or other information or communication of whatsoever nature BNY receives, or reasonably believes it received (pursuant to any applicable Written Procedures, if the parties have agreed to such in writing), from the Fund through in-person interaction or a communications media of any nature, including without limitation communications media currently existing, such as telephone, facsimile transmission, telegraph, telegram, US Postal Service, personal delivery, private courier, commercial courier, electronic mail (email), private messaging systems, virtual private networks, or messaging systems constituting part of an industry utility (such as the NSCC) service, and communications media that may be developed in the future.

"<u>Fund Error</u>" means the Fund or a third party acting on behalf of the Fund or conveying Fund data or information committing an error, furnishing inaccurate, incorrect or incomplete data or information to BNY or the Custodian or by other act or omission requiring Remediation Services.

"<u>Fund Shares</u>" (see "Shares")

"<u>Illegible Communication</u>" means a Fund Communication that BNY in good faith determines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is vague, ambiguous
or incomplete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) contains one or
more errors that are not reconcilable or rectifiable on the face of the communication;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) was received too
late to be acted upon in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is incapable of
being implemented due to a failure to meet applicable specifications or system requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is in conflict
with a previous or contemporaneous Fund Communication; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) is incapable of
being executed pursuant to the applicable Written Procedure or performance standard due to directions that are incompatible with the
Written Procedure or performance standard or other communication defect.

EXECUTION VERSION

"<u>in good order</u>" means in accordance with all applicable requirements set forth in the Written Procedures, including receipt of any required supporting documentation.

"<u>Instructions</u>" means Oral Instructions and Written Instructions considered collectively or individually.

"<u>Intellectual Property Rights</u>" means copyright, patent, trade secret, trademark and any other proprietary or intellectual property rights.

"<u>Internal Research</u>" means consultation with and the written opinions, analysis, research or other work product of (i) individuals employed by or under contract with BNY who are not Dedicated Personnel, and (ii) individuals who are Dedicated Personnel but the consultation or opinions, analysis, research or other work product is not incidental to the services performed by such individual for the Fund.

"<u>IRS</u>" means the Internal Revenue Service of the U.S. Department of the Treasury.

"<u>Loss</u>" and "<u>Losses</u>" means any one, or any series of related, losses, costs, damages, expenses, awards, judgments, assessments, fines, penalties, payments or payment obligations, reimbursements, adverse monetary consequences or monetary liabilities or obligations of any nature, including without limitation any of the foregoing arising out of any Claim or out of any obligation of one party to the other under this Agreement, including any obligation to indemnify and defend, and all costs of litigation or threatened litigation such as but not limited to court costs, costs of counsel, discovery, experts, settlement and investigation.

"<u>Loss Date</u>" means the date of occurrence of the event or circumstance causing a particular Loss, or the date of occurrence of the first event or circumstance in a series of events or circumstances causing a particular Loss.

"<u>NACHA</u>" means the National Automated Clearing House Association.

"<u>NSCC</u>" means the National Securities Clearing Corporation, and its successors and assigns.

"<u>Oral Instruction</u>" means an instruction (i) given to BNY by voice in person, or in a person-to-person conversation over a telephone connection, by an Authorized Person of the Fund (or by a person reasonably believed by BNY to be an Authorized Person of the Fund). BNY may, in its sole discretion in each separate instance, consider and rely upon an instruction it receives from an Authorized Person via electronic mail as an Oral Instruction (other than when electronic mail is used in the manner described in the definition of Written Instruction for delivery of a Written Instruction, in which case the definition of Written Instruction will control).

"<u>Portfolio</u>" means such separate subdivision of the BDC, whether characterized or structured as a portfolio, tier, series or otherwise, but excludes classes unless for purposes of Sections 18(f)(1) and 18(f)(2) of the 1940 Act and Rules 18f-2 and 18f-3 promulgated by the SEC under the 1940 Act the class must be provided with rights and liabilities separate and distinct from all other subdivisions of the BDC.

"<u>Prospectus</u>" means the prospectus of the Fund (i) on the Effective Date, and (ii) after the Effective Date with such changes to the offering memorandum on the Effective Date made in compliance with Section 19(c), including for clarification Section 19(c)(2).

"<u>Reasoned Consideration</u>" means the following:

&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY will in good
faith consider implementing a Non-Standard Instruction or Non-Standard

EXECUTION VERSION

Procedure, as applicable, if the Fund requests such in writing (including via e-mail) to its Customer Service Officer and provides all written materials, including descriptions, specifications, business requirements and responses to questions of BNY, that in the sole judgment of BNY exercised reasonably are appropriate to fully evaluate the request.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY will attempt
to evaluate the request with existing resources on the basis of the written materials but if at any time it determines in its sole judgment
exercised reasonably that Research is required to fully evaluate the request or the development, implementation or performance of the
Non-Standard Instruction or Non-Standard Procedure, as applicable, BNY will notify the Fund of the Research required by BNY and resume
the evaluation only if the Fund obtains and provides all Research required by BNY or if the Fund authorizes BNY in a writing reasonably
satisfactory to BNY to obtain the required Research at the Fund's cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY may at any
time after such a request is made, and before or after the written materials and, if applicable, the Research are partially or fully
furnished, decline without liability or further obligation to implement a Non-Standard Instruction or Non-Standard Procedure, as applicable,
(i) for a Bona Fide Reason, (ii) if it determines in its sole judgment exercised reasonably based on the course of discussions that it
and the Fund will be unable to agree in writing to mutually satisfactory terms and conditions governing the Non-Standard Instruction
or Non-Standard Procedure, as applicable, including without limitation appropriate procedures, indemnification and payment terms, or
(iii) solely with respect to a Non-Standard Instruction, insufficient time remains at that point in time to fully evaluate and implement
the requested alternative to the applicable Standard Instruction.

"<u>Remediation Services</u>" means the additional services required to be provided hereunder by BNY or the Custodian in connection with a Fund Error in order to correct, remediate, adjust, reprocess, repeat, reverse or otherwise modify conduct previously taken in accordance with the Agreement to achieve the outcome originally intended by the previous conduct.

"<u>Research</u>" means either or both of External Research and Internal Research.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act, the 1934 Act and the 1940 Act.

"<u>Security Incident</u>" means any known (i) breach of nonpublic personal information as defined in the Gramm-Leach-Bliley Act of 1999 ("NPPI") that is notifiable under applicable law or a breach in security resulting in unauthorized access to the data storage segment in the customer information system maintained by BNY in which the Fund's unencrypted Customer Data is received, maintained, processed or used, or (ii) loss or unauthorized access, denial or loss of use, disclosure, use, alteration or destruction of Customer Data (other than NPPI).

"<u>Services</u>" means the services described in Section 3 and Schedule C of the Agreement.

"<u>Service Effective Date</u>" means the date following the completion of all implementation services, in the case of a Fund that is a new start-up Fund, or the date following the completion of all conversion services, in the case of Fund that BNY will be providing services to as a successor service provider, that the first live transaction is processed by the BNY System for a public customer of the particular Fund on a production basis.

"<u>Shareholder Materials</u>" means the Fund's Prospectus and statement of additional information or

EXECUTION VERSION

disclosure materials of similar function, such as a private offering memorandum , and any other materials relating to the Fund provided to Fund shareholders by the Fund.

"<u>Shares</u>" or "<u>Fund Shares</u>" means the shares or other units of beneficial interest of each Fund.

"<u>Written Instruction</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;(1) an instruction
in the English language typed on paper or typed in electronic form in a format intended to represent virtually one or more paper pages:

&nbsp;&nbsp;&nbsp;&nbsp;(A) that is a Standard
Instruction, or if not a Standard Instruction, an Accepted Non-Standard Instruction;

&nbsp;&nbsp;&nbsp;&nbsp;(B) that if typed on
paper is signed manually by an Authorized Person of the Fund (or a person reasonably believed by BNY to be an Authorized Person of the
Fund), or if typed in electronic form is signed electronically using an electronic signing service, such as DocuSign, that has been approved
in advance by BNY;

&nbsp;&nbsp;&nbsp;&nbsp;(C) that is addressed
to and received by BNY;

&nbsp;&nbsp;&nbsp;&nbsp;(D) that is delivered
(i) by hand (personally by the signing Authorized Person or by a third party providing confirmation of receipt), (ii) by private messenger,
U.S. Postal Service or overnight national courier which provides confirmation of receipt with respect to the particular delivery signed
by the receiving party, (iii) as an attachment to an email sent to the authorized <u>@BNY.com</u> email address of an Authorized
Person of BNY or to the Customer Service Officer of BNY assigned to the Fund and which is acknowledged by such individual, or (iv) by
the delivery system of an electronic signature service utilized by the Fund for purposes of the signature pursuant to clause (B) above,
if an electronic signature service was used: and

&nbsp;&nbsp;&nbsp;&nbsp;(E) that is signed
by BNY on the instrument containing the written instructions, as evidenced either by a manual signature or by an electronic signature
using the same electronic signing service as the Fund in clause (ii) if such was used, if such signature is required as part of a Standard
Form; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) trade instructions
transmitted to and received by BNY by means of an electronic transaction

reporting system which requires use of a password or other authorized identifier in order to gain access.

"<u>Written Procedures</u>" means, collectively, Standard Procedures and Exception Procedures. -------------------------------------------------------------------------------------------------------------------------------

<u>INDEX OF DEFINED TERMS</u>

<u>(includes defined terms through Schedule A; excludes terms defined in Schedule C solely for Schedule C)</u>

---

| | |
|:---|:---|
| Term | Location |
| 1933 Act | Schedule A |
| 1934 Act | Schedule A |
| 1940 Act | Schedule A |
| 19(a) Statement | § 3(a)(4)(D) |
| 314(a) Procedures | § 3(b)(4) |
| Accepted Non-Standard Instruction | § 10(c)(2) |
| Account | § 3(c)(1)(i)(G) |
| Additional Fund | § 19(l) |

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EXECUTION VERSION

---

| | |
|:---|:---|
| Administrative Action | § 3(a)(14)(A) |
| Affiliate | Schedule A |
| Affiliated Third Party Institutions | § 9(b) |
| Agreement | Preamble |
| AML | § 3(b)(l)(A) |
| AML Services | § 3(b) |
| Applicable Procedures | § 11(l)(1) |
| Appropriate List Matching Data | § 3(b)(5)(C) |
| Authorized Person | Schedule A |
| Available Notice | § 19(c)(1) |
| Back-Up Facilities | § 8 |
| Bank Secrecy Act | § 3(b)(l)(A) |
| BDC | Preamble |
| BNY | Preamble |
| BNY Account Documentation | § 3(a)(12)(C)(iii)(bb) |
| Breach Termination Notice | § 13(c) |
| BNY | Schedule A |
| Bank | Schedule A |
| BNY Group | § 19(r) |
| BNY System | § 3(d) |
| BNY Trust | Schedule A |
| Board | Schedule A |
| Bona Fide Reason | Schedule A |
| Breach Notice | § 13(c) |
| CDD Rule | § 3(b)(3)(B) |
| Centralized Functions | § 19(r) |
| Centralized Providers | § 19(r) |
| CIP Regulations | § 3(b)(3)(A) |
| Claim | Schedule A |
| Code | Schedule A |
| Company Standards | § 19(c)(1) |
| Comparison Results | § 3(b)(4) |
| Compliance Failures | § 3(a)(15)(B) |
| conduct | Schedule A |
| Confidential Information | § 4(b) |
| Constructive Termination | Schedule A |
| Contract Year | § 13(d)(3)(iv)(A) |
| Control | Schedule A |
| Controls | § 3(c)(1)(i) |
| Conversion Plan | § 3(f)(i) |
| Corporate Event | § 17(a) |
| course of conduct | Schedule A |
| Covered Account | § 3(c)(1)(i)(F) |
| Covered Person | § 3(c)(1)(i)(D) |
| Current Service Provider | § 3(e) |
| Custodian | § 3(a)(12)(C) |
| Custodied Account | § 3(a)(12)(A)(iii) |
| Custody Agreement | Schedule A |
| Customer | § 3(b)(3)(A)(i) |
| Damages | § 11(b)(1) |
| Data Elements | § 3(b)(3)(A)(i) |
| Deconversion | Schedule A |
| Deconversion Services | § 13(e)(1)(B)(III) |

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EXECUTION VERSION

---

| | |
|:---|:---|
| Dedicated Personnel | Schedule A |
| Defaulting Party | § 13(c) |
| Direct Account | § 3(c)(1)(i)(E) |
| Director | § 3(b)(5)(A)(iii) |
| Dissolution Event | § 9(g) |
| DTCC | Schedule A |
| Early Terminations | § 13(d)(1) |
| Early Termination Fee | § 13(d)(1)(i) |
| Effective Date | Preamble |
| Elapsed Months | § 11(b)(1) |
| Electronic Signature | § 18 |
| Eligible Assets | § 3(a)(12)(A)(i) |
| Eligible Property | § 3(a)(15)(A)(ii) |
| Errant Securities Data | § 11(h) |
| Examination Report | § 3(c)(1)(iv) |
| Exception Procedure | § 14(b)(2) |
| External Research | Schedule A |
| FATCA | § 3(a)(17) |
| FATCA Services | § 3(a)(17) |
| FATF Lists | § 3(b)(5)(A)(ii) |
| Fee Agreement | § 9(a) |
| Fees | § 9(a) |
| FFI Regulations | § 3(b)(2)(A) |
| Final Distribution | § 9(g) |
| Final Expenses | § 9(g) |
| FinCEN | Schedule A |
| Foreign Financial Institution | § 3(b)(2)(A)(i) |
| Fraud Loss | § 11(l)(1) |
| Fund | Background |
| Fund AML Laws | § 3(b)(11) |
| Fund Communication | Schedule A |
| Fund Custodian | § 3(a)(1)(xii) |
| Fund Data | § 2 |
| Fund Error | Schedule A |
| Fund List Data | § 3(b)(5)(A) |
| Fund Registry | § 3(c)(1)(i)(C) |
| Fund Shares | Schedule A |
| General Damage Cap | § 11(b)(1) |
| GLB Act | § 5(a) |
| Good Faith Estimate | § 13(e)(1)(B) |
| Identification Data | § 3(a)(15)(C)(ii) |
| Identity Theft | § 3(c)(1)(i)(B) |
| IGO | § 14(a) |
| Illegible Communication | Schedule A |
| Implementing Communication | § 10(a)(ii) |
| Industry Standard | § 14(a) |
| Information Requests | § 3(b)(4) |
| in good order | Schedule A |
| Initial Term | § 13(a) |
| Insolvency Event | § 13(f) |
| Insolvent Party | § 13(f) |
| Instructions | Schedule A |
| Intellectual Property Rights | Schedule A |

---

EXECUTION VERSION

---

| | |
|:---|:---|
| Internal Research | Schedule A |
| IRS | Schedule A |
| Legal Process Item | § 3(a)(14)(A) |
| Legal Response | § 3(a)(14)(A) |
| Liable Conduct | § 11(a) |
| Loss, Losses | Schedule A |
| Loss Date | Schedule A |
| Massachusetts Privacy Regulation | § 5(a) |
| Material Event | § 3(a)(12)(C)(i) |
| Monetary Benefits | § 9(b) |
| NACHA | Schedule A |
| New Service | § 19(c)(2)(A) |
| NIGO | § 14(a) |
| Non-Defaulting Party | § 13(c) |
| Non-Renewal Notice | § 13(b)(1) |
| Non-Standard Form | § 10(j) |
| Non-Standard Instruction | § 10(c)(1) |
| Non-Standard Procedure | § 14(b) |
| NSCC | Schedule A |
| OFAC | § 3(b)(5)(A)(i) |
| OFAC Lists | § 3(b)(5)(A)(i) |
| Onboarding Plan | § 3(f)(ii) |
| Oral Instruction | Schedule A |
| Overdraft Amount | § 9(c)(i) |
| Participant | § 3(a)(12)(A)(ii) |
| Payment Date | § 13(e)(1) |
| PMLC Determination | § 3(b)(5)(A)(iii) |
| Portfolio | Schedule A |
| Possible Identity Theft | § 3(c)(1)(iii) |
| Post-Conversion Service Date | § 3(f)(i) |
| Post-Onboarding Service Date | § 3(f)(ii) |
| Primary Facilities | § 8 |
| Prior Custodian | § 3(a)(12)(C)(iii) |
| Prospectus | Schedule A |
| Reasoned Consideration | Schedule A |
| Red Flag | § 3(c)(1)(i)(A) |
| Red Flags Requirements | § 3(c)(2) |
| Red Flags Section | § 3(c)(1) |
| Red Flags Services | § 3(c)(1) |
| Registered Owner | § 3(c)(1)(i)(C) |
| Regulatory Matters | § 19(x) |
| Reimbursable Expenses | § 9(a) |
| Reimbursable Trailing Expenses | § 13(e)(1)(B)(II) |
| Related Custodian Materials | § 3(a)(12)(C)(vi) |
| Related Parties | § 3(a)(12)(C)(iii)(bb) |
| Related Person | § 13(d)(2) |
| Remediation Services | Schedule A |
| Removed Account | § 13(d)(2) |
| Renewal Term | § 13(b)(1) |
| Research | Schedule A |
| Response Failure | § 10(i) |
| Rule 17Ad-17 | § 3(a)(11)(A) |
| SEC | Schedule A |

---

EXECUTION VERSION

---

| | |
|:---|:---|
| Securities Data | § 11(h) |
| Securities Laws | Schedule A |
| Security Incident | Schedule A |
| Security Codes | § 10(g) |
| Services | Schedule A |
| Service Accounts | § 9(b) |
| Service Effective Date | Schedule A |
| Service Communications | § 10(d)(2) |
| Service Indemnifications | § 19(n) |
| Service Requirements | § 19(c)(2)(A) |
| Shareholder Materials | Schedule A |
| Shareholder Communications | § 10(d)(2) |
| Shares | Schedule A |
| Solvent Party | § 13(f) |
| Standard Form | § 10(b)(ii)(B) |
| Standard Instruction | § 10(b)(ii) |
| Standard of Care | § 11(a) |
| Standard Procedures | § 14(a) |
| States and Territories of the United States | § 3(a)(15)(A)(i) |
| Tax Advantaged Account | § 3(a)(12)(A)(iv) |
| Termination Event | § 13(d)(3) |
| Third Party Institution | § 9(b) |
| Trailing Services | § 13(e)(1)(B)(I) |
| Transactional Information | § 4(b)(ii)(E) |
| Transfer Date | § 3(a)(12)(C)(iii) |
| Transition Plan | § 3(e) |
| UCITA | § 19(f) |
| Unclaimed Property Documentation | § 3(a)(15)(C)(iii) |
| Unclaimed Property Laws | § 3(a)(15)(A) |
| Unclaimed Property Services | § 3(a)(15)(A) |
| UPS Commencement Date | § 3(a)(15)(B) |
| United States | § 3(a)(14)(A) |
| US Legal Process Item | § 3(a)(14)(A) |
| U.S. Government Lists | § 3(b)(5)(A) |
| Written Instruction | Schedule A |
| Written Procedures | Schedule A |

---

[End of Schedule A]

EXECUTION VERSION

**<u>SCHEDULE B</u>**<br>Dated: December 23, 2025<br>**<u>Funds</u>**

Guggenheim Investments Private Credit Fund

EXECUTION VERSION

**<u>SCHEDULE C</u>**

**<u>Terms And Conditions Governing Use Of The BNY System</u>**

**SECTION 0. GENERAL.**

***0.1 <u>Capitalized Terms</u>.*** Capitalized terms not defined in this Schedule C shall have the meaning ascribed to them in the Main Agreement. Capitalized terms defined in this Schedule C shall have that meaning solely in this Schedule C and not in any other part of the Agreement unless expressly stated otherwise in a specific instance. References to Section numbers in this Schedule C shall mean Sections of this Schedule C unless expressly stated otherwise in a specific instance. References to the "Agreement" in this Schedule C means the Main Agreement and this Schedule C.

***0.2 <u>Purpose</u>.*** BNY utilizes some components of the BNY System to perform the Core Services. But BNY does not utilize all components of the BNY System to provide the Core Services. Some components of the BNY System are maintained by BNY and offered to customers solely to permit customers to access the data and information maintained in the BNY System in connection with the Core Services and put it to additional uses. Consequently, Company is given rights pursuant to this Schedule C (i) to access and use components of the BNY System, from the Company System (as defined in Section 2.7), to engage in activities that are separate and distinct and apart from the activities engaged in by BNY to provide the Core Services, and (ii) to authorize third parties, the "Authorized Users", to access and use certain Component Systems to engage in activities that are also separate and distinct and apart from the activities engaged in by BNY to provide the Core Services. Such access and use of the BNY System by Company from the Company System and by Authorized Users may include the ability to input data and information into the BNY System that BNY utilizes in performing the Core Services. This ability of Company and Authorized Users to access and use the BNY System represents a service offered by BNY that is supplemental to the Core Services. This Schedule C governs the access to and use of the BNY System by the Company. Nothing herein shall supersede or limit BNY's obligations with respect to its provisions of the Core Services as set forth in the Main Agreement.

**SECTION 1. CERTAIN DEFINITIONS.**

"**Authorized Persons**" means the persons who have been authorized by the Company in accordance with the applicable Documentation and procedures of BNY and Section 2.1(a)(iii) to access and use the Licensed System or specific Component Systems.

"**Authorized Users**" means Authorized Persons and Permitted Users.

"**BNY Web Application**" means with respect to a relevant Component System the collection of electronic documents and files, content, text, graphics, processes, functions, and software code, including, but not limited to, HTML and XML files, Java and JavaScript files, graphics files, animation files, data, technology, scripts, programs, interfaces and databases residing on a computer system maintained by or for BNY, accessible via the Internet at an Internet address furnished by BNY for use of the particular Component System.

"**Company**" means a Fund.

"**Company Web Application**" means the collection of electronic documents and files, content, text, graphics, processes, functions, and software code, including, but not limited to, HTML and XML files, Java and JavaScript files, graphics files, animation files, data, technology, scripts, programs, interfaces and databases residing on a computer system maintained by or for the Company, connected to the Internet and utilized by the Company in connection with its use of a Component System as contemplated by applicable Documentation.

"**Component Effective Date**" means, with respect to each Component System of the Licensed System that Company is given the right to access and use, the date as of which the Company is first given such right to access and use.

EXECUTION VERSION

"**Component System**" means, as of its relevant Component Effective Date, each Listed System and each Support Function that is part of the Licensed System and, subsequent to a relevant Component Effective Date, such Listed Systems and Support Functions as they may be changed as provided in subsection (b) of the definition of Licensed System.

"**Copy**", whether or not capitalized, means any paper, disk, tape, film, memory device, or other material or object on or in which any words, object code, source code or other symbols are written, recorded or encoded, whether permanent or transitory.

"**Core Services**" means the services described in the Main Agreement that BNY is obligated to perform for Company.

"**Data Terms Web Site**" means the set of terms and conditions (as may be amended by BNY) available at <u>http://www.bny.com/products/assetserving/vendoragreement.pdf</u> or such other location as BNY shall notify Company in writing.

"**Documentation**" means any user manuals, reference guides, specifications, documentation, instruction materials and similar recorded data and information, whether in electronic or physical output form, that BNY makes available to, provides access to or provides to the Company, and that describe how the Licensed System is to be operated by users and set forth the features, functionalities, user responsibilities, procedures, commands, requirements, limitations and capabilities of and similar information about the Licensed System.

"**Exhibit 1**" means Exhibit 1 to this Schedule C.

"**Employee**" and "**employee**" means officers and any employees of the Fund and officers and employees of Related Entities.

"**General Upgrade**" means (i) an Upgrade that BNY in its sole and absolute discretion incorporates into the Licensed System at no additional fees or charges to Company, and (ii) an Upgrade that BNY offers to incorporate into the Licensed System without charge or at such additional fees and charges as the parties shall agree in writing and that Company accepts for incorporation into the Licensed System.

"**Harmful Code**" means any computer code, software routine, or programming device designed to (a) disable, disrupt, impair, delete, damage, corrupt, reprogram, recode or modify in any way a computer processing system, computer network, computer service, a deliverable for any of the foregoing, interface, data, files, software, storage media, or computer or electronic hardware or equipment (sometimes referred to as a "Trojan horse," "worm," "virus", "preventative routine," "disabling code," or "cookie" devices); (b) impair in any way the operation of any of the foregoing based on the elapsing of a period of time, advancement of a particular date or other numeral (sometimes referred to as "time bombs," "time locks," or "drop dead" devices); or (c) permit a non-authorized party to access, transmit or utilize, as appropriate, any computer processing system, computer network, computer service, deliverable for any of the foregoing, interface, data, files, software, storage media, or computer or electronic hardware or equipment without proper consent (sometimes referred to as "lockups," "traps," "access codes," or "trap door" devices); or (d) any other similar harmful or hidden procedures, routines or mechanisms.

"**Intellectual Property Rights**" means all intellectual property rights throughout the world, including copyrights, patents, mask works, trademarks, service marks, trade secrets, inventions (whether or not patentable), know how, authors' rights, rights of attribution, and other proprietary rights and all applications and rights to apply for registration or protection of such rights and the legal rights, interests and protections afforded under applicable patent, copyright, trademark, trade secret and other intellectual property laws.

"**Licensed Services**" means all functions performed by the Licensed System.

"**Licensed System**" means, collectively:

(a) as of its applicable Component Effective Date, any one or more of the following: (i) any Listed System to which the Company is given access to and use of by BNY in its entirety in accordance with the Main Agreement;

EXECUTION VERSION

and (ii) any "**Support Function**", which is hereby defined to mean any system, subsystem, software, program, application, interface, process, subprogram, series of commands or function, regardless of the degree of separability from or integration with a Listed System, that Company is given access to and use of to support its utilization of a Listed System - items within "Support Function" and this clause (ii) could be one or more parts of a Listed System or could be items which exist apart from any Listed System but which are provided to support utilization of a Listed System.

(b) Updates, General Upgrades and Company Modifications (as defined at Section 2.16) to the Listed Systems included within clause (a)(i) above and the systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands and functions included within clause (a)(ii) above.

"**Listed Systems**" means the computer systems listed on Exhibit 1, whether mainframe systems, surround systems, subsystems or component systems, and in the case of the NSCC and CMS means as well the separate and distinct component systems of NSCC and CMS that BNY may give Company access to and use of at Company's request in lieu of access to and use of the entire NSCC or CMS.

"**Main Agreement**" means all parts of this Agreement other than this Schedule C.

"**Marks**" means trademarks, service marks and trade names as those terms are generally understood under applicable intellectual property laws and any other marks, names, words or expressions of a similar character.

"**Permitted User**" means a Fund shareholder who has been authorized pursuant to applicable Documentation and procedures of BNY to access and use IAM.

"**Product Assistance**" means assistance provided by BNY personnel regarding the Licensed System, including regarding its impact on other software, functionality, usage and integration.

"**Proprietary Items**" means:

(a) (i) All contents of the Listed Systems, (ii) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions, regardless of the degree of separability from or integration with a Listed System, and whether or not part of a Listed System, that BNY may at any time provide any customer with access to and use of to support the customer's s utilization of a Listed System, including the Support Functions, (iii) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions which BNY utilizes in providing any of the services, or engaging in any of the activities, contemplated by this Agreement, (iv) all systems, subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions owned, leased, licensed or sublicensed by BNY which interface with, provide data to or receive data from any of the foregoing, and (v) all updates, upgrades, revisions, modifications, refinements, releases, versions, instances, translations, enhancements and improvements to and of all or any part of the foregoing, whether in existence on, or occurring prior to or subsequent to, the Effective Date (collectively, the "**BNY Software**");

(b) all facilities, central processing units, nodes, equipment, storage devices, peripherals and hardware utilized by BNY in connection with the BNY Software (the "**BNY Equipment**");

(c) all documentation materials relating to the BNY Software, including materials describing functions, capabilities, dependencies and responsibilities for proper operation of the Licensed System, including the Documentation, and all updates, upgrades, revisions, modifications, refinements, releases, versions, translations, enhancements and improvements to or of all or any part of foregoing (the "**BNY Documentation**", and together with the BNY Software and the BNY Equipment, the "**System**" or the "**BNY System**") and all versions of the BNY System as they may exist after the Effective Date or may have existed at any time prior to the Effective Date;

(d) all methods, concepts, visual expressions, screen formats, file and report formats, interactivity techniques, engine protocols, models and design features used in the BNY System;

(e) source code and object code for all of the foregoing, as applicable;

EXECUTION VERSION

(f) all derivative works, inventions, discoveries, patents, copyrights, patentable or copyrightable items and trade secrets prepared or furnished by or for BNY in connection with the performance of the services or in connection with any activities of the parties related to this Agreement;

(g) all materials related to the testing, implementation, support and maintenance of all of the foregoing;

(h) all other documentation, manuals, tutorials, guides, instructions, policy and procedure documents and other materials in any recorded medium prepared or furnished by or for BNY in connection with the performance of the Licensed Services or in connection with any activities of the parties related this Agreement;

(i) the contents of all databases and other data and information of whatsoever nature in the BNY System, other than Company Data, whether residing in the BNY System or existing outside the BNY System in recorded form whether in hardcopy, electronic or other format; and

(j) all copies of any of the foregoing in any form, format or medium.

"**Related Entity**" means an entity that is not a competitor of BNY in the transfer agency or omnibus subaccounting business services that provides investment advisory, investment management or administrative services to the Fund pursuant to one or more material agreements between the Fund and such entity filed with the SEC (or, if the Fund is not registered with the SEC, pursuant to one or more material agreements that would be required to be filed with the SEC if the Fund were registered with the SEC).

"**Terms of Use**" means any privacy policy, terms of use or other terms and conditions made applicable by BNY in connection with the Company's or an Authorized User's access to and use of a Component System or a BNY Web Application or other access site or access method, including without limitation the Data Terms Web Site.

"**Third Party Products**" means the products or services of parties other than BNY that constitute part of the Licensed System.

"**Third Party Provider**" means licensors, subcontractors and suppliers of BNY furnishing the Third Party Products.

"**United States**" means the states of the United States of America and the District of Columbia.

"**Update**" means a modification to a Component System necessary to maintain the operation of the Component System in compliance with the Documentation in effect as of the Component System's applicable Component Effective Date and includes without limitation modifications correcting any design or operational errors in the Component System and modifications enabling the Component System to be operated in any revised operating environment issued by BNY and excludes Upgrades.

"**Upgrade**" means an enhancement to a Component System as it exists on its applicable Component Effective Date, new features and new functionalities added to the Component System as it exists on its applicable Component Effective Date, and all revisions, modifications, refinements, releases, enhancements and improvements to a Component System as it exists on its applicable Component Effective Date which change the operation of Component System rather than just bring it into compliance with the applicable Documentation.

**SECTION 2. ACCESS AND USE RIGHTS; OBLIGATIONS.**

***2.1 <u>Access And Use Rights</u>.***

(a) (i) BNY hereby grants to Company a royalty-free, non-exclusive, non-assignable, non-transferable license and right to access and use the Licensed System in the United States through Employees (other than as expressly permitted otherwise by Section 2.1(a)(ii) below), solely in accordance with applicable Documentation, through the interfaces and telecommunication lines designated by BNY, solely to perform the Licensed Services for the business purposes of the Company, solely in support of the Core Services and solely for so long as applicable fees are paid by Company.

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The right granted by Section 2.1(a)(i) includes, where such access and use is expressly contemplated by the Documentation applicable to a particular Component System to which the Company has been given access and use, the right to authorize persons not Employees to access and use in the United States the specified Component System strictly in compliance with applicable Documentation, through the interfaces and telecommunication lines designated by BNY, solely to perform the Licensed Services in support of the Core Services and solely for so long as applicable fees are paid by Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Except with respect to Fund shareholders seeking to access IAM, to exercise the right contained in Section 2.1(a)(i) or Section 2.1(a)(ii) the Company must designate such persons to BNY and approve them in a writing that conforms to the requirements of applicable Documentation and procedures of BNY and furnish any information reasonably requested by BNY. Upon BNY's approval of a designated person (which approval will not be unreasonably withheld), BNY issue appropriate Security Codes for each such person. Company shall notify BNY in writing of any Authorized Person to be deactivated and return any secure identification devices issued to such Authorized Person. Upon receipt of Company's deactivation notice and any secure identification devices, BNY shall deactivate the Security Codes for such Authorized Person, at which point such person shall no longer be deemed an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Access to IAM for Fund shareholders shall occur in accordance with the Documentation applicable to IAM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company shall be responsible and liable for compliance by all Authorized Users with all applicable terms of this Schedule C, whether or not in an individual instance an Authorized User is an Employee.

(b) Company may not, and shall not, under any circumstances (i) grant or attempt to grant any license or sublicense to any license or right granted by this Section 2.1, (ii) assign, delegate or transfer in any manner, in whole or in part, or attempt to do any of the foregoing, with respect to any license or right granted by this Section 2.1, or (iii) use the Licensed System to provide services to third parties, other than shareholders of its Funds, or for any other purpose other than that described in Sections 2.1(a)(i) and (ii).

(c) The grant of rights in this Section 2.1 shall be construed narrowly. No right is conferred hereunder to Company or to any other party, except the right expressly provided for in this Section 2.1. The rights granted by this Section 2.1 shall immediately terminate without further action required on anyone's part, including without prior notification, upon the termination or expiration of the Agreement. BNY and its licensors reserve all rights in the BNY System not expressly granted to Company in this Section 2.1. Nothing in this Section 2.1 shall be construed to give Company rights of any nature in source code. The rights granted to Company by this Section 2.1 are sometimes referred to herein as the "**Licensed Rights**".

(c) For clarification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company may be given access to and use of a Listed System which contains integration points or links to one or more Support Functions that are part of a Listed System to which the Company has not been given access and use ("**Linked Functions**"). The Licensed Rights granted by this Section 2.1 to access and use a particular Listed System containing integration points or links to Linked Functions includes the right to access and use such Linked Functions, does not include the right to use the entire Listed System containing the Linked Functions or other subsystems, software, programs, applications, interfaces, processes, subprograms, series of commands or functions in that Listed System. To the extent exercise of Licensed Rights hereunder inadvertently or otherwise results in access to or use of a Component System or other system, subsystem, software, program, application, interface, process, subprogram, series of commands or function which is not part of the its Licensed System, all terms of this Agreement shall apply to such access and use.

***2.2 <u>Documentation</u>.*** Company shall use the Licensed System solely and strictly in accordance and compliance with the Documentation provided or made available to Company by BNY from time to time and any specifications contained therein. Company may copy the Documentation solely to the extent reasonably necessary for its use of the Licensed System as permitted hereunder, routine backup and disaster recovery purposes and upon request of an applicable regulatory authority.

EXECUTION VERSION

***2.3 <u>Third Party Software and Services</u>.*** Company acknowledges that Third Party Products may constitute part of the Licensed System. Company's use of Third Party Products shall be subject to the terms and conditions of this Schedule C; <u>provided</u>, <u>however</u>, access, use, maintenance and support of Third Party Products made available to Company after an applicable Component Effective Date may be conditioned upon Company's execution of an agreement with the applicable Third Party Provider ("**Third Party Agreement**") which would provide for certain rights and obligations between the Company and the Third Party Provider ("**Direct Third Party Product**"), in which case the terms of the Third Party Agreement will also apply to Company's use of the particular Third Party Product. Notwithstanding the foregoing sentences of this Section 2.3, Company acknowledges that BNY is not responsible for, nor does BNY warrant the performance or other features of, nor can it fix errors or defects in, third party software and services and BNY's sole obligation with respect to third party software and services is to inform the third party of any errors, defects, deficiencies or other matters regarding the third party software and services of which BNY is made aware by Company and to request and pursue in a commercially reasonable manner remediation of the errors, defects or deficiencies by the third party to the extent BNY reasonably determines remediation to be available pursuant to the terms of BNY's agreement with the third party.

***2.4 <u>Compliance With Applicable Law</u>.*** Company shall comply with all laws, regulations, rules and orders of whatsoever nature of governmental bodies and authorities (whether legislative, executive, independent, self-regulatory or otherwise) applicable to the business or activities in connection with which it utilizes the Licensed System.

***2.5 <u>Responsibility For Use</u>.***

(a) The Company alone will be responsible for furnishing, or arranging for a third party to furnish, all data and information required by the Documentation and the specifications therein for the Licensed System to function and perform in accordance with the Documentation, other than the data and information residing in the Licensed System in connection with BNY's performance of the Core Services. BNY shall have no liability or responsibility for any Loss caused in whole or in part by the Company's or an Authorized User's exercise of the Licensed Rights or use of the Licensed System or by data or information of any nature inputted into the Licensed System by or under the direction or authorization of Company or an Authorized User; <u>provided</u>, <u>however</u>, this Section 2.5 shall not relieve BNY of its obligation to act in accordance with its obligations under the Main Agreement including with respect to the confidentiality and security of Company Data and other Company Confidential Information. Company shall be responsible and solely liable for the cost or expense of regenerating any output or other remedial action if the Company, an Authorized User or an agent of either shall have failed to transmit properly and in the correct format any data or information, shall have transmitted erroneous or incorrect information or data, or shall have failed to timely verify or reconcile any such data or information when it is generated by the Licensed System ("**Data Faults**").

(b) Company warrants that the data transmitted to the Licensed System by or under the direction or authorization of Company or Authorized Users will not disrupt, disable, harm, or otherwise impede in any manner the operation of the Licensed System or any associated software, firmware, hardware, or BNY computer system or network.

***2.6 <u>Internal Control Obligations</u>.***

(a) Company shall adopt and implement commercially reasonable internal control procedures regarding the use of the Licensed System, which internal control procedures shall be reasonably designed to ensure that any use of the Licensed System complies with (i) Sections 2.1, 2.2, 2.6, 2.12, 2.17 and 2.20 of this Schedule C, and (ii) applicable Documentation.

(b) Company shall establish and adhere to security policies and procedures intended to (i) safeguard the Licensed System from unauthorized or improper access and use from equipment utilized by the Company, (ii) safeguard the integrity and validity of any user identifications, passwords, mnemonics, security images, security questions and answers, token and supertoken generated character and symbols and any other data elements or information intended to restrict access to the Licensed Systems or to safeguard the information in or the operation of the Licensed System or any Component System in any manner from unauthorized users ("**Security Codes**"), and

EXECUTION VERSION

(iii) prevent unauthorized access to and protect electronically stored, processed or transmitted information. Such policies and procedures shall be at least equal to industry standards and any higher standard agreed upon by the Company and BNY.

(c) Unless Company obtains prior written permission from BNY, Company shall permit only Authorized Persons to use Security Codes assigned to or selected by Company with respect to the Licensed System. The Security Codes shall constitute Confidential Information of both Company and BNY under the Agreement subject to all obligations thereunder, and Company shall not permit access to Security Codes to any person other than Authorized Persons. Company shall notify BNY immediately if Company has reason to believe that any person who is not an Authorized Person has obtained access to a Security Code or accessed or used the Licensed System, that an Authorized Person has accessed or used the Licensed System using Security Codes not assigned to that Authorized Person, that any other loss of confidentiality with respect to a Security Code has occurred or the security of the Licensed System has otherwise been breached. BNY shall not be responsible or liable for any unauthorized use of valid Security Codes assigned to Authorized Users. Company is solely responsible for Authorized Users' access to the Licensed System, and Company, on behalf of itself and its Authorized Users, acknowledges and agrees that BNY has no duty or obligation to verify or confirm the actual identity of the persons who access the Licensed System or that the person who accesses the Licensed System is, in fact, an Authorized User.

(d) Company shall verify and confirm all information entered on the Licensed System and shall notify BNY of any error in any information entered on the Licensed System as soon as practicable following Company's knowledge of such error.

(e) Company will not recirculate, redistribute or otherwise retransmit or re-rout the Licensed System to any third party or authorize the use of any information included on the Licensed System on any equipment or display not authorized by BNY without BNY's prior express written approval.

***2.7 <u>Company Resources</u>.***

(a) Company will be solely responsible, at Company's expense, for procuring, maintaining, and supporting all third-party software other than Third Party Products and all workstations, personal computers, printers, controllers or other hardware or peripheral equipment at Company's sites ("**Company System**") required for Company to operate the Licensed System in accordance with the Documentation and specifications provided by BNY from time to time. BNY will provide Company with specifications for Company System, including any requirements relating to the connection and operation of the Company System with the Licensed System and Third Party Products. Company shall conform its operating system environment to the operating system requirements provided by BNY for the Licensed System. Company will support and maintain the Company System as reasonably necessary to ensure its operation does not impact the Licensed System adversely or otherwise in a manner not contemplated by the Documentation.

(b) Company shall, at its own expense, devote such of the Company System and other equipment, facilities, personnel and resources reasonably necessary to (a) implement the Licensed System, (b) be trained in the use of the Licensed System, (c) perform timely any electrical work and cable installation necessary for Company's use of the Licensed System, and (d) begin using the Licensed System on a timely basis. BNY shall not be responsible for any delays or fees and costs associated with Company's failure to timely perform its obligations under this Section 2.7.

***2.8 <u>Company Telecommunications and Data Transmissions</u>.*** Company will be solely responsible for complying at all times with telecommunications requirements designated by BNY for use of the Licensed System. Any data or information electronically transmitted by or on behalf of Company to the Licensed System will be so transmitted solely and exclusively in the format specified by BNY.

***2.9 <u>Notices Of Material Increase In Use.</u>*** Company shall give advance written notice to BNY whenever Company intends to increase its scope of use of the Licensed System in any material respect. Upon receipt of such notice, Company and BNY shall mutually agree in writing on any required changes to the Company's scope of use for the Licensed System and, if applicable, the corresponding fees with respect to such increased scope.

EXECUTION VERSION

***2.10 <u>Certifications and Audits</u>.*** Company shall promptly complete and return to BNY any certifications which BNY in its sole reasonable discretion may from time to time send to Company, certifying that Company is using the Licensed System in material compliance with the terms and conditions set forth in this Agreement. BNY may, at its expense and after giving reasonable advance written notice to Company, not more than once annually and subject to Company's reasonable security requirements, enter Company locations during normal business hours and audit Company's utilization of the Licensed System and the scope of use and information pertaining to Company's compliance with the provisions of this Agreement. The foregoing right may be exercised directly by BNY or by delegation to an independent auditor acting on its behalf.

***2.11 <u>Taxes</u>***. The amounts payable by Company to BNY in consideration of the performance of services by BNY under the Agreement, including providing access to and use of the Licensed System pursuant to this Schedule C, do not include, and Company will timely pay, all federal, state and local taxes (including sales, use, excise and property taxes), if any, assessed or imposed in connection therewith, <u>excluding</u> any taxes imposed upon BNY based upon BNY's net income.

***2.12 <u>Use Restrictions</u>.***

(a) Company and its Authorized Users will not do or attempt to do, and Company and its Authorized Users will not knowingly or through its negligence permit any other person or entity to do or attempt to do, any of the following, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;(i) use or access or
attempt to use or access any Proprietary Item for any purpose, at any location or in any manner not specifically authorized by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) make or retain
any copy of any Proprietary Item except as specifically authorized by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) create, recreate
or obtain or attempt to obtain the source code for any Proprietary Item;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) refer to or otherwise
use any Proprietary Item as part of any effort to develop other software, programs, applications, interfaces or functionalities or to
compete with BNY or a Third Party Provider;

&nbsp;&nbsp;&nbsp;&nbsp;(v) modify, adapt,
translate or create derivative works based upon any Proprietary Item, or combine or merge any Proprietary Item or part thereof with or
into any other product or service not provided for in this Agreement and not authorized in writing by BNY;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) remove, erase or
tamper with any copyright or other proprietary notice printed or stamped on, affixed to, or encoded or recorded in any Proprietary Item,
or fail to preserve all copyright and other proprietary notices in any copy of any Proprietary Item made by Company;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) sell, transfer,
assign or otherwise convey in any manner any ownership interest or Intellectual Property Right of BNY, or market, license, sublicense,
distribute or otherwise grant, or subcontract or delegate to any other person, including outsourcers, vendors, consultants, joint venturers
and partners, any right to access or use any Proprietary Item, whether on Company's behalf or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;(viii) subcontract for
or delegate the performance of any act or function involved in accessing or using any Proprietary Item, whether on Company's behalf or
otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;(ix) reverse engineer,
re-engineer, decrypt, disassemble, decompile, decipher, reconstruct, re-orient or modify the circuit design, algorithms, logic, source
code, object code or program code or any other properties, attributes, features or constituent parts of any Proprietary Item;

&nbsp;&nbsp;&nbsp;&nbsp;(x) take any action
that would challenge, contest, impair or otherwise adversely effect an ownership interest or Intellectual Property Right of BNY;

&nbsp;&nbsp;&nbsp;&nbsp;(xi) use any Proprietary
Item to provide remote processing, network processing, network communications, a service bureau or time sharing operation, or services
similar to any of the foregoing to any person or entity, whether on a fee basis or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;(xii) allow Harmful Code
into any Proprietary Item, as applicable, or into any interface or other software or program provided by it to BNY, through Company's
systems or personnel or Company's use of the Licensed Services or Company's activities in connection with this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;(xiii) engage in, or attempt
to engage in, vulnerability assessments or penetration testing of the BNY System of any nature, "ethical hacking", "white
hat hacking" or similar hacking of the BNY System of any nature, or any other process or procedure intended to identify or exploit
flaws, vulnerabilities or weaknesses in the BNY System, or otherwise engage in or attempt to engage in any activity to use, access, test
or harm the BNY System or expose BNY to harm through the BNY System, other than access and use authorized by BNY in accordance with security
measures and access methods approved by BNY.

EXECUTION VERSION

(b) Company shall, promptly after becoming aware of such, notify BNY of any facts, circumstances or events regarding its or an Authorized User's use of the Licensed System that are reasonably likely to constitute or result in a breach of this Section 2.12, and take all reasonable steps requested by BNY to prevent, control, remediate or remedy any such facts, circumstances or events or any future occurrence of such facts, circumstances or events.

***2.13 <u>Restricted Party Status</u>.*** Company warrants at all times that it is not a "**Restricted Party**", which shall be defined to mean any person or entity: (i) located in or a national of Cuba, Iran, Libya, North Korea, Sudan, Syria, or any other countries that may, from time to time, become subject to U.S. export controls for anti-terrorism reasons or with which U.S. persons are generally prohibited from engaging in financial transactions; (ii) on the U.S. Department of Commerce Denied Person's List, Entity List, or Unverified List; U.S. Department of the Treasury list of Specially Designated Nationals and Blocked Persons; or U.S. Department of State List of Debarred Parties; (iii) engaged in activities involving nuclear materials or weapons, missile or rocket technologies, or proliferation of chemical or biological weapons; (iv) affiliated with or a part of any non-U.S. military organization, or (v) designated by the U.S. Government to have a status equivalent to any of the foregoing. If Company becomes a Restricted Party during the term of this Agreement, the Licensed Rights shall terminate immediately without notice and Company shall have no further rights to use the Licensed System.

***2.14 <u>Mitigation Measures</u>.*** Company shall take commercially reasonable measures (except measures causing it to incur out-of-pocket expenses which BNY does not agree in advance to reimburse) to mitigate losses or potential losses to BNY, including taking verification, validation and reconciliation measures that are commercially reasonable or standard practice in the Company's business.

***2.15 <u>Company Dependencies</u>.*** To the extent an obligation of BNY under this Schedule C is dependent and contingent upon Company's or Authorized User's performance of an action or refraining from performing an action that has been specified or described in this Schedule C or the Documentation or that is part of practices and procedures which are commercially reasonable or standard in the user's industry ("**Company Dependency**"), BNY shall not be liable for Loss to the extent caused by or resulting from, or that could have been avoided but for, a failure to properly perform or a delay in properly performing a Company Dependency and BNY's obligation to perform an obligation contemplated by this Schedule C shall be waived or delayed to the extent the performance of the related Company Dependency is not properly performed or is delayed.

***2.16 <u>Software Modifications</u>.*** Company may request that BNY, at Company's expense, develop modifications to the software constituting a part of the Licensed System that BNY generally makes available to customers for modification (***"<u>Software</u>"***) that are required to adapt the Software for Company's unique business requirements. Such requests, containing the material features and functionalities of all such modifications in reasonable detail, will be submitted by Company in writing to BNY in accordance with the applicable, commercially reasonable procedures maintained by BNY at the time of the request. Company shall be solely responsible for preparing, reviewing and verifying the accuracy and completeness of the business specifications and requirements relied upon by BNY to estimate, design and develop such modifications to the Software. BNY shall have no obligation to develop modifications to the Licensed System requested by Company, but may in its discretion agree to develop requested modifications which it, in its sole discretion, reasonably determines it can accomplish with existing resources or with readily obtainable resources without disruption of normal business operations provided Company agrees at such time in writing to pay all costs and expenses, including out-of-pocket expenses, associated with the customized modification. BNY shall be obligated to develop modifications under this Section 2.16 only upon the execution of and in accordance with a writing containing, to BNY's reasonable satisfaction, all necessary business and technical terms, specifications and requirements for the modification, acceptance testing and implementation, as determined by BNY in its sole judgment exercised reasonably ("**Customization Order**") and Company's agreement to pay all costs and expenses, including out-of-pocket expenses, associated with the customized modification, including any increases due to the engagement of resources outside BNY to perform the modification, such resources to be identified in the Customization Order (such portion of the Customization Order being the "**Customization Fee Agreement**"). All modifications developed and incorporated into the Licensed System pursuant to a Customization Order are referred to herein as "**Company Modifications**". BNY may make Company Modifications available to all users of the Licensed System, including BNY, at any time after implementation of the particular Company Modification and any entitlement of Company to reimbursement on account of such action must be contained in the Customization Fee Agreement. In accordance with Section 3.1, BNY shall be the sole and

EXECUTION VERSION

exclusive owner of any Company Modifications (including all source code relating thereto) and all Intellectual Property Rights therein or relating thereto.

***2.17 <u>Export of Software</u>.*** The Company and Authorized Users are without exception prohibited from (i) accessing or using the BNY System outside the United States, or (ii) exporting, transmitting, transferring or shipping any Proprietary Item to a country or jurisdiction outside the United States. No provision of the Agreement shall be interpreted to require BNY to permit access or use outside the United States or to export any Proprietary Item to a country or jurisdiction outside the United States. The Company shall comply with all applicable export and re-export restrictions and regulations of the U.S. Department of Commerce or other U.S. agency or authority and the Company may not transfer a Proprietary Item in violation of any such restrictions and regulations.

***2.18 <u>Authorized Users Contemplated By Documentation</u>.*** Notwithstanding any other provision of the Agreement, to the extent Documentation applicable to a particular Component System contemplates that Company Data will be transmitted or transferred to an Authorized User outside the BNY System, that Company Data will be made available within the BNY System for retrieval by an Authorized User for use outside the BNY System, that the Company Data will be provided or made available to Authorized Users within the BNY System for use by the Authorized User within the BNY System or within a system of the Authorized User, or that the Company may authorize Authorized Users to access and use Company Data contained within the Licensed System in any other manner:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company hereby
grants to BNY a worldwide, royalty-free, non-exclusive right and license to display the Company Data through any BNY Web Application
contemplated by the Documentation for the applicable Component System and hereby authorizes and directs BNY, as appropriate, to transmit,
transfer, make available and provide the Company Data to Authorized Users, as contemplated by the Documentation applicable to the particular
Component System, including without limitation through the Internet via a BNY Web Application or other communication link or method or
access site or method designated by BNY for use of the particular Component System;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company hereby
authorizes and directs BNY, (A) to permit Authorized Users to view and use Company Data within the Licensed System as contemplated by
applicable Documentation, (B) to act on behalf of a shareholder in any way contemplated by applicable Documentation and authorized by
the Company in accordance with applicable Documentation, including to effect purchases, sales, repurchases, distributions, exchanges,
transfers and other activities and to change the status, data or information involving a shareholder account or assets in a shareholder
account, and (C) to the extent contemplated by applicable Documentation, to permit Authorized Users to download and store, copy in on-line
and off-line form, reformat, perform calculations with, and distribute, publish, transmit, and display the Company Data in the systems
of the Authorized User and to and through any relevant BNY Web Application;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Company acknowledges
and agrees that it is solely responsible for the content of the Company Data, and Company shall indemnify and defend BNY against any
third party claim alleging that the Company Data or BNY's use thereof in connection with the activities covered by this Schedule
C infringes on any Intellectual Property Right or other proprietary right of such party;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company shall
have sole responsibility for imposing any desired use restrictions on Authorized Users to the extent use restrictions are contemplated
by the applicable Documentation and BNY shall cooperate in a commercially reasonable manner in imposing such use restrictions to the
extent the applicable Documentation contemplates a role for BNY in imposing such use restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company acknowledges
and agrees that it alone is responsible for entering into agreements with Authorized Users governing the terms and conditions, as between
the Company and the Authorized User, of the Authorized User's use of the Company Data; the Company releases BNY from any and all responsibility
and duty for obtaining any such agreements, including agreements relating to confidentiality and privacy of the data and information,
and for any monitoring, supervision or inspection of Authorized Users of any nature; the Company releases BNY from any Loss the Company
may incur, and will indemnify and defend BNY for all Loss it may incur, arising or resulting from or in connection with Company Data
after BNY, as appropriate, transmits, transfers, makes available or provides the Company

EXECUTION VERSION

Data to the Authorized User in accordance with applicable Documentation, whether through a BNY Web Application or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Company shall
be responsible and liable to BNY for the acts and omissions of Authorized Users while accessing and using a Component System pursuant
to authorization from the Company and any person obtaining access to a Component System through Company or its Authorized Users or through
use of any Security Code, whether or not Company or an Authorized User authorized such access and shall indemnify and defend BNY for
all Loss arising from or related to acts or omissions by an Authorized User or other person as described above that would constitute
a breach of this Schedule C if committed by the Company, that constitute negligent conduct or willful misconduct or that constitute a
breach of a duty of the Authorized User imposed by this Schedule C; and

&nbsp;&nbsp;&nbsp;&nbsp;(vii) BNY may immediately
terminate access to and use of the Licensed System by an Authorized User if BNY reasonably believes conduct of the Authorized User would
constitute a breach of this Schedule C if committed by the Company, constitutes negligent conduct or willful misconduct, or constitutes
a breach of a duty of the Authorized User or the Company imposed by this Schedule C, applicable Documentation or applicable Terms of
Use. BNY shall provide prior notice to the extent practicable, promptly notify Company of any such termination and will provide a reasonable
explanation of the basis of such termination.

***2.19 <u>Communications with Third Parties regarding Component System Services</u>.*** The Company shall be solely responsible for communicating with third parties to the extent such is reasonably required for services to be provided in accordance with the Documentation for the particular Component System.

***2.20 <u>Compliance with Terms Of Use</u>.*** The Company's and, to the extent applicable in connection with a particular Component System, each Authorized User's use of a Component System, a BNY Web Application and any other access site or access method to a particular Component System shall be conducted in material compliance with applicable Terms of Use that have been provided to Company. In addition, Authorized Users shall be required to comply with requirements set forth in applicable Documentation, including requirements relating to Security Codes, as a condition to use of particular Component Systems.

***2.21 <u>Third Party Providers To The Company</u>.*** The Company shall have sole responsibility to maintain through itself or its agents all agreements with third party providers that may be appropriate for use of a Component System and to pay as they come due all fees and charges associated with such agreements either directly or as passed through on invoices of BNY.

***2.22 <u>Fees</u>.*** The Company shall be obligated to pay to BNY such fees and charges for access and use of any part of the Licensed System as may be set forth in the Fee Agreement and such fees and charges shall be paid in accordance with any applicable provisions set forth in the Main Agreement.

**SECTION 3. PROVISIONS REGARDING BNY.**

***3.1 <u>Right to Modify</u>.*** BNY may alter, modify or change the Licensed System or any component, code, language, function, format, design, architecture, security measure or other element of whatsoever nature of the Licensed System and implement such alterations, modifications and changes into the Documentation and/or the Licensed System as Updates or Upgrades applicable to Company's continued use of the Licensed System after such implementation; <u>provided</u>, <u>however</u>, at no time shall this section be interpreted in such a manner as to allow BNY by such alterations, modifications or changes to alter the License granted by Section 2.1 or modify any other service obligation of BNY under this Agreement.

***3.2 <u>Training and Product Assistance</u>.*** BNY agrees to use commercially reasonable efforts to provide requested training and Product Assistance for Company's personnel at BNY's facilities or at Company's facilities in connection with access to and use of the Licensed System and subsequent Updates, as reasonably requested by Company, at BNY 's then-current charges and rates for such services. All reasonable travel and out-of-pocket expenses incurred by BNY personnel in connection with and during such training or Product Assistance shall be borne by Company upon pre-approval in writing.

EXECUTION VERSION

***3.3 <u>Monitoring</u>.*** BNY is not responsible for Company's or Authorized User's use of the Licensed System but shall have the right to monitor such use on BNY's network solely to verify compliance with the terms and conditions set forth herein and for operational purposes related to the delivery of services by the Licensed System.

***3.4 <u>BNY Failure to Receive Data</u>.*** Without limiting its obligations under the Main Agreement, BNY shall not be liable for data or information which the Company, an Authorized User or an agent of either transmits or attempts to transmit to BNY in connection with its use of a Component System and which is not received by BNY or for any failure of a Component System to perform a function in connection with any such data or information. BNY shall not be obligated to ascertain the accuracy, actual receipt by it or successful transmission to it of any data or information in connection with the Company's or an Authorized User's use of a Component System or to confirm the performance of any function by a Component System based on the transmission of instructions, data or information to BNY in connection with such use by the Company or an Authorized User. Sole responsibility for the foregoing shall rest with the party initiating the transmission.

***3.5 <u>ACH Activity</u>.*** To the extent contemplated by the Documentation, and to the extent authorized by the Company and agreed to by BNY in its sole discretion, BNY will accept bank account information over the Internet or other communication channel from Authorized Users and take such other actions as may be appropriate to facilitate movement of money to and from shareholder accounts through the Automated Clearing House ("**ACH**"). The Company shall be solely responsible for all market risk (gain/loss liability) associated with transactions utilizing the ACH process.

**SECTION 4. OWNERSHIP RIGHTS AND OTHER RIGHTS.**

***4.1 <u>BNY Ownership</u>.***

(b) In the event a Company Web Application contains a Proprietary Item or other intellectual property of BNY, including, but not limited to, rights in copyrighted works, trademarks and trade dress, BNY shall retain all rights in such Proprietary Item or other intellectual property. To the extent a Proprietary Item or other intellectual property of BNY is duplicated within a Company Web Application to replicate the "look and feel," "trade dress" or other aspect of the appearance or functionality of a BNY Web Application or other component of the BNY System, BNY grants to the Company a limited, non-exclusive, non-transferable right to use such Proprietary Item or other intellectual property for the duration of its authorized use of the applicable Component System. The right granted by the foregoing sentence is limited to the intellectual property needed to replicate the appearance of the particular BNY Web Application or other component of the BNY System and does not extend to any other Proprietary Item or other intellectual property owned by BNY. Company shall immediately cease using such Proprietary Item or other intellectual property immediately upon termination of the Licensed Rights governing the relevant Component System.

(c) This Agreement is not an agreement of sale, and no title, patent, copyright, trademark, service mark, trade secret, intellectual property or other ownership rights to any Proprietary Items are transferred to Company by virtue of this Agreement. Upon BNY's request, the Company shall promptly inform BNY in writing of the quantity and

EXECUTION VERSION

location of any tangible Proprietary Item furnished to Company in connection with this Agreement. Nothing contained in this Agreement, no disclosure of BNY Confidential Information and no use of Proprietary Items hereunder shall be construed as granting to or conferring on Company any rights, by license or otherwise, for any invention, discovery or improvement made, conceived, or acquired by BNY prior to or after the date hereof. No patent application that may hereafter be made, and no claim to any trade secret or other protection, shall be prejudiced by any disclosure of Confidential Information or use of Proprietary Items hereunder. Any sale, assignment or transfer of any nature or in any manner, or any attempt to do such, by Company or any party through Company of any ownership interest or Intellectual Property Right of BNY in the Proprietary Items shall be void. Any subcontracting or delegation of any right to access or use a Proprietary Item and any subcontracting for or delegation of the performance of any activities or functions involved in accessing or using a Proprietary Item shall be void and unenforceable against BNY.

***4.2 <u>Company Ownership</u>.*** Company will own its respective right, title, and interest, including Intellectual Property Rights, in and to the Company Data. Company hereby grants BNY a limited, nonexclusive, nontransferable license to access and use the Company Data, and consents to BNY's permitting access to, transferring and transmitting Company Data, all as appropriate to Company's use of the Licensed Rights or as contemplated by the Documentation.

***4.3 <u>Mutual Retention of Certain Rights</u>.*** Each party acknowledges and agrees that, other than the Licensed Rights provided for by Section 2.1 of this Schedule C, this Agreement does not give a party any right, title or interest in or to any ownership or other rights of the other party to property. Any software, interfaces or other programs a party provides to the other party hereunder (i) shall be used solely by such receiving party and only during the term of the Agreement and only for the purpose it was provided and in accordance with the provisions of this Agreement, and (ii) shall not be used by such party or any affiliate for any other purpose or to connect to or with any other person. To the extent the Intellectual Property Rights of one party are cached to expedite communication, such party grants to the other party a limited, non-exclusive, non-transferable right to use such Intellectual Property Rights for a period of time no longer than that reasonably necessary for the communication and a party shall immediately cease using such Intellectual Property Rights immediately upon termination of the Licensed Rights governing the relevant Component System.

***4.4 <u>Use of Hyperlinks</u>.*** To the extent use of hyperlinks is contemplated by the Documentation for a particular Component System: The Company hereby grants to BNY a royalty-free, nonexclusive, nontransferable and revocable right to use the Company's hyperlink in connection with the relevant Licensed Services; BNY hereby grants to the Company a royalty-free, nonexclusive, nontransferable and revocable right to use BNY 's hyperlink in connection with providing the relevant Licensed Services; each party shall reasonably cooperate with the other party concerning the placement, location and destination of such hyperlinks; and a party shall immediately cease using another party's hyperlink immediately upon termination of the Licensed Rights governing the relevant Component System.

***4.5 <u>Use of Marks</u>.*** To the extent one party's Marks must be utilized by the other party in connection with the operation of a particular Component System or the Licensed Services related to the particular Component System: the Company hereby grants to BNY a non-exclusive, limited right to use its Marks solely in connection with the Licensed Services provided by the Component System and solely during the term of the Agreement; BNY hereby grants to the Company a non-exclusive, limited right to use its Marks solely in connection with the Licensed Services provided by the Component System and solely during the term of the Agreement; all use of Marks shall be in accordance with the granting party's reasonable policies regarding the advertising and usage of its Marks as established from time to time; the Company hereby grants BNY the right to display the Company's Mark's on applicable BNY Web Applications and in advertising and marketing materials related to the BNY Web Application and the Licensed Services provided by the relevant Component System; each party shall retain all right, title and interest in and to its Marks worldwide, including any goodwill associated therewith, subject to the limited right granted in this Section 3.5; use of the Marks hereunder by the grantee pursuant to this limited right shall inure to the benefit of the trademark owner and grantees shall take no action that is inconsistent with the trademark owner's ownership thereof; each party shall exercise reasonable efforts within commercially reasonable limits, to maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any, provided to it by the other party in writing from time to time, and all "point and click" features relating to Authorized Users' acknowledgment

EXECUTION VERSION

and acceptance of such disclaimers and notifications; and a party shall immediately cease using another party's Marks immediately upon termination of the Licensed Rights governing the relevant Component System.

**SECTION 5. INDEMNIFICATION; WARRANTIES.**

***5.1 <u>Infringement Indemnification</u>.***

(a) BNY shall defend, indemnify and hold harmless Company and its affiliates against any and all Loss and any Third Party Claim alleging that the Licensed System infringes in any material respect upon any United States patent or copyright or any trade secret or other proprietary right of any person. BNY shall have no liability or obligation under this Section 5.1 unless Company gives prompt written notice to BNY (provided that later notice shall relieve BNY of its liability and obligations under this Section 5.1 only to the extent that BNY is prejudiced by such later notice) after any applicable infringement claim is initiated against Company or its affiliates and allows BNY to have sole control of the defense or settlement of the claim. The remedies provided in this Section 5.1 are the Company's sole remedies for third party claims against the Company alleging infringement by the Licensed System. If any applicable claim is initiated, or in BNY's sole opinion is likely to be initiated, then BNY shall have the option, at its expense, to:

&nbsp;&nbsp;&nbsp;&nbsp;(i) modify or replace
the Licensed System or the infringing part of the Licensed System so that the Licensed System is no longer infringing; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) procure the right
to continue using or providing the infringing part of the Licensed System; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) if neither of the
remedies provided for in clauses (i) and (ii) can be accomplished in a commercially reasonable fashion, eliminate the infringing part
of the Licensed System from the Licensed System and refund any fees paid by the Company with respect the infringing part for future periods.

(b) Neither BNY nor any Third Party Provider shall have any liability under any provision of this Agreement with respect to any performance problem, warranty, claim of infringement or other matter to the extent attributable to (i) Company's use of a Proprietary Item in a negligent manner or any manner not consistent with this Schedule C or Company's breach of this Schedule C; (ii) any modification or alteration of a Proprietary Item made by anyone other than BNY or made by BNY at the request or direction of the Company, (iii) BNY's compliance with the instructions or requests of Company relating to a Proprietary Item; (iv) any combination of a Proprietary Item with any item, service, process or data not provided by BNY, (v) third parties gaining access to a Proprietary Item due to acts or omissions of Company, (vi) third party software not recommended by BNY or the use of open source software, (vii) Company's failure to license and maintain copies of any third-party software required to operate the any BNY Software, (viii) Company's failure to operate the BNY Software in accordance with the Documentation, or (ix) Data Faults (collectively, "**Excluded Events**"). Company will indemnify, and with respect to third party claims will defend, and hold harmless BNY and Third Party Providers from and against any and all Loss and Third Party Claims resulting or arising from any Excluded Events; provided that BNY gives prompt written notice to Company (provided that later notice shall relieve Company of its liability and obligations under this Section 5.1 only to the extent that Company is prejudiced by such later notice) after any applicable claim is initiated against BNY.

***5.2 <u>BNY Warranties</u>.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY warrants that except for Direct Third Party Products, with respect to which no warranty is made, and subject to the last sentence of Section 2.3, the Licensed System, if used in accordance with applicable Documentation, will operate in material conformity with applicable Documentation, and in the event of a breach of this Section 5.2 BNY shall take commercially reasonable actions to restore performance of the Licensed System to the requirements of the foregoing warranty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY owns, or has the right to use under valid and enforceable agreements, all Intellectual Property Rights reasonably necessary for and related to the provision of the Licensed Rights and to grant the right granted under Section 2.1.

EXECUTION VERSION

***5.3 <u>Warranty Disclaimer</u>.*** EXCEPT FOR THE REPRESENTATIONS AND WARRANTIES EXPRESSLY SET FORTH HEREIN, THE LICENSED SYSTEM AND ALL RELATED SERVICES ARE MADE AVAILABLE TO COMPANY ON AN "AS IS", "AS AVAILABLE" BASIS. UNLESS A SPECIFIC WARRANTY IS EXPRESSLY GIVEN IN THIS SCHEDULE C, NO WARRANTY OF ANY NATURE, EXPRESS OR IMPLIED, IS MADE IN THIS SCHEDULE C, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY AS TO THE AVAILABILITY, CONDITION, MERCHANTABILITY, NON-INFRINGEMENT, DESIGN, OPERATION OR FITNESS FOR OR SATISFACTION IN REGARDS TO A PARTICULAR PURPOSE. NOTHING HEREIN IS INTENDED TO LIMIT ANY REPRESENTATIONS OR WARRANTIES MADE UNDER THE MAIN AGREEMENT WITH RESPECT TO BNY'S PROVISION OF THE CORE SERVICES, INCLUDING THROUGH USE OF THE BNY SYSTEM.

***5.4 <u>Limitation of Warranties</u>.*** The warranty made by BNY in this Schedule C, and the obligations of BNY under this Schedule C, run only to Company and not to its affiliates, its customers or any other persons.

**SECTION 6. OTHER PROVISIONS.**

***6.1 <u>Scope of Services</u>.*** The scope of services to be provided by BNY under this Schedule C shall not be increased as a result of new or revised legal, regulatory or other requirements that may become applicable with respect to the Company, unless the parties hereto expressly agree in writing to any such increase. BNY shall not be obligated to develop or implement Upgrades, but to the extent it elects to do so Section 3.1 shall apply.

***6.2 <u>Additional Provision Regarding Governing Law</u>.*** This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Uniform Computer Information Transaction Act drafted by the National Conference Of Commissioners On Uniform State Laws, or a version thereof, or any law based on or similar to such Act ("**UCITA**"), if and as adopted by the jurisdiction whose laws govern with respect to this Agreement in any form, shall not apply to this Agreement or the activities contemplated hereby. To the extent UCITA is applicable notwithstanding the foregoing, the parties agree to opt out of the applicability of UCITA pursuant to the "opt out" provisions contained therein.

***6.3 <u>Third Party Providers</u>.*** Except for those terms and conditions that specifically apply to Third Party Providers, under no circumstances shall any other person be considered a third party beneficiary of this Agreement or otherwise entitled to any rights or remedies under this Agreement. Except as may be provided in Third Party Agreements, Company shall have no rights or remedies against Third Party Providers, Third Party Providers shall have no liability of any nature to the Company, and the aggregate cumulative liability of all Third Party Providers to the Company shall be $1.

***6.4 <u>Liability Provisions</u>.***

(a) Notwithstanding any provision of the Main Agreement or this Schedule C, neither Party shall be liable under this Schedule C under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, for exemplary, punitive, special, incidental, indirect or consequential damages, or for any other damages which are not direct damages regardless of whether such damages were or should have been foreseeable and regardless of whether any entity has been advised of the possibility of such damages, all and each of which damages is hereby excluded by agreement of the parties. Notwithstanding the foregoing, all Losses subject to the indemnification obligation set forth in Section 5.1 shall be direct damages.

(b) Notwithstanding any provision of the Main Agreement or this Schedule C, BNY's cumulative, aggregate liability to the Company for any Loss, including Loss arising from Claims for indemnification pursuant to the Main Agreement and this Schedule C, that arises or relates to a term of this Schedule C, the recovery of which is not otherwise excluded or barred by another provision of this Agreement, shall not exceed: (i) with respect to Claims regarding a Component System for which specific fees and/or charges are set forth in the Fee Agreement ("**Fee Based Components**"), the fees and charges paid by Company to BNY for the particular Component System for the six (6) full calendar months immediately prior to the date the last Claim of Loss relating to the particular Component System arose ("**Fee Based Cap**"), and (ii) with respect to Claims regarding a Component System which is not a Fee Based Component (<u>i.e.</u>, fees are included in account fees or otherwise incorporated into other fees) ("**Non-Fee Based Component**"), the fees and charges paid by Company to BNY for all services rendered under the Agreement, minus fees and charges paid with respect to Fee Based Components, for the six (6) full calendar months immediately

EXECUTION VERSION

prior to the date the last Claim of Loss relating to any Non-Fee Based Component arose ("**Non-Fee Based Cap**", and collectively with the Fee Based Cap, a "**BNY System Cap**" or the "**BNY System Caps**"). Any amounts paid to Company that are subject to either BNY System Cap shall reduce the General Damage Cap (as defined in the Main Agreement) by such amount and no amounts shall be payable or paid under this Section 6.4 of Schedule C that would cause the General Damage Cap to be exceeded.

(c) In the event of a material breach of this Schedule C by BNY with respect to the operation of a particular Component System, Company's sole and exclusive termination remedy shall be to terminate the Licensed Rights granted by this Schedule C to the particular Component System with respect to which the material breach occurred by complying with the notice and cure period provisions in the Main Agreement applicable to a material breach of the Agreement, but the Company shall not be entitled to terminate any other provision of the Agreement or the Licensed Rights with respect to any other Component System. For purposes of clarification: The foregoing sentence is not intended to restrict, modify or abrogate any remedy available to a Company under another provision of the Agreement for a breach of Schedule C by BNY other than the termination remedy.

***6.5 <u>Assignment</u>.*** Notwithstanding any provision of the Main Agreement or this Schedule C, except as expressly provided in Section 2.1 of this Schedule C, Company may not, and shall not under any circumstances, assign, license, sublicense, grant rights to use, delegate, outsource, or otherwise transfer any Licensed Rights or any right in or part thereof or any obligation under this Schedule C, and any such assignment, licensing, sublicensing, grant of rights, delegation, outsourcing or transfer, or attempt to do any of the foregoing, shall be voidable at the anytime thereafter in the sole and absolute discretion of BNY.

***6.6 <u>Return of Proprietary Items</u>.*** Upon a termination of this Agreement or a termination of the right to use the Licensed System or a right to use a particular Component System, or at the end of a Continuation Period (as defined in Section 6.15), as applicable, Company shall immediately cease attempts to access and use the relevant Component Systems and related Proprietary Items, and except as may be required otherwise by law, regulation, or the Company's document retention policies, Company shall promptly return to BNY all copies of relevant Documentation and any other related Proprietary Items then in Company's possession and, in addition, if contained within the Company System to destroy the Proprietary Items and certify to such destruction if requested by BNY. Company shall remain liable for any payments due to BNY with respect to the period ending on the date of termination or any Continuation Period, as applicable, and any charges arising due to the termination.

***6.7 <u>Conflicts</u>.*** Applicable terms of the Main Agreement shall apply to this Schedule C but any conflict between a term of the Main Agreement and this Schedule C shall be resolved to the fullest extent possible in favor of the term in this Schedule C.

***6.8 <u>Exclusivity</u>.*** Company shall solely and exclusively use the Licensed System to perform the computing functions and services made available to the Company by the Licensed System. For clarification: this means the Company will not use any system, subsystem, component or functionality of another service provider to perform functions or services similar to those provided by the Licensed System that in any way transmits data or instructions into, derives data from, changes data in, or otherwise interacts in any manner with the BNY System.

***6.9 <u>Term</u>.*** The term of this Schedule C shall be the same as the term in effect for the Main Agreement, including with respect to any renewal terms. Additionally, with respect to each Component System to which the Company is given access and use, the term applicable to BNY's obligation to furnish the Component System and the Company's obligation to pay the fees and charges applicable to the Component System (***"<u>Component System Obligations</u>"***) shall be the same as the term applicable to the Core Services, including with respect to any renewal term. For clarification: this Schedule C and the Component System Obligations may be terminated only in connection with a termination of the Main Agreement in accordance with the termination provisions set forth in the Main Agreement, except where this Schedule specifically sets forth an additional termination right.

***6.10 <u>Confidentiality</u>.*** Company agrees: to maintain the Proprietary Items and to prevent access and use not permitted hereunder with at least the same degree of care that it utilizes with respect to its own proprietary and nonpublic material, including without limitation agreeing:

EXECUTION VERSION

&nbsp;&nbsp;&nbsp;&nbsp;(i) not to disclose
to or otherwise permit any person access to, in any manner, the Proprietary Items, or any part thereof in any form whatsoever, except
that such disclosure or access shall be permitted to an employee of Company in the course of his or her employment;.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) not to use the
Proprietary Items for any purpose other than in connection with the Company's exercise of the Licensed Rights without the prior written
consent of BNY; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) to promptly report
to BNY any facts, circumstances or events that are reasonably likely to constitute or result in a breach of this Section 6.10, and take
all reasonable steps requested by BNY to prevent, control, remediate or remedy any such facts, circumstances or events or any future
occurrence of such facts, circumstances or events.

***6.11 <u>Provisions Applicable Solely to IAM</u>.*** In connection with any permitted access and use of IAM, the Company agrees, at its expense, to;

(a) Provide, or retain other persons to provide, all computers, telecommunications equipment, encryption technology and other materials, services, equipment and software reasonably necessary to develop and maintain a Company Web Application as contemplated by IAM Documentation, including the functionality necessary to maintain the hypertext links to IAM ("**Company IAM Site**");

(b) Promptly provide BNY written notice of changes in Fund policies or procedures requiring changes to the IAM settings or parameters or services ("**Parameter Changes**"); provided, however, this provision shall be interpreted to require BNY to modify only adjustable settings and parameters already provided for in IAM in response to a Parameter Change and not to require BNY to effect any Upgrade;

(c) Reasonably cooperate with BNY to develop Internet marketing materials for Permitted Users and forward a copy of appropriate marketing materials to BNY;

(d) Promptly revise and update applicable prospectuses and other pertinent materials, such as user agreements, to include the appropriate consents, notices and disclosures, including disclaimers and information reasonably requested by BNY;

(e) With respect to the Company IAM Site, maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any, provided by BNY in writing from time to time, and all "point and click" features relating to acknowledgment and acceptance of such disclaimers and notifications; and

(f) Design and develop the Company IAM Site functionality necessary to facilitate, implement and maintain the hypertext links to IAM and the various inquiry and transaction web pages and otherwise make the Company IAM Site available to Permitted Users.

***6.12 <u>Termination and Suspension by BNY</u>.***

(a) In the event of a material breach of this Schedule C by Company, BNY may terminate the Licensed Rights in their entirety and all access to and use of the Licensed System by complying with the notice and cure period provisions in the Main Agreement applicable to a material breach of the Agreement.

(b) In the event BNY reasonably believes in good faith that any activity of the Company or an Authorized User (i) constitutes a breach of a provision of this Schedule C governing access to or use of the BNY System, including without limitation Section 2.12(a), or (ii) presents a threat to the integrity or security of the BNY System or the information contained within it (a "**Use Incident**"), BNY may without incurring any liability hereunder, temporarily suspend access to and use of the Licensed System or a Component System solely for the amount of time necessary for the investigation and resolution of the issues, and shall notify the Company as soon as practicable under the circumstances of such action and the conduct believed to be a Use Incident. BNY shall exercise this right with diligence to minimize the impact of any such suspension. The parties agree to promptly cooperate in good faith to address such issues. The Company shall indemnify BNY for all Loss, and to the extent applicable defend BNY against all Loss, without limitations of any nature under the Main Agreement resulting from or arising out of or in

EXECUTION VERSION

connection with a Use Incident attributable to conduct of the Company, an Authorized User, or any person obtaining access to the Licensed System by or through such persons or through use of any Security Code, whether or not Company or an Authorized User authorized such access.

***6.13 <u>Equitable Relief</u>.*** Company agrees that BNY would not have an adequate remedy at law in the event of a breach or threatened breach of a Use Provision by the Company and that BNY would suffer irreparable injury and damage as a result of any such breach. Accordingly, in the event Company breaches or threatens to breach a Use Provision, in addition to and not in lieu of any legal or other remedies BNY may pursue hereunder or under applicable law, Company hereby consents to the granting of equitable relief (including the issuance of a temporary restraining order, preliminary injunction or permanent injunction) against it by a court of competent jurisdiction, without the necessity of proving actual damages or posting any bond or other security therefor, prohibiting any such breach or threatened breach. In any proceeding upon a motion for such equitable relief, BNY's ability to answer in damages shall not be interposed as a defense to the granting of such equitable relief.

***6.14 <u>Survival</u>.*** Sections 2.1(b), 2.12, 4.1, 4.2, 4.3, 6.10, provisions which by their nature are applicable after an agreement termination, provisions expressly stated to survive termination and any provisions appropriate to interpret such provisions or to determine the rights or obligations of the parties surviving termination of the Agreement by law, shall survive any termination of the Main Agreement, this Schedule C or the Licensed Rights.

***6.15 <u>Provisions Applicable Solely to the 22c-2 System</u>.*** In connection with any permitted access and use of the 22c-2 System, the Company agrees as follows:

(a) <u>Definitions</u>. The following terms have the following meanings solely for purposes of this Section 6.15:

"**Commercially Reasonable Efforts**" means efforts that are reasonable under the circumstances for a well-managed company in the securities processing industry.

"**Company 22c-2 Data**" means, collectively, the Fund Data, the Shareholder Data and the Supplemental Data.

"**Company Database**" means the database maintained within the 22c-2 System by and for Company containing the Company 22c-2 Data.

"**Financial Intermediary**" means a financial intermediary as that term is defined in Rule 22c-2.

"**Front End Data**" means the transaction data relating to the Funds and the accounts of Shareholders of the Funds (i) specified by applicable Documentation for use within the 22c-2 System to yield reports intended to assist the Company in determining the Financial Intermediaries from which additional transactional details could be requested for purposes of compliance with Rule 22c-2, and (ii) which has been selected by the Company and transmitted to the Company Database.

"**Fund Data**" means, collectively, the Front End Data and the Fund Settings.

"**Fund Settings**" means the Fund preferences, parameters, rules and settings inputted into the Company Database and 22c-2 System by Company to administer a Fund's Rule 22c-2 policies.

"**Rule 22c-2**" means Rule 22c-2 of the SEC promulgated under the 1940 Act.

"**Shareholder**" means a shareholder, as that term is defined in Rule 22c-2, of any of the Funds.

"**Shareholder Data**" means the transaction data with respect to Shareholders in a Fund requested by Company that a Financial Intermediary, for access and use by Company in the 22c-2 System, (i) delivers to BNY by a Designated Method, or (ii) delivers to Company and is inputted into the Company Database by Company.

"**SRO**" means any self-regulatory organization, including national securities exchanges and national securities associations.

EXECUTION VERSION

"**Supplemental Data**" means any data or information, other than the Shareholder Data and Fund Data, inputted into the Company Database by Company, or provided to BNY and inputted into the Company Database by BNY as an additional service, that Company has reasonably determined is necessary in the operation of the 22c-2 System for purposes of compliance with Rule 22c-2.

(b) <u>Availability</u>. BNY shall make the 22c-2 System available to Company from 8:00 a.m. to 6:00 p.m., Eastern Time, during days the New York Stock Exchange is open for trading, except for periods therein in which BNY suspends access for maintenance, backup, updates, upgrades, modifications required due to changes in applicable law, or other commercially reasonable purposes as reasonably determined by BNY. BNY will use Commercially Reasonable Efforts to limit any periods of nonavailability due to the foregoing activities.

(c) <u>Third Party Provisions</u>. Company's use of the 22c-2 System shall be subject to the terms and conditions contained in BNY's agreements with Third Party Providers that BNY is required by such agreements to apply to users of the software or services of the particular Third Party Provider to the extent notified of such terms and conditions by BNY.

(d) <u>BNY Modifications</u>. Company hereby accepts all such modifications, revisions and updates, including changes in programming languages, rules of operation and screen or report format, as and when they are implemented by BNY, and agrees to take no action intended to have or having the effect of canceling, reversing, nullifying or modifying in any fashion the operation or results of such modifications, revisions and updates. BNY will make Commercially Reasonable Efforts to give Company advance written notice before any such modifications, revisions or updates to the 22c-2 System go into effect.

(e) <u>Shareholder Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Company acknowledges that Financial Intermediaries, not BNY, provide the Shareholder Data, that Company's access to the Shareholder Data through use of the 22c-2 System is dependent upon delivery of the Shareholder Data by the Financial Intermediaries, and that BNY is not responsible or liable in any manner for any act or omission by a Financial Intermediary with respect to the delivery of Shareholder Data. Company also acknowledges that Financial Intermediaries may deliver Shareholder Data which modifies Shareholder Data previously delivered or may refuse to provide Shareholder Data and that BNY is not responsible or liable in any manner for any such modification of Shareholder Data or any such refusal to deliver Shareholder Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Company has sole responsibility for authorizing and directing a Financial Intermediary to deliver Shareholder Data that Company may require for purposes of Rule 22c-2. BNY shall be obligated to receive and input into the Company Database only that Shareholder Data which has been delivered by a Financial Intermediary through the facilities maintained for such purpose by the NSCC or through the internal communications links provided in the 22c-2 System ("**Designated Methods**"). Company shall be solely responsible for inputting into the Company Database and the 22c-2 System any Shareholder Data delivered by a method other than a Designated Method.

(f) <u>Company 22c-2 Data</u>. As between Company and BNY, Company alone shall be responsible for obtaining all Fund Data, Shareholder Data and Supplemental Data that Company determines is required in connection with its use of the 22c-2 System. As between Company and BNY, Company is also exclusively responsible for (i) the accuracy and adequacy of all Company 22c-2 Data; (ii) the review for accuracy and adequacy of all output of the 22c-2 System before reliance or use (provided the 22c-2 System is operating in accordance with the Documentation); and (iii) the establishment and maintenance of appropriate control procedures and back up procedures to reduce any loss of information, interruption or delay in processing Company 22c-2 Data after received by Company. Company shall comply with all applicable laws and obtain all necessary consents from any person, including Financial Intermediaries, regarding the collection, use and distribution to BNY of Company 22c-2 Data as contemplated herein and of any other information or data regarding Company and the Funds that Company provides or causes to be provided for the purposes set forth herein.

(g) <u>Communications Configuration</u>. Company shall be responsible, at its expense, for procuring and maintaining the communications equipment, lines and related hardware and software reasonably specified by BNY

EXECUTION VERSION

to comprise the communications configuration required for Company to use the 22c-2 System and any Updates and General Upgrades to the communications configuration.

(h) <u>Front End Data</u>. As between Company and BNY, Company shall be solely responsible for selecting Front End Data, identifying it to BNY and directing BNY to transmit the identified Front End Data from the BNY transfer agent system to the Company 22c-2 Database in the 22c-2 System. Company hereby authorizes BNY to transmit Front End Data to the 22c-2 System without further action on anyone's part upon receiving a communication from Company identifying Front End Data for transmission to the 22c-2 System.

(i) <u>Restricted Use of Company 22c-2 Data</u>. The Company 22c-2 Data constitutes "Confidential Information" for all purposes of Section 4 and other applicable provisions of the Main Agreement. As between the Company and BNY, title to all Company 22c-2 Data and all related intellectual property and other ownership rights shall remain exclusively with Company. Company authorizes BNY to maintain and use Company 22c-2 Data solely in the manner contemplated by applicable Documentation and this Agreement and to aggregate Company 22c-2 Data in the Company Database with data of other users of the 22c-2 System solely to analyze and enhance the effectiveness of the 22c-2 System and to create broad-based statistical analyses and reports for users and potential users of the 22c-2 System and industry forums.

(j) <u>Application of Results</u>. Except to the extent that the results are inaccurate due to BNY's gross negligence, willful misconduct or reckless disregard, neither BNY nor any Third Party Provider shall have liability for any loss or damage resulting from any application of the results, or from any unintended or unforeseen results, obtained from the use of the 22c-2 System or any related service provided by BNY.

(k) <u>Exclusion for Unauthorized Actions</u>. Neither BNY nor any Third Party Provider shall have any liability with respect to any performance problem, warranty, claim of infringement or other matter to the extent attributable to any unauthorized or improper use, alteration, addition or modification of the 22c-2 System by Company, any combination of the 22c-2 System with software not specified by applicable Documentation and any other use of the 22c-2 System in a manner inconsistent with this Agreement or applicable Documentation.

(l) <u>Disclaimer</u>. BNY DOES NOT WARRANT THAT USE OF THE 22C-2 SYSTEM BY COMPANY GUARANTEES COMPLIANCE WITH RULE 22C-2 OR ANY OTHER FEDERAL, STATE, LOCAL OR SRO LAW OR REGULATION. BNY DOES NOT ASSUME ANY RESPONSIBILITY FOR ANY ASPECT OF LEGAL AND REGULATORY COMPLIANCE BY OR ON BEHALF OF COMPANY, NOR SHALL COMPANY REPRESENT OTHERWISE TO ANY PERSON. COMPANY'S USE OF THE 22C-2 SYSTEM AND ANY OTHER SERVICES PROVIDED UNDER THIS AGREEMENT SHALL NOT BE DEEMED LEGAL ADVICE.

(m) <u>Hardware Disclaimer</u>. Under no circumstance shall BNY or a Third Party Provider be liable to Company or any other Person for any loss of profits, loss of use, or for any damage suffered or costs and expenses incurred by Company or any Person, of any nature or from any cause whatsoever, whether direct, special, incidental or consequential, arising out of or related to computer hardware.

(n) <u>Termination by BNY</u>. BNY may immediately terminate Company's right to use and Company's access to and use of the 22c-2 System upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Company engages
in conduct which infringes or exceeds the scope of the right granted to Company by Section 2.1 of this Schedule C and does not cure the
breach within the cure period provisions in the Main Agreement applicable to a material breach of the Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Third Party Provider
terminates any relevant agreement the Third Party Provider has with BNY that is necessary in order for BNY to be able to license (or
continue to license) the 22c-2 System to Company. BNY agrees to provide Company with as much notice of such termination as BNY receives
from the Third Party Provider.

(o) <u>Continuation Period</u>. In the event the Agreement is terminated and in connection with such a termination the parties agree that Company will continue to have access to and use of the 22c-2 System, then the terms of this Agreement shall apply during any such continuation period. The term of any such continuation period shall be day

EXECUTION VERSION

to day and the continuation period may be terminated immediately by either party at any time by written notice notwithstanding the contents of any notice or other communication the parties may exchange, unless both parties agree in writing to such contents. A continuation period as described in this subsection (o) is referred to herein as a "**Continuation Period**".

(p) <u>Effect of Termination</u>. Following a termination of the Agreement or at the end of a Continuation Period, as applicable, BNY will (i) dispose of all Company 22c-2 Data in accordance with its applicable backup and data destruction policies, and (ii) use good faith efforts to make electronic copies of Company 22c-2 Data in existing report formats of the 22c-2 System to the extent reasonably requested by Company no less than thirty (30) days in advance of the termination of the Agreement.

(q) This Section 6.15 shall benefit and be enforceable by Third Party Providers of the 22c-2 System.

***6.16 <u>Internet and Mobile Applications</u>.***

(a) Each party acknowledges that the Internet is an unsecured, unstable, unregulated, unorganized and unreliable network, and that to the extent the ability of the other party to provide or perform services or duties hereunder is dependent upon the Internet and equipment, software, systems, data and services provided by various telecommunications carriers, equipment manufacturers, firewall providers, encryption system developers and other vendors and third parties, each party agrees that the other shall not be liable in any respect for the functions or malfunctions of the Internet.

(b) In connection with the use of any device by the Company or an Authorized User which utilizes a wireless connection, whether to a router or other computer equipment or to a wireless telecommunications network or system, in whole or in part to access the BYNM System directly or through the Internet, BNY shall not be responsible in any respect for the functions or malfunctions of such telecommunications network or system or wireless connection or for the loss of personal information or Security Codes or for events of identity theft occurring through such telecommunications network or system or wireless connection.

***6.17. <u>Requirement For Written Consent or Written Release</u>.*** No failure to act, no omission, no failure to respond, object or deny consent, and no other instance of an absence of action or communication (collectively, "Forbearance") shall be construed as a consent or waiver (implied, constructive, deemed or otherwise) under this Schedule C. Any conduct (as defined in the Main Agreement) not expressly permitted by this Schedule C, notwithstanding any number of occurrences of the conduct, any number of requests to engage in the conduct, any failures of BNY to discover the conduct and any number of related Forbearances, shall be prohibited in the absence of a written consent to the conduct or a written waiver of a relevant prohibition or restriction.

***6.18 <u>Aggregation And Other Third Party Services</u>*.**

(a) In the event (i) BNY facilitates connectivity with, develops or implements functionality, APIs, transmission protocols or any other technological service, product or item that permits or enables a third party acting on behalf of the Company or an Authorized User to access or use a Component System or any part of the BNY System for any purpose ("**Connected Component**"), including without limitation to access, use, extract, retrieve, input or modify Company Data or other confidential, private or personal information of the Company or an Authorized Use or to conduct financial or non-financial transactions (such access and use being an "**Investment Service**", and such third party being an "**Investment Service Provider**"), (ii) Company elects to access and use or permit Authorized Users to access and use a Connected Component, and (iii) in connection therewith the Company or a Authorized User furnishes one or more Security Codes to the Investment Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;(1) Company acknowledges
that in order to permit an Investment Service Provider to provide an Investment Service BNY may implement or operate information security
processes, procedures, features or characteristics with respect to the Connected Component that differ from the information security
processes, procedures, features and characteristics it maintains for some or all of the other components of the BNY System ()"**Security Differences**") and in consideration for its access and use of a Connected Component or for BNY permitting Authorized Users to
access and use a Connected System it consents to

EXECUTION VERSION

the existence of the Security Differences and agrees that the Security Differences do not constitute negligence or other Liable Conduct on the part of BNY; and

&nbsp;&nbsp;&nbsp;&nbsp;(2) Company agrees
that BNY bears no liability or responsibility of any nature to Company for any Loss or other consequences arising to any extent from
any access to or use of a Connected Component by or through an Investment Service Provider's technology system, and that it shall indemnify
and defend BNY in accordance with the terms of Section 12 of the Main Agreement for all Loss incurred by BNY or its affiliates arising
to any extent from any access to or use of a Connected Component by or through an Investment Service Provider's technology system.

(b) BNY bears no liability or responsibility for Loss or other consequences arising from the use of a Security Code established by or for the Company or an Authorized User by any person not specifically permissioned by the Security Code to access and use the BNY System or any of its Component Systems or from the use of such Security Code other than as specifically permissioned by the Security Code.

***6.19 <u>Export Regulations</u>.*** In order to facilitate compliance with regulations of the United States Government concerning the export of technical information, the parties agree that any technical information not in the public domain (whether written or otherwise) first received hereunder from the other or any technical information which may be developed by using such technical information received from the other, or any product utilizing technical information so received or developed, will not, without the prior written permission of the Disclosing Party, knowingly be transmitted by the Receiving Party, directly or indirectly, to any of the restricted countries designated in the United States Government regulations, as issued from time to time relating to the exportation of technical data.

***6.20 <u>Captions</u>.*** The captions in this Schedule C are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

**[Remainder of Page Intentionally Blank]**

EXECUTION VERSION

**<u>EXHIBIT 1 TO SCHEDULE C</u>**

Active Advisor/ A portal for trusts, financial advisors, broker/dealers and other financial intermediaries to view AdvisorCentral mutual fund and client account data on the transfer agent mainframe via the Internet if permitted access by Company and for Company back offices to view the same data.

---

| | |
|:---|:---|
| ACE | ACE Settlement (Automated Control Environment) - Performs automated mutual fund settlement, dividend settlement, tax withholding tracking, and gain loss settlement and produces the supersheet that contains a summary of dollar and share activities. Includes in the foregoing all estimation functions previously performed by ACE Estimate. |

---

---

| | |
|:---|:---|
| AOS | AOS (Advanced Output Solutions) Digital Reports - Provides access to and the ability to print certain print/mail output generated by the Document Solutions system in connection with services provided to customers of clients, such as customer statements, customer confirmations and customer tax forms. |

---

---

| | |
|:---|:---|
| CMS\* | (Customer Management Suite) - the combination of functionalities, systems and subsystems which together provide the following capabilities: workflow management, electronic document processing, integrated Web-based front-end processing, customer relationship management and automated servicing of brokers and investors. The principal subsystems are Correspondence, Customer Relationship Manager (automates call center activities), Image and Operational Desktop and includes E-Forms. |

---

Data (Includes DAZL - Data Access Zip Link) Applications which extract broker/dealer data at the Delivery representative level, branch level and broker/dealer level and third party administrator data from the transfer agent mainframe and transmits it to Company designated end users for viewing.

DRAS (Data Repository and Analytics Suite) - a relational data base for management reporting which consists of the Company's entire customer information base as copied nightly from the transfer agent mainframe and includes an integrated reporting tool.

---

| | |
|:---|:---|
| FPT | (Fund Pricing Transmission) (formerly known as PRAT) - application that receives fund price and rate information from fund accounting agents on a nightly basis, edits and performs quality control checks on the information, then uploads the prices and rates to the mainframe recordkeeping system, allows the user the ability to view, enter, upload, download, and print price/rate information. |

---

---

| | |
|:---|:---|
| FSR | (Full Service Retail) - principal transfer agent mainframe system which performs comprehensive processing and shareholder recordkeeping functions, including: transaction processing (purchases, repurchases, exchanges, transfers, adjustments, and cancellations), distribution processing (dividends and capital gains), commission processing and shareholder event processing (automatic investment plans, systematic withdrawal plans, systematic exchanges); creating and transmitting standard and custom data feeds to support printed output (statements, confirmations, checks), sales and tax reporting. FSR interfaces and exchanges data with various surround systems and subsystems and includes a functionality providing for direct online access. Also includes a functionality that temporarily stores systems-generated reports electronically before being transferred to COLD. |

---

---

| | |
|:---|:---|
| IAM | (Internet Account Management, also known as Active Investor) - application permitting account owners via the Internet to view account information and effect certain transactions and account maintenance changes and includes an administrator site. Optional security enhancements may be offered through this site. |

---

---

| | |
|:---|:---|
| IFM | (Intermediary Fee Management System) - application that facilitates the management, processing and payment of amounts owed by Funds to financial intermediaries as distribution expenses. |

---

IFS (Web Services/BOB/Statement) Back-office Browser, Web Services, Statement Rendering, Social Security Database Administration Reporting APIs for client portal.

JIRA Work management tool used to log and track issues encountered by clients or operations.

EXECUTION VERSION

Mobius Document management system that provides for the storage and retrieval of reports generated on a mainframe. Mobius replaced COLD.

---

| | |
|:---|:---|
| NSCC\* | (National Securities Clearing Corporation) - application allowing web-based utility at user's desktop to support processing linked to NSCC activity, including networking, Fund/SERV, DCC&S, Commission/SERV, mutual fund profile, and transfer of retirement assets, and includes NEWS (NSCC Exception Workflow Processing) which provides for the inputting of reject and exception information to the NSCC system. |

---

OOM (Online Output Management) - functionality permitting user to view within the Document Solutions processing system (performs print mail and tax form production and fulfillment services) the location of a specific output, such as a confirmation or statement, in the Document Solutions work flow.

SA3 (Subaccounting DRAS/SBO Applications) - Subaccounting management information system reporting.

---

| | |
|:---|:---|
| SRP | SuRPAS Classic - provides mutual fund sub accounting record keeping functionality, trade aggregation, and fee calculation and payment to the broker dealer community and their asset manager partners. The application interfaces with multiple brokerage systems to enable trade placement, aggregation, settlement and reconciliation with any fund family. When integrated with a brokerage platform, mutual fund trading and settlement is streamlined and operationally efficient in support of the Asset Servicing business. |

---

SR2 SuRPAS UI - Portal providing user interface to internal and external users to application functionality of the core SRP (SuRPAS Classic) platform.

Treasury Edge Application permitting inquiry of ACH and wire activity and DDA information.

TRS (Tax Reporting Service) - functionality performing all applicable federal and state tax reporting (tax form processing and corrections), tax-related information reporting, and compliance mailings (including W-9, W-8, RMD, B-Notice, and C-Notice).

22c-2 System The data warehousing, analytic and administrative applications together with the related software, interfaces, functionalities, databases and other components provided by BNY to assist fund sponsors and their principal underwriters in satisfying requirements imposed by Rule 22c-2.

-------------------------------------------------------------------------------------

\* For clarification: Company or an Authorized User may be given a right to access and use one or more separable components of this system rather than the entire system and any right to access and use one of more of such separable components is limited to the functionalities of the separable components even if certain of functionalities of the separable components may include integration points with functionalities of other system components.

[End to Exhibit 1 to Schedule C]<br> [End to Schedule C]

**<u>Schedule D</u>**

[Letter Agreement]

EXECUTION VERSION

**<u>Schedule E</u>**

**<u>Authorized Persons (All Funds)</u>**

Each of the following individuals is an "Authorized Person" of the "Fund", as those terms are defined and used in the Transfer Agency And Shareholder Services Agreement, dated as of December 23, 2025 by and among BNY Mellon Investment Servicing (US) Inc. and each business development company listed on the signature page thereto ("BDC") and Portfolios of the BDC listed on Schedule B to such agreement, as applicable and as such may be amended.

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Name: __________________________________________________

Terms not specifically defined in this Schedule E shall have the meaning ascribed elsewhere in the Agreement.

BNY may at all times rely on the most recently dated Schedule E. For clarification: this means that BNY will at all times and under all circumstances rely on and use a properly completed Schedule E until it is replaced by a properly completed Schedule E bearing a later date. A Schedule E will take effect on the date signed by BNY.

For clarification: BNY is not obligated to verify signatures nor issue nor require any security IDs, passwords or other security codes in connection with its interaction with Authorized Persons in such capacity.

---

| | | |
|:---|:---|:---|
| On Behalf of the BDC and | Acknowledged and accepted: | Acknowledged and accepted: |
| each Portfolio of the BDC listed |  |  |
| on Schedule B to the Agreement, each in its | on Schedule B to the Agreement, each in its | BNY Mellon Investment Servicing (US) Inc. |
| individual and separate capacity: |  |  |
| By: |  | By: |
| Name: |  | Name: |
| Title: |  | Title: |
| Date: |  | Date: |

---

## Ex-99

**Exhibit (k)(3)**

![](img_000.jpg)<br>

**FORM OF SUBSCRIPTION ESCROW AGREEMENT**

**Dated as of**

**between**

**GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND,<br>as Depositor**

**and**

**THE BANK OF NEW YORK MELLON, as Escrow Agent**

**The Bank of New York Mellon**

**ABA# 021-000-018**

**F/F/C: 9022439**

**Ref: Guggenheim Inv Pvt Cred Fd Sub Esc**

**Exhibit (k)(3)**

**SUBSCRIPTION ESCROW AGREEMENT**

Subscription Escrow Agreement, dated as of January [ ], 2026 (the "**Agreement**"), between The Bank of New York Mellon, a New York banking corporation with its principal corporate trust office at 240 Greenwich Street, New York, New York 10286 (the "**Escrow Agent**"), and Guggenheim Investments Private Credit Fund, a statutory trust organized under the laws of the State of Delaware, with its principal office at 330 Madison Avenue, New York, New York 10017 (the "**Depositor**").

 **WHEREAS**, the Depositor intends to offer for sale in a public offering on a continuous basis (the "**Offering**") a maximum of $2,500,000,000 in shares of beneficial interest of the Depositor, $0.01 par value per share, consisting of Class D common shares, Class I common shares and Class S common shares (the "**Offered Securities**"), in accordance with the Securities Act of 1933, as amended (the "**Securities Act**"), pursuant to the Subscription Agreements (the "**Subscription Agreements**") between the Depositor and each purchaser of the Offered Securities (each, a "**Subscriber**");

 **WHEREAS**, the Depositor proposes to engage the Escrow Agent for the purpose of receiving, depositing and holding in an interest-bearing account all funds wired into the escrow account ("**Proceeds**") from Subscribers received in connection with the sale of the Offered Securities until such time as such funds are to be released to the Depositor or returned to the Subscribers in accordance with this Agreement;

 **WHEREAS**, the Escrow Agent has agreed to act as escrow agent in connection with the proposed subscription for and sale of the Offered Securities; and

 **WHEREAS**, capitalized terms used and not defined herein have the respective meanings ascribed thereto in the Subscription Agreement to which the Depositor is a party.

 **NOW, THEREFORE**, for and in consideration of the premises and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

Section 1. <u>**Establishment of Escrow Account; Deposits**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Escrow Agent shall promptly (and, in any case, on or prior to the effectiveness of the Depositor's registration statement on Form N-2 (File No. 333-288649) (the "**Registration Statement**") cause to be opened an interest-bearing escrow account, which escrow account shall be entitled Guggenheim Inv Pvt Cred FD Sub Esc (the "**Escrow Account**") for the purpose of holding in trust all Proceeds for the Subscribers. The Escrow Account and the Proceeds shall be the property of the Subscribers at all times until the release of the Proceeds from the Escrow Account in accordance with Section 3(c) and shall not constitute property of the Depositor unless and until such release occurs. The Depositor shall, as to each Subscriber in connection with all Proceeds received under the Offering, instruct such Subscriber to remit the purchase price in the form of wire transfers as promptly as possible as set forth below. All such wire transfers shall be accompanied by

information identifying each Subscriber and its ID number and address. Wire transfers to the Escrow Account shall be made in Federal Funds transferred as follows:

The Bank of New York Mellon

ABA# 021-000-018

GLA# _[To be provided]_________

F/F/C: 9022439

Ref: Guggenheim Inv Pvt Cred Fd Sub Esc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) On the terms and conditions of this Agreement, the Escrow Agent shall deposit the Proceeds and any interest thereon in the Escrow Account. The Proceeds shall be invested as promptly as practicable upon their receipt by the Escrow Agent, in accordance with this Agreement. All amounts deposited in the Escrow Account shall be invested and reinvested in the manner provided in Section 1(c) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Proceeds (and any earnings thereon), and until such time as all Proceeds and earnings thereon have been disbursed from the Escrow Account as provided in Section 3 and Section 4, shall be invested and reinvested by the Escrow Agent without unreasonable delay and only in such obligations issued or guaranteed by the United States Government or any agency thereof, or in such commercial paper, or in such bank or trust company certificates of deposit, and with such maturities, as shall be designated in writing from time to time by the Depositor, such writing to specify the particular investment. Absent investment instructions from the Depositor, uninvested funds shall remain uninvested. The Escrow Agent shall not be responsible for interest losses, taxes or other charges on investments. Interest actually earned from the time the Proceeds are deposited into the Escrow Account until the close of business on the date preceding the date the Proceeds are disbursed by the Escrow Agent as provided herein shall be held in trust for the Subscribers and, upon the occurrence of the conditions set forth in Section 3 and Section 4 hereof, shall be payable in accordance with the provisions set forth in Section 4 hereof. If, at the time the Escrow Agent is required to make a disbursement pursuant to Section 4, the Proceeds are invested as provided in this Section 1(c), the Escrow Agent shall, in anticipation of such disbursement, sell or otherwise liquidate such investments. Instructions from the Depositor as to any such investments or the sale or other disposition thereof shall be confirmed in writing (but no delay or failure by the Depositor to confirm in writing an instruction given by telephone shall effect the validity of such instruction or result in any liability to the Escrow Agent for acting on such instruction).

Section 2. <u>**Acceptance of Subscription**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as practicable following execution of this Agreement, the Depositor will notify the Escrow Agent in writing of the names of the Subscribers as of such time and deliver to the Escrow Agent copies of all Subscription Agreements and such other information regarding the Subscribers reasonably requested by the Escrow Agent, and thereafter provide to the Escrow Agent such information on a monthly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Escrow Agent shall have no obligation to verify the status of any Subscriber or to determine any Subscriber's eligibility to purchase the Offered Securities.

Section 3. <u>**Disbursements from the Proceeds**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) If the Depositor does not represent to and notify the Escrow Agent in writing by 5:00 p.m., New York City time, on [ ], 2027 (the "**Termination Time**") that the Depositor has received Subscription Agreements subscribing for the Offered Securities in an aggregate amount of at least $100,000,000 (excluding any Offered Securities purchased by the Depositor's investment adviser, its affiliates and its trustees and officers (the "**Minimum Escrow Amount**")) and commenced operations (the "**Escrow Conditions**"), the Escrow Agent shall deliver within fifteen (15) business days a written notice to each Subscriber stating that the Escrow Conditions have not been met and that the portion of the Proceeds attributable to such Subscriber shall be remitted to it promptly thereafter in accordance with Section 4(b) hereof. "**Business Day**" shall mean prior to 5:00 p.m. Eastern Time on any day except a Saturday, Sunday, any statutory holiday in New York, or any day on which banking institutions in New York, New York are closed for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) If the Escrow Conditions are not met on or before the Termination Time, the Depositor shall instruct the Escrow Agent to terminate the Escrow Account and remit the funds paid into the Escrow Account by each Subscriber in accordance with Section 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) If (i) the Minimum Escrow Amount is received in the Escrow Account on or before the Termination Time and (ii) the other conditions precedent to the issuance of the Offered Securities have been satisfied, as notified in writing by the Depositor to the Escrow Agent, then the Escrow Agent shall at the time and on the date designated by the Depositor in such notice (the "**Closing Time**"), which time and date shall be at any time on or after the giving of such notice (but not later, in any event, than the Termination Time) release to the Depositor all of the Proceeds held by the Escrow Agent in the Escrow Account in the manner described in Section 4(a).

Section 4. <u>**Procedure for Disbursement from the Escrow Account**</u>.

The Proceeds held in the Escrow Account shall be subject to, and distributed in accordance with, the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) At the Closing Time, upon satisfaction of the applicable requirements of Section 3(c) hereof, the Escrow Agent shall transfer by wire to an account designated by the Depositor the Proceeds requested to be transferred on such date in the notice executed by the Depositor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) If the issuance of the Offered Securities does not occur on or prior to the Termination Time, then promptly thereafter and, in any event, before [2:00] p.m., New York City time, on [ ], 2027, the portion of the proceeds remitted to the Escrow Account pursuant to Section 1(a) by each Subscriber shall be remitted as instructed in writing by the Depositor to such Subscriber pursuant to the wiring instructions specified in such Subscriber's Subscription Agreement, with interest and without deduction, penalty or expense to the Subscriber. The Escrow Agent shall notify the Depositor of the distribution of such funds to the Subscribers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Escrow Agent does not have any interest in the Proceeds deposited hereunder but is serving as escrow holder only and only has possession thereof. The Depositor shall pay or reimburse the Escrow Agent upon request for any transfer taxes or other taxes relating to the Proceeds incurred in connection herewith and shall indemnify and hold harmless the Escrow Agent any amounts that it is obligated to pay in the way of such taxes. This paragraph shall survive notwithstanding any termination of this Escrow Agreement or the resignation of the Escrow Agent.

Section 5. <u>**Termination of Escrow**</u>.

In the event of the release of all Proceeds in accordance with Section 3 and Section 4 of this Agreement, this Agreement shall terminate and the Escrow Agent shall be relieved of all responsibilities in connection with the escrow deposits provided for in this Agreement, except claims which are occasioned by its gross negligence or willful misconduct.

Section 6. <u>**Compensation of Escrow Agent**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) At the time of execution of this Agreement the Depositor shall pay the Escrow Agent the fees set forth in the Fee Schedule attached hereto, for any and all services rendered by Escrow Agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Depositor shall reimburse the Escrow Agent upon request for all expenses, disbursements, and advances incurred or made by the Escrow Agent in implementing any of the provisions of this Agreement or serving as the Escrow Agent hereunder, including compensation and the expenses and disbursements of its counsel, except any such expense, disbursement, or advance as may arise from its gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Depositor hereby grants to the Escrow Agent a lien on the Proceeds such that, in the event that any and all charges payable under Section 6 and Section 7 of this Agreement shall not be timely paid by the Depositor, the Escrow Agent shall have the right to pay itself from the Proceeds the full amount owed, provided that written notice of the Escrow Agent's intent to proceed under this Section 6 shall be given to each Subscriber, at the email address specified in its Subscription Agreement, at least five (5) business days in advance of such action.

Section 7. <u>**Responsibilities of Escrow Agent; Notices**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Escrow Agent shall be under no duty to enforce payment of any subscription which is to be paid to and held by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The Escrow Agent shall be under no duty to accept funds or instruments for the payment of money from anyone other than the Depositor and the Subscribers or to give any receipt therefor except to the Depositor and the Subscribers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) The Escrow Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants or obligations shall be inferred from this Agreement against the Escrow Agent, nor shall the Escrow Agent be bound by the provisions of any agreement among the Depositor and the Subscribers beyond the specific terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) The Escrow Agent shall not be liable hereunder except for its own gross negligence or willful misconduct and the Depositor agrees to indemnify the Escrow Agent for and hold it harmless as to any loss, liability, or expense, including reasonable attorney's fees and expenses, incurred without gross negligence or willful misconduct on the part of the Escrow Agent and arising out of or in connection with the Escrow Agent's 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; (e) The Escrow Agent shall be entitled to rely upon any order, judgment, certification, instruction, notice, opinion or other writing delivered to it in compliance with the

provisions of this Agreement without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity of service thereof. The Escrow Agent may act in reliance upon any instrument comporting with the provisions of this Agreement or signature believed by it to be genuine and may assume that any person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions hereof has been duly authorized to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) At any time the Escrow Agent may request in writing an instruction in writing from the Depositor or the Subscribers, and may at its own option include in such request the course of action it proposes to take and the date on which it proposes to act, regarding any matter arising in connection with its duties and obligations hereunder. The Escrow Agent shall not be liable for acting without the consent of the Depositor or the Subscribers in accordance with such a proposal on or after the date specified therein, provided that the specified date shall be at least two (2) business days after the Depositor or the Subscribers, as applicable, receive the Escrow Agent's request for instructions and its proposed course of action, and provided that, prior to so acting, the Escrow Agent has not received the written instructions requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) The Escrow Agent may act pursuant to the advice of counsel chosen by it with respect to any matter relating to this Agreement and shall not be liable for any action taken or omitted in reliance upon such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) The Escrow Agent makes no representation as to the validity, value, genuineness or collectability of any security or other document or instrument held by or delivered to it.

&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 Escrow Agent shall not be called upon to advise any party as to selling or retaining, or taking or refraining from taking any action with respect to, any securities or other property deposited hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) No provision of this Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) The Escrow Agent shall be deemed conclusively to have given and delivered any notice required to be given or delivered if it is in writing, signed by any one of its authorized officers and emailed or mailed, by express, registered or certified mail addressed to:

The Depositor at:

Guggenheim Investments Private Credit Fund

AT&T Center

227 W. Monroe Street

Chicago, IL 60606

Attn: Legal Department

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) The Escrow Agent shall be deemed conclusively to have received any notice required to be given or delivered to the Escrow Agent if it is in writing, signed by any one of the

authorized officers of the Depositor, and sent by Electronic Means (as defined below in Section 7(m)) or express, registered or certified mail addressed to and actually received by:

The Escrow Agent at:

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Attn: Insurance Trust & Escrow

Email: _____________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) The Escrow Agent shall have the right to accept and act upon instructions, including funds transfer instructions ("**Instructions**") given pursuant to this Agreement and delivered using Electronic Means; provided, however, that the Depositor shall provide to the Escrow Agent an incumbency certificate listing officers with the authority to provide such Instructions ("**Authorized Officers**") and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Depositor whenever a person is to be added or deleted from the listing. If the Depositor elects to give the Escrow Agent Instructions using Electronic Means and the Escrow Agent in its discretion elects to act upon such Instructions, the Escrow Agent's understanding of such Instructions shall be deemed controlling. The Depositor understands and agrees that the Escrow Agent cannot determine the identity of the actual sender of such Instructions and that the Escrow Agent shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Escrow Agent have been sent by such Authorized Officer. The Depositor shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Escrow Agent and that the Depositor and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Depositor. The Escrow Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from the Escrow Agent's reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Depositor agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Escrow Agent, including without limitation the risk of the Escrow Agent acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Escrow Agent and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Depositor; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Escrow Agent immediately upon learning of any compromise or unauthorized use of the security procedures.

"**Electronic Means**" shall mean the following communications methods: e-mail, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Escrow Agent, or another method or system specified by the Escrow Agent as available for use in connection with its services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The provisions of Sections 6, 7 and 10 shall survive termination of this Agreement and/or the resignation or removal of the Escrow Agent.

Section 8. <u>**Resignation of Escrow Agent; Successor**</u>.

Notwithstanding anything to the contrary herein, the Escrow Agent may resign at any time by giving at least 60 days written notice thereof. The Depositor may remove the Escrow Agent at any time (with or without cause) by giving at least 60 days written notice thereof. Within 10 days after receiving such notice, the Depositor shall appoint a successor escrow agent at which time the Escrow Agent shall either distribute the funds held in the Escrow Account, less its fees, costs and expenses or other obligations owed to the Escrow Agent as directed by the instructions of the Depositor or hold such funds, pending distribution, until such fees, costs and expenses or other obligations are paid. If a successor escrow agent has not been appointed or has not accepted such appointment by the end of the 10 day period, the Escrow Agent may apply to a court of competent jurisdiction for the appointment of a successor escrow agent, or for other appropriate relief and the costs, expenses and reasonable attorneys fees which the Escrow Agent incurs in connection with such a proceeding shall be paid by the Depositor.

Section 9. <u>**Dispute Resolution**</u>.

In the event of any dispute between or conflicting claims by or among the Depositor and any other person or entity with respect to any Proceeds held in the Escrow Account, the Escrow Agent shall be entitled, at its sole discretion, to refuse to comply with any and all claims, demands or instructions with respect to such Proceeds so long as such dispute or conflict shall continue, and the Escrow Agent shall not be or become liable in any way to the Depositor for the Escrow Agent's failure or refusal to comply with such conflicting claims, demands or instructions, except to the extent under the circumstances such failure would constitute gross negligence or willful misconduct on the part of the Escrow Agent. The Escrow Agent shall be entitled to refuse to act until, at its sole discretion, either such conflicting or adverse claims or demands shall have been finally determined in a court of competent jurisdiction or settled by agreement between the conflicting parties as evidenced in writing, satisfactory to the Escrow Agent, or the Escrow Agent shall have received security or an indemnity satisfactory to the Escrow Agent sufficient to save the Escrow Agent harmless from and against any and all loss, liability or expense which the Escrow Agent may incur by reason of the Escrow Agent's acting. The Escrow Agent may in addition elect at its sole discretion to commence an interpleader action or seek other judicial relief or orders as the Escrow Agent may deem necessary.

Section 10. <u>**Extraordinary Expense**</u>.

It is understood that fees and usual charges agreed upon for the Escrow Agent's services shall be considered compensation for its services as contemplated by this Agreement, and if the Escrow Agent renders any service not provided for in this Agreement, or if there is any assignment of any interest in the subject matter of this Agreement or any modification of this Agreement, or if any controversy arises under this Escrow Agreement or the Escrow Agent is made a party to any litigation pertaining to this Agreement or the subject matter of this Agreement, the Escrow Agent shall be reasonably compensated for those extraordinary services and reimbursed for all reasonable costs and expenses occasioned by such services, controversy or litigation and the Depositor hereby promises to pay such sums upon demand.

Section 11. <u>**Governing Law**</u>.

This agreement shall be governed and construed in accordance with the laws of the State of New York without reference to the principles thereof respecting conflicts of laws. This Agreement may be executed in counterparts, each of which so executed shall be deemed an original, and said counterparts together shall constitute one and the same instrument.

Section 12. <u>**Maintenance of Record**</u>.

The Escrow Agent shall maintain accurate records of all transactions hereunder. Promptly after the termination of this Agreement, and as may from time to time be reasonably requested by the Depositor or any Subscriber before such termination, the Escrow Agent shall provide the Depositor or such Subscriber with a copy of such records, certified by the Escrow Agent to be a complete and accurate account of all transactions hereunder. The authorized representatives of the Depositor and the Subscribers shall also have access to the Escrow Agent's books and records to the extent relating to its duties hereunder, during normal business hours upon reasonable notice to the Escrow Agent.

Section 13. <u>**Successors and Assigns of Escrow Agent**</u>.

Any corporation or other company into which the Escrow Agent may be merged or converted or with which it may be consolidated, or any corporation or other company resulting from any merger, conversion or consolidation to which the Escrow Agent shall be a party, or any corporation or other company succeeding to the business of the Escrow Agent shall be the successor of the Escrow Agent hereunder without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding.

Section 14. <u>**USA Patriot Act**</u>.

The Depositor hereby acknowledges that the Escrow Agent is subject to federal laws, including the Customer Identification Program ("**CIP**") requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which the Escrow Agent must obtain, verify and record information that allows the Escrow Agent to identify the Depositor. Accordingly, prior to opening the Escrow Account hereunder, the Escrow Agent will ask the Depositor to provide certain information including, but not limited to, the Depositor's name, physical address, tax identification number and other information that will help the Escrow Agent to identify and verify the Depositor's identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. The Depositor agrees that the Escrow Agent cannot open the Escrow Account hereunder unless and until the Escrow Agent verifies the Depositor's identity in accordance with the Escrow Agent's CIP.

Section 15. <u>**Information Sharing**</u>.

The Bank of New York Mellon Corporation is a global financial organization that operates in and provides services and products to clients through its affiliates and subsidiaries located in multiple jurisdictions (the "**BNY Mellon Group**"). The BNY Mellon Group may (i) centralize in one or more affiliates and subsidiaries certain activities (the "**Centralized Functions**"), including audit, accounting, administration, risk management, legal, compliance, sales, product communication, relationship management, and the compilation and analysis of information and

data regarding the Depositor (which, for purposes of this provision, includes the name and business contact information for the Depositor's employees and representatives) and the accounts established pursuant to this Agreement ("**Depositor Information**") and (ii) use third party service providers to store, maintain and process Depositor's Information ("**Outsourced Functions**"). Notwithstanding anything to the contrary contained elsewhere in this Agreement and solely in connection with the Centralized Functions and/or Outsourced Functions, the Depositor consents to the disclosure of, and authorizes BNY Mellon to disclose, Depositor's Information to (i) other members of the BNY Mellon Group (and their respective officers, directors and employees) and to (ii) third-party service providers (but solely in connection with Outsourced Functions) who are required to maintain the confidentiality of Depositor's Information. In addition, the BNY Mellon Group may aggregate Depositor's Information with other data collected and/or calculated by the BNY Mellon Group, and the BNY Mellon Group will own all such aggregated data, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Depositor Information with Depositor. Depositor represents that it is authorized to consent to the foregoing and that the disclosure of Depositor's Information in connection with the Centralized Functions and/or Outsourced Functions does not violate any relevant data protection legislation. The Depositor also consents to the disclosure of Depositor's Information to governmental and regulatory authorities in jurisdictions where the BNY Mellon Group operates and otherwise as required by law.

Section 16. <u>**Sanctions**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Throughout the term of this Agreement, the Depositor: (i) will have in place and will implement policies and procedures designed to prevent violations of Sanctions (defined below), including measures to accomplish effective and timely scanning of all relevant data with respect to its clients and with respect to incoming or outgoing Proceeds or transactions relating to this Agreement; (ii) shall ensure that neither the Depositor nor any of its affiliates, directors, officers, employees is an individual or entity that is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions; or (B) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions; and (iii) shall not, directly or indirectly, use the services and/or Escrow Account in any manner that would result in a violation by the Depositor or the Escrow Agent of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Depositor will promptly provide to the Escrow Agent such information as the Escrow Agent reasonably requests in connection with the matters referenced in this Section, including information regarding the Depositor, the Escrow Account, the Proceeds in relation to which services are to be provided and the source thereof, and the identity of any individual or entity having or claiming an interest therein. The Escrow Agent may decline to act or provide services in respect of the Escrow Account, and take such other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section. If the Escrow Agent declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by applicable law or official request, the Escrow Agent will inform the Depositor as soon as reasonably practicable.

"Sanctions" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC")), the United Nations Security Council, the European Union, HM Treasury.

Section 17. <u>**Miscellaneous**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Nothing in this Agreement is intended or shall confer upon anyone other than the parties any legal or equitable right, remedy or claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The invalidity of any portion of this Agreement shall not affect the validity of the remainder hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) This Agreement is the final integration of the agreement of the parties with respect to the matters covered by it and supersedes any prior understanding or agreement, oral or written, with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Except as provided in Section 13, the rights and obligations of each party hereto may not be assigned or delegated to any other person without the written consent of the other parties hereto. Subject to the foregoing, the terms and provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) No printed or other material in any language, including prospectuses, notices, reports, and promotional material which mentions "The Bank of New York Mellon" by name or the rights, powers, or duties of the Escrow Agent under this Agreement shall be issued by any other parties hereto, or on such party's behalf, without the prior written consent of Escrow Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) In no event shall the Escrow Agent be liable for special, punitive, indirect or consequential losses or damages of any kind whatsoever (including lost profit), even if the Escrow Agent has been advised of the likelihood of such loss or damage and regardless of the form of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) The Escrow Agent will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by natural disasters, fire, acts of God, strikes or other labor disputes, work stoppages, acts of war or terrorism, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint, the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control. The Escrow Agent will use commercially reasonable efforts to minimize the effect of any such events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) This Agreement shall be binding upon and inure to the benefit of only the parties hereto and their respective successors and assigns, but shall not create any rights in any third parties.

[SIGNATURE PAGE FOLLOWS]

**IN WITNESS WHEREOF**, each of the parties has caused this Agreement to be executed by a duly authorized officer as of the day and year first written above.

GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND

By:_____________________________

Name: Brian E. Binder

Title: Chief Executive Officer

THE BANK OF NEW YORK MELLON

as Escrow Agent

By:_____________________________

Name:

Title:

**Fee Schedule**

[ ]

## Ex-99

**Exhibit (k)(4)**

**GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND**

Plan pursuant to Rule 18f-3<br> under the Investment Company Act of 1940

January 14, 2026

The Plan (the "Plan") pursuant to Rule 18f-3 under the Investment Company Act of 1940 (the "Act") of Guggenheim Investments Private Credit Fund (the "Fund"), which sets forth the general characteristics of, and the general conditions under which the Fund may offer, multiple classes of shares.<sup>[1]</sup> This Plan may be revised or amended from time to time as provided below.

**Class Designations**

The Fund, or any portfolio thereof, may from time to time issue one or more of the following classes of shares: Class S shares, Class D shares and Class I Shares (each, a "Class"). Each of the three classes of shares will represent interests in the same portfolio of investments of the Fund and, except as described herein, shall have the same rights and obligations as each other Class. Each Class shall be subject to such investment minimums and other conditions of eligibility as are set forth in the prospectus or statement of additional information through which such shares are issued, as from time to time in effect (the "Prospectus").

**Class Characteristics**

Class S shares are offered at a public offering price that is equal to their net asset value ("NAV"), without any initial sales charge, plus an ongoing Rule 12b-1 shareholder servicing and/or distribution fee of 0.85%, as described in the Prospectus.

Class D shares are offered at their NAV, without any initial sales charge, plus an ongoing Rule 12b-1 shareholder servicing and/or distribution fee of 0.25%, as described in the Prospectus.

Class I shares are offered at their NAV, without any initial sales charge or 12b-1 ongoing shareholder servicing and/or distribution fee, as described in the Prospectus.

**Allocations to Each Class**

***Expense Allocations***

All expenses incurred by the Fund shall be allocated on a Class-by-Class basis, based on the respective net assets of the Fund attributable to each such Class, except that the net asset value and expenses of each Class will reflect (i) Rule 12b-1 fees payable by the Fund to the distributor, intermediary manager or principal underwriter of the Fund's shares (the "Distributor"), as

<sup>[1]</sup> This Plan is intended to allow the Fund to offer multiple classes of shares to the full extent and in the manner permitted by Rule 18f-3 under the Act (the "Rule"), subject to the requirements and conditions imposed by the Rule.

applicable, attributable to a particular Class, if any, (ii) shareholder services fees attributable to a particular Class (including transfer agency fees, if any), and (iii) any other incremental expenses of that Class.

Subject to the approval of the Fund's Board of Trustees (the "Board"), including a majority of the disinterested Trustees, the following "Class Expenses" may be allocated on a Class-by-Class basis: (a) administrative and/or accounting or similar fees (each as described in the Prospectus) incurred by a specific Class; (b) legal, printing and postage expenses related to preparing and distributing to current shareholders of a specific Class materials such as shareholder reports, Prospectuses and proxies; (c) Blue Sky fees incurred by a specific class, if applicable; (d) Securities and Exchange Commission registration fees incurred by a specific Class; (e) expenses of administrative personnel and services required to support the Shareholders of a specific Class; (f) trustees' fees incurred as a result of issues relating to a specific Class; (g) auditors' fees, litigation expenses, and other legal fees and expenses relating to a specific Class; (h) incremental transfer agent fees and shareholder servicing expenses identified as being attributable to a specific Class; (i) account expenses relating solely to a specific Class; (j) expenses incurred in connection with any shareholder meetings as a result of issues relating to a specific Class; and (k) any such other expenses (not including advisory or custodial fees or other expenses related to the management of the Fund's assets) actually incurred in a different amount by a Class or related to a Class's receipt of services of a different kind or to a different degree than another Class.

All expenses not now or hereafter designated as Class Expenses ("Fund Expenses") will be allocated to each Class on the basis of the net asset value of that Class in relation to the net asset value of the Fund.

***Waivers and Reimbursements***

The investment adviser of the Fund (the "Adviser") or Distributor may choose to waive or reimburse Rule 12b-1 fees, transfer agency fees or any Class Expenses on a voluntary, temporary basis. Such waiver or reimbursement may be applicable to some or all of the Classes and may be in different amounts for one or more Classes.

***Income, Gain and Losses***

Income and realized and unrealized capital gains and losses shall be allocated to each Class on the basis of the net asset value of that Class in relation to the net asset value of the Fund.

**Conversion and Exchange Features**

Shares of one Class may be exchanged, at the shareholder's option, for shares of another Class of the Fund (an "intra-Fund exchange"), if and to the extent an applicable intra-Fund exchange privilege is disclosed in the Prospectus and subject to the terms and conditions (including the imposition or waiver of any sales load, repurchase fee or early withdrawal charge) set forth in the Prospectus, provided that the shareholder requesting the intra-Fund exchange meets the eligibility requirements of the Class into which such shareholder seeks to exchange.

**Voting Rights**

Each Class of shares of the Fund will vote separately as a Class on any matter submitted to shareholders in which the interests of one Class differ from the interests of any other Class and on any matter submitted to shareholders that relates solely to such Class's arrangement.

**Responsibilities of the Trustees**

On an ongoing basis, the Trustees will monitor the Fund for the existence of any material conflicts among the interests of the three Classes of shares. The Trustees shall further monitor on an ongoing basis the use of waivers or reimbursement by the Adviser and the Distributor of expenses to guard against cross-subsidization between Classes. The Trustees, including a majority of the disinterested Trustees, shall take such action as is reasonably necessary to eliminate any such conflict that may develop. If a conflict arises, the Adviser and Distributor, at their own cost, will remedy such conflict up to and including establishing one or more new registered management investment companies.

**Reports to the Trustees**

The Adviser and Distributor will be responsible for reporting any potential or existing conflicts among the three Classes of shares to the Trustees. In addition, the Trustees will receive quarterly and annual statements concerning distributions and shareholder servicing expenditures complying with paragraph (b)(3)(ii) of Rule 12b-1. In the statements, only expenditures properly attributable to the sale or servicing of a particular Class of shares shall be used to justify any distribution or service fee charged to that Class. The statements, including the allocations upon which they are based, will be subject to the review of the disinterested Trustees in the exercise of their fiduciary duties.

**Amendments**

The Plan may be amended from time to time in accordance with the provisions and requirements of the Rule.

**Severability**

If any provision of this Plan is held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Plan will not be affected thereby.

**Compliance with Fund Governance Standards**

While the Plan is in effect, the Fund's Board will comply with the fund governance standards set forth in Rule 0-1(a)(7) under the Act.

**Effectiveness**

The effective date of this Plan shall be the date upon which the Fund has an effective registration statement under the Securities Act of 1933, as amended, with respect to more than one Class.

## Ex-99

**Exhibit (k)(5)**

**FORM OF EXPENSE SUPPORT AND CONDITIONAL REIMBURSEMENT AGREEMENT**

This Expense Support and Conditional Reimbursement Agreement (the "**Agreement**") is made this [ ] day of [ ], 2026, by and between GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND, a Delaware statutory trust (the "**Fund**"), and GUGGENHEIM PRIVATE INVESTMENTS, LLC, a Delaware limited liability company (the "**Adviser**").

WHEREAS, the Fund is a non-diversified, closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended (the "**Investment Company Act**");

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated [ ] 2026, entered between the Fund and the Adviser, as may be amended or restated (the "**Investment Advisory Agreement**"); and

WHEREAS, the Fund and the Adviser have determined that it is appropriate and in the best interests of the Fund that the Adviser may elect to pay a portion of the Fund's expenses from time to time, which the Fund will be obligated to reimburse to the Adviser at a later date if certain conditions are met.

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

1. <u>Adviser Expense Payments to the Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At such times as the Adviser determines, the Adviser may elect to pay certain expenses of the Fund on the Fund's behalf (each such payment, an "**Expense Payment**"). In making an Expense Payment, the Adviser will designate, as it deems necessary or advisable, what type of expense it is paying (including, whether it is paying organizational or offering expenses); provided that no portion of an Expense Payment will be used to pay any interest expense or distribution and/or shareholder servicing fees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's right to receive an Expense Payment shall be an asset of the Fund upon the Adviser committing in writing to pay the Expense Payment. Any Expense Payment that the Adviser has committed to pay shall be paid by the Adviser to the Fund in any combination of cash or other immediately available funds no later than forty-five days after such commitment was made in writing, and/or offset against amounts due from the Fund to the Adviser or its affiliates.

2. <u>Reimbursement of Expense Payments by the Fund</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following any calendar month in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Fund's shareholders based on distributions declared with respect to record dates occurring in such calendar month (the amount of such excess being hereinafter referred to as "**Excess Operating Funds**"), the Fund shall pay

such Excess Operating Funds, or a portion thereof in accordance with Sections 2(b) and 2(c), as applicable, to the Adviser until such time as all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month have been reimbursed. Any payments required to be made by the Fund pursuant to this Section 2(a) shall be referred to herein as a "**Reimbursement Payment**." For purposes of this Agreement, "**Available Operating Funds**" means the sum of (i) the Fund's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Fund's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Fund on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of the Reimbursement Payment for any calendar month shall equal the lesser of (i) the Excess Operating Funds in such month and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Fund within three years prior to the last business day of such calendar month that have not been previously reimbursed by the Fund to the Adviser; provided that the Adviser may waive its right to receive all or a portion of any Reimbursement Payment in any particular calendar month, in which case such waived amount will remain unreimbursed Expense Payments reimbursable in future months pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, no Reimbursement Payment for any month shall be made if: (1) the Fund's Operating Expense Ratio at the time of such Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relate, (2) the effective rate of distributions per common share of beneficial interest of the Fund ("Share") ("**Effective Rate of Distributions Per Share**") declared by the Fund at the time of such Reimbursement Payment is less than the Effective Rate of Distribution Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (3) the Fund's Operating Expense Ratio exceeds 1.00% of the Fund's net asset value (on an annualized basis). The "Effective Rate of Distributions Per Share" means the annualized rate (based on a 365-day year) of regular cash distributions per Share exclusive of returns of capital, distribution rate reductions due to distribution and/or shareholder servicing fees, and declared special dividends or special distributions, if any. The "**Operating Expense Ratio**" is calculated by dividing Operating Expenses by the Fund's monthly average net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's obligation to make a Reimbursement Payment shall automatically become a liability of the Fund on the last business day of the applicable calendar month, except to the extent the Adviser has waived its right to receive such payment for the applicable month. In connection with any Reimbursement Payment, the Fund may deliver a notice to the Adviser. The Reimbursement Payment for any calendar month shall be paid by the Fund to the Adviser in any combination of cash or other immediately available funds as promptly as possible following such calendar month and in no event later than forty-five days after the end of such calendar month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Reimbursement Payments hereunder shall be deemed to relate to the earliest unreimbursed Expense Payments made by the Adviser to the Fund within three years prior to the

last business day of the calendar month in which such Reimbursement Payment obligation is accrued.

3. <u>Termination and Survival</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated, without the payment of any penalty, by the Fund or the Adviser at any time, with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the Investment Advisory Agreement (but for the avoidance of doubt, not upon an amendment or amendment and restatement of the Investment Advisory Agreement); (ii) the board of trustees of the Fund makes a determination to dissolve or liquidate the Fund; or (iii) upon a quotation or listing of the Fund's securities on a national securities exchange (including through an initial public offering) or a sale of all or substantially all of the Fund's assets to, or a merger or other liquidity transaction with, an entity in which the Fund's shareholders receive shares of a publicly-traded company which continues to be managed by the Adviser or an affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sections 3 and 4 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything to the contrary, Section 2 of this Agreement shall survive any termination of this Agreement with respect to any Expense Payments that have not been reimbursed by the Fund to the Adviser.

4. <u>Miscellaneous</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement shall be construed in accordance with the laws of the State of New York. For so long as the Fund is regulated as a business development company under the Investment Company Act, this Agreement shall also be construed in accordance with the applicable provisions of the Investment Company Act. In such case, to the extent the applicable laws of the State of New York or any of the provisions herein conflict with the provisions of the Investment Company Act, the latter shall control. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's Amended and Restated Declaration of Trust or By-Laws, as each may be amended or restated, or to relieve or deprive the board of trustees of the Fund of its responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended in writing by mutual consent of the parties. This Agreement may be executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication, each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

[Remainder of page intentionally left blank.]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND

By: <u>_____________</u><br> Name: Brian E. Binder

Title: Chief Executive Officer

GUGGENHEIM PRIVATE INVESTMENTS, LLC

By: <u>_____________</u><br> Name: Mark E. Mathiasen<br> Title: Managing Director

## Ex-99

![](dechert.jpg)

**Dechert LLP**

1900 K Street, N.W.<br> Washington, DC 20006-1110

+1 202 261 3300 Main

+1 202 261 3333 Fax

February 4, 2026

Guggenheim Investments Private Credit Fund

330 Madison Avenue

New York, NY 10017

Re:&nbsp;&nbsp;&nbsp;&nbsp;<u>Registration Statement on Form N-2</u>

Ladies and Gentlemen:

We have acted as counsel to Guggenheim Investments Private Credit Fund, a Delaware statutory trust (the "<u>Fund</u>"), in connection with the preparation and filing of the Registration Statement on Form N-2 (File No. 333-288649) as originally filed on July 11, 2025 with the Securities and Exchange Commission (the "<u>Commission</u>"), as amended on November 26, 2025, and as subsequently amended on February 4, 2026 (the "<u>Registration Statement</u>"), under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), relating to the issuance by the Fund of up to an aggregate of $2,500,000,000 worth of gross offering proceeds. This opinion letter is being furnished to the Fund in accordance with the requirements of Item 25 of Form N-2 under the Investment Company Act of 1940, as amended, and we express no opinion herein as to any matter other than as to the legality of the common shares of beneficial interest of the Fund (the "<u>Common Shares</u>"). Capitalized terms used herein but not defined shall have the meanings ascribed to them in the Registration Statement.

In rendering the opinion expressed below, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Fund and others and such other documents as we have deemed necessary or appropriate as a basis for rendering this opinion, including the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the certificate of trust
of the Fund, filed as Exhibit (a)(1) to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the second amended and restated declaration of trust of the Fund, filed as Exhibit (a)(4) to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the amended and restated bylaws
of the Fund, filed as Exhibit (b)(2) to the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a certificate of good standing
with respect to the Fund issued by the Secretary of State of the State of Delaware, dated January 23, 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) resolutions
 of the board of trustees of the Fund relating to, among other things, the authorization and approval of the preparation and filing
 of the Registration Statement and the authorization and issuance of the Common Shares.

As to the facts upon which this opinion is based, we have relied, to the extent we deem proper, upon certificates of public officials and certificates and written statements of officers, trustees, employees and representatives of the Fund without having independently verified such factual matters.

In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as original documents and the conformity to original documents of all documents submitted to us as copies. In addition, we have assumed (i) the legal capacity of natural persons, and (ii) the legal power and authority of all persons signing on behalf of the parties to all documents (other than the Fund). We have further assumed that there has been no oral modification of, or amendment or supplement (including any express or implied waiver, however arising) to, any of the agreements, documents or instruments used by us to form the basis of the opinion expressed below.

On the basis of the foregoing and subject to the assumptions and qualifications set forth in this letter, we are of the opinion that the Common Shares, when duly issued and sold in accordance with the Registration Statement and delivered to the purchaser or purchasers thereof against receipt by the Fund of such lawful consideration therefor as the Board of Trustees (or a duly authorized committee thereof) may lawfully determine and at a price per share not less than the per share par value of the Common Shares, will be validly issued, fully paid and nonassessable.

The opinion expressed herein is limited to the Delaware Statutory Trust Act. We express no opinion concerning the laws of any other jurisdiction, and we express no opinion concerning any state securities or "blue sky" laws, rules or regulations, or any federal, state, local or foreign laws, rules or regulations relating to the offer and/or sale of the Common Shares.

We assume no obligation to advise you of any changes in the foregoing subsequent to the date of this opinion.

This opinion letter has been prepared for the Fund's use solely in connection with the Registration Statement. The opinions expressed in this opinion letter (i) are strictly limited to the matters stated in this opinion letter, and without limiting the foregoing, no other opinions are to be implied and (ii) are only as of the date of this opinion letter. We are under no obligation, and do not undertake, to advise the addressee of this opinion letter or any other person or entity either of any change of law or fact that occurs, or of any fact that comes to our attention, after the date of this opinion letter, even though such change or such fact may affect the legal analysis or a legal conclusion in this opinion letter.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to this firm under the caption "Legal Matters" in the prospectus which forms a part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

Very truly yours,

<u>/s/ Dechert LLP</u> 

Dechert LLP

## Ex-99

![](image_001.gif)

KPMG LLP

Aon Center

Suite 5500

200 E. Randolph Street

Chicago, IL 60601-6436

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated January 13, 2026, with respect to the financial statements of Guggenheim Investments Private Credit Fund as of January 2, 2026, included herein, and to the reference to our firm under the heading "Experts" in the prospectus.

/s/KPMG LLP

Chicago, Illinois

February 4, 2026

<sub>KPMG LLP, a Delaware limited liability partnership, and its subsidiaries are part of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.</sub>

## Ex-99

**Exhibit (p)**

**SUBSCRIPTION AGREEMENT**

This Subscription Agreement is entered into this 2nd day of January, 2026, by and between Guggenheim Investments Private Credit Fund, a Delaware statutory trust (the "<u>Fund</u>"), and GIHII Asset Holdings, LLC (the "<u>Subscriber</u>").

WHEREAS, the Fund has been formed for the purposes of carrying on business as a closed-end management investment company that has elected to be regulated as a business development company; and

WHEREAS, the Subscriber wishes to subscribe for and purchase, and the Fund wishes to sell to the Subscriber, 400 Class I Shares of the Fund's common shares of beneficial interests, par value $0.01 per share (the "<u>Shares</u>"), for a purchase price of $25.00 per Share, which will comprise all of the issued shares of the Fund; and

NOW, THEREFORE, the Fund and the Subscriber agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Subscriber subscribes for, and agrees to purchase from, the Fund 400 Shares for a purchase price of $25.00 per Share. The Subscriber
agrees to make payment for these Shares at such time as demand for payment may be made by an officer or trustee of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund agrees to issue and sell said Shares to Subscriber promptly upon its receipt of the purchase price.

&nbsp;&nbsp;&nbsp;&nbsp;3. To induce the Fund to accept its subscription and issue the Shares subscribed for, the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Represents and warrants that it has no present intention of selling the Shares subscribed for under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;4. This Subscription Agreement and all of its provisions shall be binding upon the legal representatives, heirs, successors and assigns
of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;5. This Subscription Agreement is executed on behalf of the Fund by the Fund's officers, as officers and not individually, and
the obligations imposed upon the Fund by this Subscription Agreement are not binding upon any of the Fund's trustees, officers or
shareholders individually but are binding only upon the assets and property of the Fund.

[*Signature Page Follows*]

IN WITNESS WHEREOF, this Subscription Agreement has been executed by the parties hereto as of the day and date first above written.

Guggenheim Investments Private Credit Fund <br>

---

| | |
|:---|:---|
| By: | /s/ Brian E. Binder |
| Name: | Brian E. Binder |
| Title: | Chief Executive Officer |
| GIHII Asset Holdings, LLC | GIHII Asset Holdings, LLC |

---

---

| | |
|:---|:---|
| By: | /s/ Suzanne Stone |
| Name: | Suzanne Stone |
| Title: | Attorney-in-Fact |

---

## Ex-99

**Exhibit (r)(1)**

**Appendix C**<br>**Code of Ethics**

**Business Unit Responsible:** Central and GI Compliance Departments ("Compliance")

**Covered Entities:**

This Code of Ethics adopted under Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") covers the Guggenheim Investments Private Credit Fund.

**Procedure:**

Guggenheim Investments Private Credit Fund (the "Fund" or the "Company") is confident that their officers, trustees, directors and employees (if any) act with integrity and good faith. The Fund recognizes, however, that personal interests may conflict with a Fund's interests where trustees, directors, officers or employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Know about present
or future portfolio transactions or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have the power
to influence portfolio transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engage in personal
transactions in securities.

In an effort to prevent these conflicts from arising and in accordance with Rule 17j-1(c)(1) under the 1940 Act and Rule 204A-1 under the Advisers Act, The Fund has adopted this Code of Ethics and all amendments thereto (together, the "Code") to prohibit transactions that create, may create, or appear to create conflicts of interest, and to establish reporting requirements and enforcement procedures. Each trustee, officer and employee of the Fund should carefully read and review this Code.

**1. About the Fund**

&nbsp;&nbsp;&nbsp;&nbsp;1.1. The Fund is a closed-end
investment management company that has elected to be regulated as a business development company under the 1940 Act.

**2. About this Code of Ethics**

**2.1. Transaction-Related and Reporting Provisions**

As a condition of employment, all individual employees, officers, principals, partners and trustees of Guggenheim Investments (generally referred to as "Employees") are required to comply with the Code. In addition, the following categories of persons are considered to be Adviser Access Persons and are required to comply with the Code together with Employees. "<u>Adviser Access Person</u>" includes any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employee, Director,
officer, manager, principal and partner of the Fund's adviser (the "Adviser") or intermediary manager or principal
underwriter (the "Distributor") (or other persons occupying a similar status or performing similar functions), or other person
who provides advice on behalf of the Adviser or is subject to the Adviser's supervision and control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has access to nonpublic
information regarding any of the Adviser's client's purchases or sales of securities, or nonpublic information regarding
the portfolio holdings of any client account the Adviser or their affiliates manage, or any fund which is advised or sub-advised by the
Adviser (or certain affiliates, where applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Makes recommendations
or investment decisions on behalf of the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Has the power to
exercise a controlling influence over the management and policies of the Adviser, or over investment decisions, who obtains information
concerning recommendations made to a client account with regard to the purchase or sale of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Compliance
Officer shall determine on a case-by-case basis whether a temporary employee (e.g., consultant or intern) should be considered an Adviser
Access Person. Such determination shall be made based upon an application of the criteria provided above, whether an appropriate confidentiality
agreement is in place, and such other information as may be necessary to ensure that proprietary information is protected. As such, temporary
employees may only be subject to certain sections of the Code, such as certifying to it, or may be exempt from certain reporting requirements
such as not having to hold their reportable accounts at the permitted broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any person deemed
to be an Adviser Access Person by the <u>Compliance Officer</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All Trustees of
the Fund, both <u>Interested</u> and <u>Independent</u>.

In addition to <u>Adviser Access Persons</u>, persons qualifying as <u>Natural Control Persons</u> include natural persons in a <u>control</u> relationship with the Company who obtain information concerning recommendations made to the Fund or client about the <u>purchase or sale</u> of a <u>security</u> *and are not specifically covered by any other section of the Code.*

**In addition to the general principles and limitations set forth below, for the prohibitions and reporting requirements that specifically apply to you, please refer to Parts A-C, as indicated below. (Definitions of <u>underlined</u> terms are included in Appendix A.)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Independent Trustees of the Fund - Part A** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Adviser Access Persons (Other than Independent Trustees of the Fund) - Part B** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Natural Control Persons - Part C** 

**2.2. Other Provisions**

The remainder of this Code sets forth general principles, required course of conduct, reporting obligations, and the Fund's review, enforcement and recordkeeping responsibilities as well as other miscellaneous information and general limits.

**3. Statement of General Principles**

In recognition of the trust and confidence placed in Guggenheim Investments by its clients and shareholders of the Fund, and because the Fund believes that its operations should benefit clients and shareholders, the Fund has adopted the following universally applicable principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Shareholders'
and clients' interests are paramount. You must place shareholder and client interests before your own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. You must accomplish
all personal <u>securities</u> transactions in a manner that avoids an actual conflict or even the appearance of a conflict of your
personal interests with those of the Company's clients, including the Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You must avoid
actions or activities that allow (or appear to allow) you or your <u>immediate family</u> to profit or benefit from your position
with the Fund, or that bring into question your independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. You must comply
with all applicable federal and state securities laws, including the prohibitions against the misuse of material nonpublic information,
in conducting yourself and the operations of the Fund.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield investment personnel from liability for personal trading or other conduct that violates a fiduciary duty to the Company's clients or the Fund's shareholders.

**4. Required Course of Conduct and General Limits**

**4.1. Prohibition Against Fraud, Deceit and Manipulation**

You may not, in connection with the <u>purchase or sale</u>, directly or indirectly, of a <u>security held or to be acquired</u> by the Fund or client account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. employ any device,
scheme or artifice to defraud the Fund or client account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. make to the Fund
or client any untrue statement of a material fact or omit to state to the Fund or client a material fact necessary in order to make the
statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. engage in any act,
practice or course of business which would operate as a fraud or deceit upon the Fund or client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. engage in any manipulative
practice with respect to the Fund or client account.

Two of the most common risks associated with personal <u>securities</u> transactions are front-running and trading opposite the Fund or client account. For example, front-running would include the purchase of a <u>security</u> any time within seven days ahead of when the Fund or client account purchases the same <u>security</u> or the sale of a <u>security</u> any time within seven days ahead of when the Fund or client account sells the same <u>security</u>. An example of trading opposite a Fund or client account would include the sale of a <u>security</u> any time within seven days after the Fund or client account purchases the same <u>security</u> or the purchase of a security any time within seven days after the Fund or client account sells the same <u>security</u>.

**4.2. Limits on Accepting or Receiving Gifts**

The Fund's Adviser and Distributor have separate policies with respect to limits on receipt of gifts and entertainment. Employees should refer to the applicable gifts and entertainment policy.

**4.3. Outside Business Activities**

The Fund's Adviser and Distributor have separate policies with respect to employees' outside business activities. Employees are prohibited from taking part in any outside employment without prior approval from their Supervisor and Compliance. Employees should refer to the applicable outside business activities policy.

Employee participation in outside activities related to virtual currency (*e.g*., blockchain entities, bitcoin mining, etc.) requires pre-approval under the Adviser's and Distributor's outside business activities policy.

**4.4. Excessive Trading**

<u>Adviser Access Persons</u> shall not engage in excessive trading or market timing of the Fund; provided, however, that this prohibition does not apply to <u>a tradable fund</u>. Such activity is inconsistent with the fiduciary principles of this Code, which require that <u>Adviser Access Persons</u> place the interests of clients above their own interests.

<u>Adviser Access Persons</u> shall not make more than 60 <u>securities</u> trades in any calendar quarter. Transactions that do not require pre-clearance are not included in the 60 securities trades permitted during any calendar quarter.

**4.5. Section 16 Reporting on Closed-End Fund Shares and Business Development Companies**

**For all business development company ("BDC") Trustees and Officers, please be reminded that Section 16 of the Securities Exchange Act of 1934 ("1934 Act") imposes reporting requirements with respect to your ownership of the CEFs.** Section 16(a) requires each Trustee and Officer to file (i) an initial report with the SEC on Form 3 disclosing his or her status as a reporting person under Section 16(a), and his or her beneficial ownership of all equity securities of the BDC at the time of attaining such status; (ii) changes in such beneficial ownership on Form 4; and (iii) an annual statement of changes in beneficial ownership on Form 5 (if such changes were not previously reported on Forms 3 or 4). The Trustees and Officers should review the BDC's Section 16 policies and procedures for more information relating to their reporting requirements under those policies and procedures as well as Section 16 of the 1934 Act.

**4.6. Use of Compliance Platform**

The Fund utilizes an electronic Compliance Platform to manage certain reporting and certification obligations required of Adviser Access Persons. Adviser Access Persons are required to use the Compliance Platform specified by Compliance to complete reporting specified by the Code of Ethics.

At the time of designation as an Adviser Access Person, Adviser Access Persons will be provided with login information and instructions for using the Compliance Platform.

**5. Confidentiality**

All personal <u>securities</u> transactions reports and any other information filed with the Fund under this Code will be treated as confidential, provided, however, that such reports and related information may be produced to the U.S. Securities and Exchange Commission (the "SEC") and other regulatory agencies or as otherwise required by law.

**6. Interpretation of Provisions and Interrelationship with Other Codes of Ethics**

The Board of Trustees of the Fund may from time to time adopt such interpretations of this Code as they deem appropriate.

To the extent that the Adviser delegates certain of its advisory responsibilities to an investment sub-adviser, such sub-adviser must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establish, maintain
and enforce a code of ethics that meets the minimum requirements set forth in Rule 204A-1 under the Advisers Act and Rule 17j-1 under
the 1940 Act, and submit such code of ethics to the Fund's Board of Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• on a quarterly
basis provide the Fund or the Adviser of such Fund a written attestation that the sub-adviser is in compliance with its code of ethics
adopted pursuant to Rule 17j-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promptly report,
in writing, to the Fund any material amendments to such code(s) of ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• promptly furnish
to the Fund or the Adviser to the Fund, upon request, copies of any reports made pursuant to such code of ethics by any person who is
a <u>Sub-Adviser Access Person</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately furnish
to the Fund or the Adviser to the Fund, upon request, all material information regarding any violation of such code of ethics by any
person who is a Sub-Adviser Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least once a
year, provide the Fund or the Adviser of the Fund a *written* report that describes any issue(s) that arose during the previous
year under its code of ethics, including any material code violations and any resulting sanction(s), and a certification that it has
adopted measures reasonably necessary to prevent its personnel from violating its code of ethics.

The sub-adviser should also establish a policy or adopt in its code of ethics that <u>Sub-Adviser Access Persons</u> shall not engage in excessive trading. Such activity is inconsistent with the fiduciary principles of this Code, which require that <u>Sub-Adviser Access Persons</u> place the interests of clients above their own interests.

**7. Acknowledgment of Receipt and Annual Certification**

Each trustee, officer, employee and member of the Company will receive a copy of the Code and any subsequent material amendments to the Code, and each such person must acknowledge receipt of the Code in writing on an annual basis. Each such person is required to certify annually that he/she (i) has read and understands the Code, (ii) is aware that he/she is subject to the provisions of this Code, (iii) has complied with the Code at all times during the previous calendar year, and (iv) has, during the previous calendar year, reported all holdings and transactions that he/she is

required to report pursuant to the Code. The acknowledgement of receipt and certification may be made electronically through a manner specified by Compliance.

**Exception Handling:**

A <u>Compliance Officer</u>, in his or her discretion, may exempt any person from any specific provision of the Code, if the <u>Compliance Officer</u> determines that: (a) granting the exemption does not detrimentally affect any client or the shareholders of the Fund, (b) the failure to grant the exemption will result in an undue burden on the person or limit the person's ability to render services to the Fund and (c) the exception is consistent with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. In order to request an exemption from a provision of the Code, an Adviser Access Person must submit a written request for the exemption to <u>Compliance</u>.

**Reporting Requirements:**

**1. Individual Reporting Obligations - See Parts A, B, or C as appropriate, for your specific reporting obligations.**

&nbsp;&nbsp;&nbsp;&nbsp;1.1. Obligation to Report
Violations of the Code - In addition to the individual reporting requirements referenced above, any violation of the Code must be promptly
reported to <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. Reports of individual
securities transactions are required only if you *knew* at the time of the transaction or, in the ordinary course of fulfilling
your official duties as a Trustee, *should have known*, that during the 15-calendar day period immediately preceding or following
the date of your transaction, the same security was purchased or sold, or was being considered for purchase or sale, by the Fund. Note:
The "*should have known*" standard does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Imply a duty of
inquiry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Presume you should
have deduced or extrapolated from discussions or memoranda dealing with the Fund's investment strategies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impute knowledge
from your prior knowledge of the Fund's portfolio holdings, market considerations, or investment policies, objectives and restrictions.

**2. Annual Written Report to the Board of Trustees of the Fund -** At least once a year or more frequently as deemed necessary by a <u>Compliance Officer</u>, a <u>Compliance Officer</u>, on behalf of the Company that provide services to the Fund, including the Advisers, will provide the Board of Trustees of the Fund a *written* report that includes:

2.1. Issues Arising Under the Code - The Report will describe any issue(s) that arose during the previous year under the Code, including any material Code violations, and any resulting sanctions.

2.2. Certification - The Report will certify to the Board of Trustees that the Company has adopted measures reasonably necessary to prevent its personnel from violating the Code currently and in the future.

**3. Periodic Review and Reporting -** A <u>Compliance Officer</u> (or his or her designee) will report to the Board of Trustees at least annually as to the operation of this Code and will address in any such report the need (if any) for further changes or modifications to this Code.

**Testing and Review:**

**1. Duties of <u>Compliance</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1.1. Compliance will
review electronic reports generated by the Compliance Platform that compares all reported personal <u>securities</u> transactions
with the Fund's portfolios and client accounts, as applicable, transactions completed by the Advisers, and the restricted securities
list, maintained by Central Compliance and the Fund, to determine whether a Code violation may have occurred. A <u>Compliance Officer</u> or
their designee may request additional information or take any other appropriate measures that the <u>Compliance Officer</u> or their
designee decides is necessary to aid in this determination. Before determining that a person has violated the Code, <u>Compliance</u> must
give the person an opportunity to supply explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. No person is required
to participate in a determination of whether he or she has committed a Code violation or of the imposition of any sanction against himself
or herself. If a securities transaction of a <u>Compliance</u> 

<u>Officer</u> is under consideration, a separate <u>Compliance Officer</u> other than the individual under consideration will act as the <u>Compliance Officer</u> for purposes of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;1.3 Sanctions **-** 

This Code is designed to facilitate compliance with applicable laws and to reinforce the Company's reputation for integrity in the conduct of their businesses. For violations of this Code, sanctions may be imposed as deemed appropriate by Compliance and as applicable in coordination with senior management. Escalation will depend on the severity and frequency of the infraction considering the facts and circumstances such as potential or actual harm or reputational risk to clients, prospects, Fund shareholders or the Company. A pattern of violations that individually do not violate the law, but which taken together demonstrate a pattern of lack of respect for the Code, may result in disciplinary action, including termination of employment.

Specifically, the Adviser Access Person shall be subject to remedial actions which may include, but are not limited to, any one or more of the following: (1) verbal warning and/or letter of instruction; (2) written memo or letter of caution (including requirement for additional training) or other measures; (3) enhanced supervision or management plan; (4) decrease in compensation, performance measure or other penalty; (5) personal securities trading restriction; (6) termination of employment; or (7) referral to civil or governmental authorities for possible civil or criminal prosecution. If the Adviser Access Person is normally eligible for a discretionary bonus, violations of the Code may also reduce or eliminate the discretionary portion of his/her bonus.

**Recordkeeping:**

The Company will maintain records as set forth below. These records will be maintained in accordance with Rule 31a-2 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act and will be available for examination by representatives of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of this
Code and any other code which is, or at any time within the past five years has been, in effect will be preserved in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of all persons
who are, or within the past five years have been, required to submit reports under this Code will be maintained in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each
report made by a person under this Code will be preserved for a period of not less than five years from the end of the fiscal year in
which it is made, the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each
duplicate brokerage confirmation and each periodic statement provided under this Code will be preserved for a period of not less than
five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any
Code violation and of any sanctions taken will be preserved in an easily accessible place for a period of not less than five years following
the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of each
annual report to the Board of Trustees will be maintained for at least five years from the end of the fiscal year in which it is made,
the first two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of all Acknowledgments
of Receipt and Annual Certifications as required by this Code for each person who is currently, or within the past five years was required
to provide such Acknowledgement of Receipt or Annual Certification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will
maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition of <u>securities</u> in a <u>private investment</u>, for at least five years after the end of the fiscal year in which the approval is granted.

**Disclosure:**

The Code of Ethics will be disclosed in accordance with the requirements of applicable federal law and all rules and regulations thereunder with the applicable disclosure documents.

**Revisions:**

These procedures shall remain in effect until amended, modified or terminated. The Board of Trustees must approve any material amendments to the Code within six months of the amendment.

**Part A Procedures for Independent Trustees**

**General Obligations.**

**1. Limitations**

1.1. You are subject to Sections 4.1 and 4.5 of the "Procedure" section of the Code.

**2. Required Transaction Reports**

&nbsp;&nbsp;&nbsp;&nbsp;2.1. On a quarterly
basis you must report any <u>securities</u> transactions, unless such transaction is excepted from reporting as described in 2.2
below. If reporting is required, you must submit your report of securities transactions and information about the relevant securities
account to <u>Compliance</u> no later than 30 calendar days after the end of the calendar quarter in which the transaction to which
the report relates was effected. Reports must include information consistent with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;2.2. Reports of individual <u>securities</u> transactions are required only if you *knew* at the time of the transaction or, in the ordinary course of
fulfilling your official duties as a Trustee, *should have known*, that during the 15-calendar day period immediately preceding
or following the date of your transaction, the same <u>security</u> was <u>purchased or sold</u>, or was <u>being considered for purchase or sale</u>, by the Fund.

<u>Note</u>: The "*should have known*" standard does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•imply a duty of inquiry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•presume you should have deduced or extrapolated from discussions or memoranda dealing with the Fund's investment strategies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impute knowledge from your prior knowledge of the Fund's portfolio holdings, market considerations, or investment policies, objectives and restrictions.

2.3. If you had no reportable transactions or did not open any <u>securities</u> accounts during the quarter, you are not required to submit a report.

**3. What Securities Are Covered Under Your Quarterly Reporting Obligation?**

If the transaction is reportable because it came within Section (2), above, you must report all transactions in <u>securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. The report must also contain any <u>investment account</u> you established in which any <u>securities</u> were held during the quarter. You are not required to detail or list <u>purchases or sales</u> effected for any account over which you have no direct or indirect influence or <u>control</u>.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>security</u> included in the report.

**4. Other Recommended Practices**

Although not strictly prohibited, it is recommended that Independent Trustees refrain from trading in shares of the Fund they oversee for a period of seven calendar days before and after meetings of the Board of Trustees of the Fund.

In lieu of the sanctions contemplated under Section 2 of the "Testing and Review" section of the Code, Independent Trustees shall be subject to sanctions as determined by the Board of Trustees of the Fund.

**Part B Adviser Access Persons (Other Than Independent Trustees of the Fund)**

**General Obligations**

**1. Providing a List of Securities - Initial and Annual Holdings Reports**

1.1. Initial Holdings Reports. You must submit the initial listing within 10 calendar days of the date you first become an <u>Adviser Access Person</u>. The initial listing should be a complete listing of all <u>investment accounts</u> and <u>securities,</u> including <u>private investments,</u> you <u>beneficially own</u> as of a date no more than 45 days prior to the date you become an Adviser Access Person. Reports must include information consistent with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. Annual Holdings
Reports. In addition to the Initial Holdings Report, each following year, you must submit a revised list showing the investment <u>accounts</u> and <u>securities</u> you <u>beneficially own</u> as of December 31. You must submit each annual update listing no later than 30
calendar days after December 31. Adviser Access Persons must also certify annually that they have complied with the requirements and
have disclosed all holdings required to be disclosed pursuant to the requirements of this Code. In addition, Adviser Access Persons will
respond to personal disciplinary history questions. Reports must include information consistent with regulatory requirements.

The Initial Holdings Report and Annual Holdings Reports, as applicable, will be submitted electronically, through the Compliance Platform. You will receive notification via email when the applicable report is due, including instructions on how to access the information and complete the report.

**2. Brokerage Accounts**

All <u>investment accounts</u> of new Adviser Access Persons and any <u>investment accounts</u> of current Adviser Access Persons must be maintained with brokerage firms designated and approved by Central Compliance. Compliance may grant specific exceptions in writing in limited circumstances however, in general, trading in such accounts will be prohibited.

Existing <u>investment accounts</u> of new Adviser Access Persons which are not held at the permitted broker-dealers must be transferred within 90 calendar days from the date the Adviser Access Person is so designated; the failure to transfer within this time will be considered a violation of this Code. Any request to extend the 90-day transfer deadline must be accompanied by a written explanation by the current broker-dealer as to the reason for delay. Compliance may grant specific exceptions in writing.

Prior to opening a new reportable <u>investment account,</u> you are required to submit the Personal Account Pre-Clearance Form through the Compliance Platform to obtain written consent from Compliance. You are also required to notify in writing the broker-dealer or financial institution with which you are seeking to open such reportable investment account of your association with Guggenheim Investments.

Upon opening a reportable <u>investment account</u> or obtaining an interest in an investment account that requires reporting, the account number must be reported within 5 calendar days of funding the <u>investment account</u> via the Compliance Platform or as otherwise permitted by Compliance.

**3. Duplicate Brokerage Confirmations and Statements**

If your brokerage firm provides automatic feeds for your investment accounts to the Compliance Platform, the Adviser will obtain account information electronically, after the Adviser Access Person has completed the appropriate authorizations as required by the brokerage firm. Further, you are required to provide duplicate statements upon request from Compliance.

If the brokerage firm does not provide automatic feeds to the Compliance Platform, you are responsible for providing duplicate statements for such investment accounts to Compliance within 20 days after each Quarter End. The Compliance Officer or his designee may provide exceptions to this policy on a limited basis.

**4. Independently Managed/Third-Party Discretionary Account Reporting:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adviser Access
Persons must disclose independently managed/third-party discretionary accounts, i.e., where the person has "no direct or indirect
influence or control".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adviser Access
Persons are required to obtain a signed copy of the Managed Account Letter (provided by Compliance) from their third-party investment
adviser confirming that the adviser has authority to effect transactions on behalf of the account without obtaining prior consent of
the Adviser Access Person and that the Adviser Access Person does not direct trades in the account. Adviser Access Persons are required
to provide annual renewals of the Managed Account Letter to confirm third-party discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adviser Access
Persons should immediately notify Compliance in writing if there are any changes in control over the account or if there are any changes
to the relationship between the trustee or third-party investment adviser and the Adviser Access Person (i.e., independent professional
or friend or relative, unaffiliated versus affiliated firm). Please note that an <u>immediate family</u> member with discretion
over a covered account is not considered a third-party adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trades in independently
managed/third-party discretionary accounts are not subject to the pre-clearance requirements and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Adviser
Access Persons (as determined by Compliance) are required to maintain independently managed/third-party discretionary accounts with brokerage
firms designated and approved by Central Compliance. Compliance will advise impacted Adviser Access Persons.

**5. Required Transaction Reports - Quarterly Personal Securities Transaction Reports**

On a quarterly basis you must report transactions in <u>securities</u>, as well as any <u>investment accounts</u>. You must submit your report no later than 30 calendar days after the end of the calendar quarter in which the transaction to which the report relates was effected or the investment account was opened. The Quarterly Personal Securities Transaction Reports are required in addition to delivery of duplicate brokerage confirmations and statements (via automatic feed or hard copy). Adviser Access Persons must submit Quarterly Personal Securities Transaction Reports electronically, through the Compliance Platform. You will receive notification via email when the Quarterly Personal Securities Transaction Report is due, including instructions on how to access the information and complete the report. Reports must include information consistent with regulatory requirements.

If you had no reportable transactions or did not open any <u>investment accounts</u> during the quarter, you are still required to report that you did not have any reportable transactions or open any investment accounts.

**6. What Securities Are Covered Under Your Quarterly Reporting Obligation?**

You must report all transactions in <u>securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. The report must contain any <u>investment account</u> you established during the quarter if the account has not already been reported. You are not required to detail or list <u>purchases or sales</u> effected for any account over which you have no direct or indirect influence or <u>control</u>.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>security</u> included in the report.

**7. Pre-Clearance Requirement**

You must submit a report detailing every proposed <u>securities</u> transaction in which you will acquire a <u>beneficial ownership</u> interest through the Compliance Platform and obtain pre-clearance for each securities transaction prior to engaging in the transaction. The report shall include the name of the security, date of the proposed transaction, quantity, price, and broker-dealer through which the transaction is to be effected.

**Pre-cleared transactions are valid for the day on which such transaction was approved as noted on the pre-clearance request form, unless otherwise specified by Compliance.** If the transaction, or any portion thereof, is not executed within the specified time, the Adviser Access Person must obtain written approval for the transaction again. The Company reserves the right to cancel previously pre-cleared trades if an actual conflict arises or in certain other limited circumstances, and Adviser Access Persons may be obliged to sell previously pre-cleared positions. The Company will not be responsible for any losses as a result of such cancellation and all profits received by the Adviser Access Person from such sale will be disgorged and donated to a charity approved by <u>Compliance.</u>

**8. Securities and Transactions Subject to the Pre-Clearance Requirement: Securities:**

---

| | | |
|:---|:---|:---|
| **Security Type:**<br>| **Pre-Clearance**<br>**Required:**<br>| **Include on Quarterly**<br>**Transaction &**<br>**Annual Holdings**<br>**Reports:** |
| Equities/Stocks | Yes | Yes |
| Corporate, U.S. (Government) Agency and Municipal Bonds and Notes | Yes | Yes |
| U.S. Government Obligations and Debt | No | No |
| High Quality Short-term Bonds (maturity at issuance of less than 366 days) | Yes | Yes |
| Broad-based Exchange-Traded Funds (ETFs) meeting certain criteria | No | Yes |
| (see current list of applicable ETFs on OneGuggenheim - |  |  |
| OneGuggenheim/Exempt ETFs/link) |  |  |
| All other Exchange Traded Funds (i.e., not Broad-Based ETFs meeting criteria) | Yes | Yes |
| Options and Futures on any Covered Security, ETF or on any group or (broad- | Yes - See Supplement | Yes - See Supplement |
| based) index of securities | 1 | 1 |
| Futures on U.S. Government Obligations | No | Yes |
| Certain Futures on Currencies and Commodities | Yes, if not prohibited | Yes, if not prohibited |
|  | (see Section 11) | (see Section 11) |
| Private Investments, certain Loans and secondary Commercial and Residential | Yes | Yes |
| Property |  |  |
| Unit Investment Trusts (UITs) | Yes | Yes |
| Unit Investment Trusts (UITs) investing exclusively in open-end mutual funds. | No | No |
| Foreign Unit Trusts (i.e. UCITS) or Foreign Mutual Fund | Yes | Yes |
| Closed-end Mutual Funds (regardless of whether advised or sub-advised by the | Yes | Yes |
| Adviser or an affiliate) |  |  |
| Open-end Mutual Funds | No | No |
| Open-end Mutual Funds advised or sub-advised by the Adviser or an affiliate | No | Yes |
| Money Market Funds | No | No |
| Indirect investments in Cryptocurrencies\* | Yes | Yes |
| Direct investments in Cryptocurrencies | No | No |
| Miscellaneous: Treasury Stock; Debenture; Evidence of Indebtedness; | Yes | Yes |
| Investment Contract; Voting Trust Certificate; Certificate of Deposit for a |  |  |
| Security; Limited Partnerships; Certificate of Interest or Participation in any |  |  |
| Profit-Sharing Agreement; Collateral-RIC Certificate; Fractional Undivided |  |  |
| interest in Oil, Gas or other Mineral Right; Pre-Organizational Certificate or |  |  |
| Subscription; Transferable Shares |  |  |
| -Bank Loans; Bankers Acceptances; Bank Certificates of Deposit; Commercial | No | No |
| Paper; Repurchase Agreements |  |  |

---

**Special Transaction Types:**

---

| | | |
|:---|:---|:---|
| **Special Transaction Type\*\*:**<br>| **Pre-Clearance**<br>**Required:** | **Include on Quarterly**<br>**Transaction & Annual Holdings**<br>**Reports:** |
| IPOs (issued directly from the underwriting syndicate) | Prohibited | Prohibited |
| Initial Coin Offerings ("ICOs") | Prohibited | Prohibited |
| Participation in Investment Clubs | Prohibited | Prohibited |
| Automatic Dividend Reinvestments | No\*\*\* | Yes |

---

---

| | |
|:---|:---|
| Non-Automatic Dividend Reinvestments | Yes |
| Automatic Investment Plan | No\*\*\* |
| Tender offer transactions\*\* | Yes |
| Acquisition of securities by gift or inheritance | Yes |
| Sale of securities acquired by gift or inheritance\*\*\*\* | Yes |
| Guggenheim Capital LLC membership interests | No |
| Guggenheim 401K\*\*\*\* | Yes |
| Purchases arising from the exercise of rights issued by an issuer *pro* | Yes |
| *rata* to all holders of a class of its securities, as long as you acquired |  |
| these rights from the issuer, and sales of such rights so acquired. |  |
| Transactions which are non-volitional on your part, including sales | Yes |
| from a margin account due to a *bona fide* margin call. |  |
| Transactions effected for any account over which you have no direct | No |
| or indirect influence or control. |  |
| Acquisition through corporate actions or actions applicable to all | Yes |
| holders of the same class of securities. |  |

---

\* Cryptocurrency-related entities deriving a substantial amount of revenue therefrom, or private investments, ETFs and investment trusts investing directly and primarily in cryptocurrencies.

\*\*You will be required to provide additional supporting documentation to the extent the information is not available on your brokerage statements.

\*\*\*Any transaction that overrides the pre-set schedule of the automatic investments plan must be pre-cleared and reported. Annual Holdings report must represent updated holdings resulting from any automatic investment plans.

\*\*\*\*Pre-clearance is required to the extent that it is for a security type listed above under 'Pre-Clearance required'.

The above investments and transactions that are not subject to pre-clearance are also **NOT** subject to the 30-day prohibition on selling/buying securities (discussed in section 12 below), the seven-day blackout period on personal securities transactions (discussed in section 13 below), or the excessive trading limitation (discussed in section 14 below).

**9. Private Investments**

You must obtain approval from <u>Compliance</u> before acquiring <u>beneficial ownership</u> of any <u>securities</u> offered in connection with a <u>private investment</u>. Adviser Access Persons should contact Compliance with any questions regarding investments in loans that would need to be pre-cleared. In determining whether to grant pre-approval, <u>Compliance</u> will consider, among other factors, whether the investment opportunity could be offered to a client**.**

New Adviser Access Persons must disclose all of their existing <u>private investments</u>, as well as those of their <u>immediate family</u> members, within 10 days of becoming an Adviser Access Person. Compliance will send an email to all new Adviser Access Persons with the **Private Investments Disclosure Form,** which they must complete. Existing Adviser Access Persons are required to disclose existing private investments that were entered into prior to policy changes and seek prior written approval to invest in any new <u>private investments</u> on their own behalf, and on behalf of their i<u>mmediate family</u> members, and must complete the **Private Investment and Loan Pre-Clearance Form** (available through OneGuggenheim at <u>Private Investment & Loan Form</u>), and provide information about the investment to assist Compliance with the review of the request. The Guggenheim Capital Conflicts Review Committee ("<u>CRC</u>") may also review private investment requests for approval, as necessary. Approval by the CRC is required in the event that it is determined that a proposed or existing private investment involves one or more potential or actual significant conflicts of interest.

**10. Prohibition of Participation in IPOs and Investment Clubs**

You shall not acquire <u>beneficial ownership</u> of any <u>securities</u> offered in connection with an <u>IPO</u> or Investment Club. You shall not participate in any <u>Investment Clubs</u>. If you have any questions regarding whether an arrangement is an Investment Club, please contact Compliance.

**11. Prohibition on Trading in Commodity Interests and Related Futures**

Trading in Commodity Interests and related Futures are generally prohibited, except for the following types of futures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing
broad-based securities indices: for example, S&P 500, NASDAQ 100, and Russell 2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing
major currencies: for example, Euro, Yen, Australian dollar, and British pound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing
the following physical commodities: Silver, Gold, Oil, and Natural Gas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing
U.S. Government debt obligations: for example, 30 year Treasury bond, 10/5 year Treasury notes and long-term Treasury bonds.

Adviser Access Persons should consult with Compliance with regard to whether a particular instrument is a commodity interest. senior management, together with the Compliance Officer, may grant exceptions to this prohibition on a case-by-case basis and such exceptions will be conditioned on compliance with certain requirements.

**12. Thirty-Day Prohibition on Selling/Buying Securities**

Adviser Access Persons are prohibited from purchasing and then selling, or selling and then purchasing the same <u>security</u> ***within 30 calendar days of the initial transaction***.

In situations where multiple transactions have occurred in the same security, the holding period will calculate from the date of the most recent opposite-way transaction of the relevant security across all accounts, regardless of the holding period of prior transactions in the same security. This prohibition does not apply to independently managed/third-party discretionary accounts or to securities and transactions that are not subject to the pre-clearance requirement (discussed in section 8 above).

**13. Seven-Day Blackout Period on Personal Securities Transactions**

You cannot <u>purchase or sell</u>, directly or indirectly, any <u>security</u> in which you had (or by reason of such transaction acquire) any <u>beneficial ownership</u>, at any time within seven calendar days before or after the time that the same (or a related): (i) <u>security is being purchased or sold</u> by the Fund or client account; (ii) <u>security</u> is being purchased for initial deposit in the Fund that is a unit investment trust or the security is in a unit investment trust being terminated and is being sold prior to termination date.

This prohibition does not apply to independently managed/third-party discretionary accounts or to securities and transactions that are not subject to the pre-clearance requirement (discussed in section 8 above).

**13.1. Exception to Blackout Period**

The seven-day blackout period does not apply to trading in a <u>security</u> meeting the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the market value of the proposed transaction is less than $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the 30-day rolling average trading volume is over 1 million shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the Fund's trade activity is less than 5% of the 7-day rolling average trade volume for the security.

The exception to the seven-day blackout period does not apply to the purchase or sale of options, transactions in a <u>security</u> listed on the Fund Restricted List, and any derivatives and futures.

**14. Excessive Trading**

You shall not make more than 60 <u>securities</u> trades in any calendar quarter. Transactions that do not require pre-clearance are not included in the 60 securities trades permitted during any calendar quarter. For the purposes of this restriction, transactions executed in the same security on the same day are considered to be one transaction (i.e., an approved transaction executed in lots throughout the day is considered one transaction).

The multiple transactions that make up an option trading strategy, such as option spreads, will be counted as individual transactions towards the excessive trading limit.

**15. Cryptocurrencies Trading**

<u>Cryptocurrency</u>, virtual currency, ICOs, coins, tokens, and commodity or other derivative interests related thereto, are emerging areas for investment and the financial services industry. Purchases and sales of direct investments in <u>cryptocurrency</u> (e.g., virtual currency such as bitcoin) are not required to be pre-cleared or reported, however, trading in <u>cryptocurrencies</u> and securities and issuers that derive a substantial portion of their revenue from activities related to <u>cryptocurrencies</u> are subject to the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not acquire <u>beneficial ownership</u> of any <u>cryptocurrencies</u> offered in connection with an <u>ICO;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• You may not purchase
or sell virtual coin futures or options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in
Cryptocurrency-related entities (e.g., entities deriving a substantial amount of revenue therefrom) or funds investing primarily in cryptocurrency
(e.g., private funds or ETFs) are permitted but must be pre-cleared prior to investment and reported in the Initial Holdings Report,
Quarterly Personal Securities Transactions Report, and Annual Holdings Report.

Adviser Access persons should consult with Compliance with regard to whether a particular interest is a cryptocurrency for purposes of this Code. A Compliance Officer, in consultation with senior management and the Legal Department as necessary, may grant exceptions to this prohibition on a case-by-case basis and such exceptions may be conditioned on compliance with certain requirements.

The standards above are subject to change depending on emerging regulatory requirements and firm and client activities, and certain cryptocurrencies may be restricted and require pre-clearance and reporting in the future.

**Part C Natural Control Persons**

**General Obligations.**

**1. Providing a List of Securities - Initial and Annual Holdings Reports**

&nbsp;&nbsp;&nbsp;&nbsp;1.1. Initial Holdings
Reports. You must submit the initial listing within 10 calendar days of the date you first become a <u>Natural Control Person</u>. The
initial listing should be a complete listing of all <u>investment accounts and securities,</u> including <u>private investments,</u> you <u>beneficially own</u> as of a date no more than 45 days prior to the date you become a <u>Natural Control Person</u>. Reports
must include information consistent with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;1.2. Annual Holdings
Reports. In addition to the Initial Holdings Report, each following year, you must submit a revised list showing the investment <u>accounts</u> and <u>securities</u> you <u>beneficially own</u> as of December 31. You must submit each annual update listing no later than 30
calendar days after December 31. Natural Control Persons must also certify annually that they have complied with the requirements and
have disclosed all holdings required to be disclosed pursuant to the requirements of this Code. In addition, Natural Control Persons
will respond to personal disciplinary history questions. Reports must include information consistent with regulatory requirements.

The Initial Holdings Report and Annual Holdings Reports, as applicable, will be submitted electronically, through the Compliance Platform (or as specified by Compliance). You will receive notification via email when the applicable report is due, including instructions on how to access the information and complete the report.

**2. Brokerage Accounts**

All <u>investment accounts</u> of new Natural Control Persons and any <u>investment accounts</u> of current Natural Control Persons must be maintained with brokerage firms designated and approved by Central Compliance. Compliance may grant specific exceptions in writing in limited circumstances however, in general, trading in such accounts will be prohibited.

Existing <u>investment accounts</u> of new Natural Control Persons which are not held at the permitted broker-dealers must be transferred within 90 calendar days from the date the Natural Control Person is so designated; the failure to transfer within this time will be considered a violation of this Code. Any request to extend the 90-day transfer deadline must

be accompanied by a written explanation by the current broker-dealer as to the reason for delay. Compliance may grant specific exceptions in writing.

Prior to opening a new reportable <u>investment account,</u> you are required to submit the Personal Account Pre-Clearance Form through the Compliance Platform to obtain written consent from Compliance. You are also required to notify in writing the broker-dealer or financial institution with which you are seeking to open such reportable investment account of your association with Guggenheim Investments.

Upon opening a reportable <u>investment account</u> or obtaining an interest in an investment account that requires reporting, the account number must be reported within 5 calendar days of funding the <u>investment account</u> via the Compliance Platform or as otherwise permitted by Compliance.

**3. Duplicate Brokerage Confirmations and Statements**

If your brokerage firm provides automatic feeds for your investment accounts to the Compliance Platform, the Adviser will obtain account information electronically, after the Natural Control Person has completed the appropriate authorizations as required by the brokerage firm. Further, you are required to provide duplicate statements upon request from Compliance.

If the brokerage firm does not provide automatic feeds to the Compliance Platform, you are responsible for providing duplicate statements for such investment accounts to Compliance within 20 days after each Quarter End. The Compliance Officer or his designee may provide exceptions to this policy on a limited basis.

**4. Independently Managed/Third-Party Discretionary Account Reporting:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Natural Control
Persons must disclose independently managed/third-party discretionary accounts, i.e., where the person has "no direct or indirect
influence or control".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Natural Control
Persons are required to obtain a signed copy of the Managed Account Letter (provided by Compliance) from their third-party investment
adviser confirming that the adviser has authority to effect transactions on behalf of the account without obtaining prior consent of
the Natural Control Person and that the Natural Control Person does not direct trades in the account. Natural Control Persons are required
to provide annual renewals of the Managed Account Letter to confirm third-party discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Natural Control
Persons should immediately notify Compliance in writing if there are any changes in control over the account or if there are any changes
to the relationship between the trustee or third-party investment adviser and the Natural Control Person (i.e., independent professional
or friend or relative, unaffiliated versus affiliated firm). Please note that an <u>immediate family</u> member with discretion
over a covered account is not considered a third-party adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trades in independently
managed/third-party discretionary accounts are not subject to the pre-clearance requirements and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Natural
Control Persons (as determined by Compliance) are required to maintain independently managed/third-party discretionary accounts with
brokerage firms designated and approved by Central Compliance. Compliance will advise impacted Natural Control Persons.

**5. Required Transaction Reports - Quarterly Personal Securities Transaction Reports**

On a quarterly basis you must report any <u>securities</u> transactions, as well as any <u>investment accounts</u>. You must submit your report no later than 30 calendar days after the end of the calendar quarter in which the transaction to which the report relates was effected or the investment account was opened. The Quarterly Personal Securities Transaction Reports are required in addition to delivery of duplicate brokerage confirmations and statements (via automatic feed or hard copy). Natural Control Persons must submit Quarterly Personal Securities Transactions Reports electronically, through the Compliance Platform (or as specified by Compliance). You will receive notification via email when the Quarterly Personal Securities Transaction Report is due, including instructions on how to access the information and complete the report. Reports must include information consistent with regulatory requirements.

If you had no reportable transactions or did not open any <u>securities</u> accounts during the quarter, you are still required to report that you did not have any reportable transactions or open any investment accounts.

**6. What Securities Are Covered Under Your Quarterly Obligation?**

You must report all transactions in <u>securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. The report must also include any account you established in which <u>securities</u> were held during the quarter. You are not required to detail or list <u>purchases or sales</u> effected for any account over which you have no direct or indirect influence or <u>control</u>.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>security</u> included in the report.

**7. Private Investments**

You must obtain approval from <u>Compliance</u> before acquiring <u>beneficial ownership</u> of any <u>securities</u> offered in connection with a <u>private investment</u>. Natural Control Persons should contact Compliance with any questions regarding investments in loans that would need to be pre-cleared. In determining whether to grant pre-approval, <u>Compliance</u> will consider, among other factors, whether the investment opportunity could be offered to a client**.**

New Natural Control Persons must disclose all of their existing <u>private investments</u>, as well as those of their <u>immediate family</u> members, within 10 days of becoming a Natural Control Person. Compliance will send an email to all new Natural Control Persons with the **Private Investments Disclosure Form,** which they must complete. Existing Natural Control Persons are required to disclose existing private investments that were entered into prior to policy changes and seek prior written approval to invest in any new <u>private investments</u> on their own behalf, and on behalf of their <u>immediate family</u> members, and must complete the **Private Investment and Loan Pre-Clearance Form** (provided by Compliance), and provide information about the investment to assist Compliance with the review of the request. The Guggenheim Capital Conflicts Review Committee ("<u>CRC</u>") may also review private investment requests for approval, as necessary. Approval by the CRC is required in the event that it is determined that a proposed or existing private investment involves one or more potential or actual significant conflicts of interest.

**8. Prohibition in Participation in IPOs and Investment Clubs**

You shall not acquire <u>beneficial ownership</u> of any <u>securities</u> offered in connection with an <u>IPO</u> or Investment Club. You shall not participate in any <u>Investment Clubs</u>. If you have any questions regarding whether an arrangement is an Investment Club, please contact Compliance.

**9. Prohibition on Trading in Commodity Interests and Related Futures**

Trading in Commodity Interests and related Futures are generally prohibited, except for the following types of futures:

• Futures referencing broad-based securities indices: for example, S&P 500, NASDAQ 100, and Russell 2000; •Futures referencing major currencies: for example, Euro, Yen, Australian dollar, and British pound;

• Futures referencing the following physical commodities: Silver, Gold, Oil, and Natural Gas; and

• Futures referencing U.S. Government debt obligations: for example, 30-year Treasury bond, 10/5 year Treasury notes and long-term Treasury bonds.

Natural Control Persons should consult with Compliance with regard to whether a particular instrument is a commodity interest. senior management, together with Compliance, may grant exceptions to this prohibition on a case-by-case basis and such exceptions will be conditioned on compliance with certain requirements.

**10. Cryptocurrencies Trading**

<u>Cryptocurrency</u>, virtual currency, ICOs, coins, tokens, and commodity or other derivative interests related thereto, are emerging areas for investment and the financial services industry. Purchases and sales of direct investments in <u>cryptocurrency</u> (e.g., virtual currency such as bitcoin) are not required to be pre-cleared or reported, however, trading

in <u>cryptocurrencies</u> and securities and issuers that derive a substantial portion of their revenue from activities related to <u>cryptocurrencies</u> are subject to the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may not acquire <u>beneficial ownership</u> of any <u>cryptocurrencies</u> offered in connection with an <u>ICO;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•You may not purchase or sell virtual coin futures or options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investments in Cryptocurrency-related entities (e.g., entities deriving a substantial amount of revenue therefrom) or funds investing primarily in cryptocurrency (e.g., private funds or ETFs) are permitted but must be pre-cleared prior to investment and reported in the Initial Holdings Report, Quarterly Personal Securities Transactions Report, and Annual Holdings Report.

Natural Control Persons should consult with Compliance with regard to whether a particular interest is a cryptocurrency for purposes of this Code. A Compliance Officer in consultation with senior management and the Legal Department as necessary, may grant exceptions to this prohibition on a case-by-case basis and such exceptions may be conditioned on compliance with certain requirements.

The standards above are subject to change depending on emerging regulatory requirements and firm and client activities, and certain cryptocurrencies may be restricted and require pre-clearance and reporting in the future.

**Appendix A Definitions**

<u>Adviser Access Person</u> includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Employee, Director,
officer, manager, principal and partner of the Adviser or Distributor (or other persons occupying a similar status or performing similar
functions), or other person who provides advice on behalf of the Adviser or is subject to the Adviser's supervision and control;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Has access to nonpublic information regarding any of the Adviser's client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any client account the Adviser or their affiliates manage, or any fund which is advised or sub-advised by the Adviser (or certain affiliates, where applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Makes recommendations or investment decisions on behalf of the 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;&nbsp;&nbsp;&nbsp;&nbsp;•Has the power to exercise a controlling influence over the management and policies of the Adviser, or over investment decisions, who obtains information concerning recommendations made to a client account with regard to the purchase or sale of a security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Compliance Officer shall determine on a case-by-case basis whether a temporary employee (e.g., consultant or intern) should be considered an Adviser Access Person. Such determination shall be made based upon an application of the criteria provided above, whether an appropriate confidentiality agreement is in place, and such other information as may be necessary to ensure that proprietary information is protected. As such, temporary employees may only be subject to certain sections of the Code, such as certifying to it, or may be exempt from certain reporting requirements such as not having to hold their reportable accounts at the permitted broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Any person deemed to be an Adviser Access Person by the Compliance Officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•All Trustees of the Fund, both <u>Interested</u> and <u>Independent.</u>

<u>Broad-based Exchange Traded Funds ("ETFs")</u>:

A list of these ETFs is available on OneGuggenheim. (<u>OneGuggenheim/Exempt ETFs/link</u>)

<u>Sub-Adviser Access Person</u> includes any trustee, director, officer or employee of any sub-adviser who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of a Security by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

<u>Automatic Investment Plan</u> 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.

<u>Beneficial ownership</u> means the same as under Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1(a)(2) thereunder. You should generally consider yourself the beneficial owner of any <u>security</u> in which you have a direct or indirect pecuniary interest, which is the opportunity to profit directly or indirectly or share in any profit derived from a transaction securities. In addition, you should consider yourself the beneficial owner of <u>securities</u> held by your spouse, your minor children, a relative who shares your home, or other persons by reason of any contract, arrangement, understanding or relationship that provides you with sole or shared voting or investment power.

<u>Compliance Officer</u> means, as applicable, the chief compliance officer of Guggenheim Investments Private Credit Fund pursuant to Rule 38a-1 under the 1940 Act, or any person designated by such chief compliance officer to act in the chief compliance officer's absence. As of December 4, 2026, the Compliance Officer is:

---

| | |
|:---|:---|
| **Entity** | **Compliance Officer** |
| Guggenheim Investments Private Credit Fund | Joanna Catalucci |

---

<u>Control</u> means the same as that under Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting <u>securities</u> is presumed to give the holder of such <u>securities</u> control over the company. This presumption may be countered by the facts and circumstances of a given situation.

<u>Cryptocurrency</u> generally means any virtual currency (e.g., bitcoin, ethereum, litecoin, etc.) or digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value that does not have indicia of being a security (e.g., initial coin offerings (ICOs)) under the federal securities laws.

<u>Immediate family</u> means any parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, and includes step and adoptive relationships.

<u>Investment Account</u> generally means any account over which the Adviser Access Persons has <u>Beneficial Ownership</u> which can, even if the account does not currently, hold <u>Securities</u>. It includes the following accounts:

• Any investment account with a broker-dealer or bank over which the Adviser Access Person has investment decision-making authority (including accounts that the Adviser Access Person is named on, such as being a guardian, executor or trustee, as well as accounts that Adviser Access Person is not named on such as an account owned by another person but for which the Adviser Access Person has been granted trading authority).

• Any investment account with a broker-dealer or bank established by partnership, corporation, or other entity in which the Adviser Access Person has a direct or indirect interest through any formal or informal understanding or agreement.

• Any college savings account in which the Adviser Access Person has investment discretion issued under Section 529 of the Internal Revenue Code, which can hold <u>Securities</u>, and in which the Adviser Access Person has a direct or indirect interest.

• Any other account that the Compliance Officer deems appropriate in light of the Adviser Access Person's interest or involvement.

• Any account in which the Adviser Access Person's <u>immediate family</u> is the owner. Adviser Access Persons are presumed to have investment decision-making authority for, and therefore should report, any investment account of a member of their immediate family if they live in the same household.

• Any 401(k) accounts from a previous employer which can or offer the ability to hold <u>Securities</u>.

<u>Independent Trustee</u> means a trustee or director of the Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

<u>Initial public offering ("IPO")</u> means an offering of <u>securities</u> registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

<u>Interested Trustee</u> means a trustee or director of the Fund who is an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

<u>Investment Club</u> means a group of people who pool their money to make investments. Usually investment clubs are organized as partnerships and after the members study different investments, the group decides to buy or sell based on a majority vote of the members.

<u>Natural Control Persons</u> are in a <u>control</u> relationship with the Company who obtain information concerning recommendations made to the Fund or client about the <u>purchase or sale</u> of a <u>security</u> *and are not specifically covered by any other section of the Code.*

<u>Private Investments</u> include, but are not limited to investments in: hedge funds, private equity funds, venture capital funds, other private fund vehicles, privately-held companies, and investments in commercial properties, or residential properties (excluding primary residence) where income is earned on the property (e.g. a secondary residence that is used as a rental property or listed as vacation rental on Airbnb). Private Investments also include: (i) loans to or from such entities, and any other entities formed for the purpose of engaging in business activity; (ii) loans to or from individuals who are not <u>immediate family</u> of the Adviser Access Person; and (iii) loans to or from individuals who are <u>immediate family</u> of the Adviser Access Person for the purpose of engaging in business activity. Loans to or from <u>immediate family</u> of the Adviser Access Person that are entirely of a personal nature and loans that are covered within one of the following exceptions are not included in the definition of private investments:

• An Employee or <u>immediate family</u> member obtaining a loan, such as a standard home mortgage loan or home equity loan, from a bank, broker-dealer, or other financial institution, if (i) the loan is made in the ordinary course of the lender's business using standard form loan documentation (ii) the loan is made on terms generally comparable to those provided to similarly situated members of the public; and (iii) the Employee or <u>immediate family</u> member obtains the loan through the normal-course lending division (i.e. as opposed to obtaining the loan through an Adviser's (or Adviser's affiliate's) client representative or contact);

• Employee or <u>immediate family</u> member purchases of publicly offered debt securities that are listed on a securities exchange;

• Loans to or from an entity in which an Employee or <u>immediate family</u> member owns a beneficial interest, where such persons have no knowledge of, no involvement in and no control over any loan to or from the entity; or

• An Employee or <u>immediate family</u> member obtaining a loan from an insurance company pursuant to the loan or cash value provision of any life insurance policy or other insurance policy issued by that insurance company.

<u>Purchase or sale of a security</u> includes, among other things, the writing of an option to purchase or sell a <u>security</u>.

<u>Reportable fund</u> means any fund, except money market funds, for which an Adviser serves as investment adviser, any fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Advisers, or any closed-end fund regardless of affiliation. For purposes of this Code definition, control has the same meaning as it does above.

<u>Security</u> means the same as that set forth in Section 2(a)(36) of the 1940 Act, except that it does not include direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper, shares of registered open-end mutual funds other than <u>reportable funds</u>, and high quality short-term debt instruments, including repurchase agreements. A high quality short-term debt instrument is an instrument that has a maturity **at issuance** of less than 366 days and that is rated in one of the two highest rating categories by a NRSRO. For purposes of this Code, a <u>security</u> includes shares issued by exchange-traded funds, futures, index futures, commodities futures, commodities, options on futures, and other types of derivatives. A <u>security</u> also includes options on securities and single stock futures. A <u>security</u> also does not include shares issued by UITs that are invested exclusively in one or more unaffiliated open-end funds, none of which are <u>reportable funds</u>.

A <u>security held or to be acquired</u> by the Fund or any client account means any <u>security</u> which, within the most recent 15 days, (i) is or has been held by the Fund or any client account or (ii) is being or has been considered by an Adviser or sub-adviser for purchase by the Fund or client account, and any option to purchase or sell, and any <u>security</u> convertible into or exchangeable for any <u>security</u>.

A <u>security</u> is being <u>purchased or sold</u> by the Fund or a client account from the time a <u>purchase or sale</u> program has been communicated to the person who places buy and sell orders for the Fund or client account until the program has been fully completed or terminated.

<u>Tradable funds</u> are those funds that are designed for active trading and do not impose limits on shareholder transactions.

Code of Ethics Certification of Compliance

This is to certify that I have reviewed the Code of Ethics ("Code") and that I understand its terms and requirements.

I hereby certify that:

· I have complied with the Code during the course of my association with the entities covered by the Code;

· I will continue to comply with the Code in the future;

· I will promptly report to a Compliance Officer any violation or possible violation of the Code of which I become aware; and

· I understand that a violation of the Code may be grounds for disciplinary action or termination of my employment and may also be a violation of federal and/or state securities laws.

**Name:** ________________________<br>**Signature:** ________________________

**Date: ________________**

Supplement 1 - Options Appendix

---

| | |
|:---|:---|
| **Buying a Call Option** | **Pre-Clearance Required** |
| **Entering into Transaction** | |
| Buy to Open | YES |
| **Closing Transaction** |  |
| Sell to Close | YES |
| Let it Expire | NO |
| Exercise (i.e. buy underlying) and Hold | YES |
| Exercise (i.e. buy underlying) and Immediately Sell | YES for each trade (prohibited |
|  | because of 30-day holding period) |

---

---

| | |
|:---|:---|
| **Writing/Selling a Call Option** | **Pre-Clearance Required** |
| **Entering into Transaction** | |
| Write/Sell Option | YES |
| **Closing Transaction** | |
| Expires | NO |
| Exercised (if own underlying) | NO |
| Exercised (if naked/do not own underlying - i.e. buy security | YES |
| to deliver) | |
| Buy same Call Option | YES |

---

---

| | |
|:---|:---|
| **Buying a Put Option** | **Pre-Clearance Required** |
| **Entering into Transaction** | |
| Buy to Open | YES |
| **Closing Transaction** |  |
| Sell to Close | YES |
| Let it Expire | NO |
| Exercise (if own underlying - i.e. sell underlying) | YES |
| Exercise (if do not own underlying - i.e. buy underlying first) | YES for each trade (prohibited |
|  | because of 30-day holding period) |

---

---

| | |
|:---|:---|
| **Writing/Selling a Put Option** | **Pre-Clearance Required** |
| **Entering into Transaction** | |
| Write/Sell Option | YES |
| **Closing Transaction** | |
| Expires | NO |
| Exercised (i.e. buy underlying) | NO |

---

**Appendix D**

**Code of Ethics for Principal Executive and Senior Financial Officers**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code") is applicable to the Guggenheim Investments Private Credit Fund (the "Company") and applies to the Company's President/CEO (Principal Executive Officer), and Chief Financial Officer (Principal Financial Officer) (the "Covered Officers") for the purpose of promoting:

· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

· compliance with applicable laws and governmental rules and regulations;

· the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

· accountability for adherence to the Code.

Covered Officers are expected to dedicate their best efforts to advancing the Company's interests and to use objective and unbiased standards when making decisions that affect the Company, while being sensitive to situations that may give rise to actual conflicts of interest, as well as apparent conflicts of interest.

**II. Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "Close Affiliates" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations

of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or result from, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Company's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more other investment Company covered by this code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. **The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.**

Each Covered Officer must:

· not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

· not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;

· report at least annually his or her affiliations or other relationships which may give rise to conflicts of interest with the Company (provided that annual completion of the Company's Trustees and Officers Questionnaire shall satisfy the requirements of this bullet point).

There are some conflict of interest situations that should always be discussed with the Secretary of the Company (the "Secretary"), or other senior legal officer, if material. Examples of these include:<sup>68</sup>

· service as a director on the board of any public company;

· the receipt of any non de minimis gifts;

68 Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

· the receipt of any entertainment from any company with which the Company has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

· any ownership interest in, or any consulting or employment relationship with, any of the Company's service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance**

· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally applicable to the Company;

· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental regulators and self-regulatory organizations;

· each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Company and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Company file with, or submit to, the SEC and in other public communications made by the Company; and

· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he or she has received, read, and understands the Code;

· annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

· not retaliate against any other Covered Officer or any employee of the Company or their affiliated persons for reports of potential violations that are made in good faith; and

· notify the Secretary promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

The Secretary, or other designated senior legal officer of the Company's investment adviser, is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<sup>69</sup> However, any approvals or waivers<sup>70</sup> sought by the President/ CEO will be considered by the Audit Committee of the Company (the "Committee"). The Chairman of the Audit Committee of the Company is authorized and encouraged to consult, as appropriate, with the Chairman of the Board of Trustees of the Company, the Independent Trustees or the Board of Trustees of the Company and/or with counsel to the Company, the Investment Adviser(s) or the Independent Trustees.

The Independent Trustees are responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will be disclosed on Form 8-K to the extent required by Securities and Exchange Commission rules.

The Company will follow these procedures in investigating and enforcing this Code:

· the Secretary or other designated senior legal officer will take all appropriate action to investigate any potential violations reported to him or her;

· if, after such investigation, the Secretary believes that no violation has occurred, the Secretary is not required to take any further action;

· any matter that the Secretary believes is a violation will be reported to the Committee;

· if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer as an officer of the Company;

· the Board will be responsible for granting waivers, as appropriate; and

· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

69 The Secretary or other designated senior legal officer is authorized to consult, as appropriate, with counsel to the Company and counsel to the Independent Trustees and is encouraged to do so.

70 Instruction 2 of Item 5.05 of Form 8-K defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

**V. Other Policies and Procedures**

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment Company thereunder. Insofar as other policies or procedures of the Company, the Company' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company' and their investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others and are not part of this Code.

**VI. Amendments**

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent directors/trustees.

**VII Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and its counsel, as appropriate BDC, its counsel, the Adviser and its counsel and any other advisers, consultants or counsel retained by the Board of Trustees.

**VIII. Internal Use**

The Code is intended solely for the internal use by the Company and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

## Ex-99

**Exhibit (r)(2)**<br>

GI Private Credit Fund - 2nd Session of Organizational Meeting (01-14-26) - Compliance Matters ![](r2guggenheiminvestmentspx1x1.jpg) <br>

Guggenheim Funds, Guggenheim Partners Investment Management LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Investment Advisors, LLC, Guggenheim Investor Services, LLC, Guggenheim Corporate Funding, LLC, GS Gamma Advisors, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, and Guggenheim Investments Loan Advisors, LLC

Code of Ethics

 **Sponsor**

Head of GI Compliance

 **Owner**

Chief Compliance Officers of Guggenheim Investments Entities

 **Contact**

 <u>Margaux.misantone@guggenheiminvestments.com</u><br> <u>Lisa.buley@guggenheiminvestments.com</u><br> <u>Scott.Fusco@guggenheiminvestments.com</u><br>**Effective Date**<br> December 16, 2025 ![](r2guggenheiminvestmentspx1x2.jpg) <br>

 **CODE OF ETHICS**

 **BUSINESS UNIT RESPONSIBLE:**

 **GI COMPLIANCE DEPARTMENT ("COMPLIANCE")**

 **PROCEDURE:**

Rydex Dynamic Funds, Rydex Series Funds, Rydex Variable Trust, Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund and Guggenheim Active Allocation Fund (each a "Fund" and jointly the "Funds" or Guggenheim Funds), and Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Investment Advisors, LLC<sup>1</sup>, Guggenheim Investor Services, LLC, GS Gamma Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, and Guggenheim Investments Loan Advisors, LLC (each a "Company," jointly the "Companies," and together with the Funds, "Guggenheim Investments" or "GI") are confident that their officers, trustees, directors and employees act with integrity and good faith. GI recognizes, however, that personal interests may conflict with a Fund's or Company's interests where trustees, directors, officers or employees:

ª Know about present or future portfolio transactions or

ª Have the power to influence portfolio transactions; and

ª Engage in personal transactions in securities.

In an effort to prevent these conflicts from arising and in accordance with Rule 17j-1(c)(1) under the Investment Company Act of 1940 (the "1940 Act") and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act"), GI has adopted this Code of Ethics and all amendments thereto (together, the

"Code") to prohibit transactions that create, may create, or appear to create conflicts of interest, and to establish reporting requirements and enforcement procedures. Additionally, Guggenheim Investor Services, LLC has adopted this Code of Ethics to effectuate the purposes and objectives of FINRA Rule 3210 and in accordance with industry best practices. This Combined Code of Ethics adopted under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act covers the Companies listed in Appendix A. Each trustee, director, officer and employee of GI should carefully read and review this Code.

 **1. About GI**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** The Funds are separately registered
open-end and closed-end management investment companies. Each Fund may consist of multiple investment portfolios (each a "Fund"
and together, the "Funds").

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** Guggenheim Funds Investment Advisors,
LLC, Security Investors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Investment Advisors, LLC, GS Gamma Advisors, LLC, Guggenheim
Partners Investment Management, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, and Guggenheim Investments
Loan Advisors, LLC (each an "Adviser" and together, the "Advisers") are registered investment advisers. Guggenheim
Funds Investment Advisors, LLC, Security Investors, LLC, and/or Guggenheim Partners Investment Management, LLC

*<sup>1</sup>* *For purposes of this Code of Ethics, Guggenheim Investment Advisers, LLC is considered part of Guggenheim Investments, whereas Guggenheim Investment Advisers, LLC may be excluded from the definition of Guggenheim Investments in other business and compliance policies.*

4.0 <br>

are the investment adviser or sub-adviser to certain of the Funds. Security Investors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Investment Advisors, LLC, GS Gamma Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Private Investments, LLC, Guggenheim Wealth Solutions, LLC, and Guggenheim Investments Loan Advisors, LLC offer investment advisory services to client accounts that are not the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3.** Guggenheim Funds Distributors, LLC,
a registered broker-dealer, (the "Distributor") serves as distributor to certain Funds and depositor of certain unit investment
trusts. Guggenheim Investor Services, LLC, a broker-dealer registered with the SEC and FINRA, is approved to engage in private placement
activities by structuring and privately placing new issue unregistered securities or loans.

 **2. About this Code of Ethics**

 **2.1. Transaction-Related and Reporting Provisions**

As a condition of employment, all individual employees, officers, principals, partners and directors of Guggenheim Investments (generally referred to as "Employees") are required to comply with the Code. The following categories of persons are considered to be Adviser Access Persons and are required to comply with the Code together with Employees. "<u>Adviser Access Person</u>" includes any:

&nbsp;&nbsp;&nbsp;&nbsp;a. Employee, Director, officer, manager,
principal and partner of the Adviser or Distributor (or other persons occupying a similar status or performing similar functions), or
other person who provides advice on behalf of the Adviser or is subject to the Adviser's supervision and control; or

&nbsp;&nbsp;&nbsp;&nbsp;b. Any person who:

---

| | |
|:---|:---|
| ª | Has access to nonpublic information regarding any of the Adviser's client's purchases or sales of securities, or nonpublic information regarding the portfolio holdings of any client account the Adviser or their affiliates manage, or any fund which is advised or sub-advised by the Adviser (or certain affiliates, where applicable); |

---

ª Makes recommendations or investment decisions on behalf of the Adviser;

ª Has the power to exercise a controlling influence over the management and policies of the Adviser, or over investment decisions, who obtains information concerning recommendations made to a client with regard to the purchase or sale of a security;

---

| | |
|:---|:---|
| ª | The Compliance Officer shall determine on a case-by-case basis whether a temporary employee (e.g., consultant or intern) should be considered an Adviser Access Person. Such determination shall be made based upon an application of the criteria provided above, whether an appropriate confidentiality agreement is in place, and such other information as may be necessary to ensure that proprietary information is protected. As such, temporary employees may only be subject to certain sections of the Code, such as certifying to it, or may be exempt from certain reporting requirements such as not having to hold their reportable accounts at the permitted broker-dealers; |

---

ª Any person deemed to be an Adviser Access Person by the Compliance Officer; or

ª All Trustees of the Funds, both <u>Interested</u> and <u>Independent</u>.

In addition to <u>Adviser Access Persons</u>, persons qualifying as <u>Natural Control Persons, which</u> include natural persons in a <u>control</u> relationship with a Company who obtain information concerning recommendations made to a Fund or client about the <u>purchase or sale</u> of a <u>security</u> *and who are not specifically covered by any other section of the Code*, are required to comply with the Code*.*

 **In addition to the general principles and limitations set forth below, for the prohibitions and reporting requirements that specifically apply to you, please refer to Parts A-C, as indicated below. (Definitions of <u>underlined</u> terms are included in Appendix B.)**

---

| | |
|:---|:---|
| ª | **Independent Trustees of the Funds - Part A** |

---

---

| | |
|:---|:---|
| ª | **<u>Adviser Access Persons</u>** **(Other than Independent Trustees of the Funds) - Part B** |

---

5.0 <br>

---

| | |
|:---|:---|
| ª | **<u>Natural Control Persons</u>** **- Part C** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** **Other Provisions** 

The remainder of this Code sets forth general principles and limitations, required course of conduct, reporting obligations, and GI's review, enforcement and recordkeeping responsibilities as well as other related information.

 **3. Statement of General Principles**

In recognition of the trust and confidence placed in GI by its clients and shareholders of the Funds, and because GI believes that its operations should benefit clients and shareholders, GI has adopted the following universally applicable principles.

&nbsp;&nbsp;&nbsp;&nbsp;1. Shareholders' and clients'
interests are paramount. You must place shareholder and client interests before your own.

&nbsp;&nbsp;&nbsp;&nbsp;2. You must accomplish all personal <u>securities</u> transactions
in a manner that avoids an actual conflict or even the appearance of a conflict of your personal interests with those of a Company's
clients, including a Fund's shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;3. You must avoid actions or activities
that allow (or appear to allow) you or your <u>immediate family<sup>2</sup></u> to
profit or benefit from your position with GI, or that bring into question your independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;4. You must comply with all applicable
federal and state securities laws, including the prohibitions against the misuse of material nonpublic information, in conducting yourself
and the operations of GI.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield investment personnel from liability for personal trading or other conduct that violates a fiduciary duty to a Company's clients or a Fund's shareholders.

 **4. Required Course of Conduct and General Limits**

&nbsp;&nbsp;&nbsp;&nbsp;**4.1.** **Prohibition Against Fraud, Deceit and Manipulation** 

You may not, in connection with the <u>purchase or sale</u>, directly or indirectly, of a <u>security held or to be acquired</u> by any Fund or client account:

&nbsp;&nbsp;&nbsp;&nbsp;a. employ any device, scheme or artifice
to defraud a Fund or client account;

&nbsp;&nbsp;&nbsp;&nbsp;b. make any untrue statement of a material
fact to a Fund or client or omit to state a material fact necessary in order to make the statements made to a Fund or client, in light
of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;c. engage in any act, practice or course
of business which would operate as a fraud or deceit upon a Fund or client; or

&nbsp;&nbsp;&nbsp;&nbsp;d. engage in any manipulative practice
with respect to a Fund or client account.

 **4.2 Prohibition on Front Running**

Front-running, trading opposite a Fund or Adviser's client account(s), or engaging in conduct that may be construed as front-running, is strictly prohibited under the Code. For example, front-running would include an Access Person purchasing a <u>security</u> any time within seven days ahead of when the Fund or Adviser's client account(s) purchases the same <u>security</u>, or the sale of a <u>security</u> any time within seven days ahead

<sup>2</sup> <u>Immediate Family</u> includes, but is not limited to, a spouse, child, grandchild, stepchild, parent, grandparent, sibling, mother or father-in-law, son or daughter-in-law, or brother or sister-in-law, and adoptive relationships, living in the same household. Please refer to Appendix B – Definitions for more information.

6.0 <br>

GI Private Credit Fund - 2nd Session of Organizational Meeting (01-14-26) - Compliance Matters

of when the Fund or Adviser's client account(s) sells the same <u>security</u>. An example of trading opposite the Fund or Adviser's client account(s) would include the sale of a <u>security</u> any time within seven days after the Fund or Adviser's client account(s) purchases the same <u>security</u> or the purchase of a <u>security</u> any time within seven days after the Fund or Adviser's client account(s) sells the same <u>security</u>.

Proprietary, Access Persons', and discretionary accounts will be monitored for front-running.

&nbsp;&nbsp;&nbsp;&nbsp;**4.3.** **Outside Business Activities** 

The Advisers and Distributor have separate policies with respect to employees' outside business activities. Employees are prohibited from taking part in any outside employment without prior approval from their Supervisor and Compliance. Employees should refer to the applicable outside business activities policy.

Employee participation in outside activities related to <u>cryptocurrency</u> (*e.g*., blockchain entities, cryptocurrency mining, etc.) requires pre-approval under the Advisers' and Distributor's outside business activities policy.

&nbsp;&nbsp;&nbsp;&nbsp;**4.4.** **Excessive Trading** 

 <u>Adviser Access Persons</u> shall not engage in excessive trading or market timing of the Funds; provided, however, that this prohibition does not apply to the <u>Tradable Funds</u>. Market timing may take many forms, including arbitrage activity involving the frequent buying and selling of a fund's shares in order to take advantage of the fact that there may be a lag between a change in the value of a fund's portfolio securities and the reflection of that change in the fund's share price. Such activity is inconsistent with the fiduciary principles of this Code, which require that <u>Adviser Access Persons</u> place the interests of clients above their own interests.

 <u>Adviser Access Persons</u> shall not make more than 60 <u>securities</u> trades in any calendar quarter. Transactions of <u>Broad-based Exchange Traded Funds</u> that meet certain criteria as defined in Appendix B or securities that do not require pre-clearance are not included in the 60 securities trades permitted during any calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;**4.5.** **Section 16 Reporting on Closed-End Fund Shares** 

For all Closed End Fund ("CEF") Trustees and Officers, please be reminded that Section 16 of the Securities Exchange Act of 1934 ("1934 Act") imposes reporting requirements with respect to your ownership of the CEFs. Section 16(a) requires each Trustee and Officer to file (i) an initial report with the U.S. Securities and Exchange Commission ("SEC") on Form 3 disclosing his or her status as a reporting person under Section 16(a), and his or her beneficial ownership of all equity securities of the Closed-End Funds at the time of attaining such status; (ii) changes in such beneficial ownership on Form 4; and (iii) an annual statement of changes in beneficial ownership on Form 5 (if such changes were not previously reported on Forms 3 or 4). The Trustees and Officers should review the Closed-End Funds' Section 16 policies and procedures for more information relating to their reporting requirements under those policies and procedures as well as Section 16 of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Use of Compliance Platform** 

GI utilizes an electronic Compliance Platform to manage certain reporting and certification obligations required of Adviser Access Persons. Adviser Access Persons are required to use the Compliance Platform specified by Compliance to complete reporting specified by the Code of Ethics.

At the time of designation as an Adviser Access Person, Adviser Access Persons will be provided with login information and instructions for using the Compliance Platform.

7.0 <br>

 **5. Confidentiality**

All personal <u>securities</u> transactions reports and any other information filed with GI under this Code will be treated as confidential, provided, however, that such reports and related information may be produced to the SEC and other regulatory agencies or as otherwise required by law.

 **6. Interpretation of Provisions and Interrelationship with Other Codes of Ethics**

The Boards of Trustees of the Funds may from time to time adopt such interpretations of this Code as they deem appropriate.

To the extent that any of the Advisers delegate certain of their advisory responsibilities to an investment sub-adviser, such sub-adviser must:

ª establish, maintain and enforce a code of ethics that meets the minimum requirements set forth in Rule 204A-1 under the Advisers Act and Rule 17j-1 under the 1940 Act, and submit such code of ethics to the Fund's Board of Trustees;

ª on a quarterly basis provide the appropriate Fund(s) or the Adviser of such Fund a written attestation that the sub-adviser is in compliance with its code of ethics adopted pursuant to Rule 17j-1 under the 1940 Act;

ª promptly report, in writing, to the appropriate Fund(s) any material amendments to such code(s) of ethics;

ª promptly furnish to such Fund or the Adviser to such Fund, upon request, copies of any reports made pursuant to such code of ethics by any person who is a <u>Sub-Adviser Access Person</u>;

ª immediately furnish to such Fund or the Adviser to such Fund, upon request, all material information regarding any violation of such code of ethics by any person who is a Sub-Adviser Access Person; and

---

| | |
|:---|:---|
| ª | at least once a year, provide such Fund or the Adviser of such Fund a *written* report that describes any issue(s) that arose during the previous year under its code of ethics, including any material code violations and any resulting sanction(s), and a certification that it has adopted measures reasonably necessary to prevent its personnel from violating its code of ethics. |

---

The sub-adviser should also establish a policy or adopt in its code of ethics that <u>Sub-Adviser Access</u> <u>Persons</u> shall not engage in excessive trading. Such activity is inconsistent with the fiduciary principles of this Code, which require that <u>Sub-Adviser Access Persons</u> place the interests of clients above their own interests.

 **7. Acknowledgment of Receipt and Annual Certification**

Each director, officer, employee and member of the Companies will receive a copy of the Code and any subsequent material amendments to the Code, and each such person must acknowledge receipt of the Code in writing on an annual basis. Each such person is required to certify annually that he/she (i) has read and understands the Code, (ii) is aware that he/she is subject to the provisions of this Code, (iii) has complied with the Code at all times during the previous calendar year, and (iv) has, during the previous calendar year, reported all holdings and transactions that he/she is required to report pursuant to the Code. The acknowledgement of receipt and certification may be made electronically through a manner specified by Compliance.

8.0 <br>

 **EXCEPTION HANDLING:**

A <u>Compliance Officer</u>, in his or her discretion, may exempt any person from any specific provision of the Code, if the <u>Compliance Officer</u> determines that: (a) granting the exemption does not detrimentally affect any client or the shareholders of the Funds, (b) the failure to grant the exemption will result in an undue burden on the person or limit the person's ability to render services to GI and (c) the exception is consistent with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act. In order to request an exemption from a provision of the Code, an Adviser Access Person must submit a written request for the exemption to <u>Compliance</u>.

 **REPORTING REQUIREMENTS:**

 **1. Individual Reporting Obligations - See Parts A, B, or C as appropriate, for your specific reporting obligations.**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** Obligation to Report Violations of
the Code - In addition to the individual reporting requirements referenced above, any violation of the Code must be promptly reported
to <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1. As has been GI's ongoing policy,
nothing in this Code, any agreement between GI and its employees, or any GI policy or program, prohibits or restricts any person in any
way from reporting possible violations of law or regulation to any governmental agency or entity, or otherwise prevents anyone from participating,
assisting, or testifying in any proceeding or investigation by any such agency or entity or from making other disclosures that are protected
and/or permitted under law or regulation. For more information, please refer to the Guggenheim Capital, LLC Code of Conduct, available
on OneGuggenheim.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** Reports of individual securities transactions
are required only if you *knew* at the time of the transaction or, in the ordinary course of fulfilling your official duties as
a Trustee, *should have known*, that during the 15-calendar day period immediately preceding or following the date of your transaction,
the same security was purchased or sold, or was being considered for purchase or sale, by a Fund. Note: The "*should have known* "
standard does not:

ª Imply a duty of inquiry;

ª Presume you should have deduced or extrapolated from discussions or memoranda dealing with the Fund's investment strategies; or

ª Impute knowledge from your prior knowledge of the Fund's portfolio holdings, market considerations, or investment policies, objectives and restrictions.

 **2. Annual Written Report to the Boards of Trustees of the Funds -** At least once a year or more frequently as deemed necessary by a <u>Compliance Officer</u>, a <u>Compliance Officer</u>, on behalf of the Companies that provide services to the Funds, including the Advisers, will provide the Board of Trustees of each Fund a *written* report ("Annual Written Report") that includes:

&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** Issues Arising Under the Code - The
Annual Written Report will describe any issue(s) that arose during the previous year under the Code, including any material Code violations,
and any resulting sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** Certification - The Annual Written
Report will certify to the Boards of Trustees that each Company has adopted measures reasonably necessary to prevent its personnel from
violating the Code currently and in the future.

 **3. Periodic Review and Reporting -** A <u>Compliance Officer</u> (or his or her designee) will report to the Boards of Trustees at least annually as to the operation of this Code and will address in any such report the need (if any) for further changes or modifications to this Code.

9.0 <br>

 **TESTING AND REVIEW:**

 **1. Duties of <u>Compliance</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** <u>Compliance</u> will
review electronic reports generated by the Compliance Platform that compares all reported personal <u>securities</u> transactions
with the Funds' portfolios and client accounts, as applicable, transactions completed by the Advisers, and the restricted securities
list, maintained by Compliance, to determine whether a Code violation may have occurred. A <u>Compliance Officer</u> or
their designee may request additional information or take any other appropriate measures that the <u>Compliance Officer</u> or
their designee decides is necessary to aid in this determination. Before determining that a person has violated the Code, <u>Compliance</u> must
give the person an opportunity to supply explanatory material.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** No person is required to participate
in a determination of whether he or she has committed a Code violation or of the imposition of any sanction against himself or herself.
If a securities transaction of a <u>Compliance Officer</u> is under
consideration, a separate <u>Compliance Officer</u> other than the
individual under consideration will act as the <u>Compliance Officer</u> for
purposes of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;**1.3** Sanctions

This Code is designed to facilitate compliance with applicable laws and to reinforce the Companies' reputation for integrity in the conduct of their businesses. For violations of this Code, sanctions may be imposed as deemed appropriate by Compliance and as applicable in coordination with senior management. Escalation will depend on the severity and frequency of the infraction considering the facts and circumstances such as potential or actual harm or reputational risk to clients, prospects, Fund shareholders or the Companies. A pattern of violations that individually do not violate the law, but which taken together demonstrate a pattern of lack of respect for the Code, may result in disciplinary action, including termination of employment.

Specifically, the Adviser Access Person shall be subject to remedial actions which may include, but are not limited to, any one or more of the following: (1) verbal warning and/or letter of instruction; (2) written memo or letter of caution (including requirement for additional training) or other measures; (3) enhanced supervision or management plan; (4) decrease in compensation, performance measure or other penalty; (5) personal securities trading restriction; (6) termination of employment; or (7) referral to civil or governmental authorities for possible civil or criminal prosecution. If the Adviser Access Person is normally eligible for a discretionary bonus, violations of the Code may also reduce or eliminate the discretionary portion of his/her bonus.

 **RECORDKEEPING:**

The Companies will maintain records as set forth below. These records will be maintained in accordance with Rule 31a-2 under the 1940 Act and Rule 204-2(a)(12) under the Advisers Act and will be available for examination by representatives of the SEC.

ª A copy of this Code and any other code which is, or at any time within the past five years has been, in effect will be preserved in an easily accessible place;

ª A list of all persons who are, or within the past five years have been, required to submit reports under this Code will be maintained in an easily accessible place;

ª A copy of each report made by a person under this Code will be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

ª A copy of each duplicate brokerage confirmation and each periodic statement provided under this Code will be preserved for a period of not less than five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place.

ª A record of any Code violation and of any sanctions taken will be preserved in an easily accessible place for a period of not less than five years following the end of the fiscal year in which the violation occurred;

ª A copy of each Annual Written Report to the Boards of Trustees will be maintained for at least five years from the end of the fiscal year in which it is made, the first two years in an easily accessible place;

10.0 <br>

ª A copy of all Acknowledgements of Receipt and Annual Certifications as required by this Code for each person who is currently, or within the past five years was required to provide such Acknowledgement of Receipt or Annual Certification; and

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| | |
|:---|:---|
| ª | The Companies will maintain a record of any decision, and the reasons supporting the decision, to approve the acquisition of <u>securities</u> in a <u>private investment</u>, for at least five years after the end of the fiscal year in which the approval is granted. |

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 **DISCLOSURE:**

The Code of Ethics will be disclosed in accordance with the requirements of applicable federal law and all rules and regulations thereunder with the applicable disclosure documents.

 **REVISIONS:**

These procedures shall remain in effect until amended, modified or terminated. The Boards of Trustees must approve any material amendments to the Code within six months of the amendment.

11.0 <br>

 **PART A PROCEDURES FOR INDEPENDENT TRUSTEES**

 **GENERAL OBLIGATIONS.**

 **1. Limitations**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** You are subject to Sections 4.1 and
4.5 of the "Procedure" section of the Code.

 **2. Required Transaction Reports**

&nbsp;&nbsp;&nbsp;&nbsp;**2.1.** On a quarterly basis you must report
any <u>securities</u> transactions, unless such transaction is excepted
from reporting as described in 2.2 below. If reporting is required, you must submit your report of securities transactions and information
about the relevant securities account to <u>Compliance</u> no later
than 30 calendar days after the end of the calendar quarter in which the transaction to which the report relates was effected. Reports
must include information consistent with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**2.2.** Reports of individual <u>securities</u> transactions
are required only if you *knew* at the time of the transaction or, in the ordinary course of fulfilling your official duties as
a Trustee, *should have known*, that during the 15-calendar day period immediately preceding or following the date of your transaction,
the same <u>security</u> was <u>purchased or sold</u>, or was <u>being considered for purchase or sale</u>, by a Fund.

 <u>Note</u>: The "*should have known*" standard does not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• imply a duty of inquiry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• presume you should have deduced or
extrapolated from discussions or memoranda dealing with the Fund's investment strategies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impute knowledge from your prior knowledge
of the Fund's portfolio holdings, market considerations, or investment policies, objectives and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;**2.3.** If you had no reportable transactions
during the quarter, you are not required to submit a report.

 **3. What Securities Are Covered Under Your Quarterly Reporting Obligation?**

If the transaction is reportable because it came within Section (2), above, you must report all transactions in <u>securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. The report must also contain any <u>investment account</u> you established in which any <u>securities</u> were held during the quarter. You are not required to detail or list <u>purchases or sales</u> effected for any account over which you have no direct or indirect influence or <u>control</u>.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>security</u> included in the report.

 **4. Other Recommended Practices**

Although not strictly prohibited, it is recommended that Independent Trustees refrain from trading in shares of the Funds they oversee for a period of seven calendar days before and after meetings of the Board of Trustees of such Funds.

In lieu of the sanctions contemplated under Section 2 of the "Testing and Review" section of the Code, Independent Trustees shall be subject to sanctions as determined by the Board of Trustees of the relevant Fund.

12.0 <br>

**PART B ADVISER ACCESS PERSONS (OTHER THAN INDEPENDENT TRUSTEES OF THE FUNDS) GENERAL OBLIGATIONS**

**1. Providing a List of Securities – Initial and Annual Holdings Reports**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** Initial Holdings Reports. You must submit
the initial listing within 10 calendar days of the date you first become an Adviser Access Person. The initial listing should be a complete
listing of all investment accounts and securities, including private investments, you beneficially own as of a date no more than 45 days
prior to the date you become an Adviser Access Person. Reports must include information consistent with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** Annual Holdings Reports. In addition
to the Initial Holdings Report, each following year, you must submit a revised list showing the investment accounts and securities you
beneficially own as of December 31. You must submit each annual update listing no later than 30 calendar days after December 31. Adviser
Access Persons must also certify annually that they have complied with the requirements and have disclosed all holdings required to be
disclosed pursuant to the requirements of this Code. In addition, Adviser Access Persons will respond to personal disciplinary history
questions. Reports must include information consistent with regulatory requirements. The Initial Holdings Report and Annual Holdings
Reports, as applicable, will be submitted electronically, through the Compliance Platform. You will receive notification via email when
the applicable report is due, including instructions on how to access the information and complete the report.

**2. Brokerage Accounts** All investment accounts of new Adviser Access Persons and any investment accounts of current Adviser Access Persons must be maintained with brokerage firms designated and approved by Compliance. Compliance may grant specific exceptions in writing in limited circumstances however, in general, trading in such accounts will be prohibited.

Existing investment accounts of new Adviser Access Persons which are not held at the permitted broker- dealers must be transferred within 90 calendar days from the date the Adviser Access Person is so designated; the failure to transfer within this time will be considered a violation of this Code. Any request to extend the 90-day transfer deadline must be accompanied by a written explanation by the current broker-dealer as to the reason for delay. Compliance may grant specific exceptions in writing.

Prior to opening a new reportable investment account, you are required to submit the Personal Account Pre-Clearance Form through the Compliance Platform to obtain written consent from Compliance. You are also required to notify in writing the broker-dealer or financial institution with which you are seeking to open such reportable investment account of your association with Guggenheim Investments.

Upon opening a reportable investment account or obtaining an interest in an investment account that requires reporting, the account number must be reported within 5 calendar days of funding the investment account via the Compliance Platform or as otherwise permitted by Compliance.

**3. Duplicate Brokerage Confirmations and Statements** If your brokerage firm provides automatic feeds for your investment accounts to the Compliance Platform, the Adviser will obtain account information electronically, after the Adviser Access Person has completed the appropriate authorizations as required by the brokerage firm. Further, you are required to provide duplicate statements upon request from Compliance.

If the brokerage firm does not provide automatic feeds to the Compliance Platform, you are responsible for providing duplicate statements for such investment accounts to Compliance within 20 days after each

13.0 <br>

Quarter End. The Compliance Officer or his designee may provide exceptions to this policy on a limited basis.

 **4. Independently Managed/Third-Party Discretionary Account Reporting:**

&nbsp;&nbsp;&nbsp;&nbsp;• Adviser Access Persons must disclose
independently managed/third-party discretionary accounts, i.e., where the person has "no direct or indirect influence or control".

&nbsp;&nbsp;&nbsp;&nbsp;• Adviser Access Persons are required
to obtain a signed copy of the Managed Account Letter (template letter provided by GI Employee Activities) from their third-party investment
adviser confirming that the adviser has authority to effect transactions on behalf of the independently managed/third-party discretionary
account without obtaining prior consent of the Adviser Access Person and that the Adviser Access Person does not direct trades in the
independently managed/third-party discretionary account. Adviser Access Persons are required to maintain an updated Managed Account Letter
on file confirming third-party discretion.

&nbsp;&nbsp;&nbsp;&nbsp;• Adviser Access Persons should immediately
notify GI Employee Activities if there are any changes in control over the independently managed/third-party discretionary account or
if there are any changes to the relationship between the trustee or third-party investment adviser and the Adviser Access Person (i.e.,
independent professional or friend or relative, unaffiliated versus affiliated firm). Please note that an <u>immediate family</u> member
with discretion over an independently managed/third-party discretionary account is not considered a third-party adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• Trades in independently managed/third-party
discretionary accounts are not subject to the pre-clearance requirements and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;• Certain Adviser Access Persons (as
determined by Compliance) are required to maintain independently managed/third-party discretionary accounts with brokerage firms designated
and approved by Compliance. Compliance will advise impacted Adviser Access Persons.

 **5. Required Transaction Reports – Quarterly Personal Securities Transaction Reports**

On a quarterly basis you must report transactions in <u>securities</u>, as well as any <u>investment accounts</u> <u>("Quarterly Personal Securities Transaction Reports")</u>. You must submit your report no later than 30 calendar days after the end of the calendar quarter in which the transaction to which the report relates was effected or the investment account was opened. The Quarterly Personal Securities Transaction Reports are required in addition to delivery of duplicate brokerage confirmations and statements (via automatic feed or hard copy). Adviser Access Persons must submit Quarterly Personal Securities Transaction Reports electronically, through the Compliance Platform. You will receive notification via email when the Quarterly Personal Securities Transaction Report is due, including instructions on how to access the information and complete the report. Reports must include information consistent with regulatory requirements.

If you had no reportable transactions or did not open any <u>investment accounts</u> during the quarter, you are still required to report that you did not have any reportable transactions or open any investment accounts.

 **6. What Securities Are Covered Under Your Quarterly Reporting Obligation?**

You must report all transactions in <u>securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. The report must contain any <u>investment account</u> you established during the quarter if the account has not already been reported. You are not required to detail or list <u>purchases or sales</u> effected for any account over which you have no direct or indirect influence or <u>control</u>.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>security</u> included in the report.

14.0 <br>

 **7. Pre-Clearance Requirement**

You must submit a report detailing every proposed <u>securities</u> transaction in which you will acquire a <u>beneficial ownership</u> interest through the Compliance Platform and obtain pre-clearance for each securities transaction prior to engaging in the transaction. The report shall include the name of the security, date of the proposed transaction, quantity, price, and broker-dealer through which the transaction is to be effected.

 **Pre-cleared transactions are valid for the day on which such transaction was approved as noted on the pre-clearance request form, unless otherwise specified by Compliance.** If the transaction, or any portion thereof, is not executed within the specified time, the Adviser Access Person must obtain written approval for the transaction again. The Companies reserve the right to rescind previously pre-approved trades if an actual conflict arises or in certain other limited circumstances, and Adviser Access Persons may be obliged to sell previously pre-cleared positions. The Companies will not be responsible for any losses as a result of such rescission of approval and all profits received by the Adviser Access Person from such sale will be disgorged and donated to a charity approved by <u>Compliance.</u>

 **8. Securities and Transactions Subject to the Pre-Clearance Requirement:**

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| | | |
|:---|:---|:---|
| **Securities:** | | |
| &nbsp;&nbsp; **Security Type:**<br>| **Pre-Clearance Required:**<br>| **Include on Quarterly**<br> **Transaction & Annual**<br> **Holdings Reports:** |
| Equities/Stocks | Yes | Yes |
| &nbsp;&nbsp; Corporate, U.S. (Government) Agency and | Yes | Yes |
| Municipal Bonds and Notes |  |  |
| U.S. Government Obligations and Debt | No | No |
| &nbsp;&nbsp; High Quality Short-term Bonds (maturity at | Yes | Yes |
| issuance of less than 366 days) |  |  |
| All Exchange Traded Funds (ETFs) | Yes | Yes |
| &nbsp;&nbsp; Options and Futures on any Covered Security, | Yes – See Supplement 1 | Yes – See Supplement 1 |
| &nbsp;&nbsp; ETF or on any group or (broad-based) index of |  |  |
| securities |  |  |
| Futures on U.S. Government Obligations | No | Yes |
| &nbsp;&nbsp; Certain Futures on Currencies and Commodities | Yes, if not prohibited (see | Yes, if not prohibited (see |
|  | Section 11) | Section 11) |
| Private Investments, including certain Loans | Yes | Yes |
| Unit Investment Trusts (UITs) | Yes | Yes |
| &nbsp;&nbsp; Unit Investment Trusts (UITs) investing | No | No |
| exclusively in open-end mutual funds. |  |  |
| &nbsp;&nbsp; Foreign Unit Trusts (i.e. UCITS) or Foreign | Yes | Yes |
| Mutual Fund |  |  |
| &nbsp;&nbsp; Closed-end Mutual Funds (regardless of | Yes | Yes |
| &nbsp;&nbsp; whether advised or sub-advised by the Advisers |  |  |
| or an affiliate) |  |  |
| Open-end Mutual Funds | No | No |
| &nbsp;&nbsp; Open-end Mutual Funds advised or sub-advised | No | Yes |
| by the Advisers or an affiliate |  |  |
| Money Market Funds | No | No |
| Indirect investments in Cryptocurrencies\* | Yes | Yes |
| Direct investments in Cryptocurrencies | No | No |
| &nbsp;&nbsp; Miscellaneous: Treasury Stock; Debenture; | Yes | Yes |
| &nbsp;&nbsp; Evidence of Indebtedness; Investment Contract; |  |  |
| &nbsp;&nbsp; Voting Trust Certificate; Certificate of Deposit for |  |  |
| &nbsp;&nbsp; a Security; Limited Partnerships; Certificate of |  |  |
| &nbsp;&nbsp; Interest or Participation in any Profit-Sharing |  |  |
| Agreement; Collateral-RIC Certificate; Fractional |  |  |

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15.0 <br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Undivided interest in Oil, Gas or other Mineral |  |  |
| &nbsp;&nbsp; Right; Pre-Organizational Certificate or |  |  |
| &nbsp;&nbsp; Subscription; Transferable Shares | | |
| &nbsp;&nbsp; - Bank Loans; Bankers Acceptances; Bank | No | No |
| &nbsp;&nbsp; Certificates of Deposit; Commercial Paper; |  |  |
| &nbsp;&nbsp; Repurchase Agreements | | |

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| | | |
|:---|:---|:---|
| **Special Transaction Types:** | | |
| &nbsp;&nbsp; **Special Transaction Type\*\*:**<br>| **Pre-Clearance Required:**<br>| **Include on Quarterly**<br> **Transaction & Annual**<br> **Holdings Reports:** |
| &nbsp;&nbsp; IPOs (issued directly from the underwriting | Prohibited | Prohibited |
| &nbsp;&nbsp; syndicate) |  |  |
| &nbsp;&nbsp; Initial Coin Offerings ("ICOs") | Prohibited | Prohibited |
| &nbsp;&nbsp; Participation in Investment Clubs | Prohibited | Prohibited |
| &nbsp;&nbsp; Automatic Dividend Reinvestments | No\*\*\* | Yes |
| &nbsp;&nbsp; Non-Automatic Dividend Reinvestments | Yes | Yes |
| &nbsp;&nbsp; Automatic Investment Plan | No\*\*\* | No\*\*\* |
| &nbsp;&nbsp; Tender offer transactions\*\* | No | Yes |
| &nbsp;&nbsp; Acquisition of securities by gift or inheritance | No | Yes |
| &nbsp;&nbsp; Sale of securities acquired by gift or | Yes | Yes |
| &nbsp;&nbsp; inheritance\*\*\*\* |  |  |
| &nbsp;&nbsp; Guggenheim Capital LLC membership interests | No | No |
| &nbsp;&nbsp; Guggenheim 401K\*\*\*\* | Yes | Yes |
| &nbsp;&nbsp; Purchases arising from the exercise of rights | No | Yes |
| &nbsp;&nbsp; issued by an issuer *pro rata* to all holders of a |  |  |
| &nbsp;&nbsp; class of its securities, as long as you acquired |  |  |
| &nbsp;&nbsp; these rights from the issuer, and sales of such |  |  |
| &nbsp;&nbsp; rights so acquired. |  |  |
| &nbsp;&nbsp; Transactions which are non-volitional on your | No | Yes |
| &nbsp;&nbsp; part, including sales from a margin account due to |  |  |
| &nbsp;&nbsp; a *bona fide* margin call. |  |  |
| &nbsp;&nbsp; Transactions effected for any account over which | No | No |
| &nbsp;&nbsp; you have no direct or indirect influence or control. |  |  |
| &nbsp;&nbsp; Acquisition through corporate actions or actions | No | Yes |
| &nbsp;&nbsp; applicable to all holders of the same class of |  |  |
| &nbsp;&nbsp; securities. |  |  |

---

\* Cryptocurrency-related entities deriving a substantial amount of revenue therefrom, or private investments, ETFs and investment trusts investing directly and primarily in cryptocurrencies.

\*\* You will be required to provide additional supporting documentation to the extent the information is not available on your brokerage statements.

\*\*\* Any transaction that overrides the pre-set schedule of the automatic investments plan must be pre-cleared and reported. Annual Holdings report must represent updated holdings resulting from any automatic investment plans.

\*\*\*\* Pre-clearance is required to the extent that it is for a security type listed above under 'Pre-Clearance required'.

The above investments and transactions that are not subject to pre-clearance are also **NOT** subject to the 30-day prohibition on selling/buying securities (discussed in section 12 below), the seven-day blackout period on personal securities transactions (discussed in section 13 below), or the excessive trading limitation (discussed in section 14 below).

 **9. Private Investments**

You must obtain approval from <u>Compliance</u> before acquiring <u>beneficial ownership</u> of any <u>securities</u> offered in connection with a <u>private investment</u>. Adviser Access Persons should contact Compliance with any questions regarding investments in loans that would need to be pre-cleared. In determining whether to grant pre-approval, <u>Compliance</u> will consider, among other factors, whether the investment opportunity could be offered to a client**.**

New Adviser Access Persons must disclose all of their existing <u>private investments</u>, as well as those of their <u>immediate family</u> members, within 10 days of becoming an Adviser Access Person. Compliance will send an email to all new Adviser Access Persons with the **Private Investments Disclosure Form,** which

16.0 <br>

they must complete. Existing Adviser Access Persons are required to disclose existing <u>private</u> <u>investments</u> that were entered into prior to policy changes and seek prior written approval to invest in any new <u>private investments</u> on their own behalf, and on behalf of their i<u>mmediate family</u> members, and must complete the **Private Investment and Loan Pre-Clearance Form** (template available through OneGuggenheim), and provide information about the investment to assist Compliance with the review of the request.

 **10. Prohibition of Participation in IPOs and Investment Clubs**

You shall not acquire <u>beneficial ownership</u> of any <u>securities</u> offered in connection with an <u>IPO</u> or Investment Club. For the avoidance of doubt, the prohibition on IPOs also extends to initial issuances of securities issued as digital assets (sometimes referred to as "Initial Coin Offerings" or "ICOs"). You should contact Compliance if you are not certain whether a particular digital asset is a security. You shall not participate in any <u>Investment Clubs</u>. If you have any questions regarding whether an arrangement is an Investment Club, please contact Compliance.

 **11. Prohibition on Trading in Commodity Interests and Related Futures**

Trading in Commodity Interests and related Futures as well as futures and options on cryptocurrency are generally prohibited, except for the following types of futures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing broad-based securities
indices: for example, S&P 500, NASDAQ 100, and Russell 2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing major currencies:
for example, Euro, Yen, Australian dollar, and British pound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing the following physical
commodities: Silver, Gold, Oil, and Natural Gas; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing U.S. Government
debt obligations: for example, 30 year Treasury bond, 10/5 year Treasury notes and long-term Treasury bonds.

Adviser Access Persons should consult with Compliance with regard to whether a particular instrument is a commodity interest. Senior management, together with the Compliance Officer, may grant exceptions to this prohibition on a case-by-case basis and such exceptions will be conditioned on compliance with certain requirements.

 **12. Thirty-Day Prohibition on Selling/Buying Securities**

Adviser Access Persons are prohibited from purchasing and then selling, or selling and then purchasing the same <u>security</u> ***within 30 calendar days of the most recent opposite-way transaction***.

In situations where multiple transactions have occurred in the same security, the holding period will calculate from the date of the most recent opposite-way transaction of the relevant security across all accounts, regardless of the holding period of prior transactions in the same security. This prohibition does not apply to independently managed/third-party discretionary accounts, transactions of <u>Broad-based</u> <u>Exchange Traded Funds</u> that meet certain criteria as defined in Appendix B, or to securities and transactions that are not subject to the pre-clearance requirement (discussed in section 8 above).

 **13. Seven-Day Blackout Period on Personal Securities Transactions**

You cannot <u>purchase or sell</u>, directly or indirectly, any <u>security</u> in which you had (or by reason of such transaction acquire) any <u>beneficial ownership</u>, at any time within seven calendar days before or after the time that the same (or a related): (i) <u>security is being purchased or sold</u> by any Fund or client account; (ii) <u>security</u> is being purchased for initial deposit in a Fund that is a unit investment trust or (iii) security is in a unit investment trust being terminated and is being sold prior to termination date.

This prohibition does not apply to independently managed/third-party discretionary accounts, transactions of <u>Broad-based Exchange Traded Funds</u> that meet certain criteria as defined in Appendix B, or to

17.0 <br>

securities and transactions that are not subject to the pre-clearance requirement (discussed in section 8 above).

&nbsp;&nbsp;&nbsp;&nbsp;**13.1.** **Exception to Blackout Period** 

The seven-day blackout period does not apply to trading in a <u>security</u> meeting all of the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market value of the proposed transaction
is less than $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the 30-day rolling average trading
volume is over 1 million shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Guggenheim Investments' trade
activity is less than 5% of the 7-day rolling average trade volume for the security.

The exception to the seven-day blackout period does not apply to the purchase or sale of options, transactions in a <u>security</u> listed on the Guggenheim Investments Restricted List, and any derivatives and futures.

 **14. Excessive Trading**

You shall not make more than 60 <u>securities</u> trades in any calendar quarter. Transactions of <u>Broad-based Exchange Traded Funds</u> that meet certain criteria as defined in Appendix B or that do not require pre-clearance are not included in the 60 securities trades permitted during any calendar quarter. For the purposes of this restriction, transactions executed in the same security, in the same direction on the same day are considered to be one transaction (i.e., an approved transaction executed in lots throughout the day is considered one transaction).

The multiple transactions that make up an option trading strategy, such as option spreads, will be counted as individual transactions towards the excessive trading limit.

 **15. Cryptocurrencies Trading**

<u>Cryptocurrency</u> (sometimes referred to as "virtual currency") is one type of digital asset and herein refers to any virtual or digital representation of value, token or other asset where (i) encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets and (ii) the digital asset has been interpreted under relevant law not to be (A) a <u>security</u> or (B) otherwise characterized as a "security" as defined under the relevant law. Examples of cryptocurrency currently include, but are not limited to, bitcoin (BTC) and ethereum (ETH). You should contact Compliance if you are not certain whether a particular digital asset is a security.

Purchases and sales of direct investments in <u>cryptocurrency</u> are not required to be pre-cleared or reported. Indirect investments in Cryptocurrencies through cryptocurrency-related entities (e.g., entities deriving a substantial amount of revenue therefrom) or funds investing primarily in cryptocurrency (e.g., private funds or ETFs) are permitted but must be pre-cleared prior to investment and reported in the Initial Holdings Report, Quarterly Personal Securities Transactions Report, and Annual Holdings Report.

Adviser Access persons should consult with Compliance with regard to whether a particular interest is a cryptocurrency for purposes of this Code. A Compliance Officer, in consultation with senior management and the Legal Department as necessary, may grant exceptions to this prohibition on a case-by-case basis and such exceptions may be conditioned on compliance with certain requirements.

The standards above are subject to change depending on emerging regulatory requirements and firm and client activities, and certain cryptocurrencies may be restricted and require pre-clearance and reporting in the future.

18.0 <br>

 **PART C NATURAL CONTROL PERSONS**

 **GENERAL OBLIGATIONS.**

 **1. Providing a List of Securities – Initial and Annual Holdings Reports**

&nbsp;&nbsp;&nbsp;&nbsp;**1.1.** Initial Holdings Reports. You must
submit the initial listing within 10 calendar days of the date you first become a <u>Natural Control Person</u>. The initial listing
should be a complete listing of all <u>investment accounts and securities,</u> including <u>private investments,</u> you <u>beneficially own</u> as
of a date no more than 45 days prior to the date you become a <u>Natural Control Person</u>. Reports must include information consistent
with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;**1.2.** Annual Holdings Reports. In addition
to the Initial Holdings Report, each following year, you must submit a revised list showing the investment <u>accounts</u> and <u>securities</u> you <u>beneficially own</u> as
of December 31. You must submit each annual update listing no later than 30 calendar days after December 31. Natural Control Persons
must also certify annually that they have complied with the requirements and have disclosed all holdings required to be disclosed pursuant
to the requirements of this Code. In addition, Natural Control Persons will respond to personal disciplinary history questions. Reports
must include information consistent with regulatory requirements.

The Initial Holdings Report and Annual Holdings Reports, as applicable, will be submitted electronically, through the Compliance Platform (or as specified by Compliance). You will receive notification via email when the applicable report is due, including instructions on how to access the information and complete the report.

 **2. Brokerage Accounts**

All <u>investment accounts</u> of new Natural Control Persons and any <u>investment accounts</u> of current Natural Control Persons must be maintained with brokerage firms designated and approved by Compliance. Compliance may grant specific exceptions in writing in limited circumstances however, in general, trading in such accounts will be prohibited.

Existing <u>investment accounts</u> of new Natural Control Persons which are not held at the permitted broker-dealers must be transferred within 90 calendar days from the date the Natural Control Person is so designated; the failure to transfer within this time will be considered a violation of this Code. Any request to extend the 90-day transfer deadline must be accompanied by a written explanation by the current broker-dealer as to the reason for delay. Compliance may grant specific exceptions in writing.

Prior to opening a new reportable <u>investment account,</u> you are required to submit the Personal Account Pre-Clearance Form through the Compliance Platform to obtain written consent from Compliance. You are also required to notify in writing the broker-dealer or financial institution with which you are seeking to open such reportable investment account of your association with Guggenheim Investments.

Upon opening a reportable <u>investment account</u> or obtaining an interest in an investment account that requires reporting, the account number must be reported within 5 calendar days of funding the <u>investment</u> <u>account</u> via the Compliance Platform or as otherwise permitted by Compliance.

 **3. Duplicate Brokerage Confirmations and Statements**

If your brokerage firm provides automatic feeds for your investment accounts to the Compliance Platform, the Adviser will obtain account information electronically, after the Natural Control Person has completed the appropriate authorizations as required by the brokerage firm. Further, you are required to provide duplicate statements upon request from Compliance.

If the brokerage firm does not provide automatic feeds to the Compliance Platform, you are responsible for providing duplicate statements for such investment accounts to Compliance within 20 days after each

19.0 <br>

Quarter End. The Compliance Officer or his designee may provide exceptions to this policy on a limited basis.

 **4. Independently Managed/Third-Party Discretionary Account Reporting:**

&nbsp;&nbsp;&nbsp;&nbsp;• Natural Control Persons must disclose
independently managed/third-party discretionary accounts, i.e., where the person has "no direct or indirect influence or control".

&nbsp;&nbsp;&nbsp;&nbsp;• Natural Control Persons are required
to obtain a signed copy of the Managed Account Letter (template letter provided by Compliance) from their third-party investment adviser
confirming that the adviser has authority to effect transactions on behalf of the independently managed/third-party discretionary account
without obtaining prior consent of the Natural Control Person and that the Natural Control Person does not direct trades in the independently
managed/third-party discretionary account. Natural Control Persons are required to maintain an updated Managed Account Letter on file
confirming third-party discretion.

&nbsp;&nbsp;&nbsp;&nbsp;• Natural Control Persons should immediately
notify Compliance in writing if there are any changes in control over the independently managed/third-party discretionary account or
if there are any changes to the relationship between the trustee or third-party investment adviser and the Natural Control Person (i.e.,
independent professional or friend or relative, unaffiliated versus affiliated firm). Please note that an <u>immediate family</u> member
with discretion over an independently managed/third-party discretionary account is not considered a third-party adviser.

&nbsp;&nbsp;&nbsp;&nbsp;• Trades in independently managed/third-party
discretionary accounts are not subject to the pre-clearance requirements and trading restrictions of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;• Certain Natural Control Persons (as
determined by Compliance) are required to maintain independently managed/third-party discretionary accounts with brokerage firms designated
and approved by Compliance. Compliance will advise impacted Natural Control Persons.

 **5. Required Transaction Reports – Quarterly Personal Securities Transaction Reports**

On a quarterly basis you must report any <u>securities</u> transactions, as well as any <u>investment accounts</u>. You must submit your report no later than 30 calendar days after the end of the calendar quarter in which the transaction to which the report relates was effected or the investment account was opened. The Quarterly Personal Securities Transaction Reports are required in addition to delivery of duplicate brokerage confirmations and statements (via automatic feed or hard copy). Natural Control Persons must submit Quarterly Personal Securities Transactions Reports electronically, through the Compliance Platform (or as specified by Compliance). You will receive notification via email when the Quarterly Personal Securities Transaction Report is due, including instructions on how to access the information and complete the report. Reports must include information consistent with regulatory requirements.

If you had no reportable transactions or did not open any <u>investment accounts</u> during the quarter, you are still required to report that you did not have any reportable transactions or open any investment accounts.

 **6. What Securities Are Covered Under Your Quarterly Reporting Obligation?**

You must report all transactions in <u>securities</u> that: (i) you directly or indirectly <u>beneficially own</u> or (ii) because of the transaction, you acquire direct or indirect <u>beneficial ownership</u>. The report must contain any <u>investment account</u> you established during the quarter if the account has not already been reported. You are not required to detail or list <u>purchases or sales</u> effected for any account over which you have no direct or indirect influence or <u>control</u>.

You may include a statement in your report that the report shall not be construed as your admission that you have any direct or indirect <u>beneficial ownership</u> in the <u>security</u> included in the report.

20.0 <br>

 **7. Private Investments**

You must obtain approval from <u>Compliance</u> before acquiring <u>beneficial ownership</u> of any <u>securities</u> offered in connection with a <u>private investment</u>. Natural Control Persons should contact Compliance with any questions regarding investments in loans that would need to be pre-cleared. In determining whether to grant pre-approval, <u>Compliance</u> will consider, among other factors, whether the investment opportunity could be offered to a client**.**

New Natural Control Persons must disclose all of their existing <u>private investments</u>, as well as those of their <u>immediate family</u> members, within 10 days of becoming a Natural Control Person. Compliance will send an email to all new Natural Control Persons with the **Private Investments Disclosure Form,** which they must complete. Existing Natural Control Persons are required to disclose existing <u>private investments</u> that were entered into prior to policy changes and seek prior written approval to invest in any new <u>private investments</u> on their own behalf, and on behalf of their <u>immediate family</u> members, and must complete the **Private Investment and Loan Pre-Clearance Form** (template form provided by Compliance), and provide information about the investment to assist Compliance with the review of the request.

 **8. Prohibition of Participation in IPOs and Investment Clubs**

You shall not acquire <u>beneficial ownership</u> of any <u>securities</u> offered in connection with an <u>IPO</u> or Investment Club. For the avoidance of doubt, the prohibition on IPOs also extends to initial issuances of securities issued as digital assets (sometimes referred to as "Initial Coin Offerings" or "ICOs"). You should contact Compliance if you are not certain whether a particular digital asset is a security. You shall not participate in any <u>Investment Clubs</u>. If you have any questions regarding whether an arrangement is an Investment Club, please contact Compliance.

 **9. Prohibition on Trading in Commodity Interests and Related Futures**

Trading in Commodity Interests and related Futures as well as futures and options on cryptocurrency are generally prohibited, except for the following types of futures:

&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing broad-based securities
indices: for example, S&P 500, NASDAQ 100, and Russell 2000;

&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing major currencies:
for example, Euro, Yen, Australian dollar, and British pound;

&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing the following physical
commodities: Silver, Gold, Oil, and Natural Gas; and

&nbsp;&nbsp;&nbsp;&nbsp;• Futures referencing U.S. Government
debt obligations: for example, 30-year Treasury bond, 10/5 year Treasury notes and long-term Treasury bonds.

Natural Control Persons should consult with Compliance with regard to whether a particular instrument is a commodity interest. Senior management, together with Compliance, may grant exceptions to this prohibition on a case-by-case basis and such exceptions will be conditioned on compliance with certain requirements.

 **10. Cryptocurrencies Trading**

<u>Cryptocurrency</u> (sometimes referred to as "virtual currency") is one type of digital asset and herein refers to any virtual or digital representation of value, token or other asset where (i) encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets and (ii) the digital asset has been interpreted under relevant law not to be (A) a <u>security</u> or (B) otherwise characterized as a "security" as defined under the relevant law. Examples of cryptocurrency currently include, but are not limited to, bitcoin (BTC) and ethereum (ETH). You should contact Compliance if you are not certain whether a particular digital asset is a security.

Purchases and sales of direct investments in <u>cryptocurrency</u> are not required to be pre-cleared or reported. Indirect investments in cryptocurrencies through cryptocurrency-related entities (e.g., entities

deriving a substantial amount of revenue therefrom) or funds investing primarily in cryptocurrency (e.g., private funds or ETFs) are permitted but must be pre-cleared prior to investment and reported in the Initial Holdings Report, Quarterly Personal Securities Transactions Report, and Annual Holdings Report.

Natural Control Persons should consult with Compliance with regard to whether a particular interest is a cryptocurrency for purposes of this Code. A Compliance Officer in consultation with senior management and the Legal Department as necessary, may grant exceptions to this prohibition on a case-by-case basis and such exceptions may be conditioned on compliance with certain requirements.

The standards above are subject to change depending on emerging regulatory requirements and firm and client activities, and certain cryptocurrencies may be restricted and require pre-clearance and reporting in the future.

22.0 <br>

 **Appendix A**

 **Guggenheim Entities & Revisions**

 **COVERED ENTITIES:**

This Combined Code of Ethics adopted under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act covers the following companies:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds** | **Funds** | | **Advisers** | | **Other** |
| • | Rydex Dynamic Funds | • | Security Investors, LLC | • | Guggenheim Funds |
| | | | | | Distributors, LLC\* |
| • | Rydex Series Funds | • | Guggenheim Funds | • | Guggenheim Investor |
| | | | Investment Advisors, LLC | | Services, LLC |
| • | Rydex Variable Trust | • | Guggenheim Funds |  |  |
| Distributors, LLC\* | Distributors, LLC\* | Distributors, LLC\* | Distributors, LLC\* | Distributors, LLC\* | Distributors, LLC\* |
| • | Guggenheim Funds Trust | • | Guggenheim Partners |  |  |
| | | | Investment Management, LLC | | |
| • | Guggenheim Variable Funds | • | Guggenheim Investment |  |  |
| | Trust | | Advisors, LLC | | |
| • | Guggenheim Strategy Funds | • | Guggenheim Wealth |  |  |
| | Trust | | Solutions, LLC | | |
| • | Guggenheim Active | • | GS Gamma Advisors, LLC |  |  |
| | Allocation Fund | | | | |
| • | Guggenheim Taxable | • | Guggenheim Corporate |  |  |
|  | Municipal Bond & Investment |  | Funding, LLC |  |  |
| | Grade Debt Trust | | | | |
| • | Guggenheim Strategic | • | Guggenheim Private |  |  |
| | Opportunities Fund | | Investments, LLC | | |
|  |  | • | Guggenheim Investments |  |  |
| | | | Loan Advisors, LLC | Loan Advisors, LLC | Loan Advisors, LLC |
| \*This code also covers those unit investment trusts for which Guggenheim Funds Distributors, LLC serves as depositor and references to "clients" herein include the unit investment trusts. | \*This code also covers those unit investment trusts for which Guggenheim Funds Distributors, LLC serves as depositor and references to "clients" herein include the unit investment trusts. | \*This code also covers those unit investment trusts for which Guggenheim Funds Distributors, LLC serves as depositor and references to "clients" herein include the unit investment trusts. | \*This code also covers those unit investment trusts for which Guggenheim Funds Distributors, LLC serves as depositor and references to "clients" herein include the unit investment trusts. | \*This code also covers those unit investment trusts for which Guggenheim Funds Distributors, LLC serves as depositor and references to "clients" herein include the unit investment trusts. | \*This code also covers those unit investment trusts for which Guggenheim Funds Distributors, LLC serves as depositor and references to "clients" herein include the unit investment trusts. |

---

---

| | |
|:---|:---|
| **PROCEDURE CREATION AND REVISIONS:** | **PROCEDURE CREATION AND REVISIONS:** |
| **Procedure Creation Date:** | Adopted April 23, 2014 (by the Security Investors, LLC and Guggenheim Funds |
|  | Investment Advisers, LLC); Adopted January 1, 2024 (by Guggenheim Corporate Funding, |
|  | LLC, Guggenheim Investment Advisors, LLC, Guggenheim Investor Services, LLC, GS |
|  | Gamma Advisors, LLC, Guggenheim Partners Advisors, LLC, and Guggenheim Partners |
|  | Investment Management, LLC); Adopted August 7, 2024 (by Guggenheim Wealth |
|  | Solutions, LLC); Adopted October 28, 2024 (by Guggenheim Private Investments, LLC); |
|  | Adopted December 16, 2025 (by Guggenheim Investments Loan Advisors, LLC) |
| **Procedure Revised As Of:** | October 1, 2014; March 20, 2015; May 9, 2016; November 2016; April 2017; February |
|  | 2018; August 2018; October 2018; August 2019; July 2020; September 2020 |
|  | April 2021; July 2021; August 2021; September 2021, April 2022; Nov 2022; June 2023; |
|  | November 2023 (effective Jan 2024); January 2024; August 2024; October 2024 (effective |
|  | November 2024); June 2025; December 2025 |

---

23.0 <br>

 **Appendix B Definitions**

 <u>Adviser Access Person</u> includes:

&nbsp;&nbsp;&nbsp;&nbsp;a. Employee, Director, officer, manager,
principal and partner of the Adviser or Distributor (or other persons occupying a similar status or performing similar functions), or
other person who provides advice on behalf of the Adviser or is subject to the Adviser's supervision and control; or

&nbsp;&nbsp;&nbsp;&nbsp;b. Any person who:

---

| | |
|:---|:---|
| ª | Has access to nonpublic information regarding any of the Adviser's client's purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any client account the Adviser or their affiliates manage, or any fund which is advised or sub-advised by the Adviser (or certain affiliates, where applicable); |

---

ª Makes recommendations or investment decisions on behalf of the Adviser;

ª Has the power to exercise a controlling influence over the management and policies of the Adviser, or over investment decisions, who obtains information concerning recommendations made to a client with regard to the purchase or sale of a security;

---

| | |
|:---|:---|
| ª | The Compliance Officer shall determine on a case-by-case basis whether a temporary employee (e.g., consultant or intern) should be considered an Adviser Access Person. Such determination shall be made based upon an application of the criteria provided above, whether an appropriate confidentiality agreement is in place, and such other information as may be necessary to ensure that proprietary information is protected. As such, temporary employees may only be subject to certain sections of the Code, such as certifying to it, or may be exempt from certain reporting requirements such as not having to hold their reportable accounts at the permitted broker-dealers; |

---

ª Any person deemed to be an Adviser Access Person by the Compliance Officer; or

ª All Trustees of the Funds, both <u>Interested</u> and <u>Independent.</u>

 <u>Broad-</u><u>based Exchange Traded Funds ("ETFs")</u>:

Broad-based ETFs that meet the following parameters: more than 250 holdings and less than 35% of assets concentrated in the top 10 holdings are exempt from any holding period requirement or other personal trading requirement as noted within this Code of Ethics.

 <u>Sub-Adviser Access Person</u> includes any trustee, director, officer or employee of any sub-adviser who, in connection with his or her regular functions or duties, makes, participates in, or obtains access to non-public information regarding recommendations of, the purchase or sale of a Security by a Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

 <u>Automatic Investment Plan</u> 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.

 <u>Beneficial ownership</u> means the same as under Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1(a)(2) thereunder. You should generally consider yourself the beneficial owner of any <u>security</u> in which you have a direct or indirect pecuniary interest, which is the opportunity to profit directly or indirectly or share in any profit derived from a transaction in securities. In addition, you should consider yourself the beneficial owner of <u>securities</u> held by your spouse, your minor children, a relative who shares your home, or other persons by reason of any contract, arrangement, understanding or relationship that provides you with sole or shared voting or investment power.

 <u>Compliance Officer</u> means, as applicable, the chief compliance officer of Rydex Dynamic Funds, Rydex Series Funds, Rydex Variable Trust, Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, and Guggenheim Active Allocation Fund pursuant to Rule 38a-1 under the 1940 Act, or the chief compliance officer of Security Investors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Corporate Funding,

24.0 <br>

LLC, Guggenheim Investment Advisors, LLC, Guggenheim Investor Services, LLC, GS Gamma Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Private Investments, LLC, and Guggenheim Wealth Solutions, LLC pursuant to Rule 206(4)-7 under the Advisers Act, or any person designated by such chief compliance officer to act in the chief compliance officer's absence.

<u>Control</u> means the same as that under Section 2(a)(9) of the 1940 Act. Section 2(a)(9) provides that "control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. Ownership of 25% or more of a company's outstanding voting <u>securities</u> is presumed to give the holder of such <u>securities</u> control over the company. This presumption may be countered by the facts and circumstances of a given situation.

<u>Cryptocurrency</u> sometimes referred to as "virtual currency") is one type of digital asset and herein refers to any virtual or digital representation of value, token or other asset where (i) encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets and (ii) the digital asset has been interpreted under relevant law not to be (A) a <u>security</u> or (B) otherwise characterized as a "security" as defined under the relevant law. Examples of cryptocurrency currently include, but are not limited to, bitcoin (BTC) and ethereum (ETH).

 <u>Immediate family</u> means any parent, spouse of a parent, child, spouse of a child, spouse, brother, or sister, and includes step and adoptive relationships.

 <u>Investment Account</u> generally means any account over which the Adviser Access Persons has <u>Beneficial Ownership</u> which can, even if the account does not currently, hold <u>Securities</u>. It includes the following accounts:

&nbsp;&nbsp;&nbsp;&nbsp;• Any investment account with a broker-dealer
or bank over which the Adviser Access Person has investment decision-making authority (including accounts that the Adviser Access Person
is named on, such as being a guardian, executor or trustee, as well as accounts that Adviser Access Person is not named on such as an
account owned by another person but for which the Adviser Access Person has been granted trading authority).

&nbsp;&nbsp;&nbsp;&nbsp;• Any investment account with a broker-dealer
or bank established by partnership, corporation, or other entity in which the Adviser Access Person has a direct or indirect interest
through any formal or informal understanding or agreement.

&nbsp;&nbsp;&nbsp;&nbsp;• Any college savings account in which
the Adviser Access Person has investment discretion issued under Section 529 of the Internal Revenue Code, which can hold <u>Securities</u>,
and in which the Adviser Access Person has a direct or indirect interest.

&nbsp;&nbsp;&nbsp;&nbsp;• Any other account that the Compliance
Officer deems appropriate in light of the Adviser Access Person's interest or involvement.

&nbsp;&nbsp;&nbsp;&nbsp;• Any account in which the Adviser Access
Person's <u>immediate family</u> is the owner. Adviser Access
Persons are presumed to have investment decision-making authority for, and therefore should report, any investment account of a member
of their immediate family if they live in the same household.

&nbsp;&nbsp;&nbsp;&nbsp;• Any 401(k) accounts from a previous
employer which can or offer the ability to hold <u>Securities</u>.

 <u>Independent Trustee</u> means a trustee or director of a Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

 <u>Initial public offering ("IPO")</u> means an offering of <u>securities</u> registered under the Securities Act of 1933, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

 <u>Interested Trustee</u> means a trustee or director of a Fund who is an "interested person" of the Fund within the meaning of Section 2(a)(19) of the 1940 Act.

 <u>Investment Club</u> means a group of people who pool their money to make investments. Usually investment clubs are organized as partnerships and after the members study different investments, the group decides to buy or sell based on a majority vote of the members.

25.0 <br>

 <u>Natural Control Persons</u> are natural persons in a <u>control</u> relationship with a Company who obtain information concerning recommendations made to a Fund or client about the <u>purchase or sale</u> of a <u>security</u> *and are not specifically covered by any other section of the Code.*

 <u>Private Investments</u> include, but are not limited to investments in: hedge funds, private equity funds, venture capital funds, other private fund vehicles (including Investment Trusts that invest directly and primarily in cryptocurrencies), privately-held companies, and private placement offerings of cryptocurrencies or other digital assets (e.g., agreements for future cryptocurrencies or other digital assets). Private Investments also include: (i) loans to or from such entities, and any other entities formed for the purpose of engaging in business activity; (ii) loans to or from individuals who are not <u>immediate family</u> of the Adviser Access Person; and (iii) loans to or from individuals who are <u>immediate family</u> of the Adviser Access Person for the purpose of engaging in business activity. Loans to or from <u>immediate family</u> of the Adviser Access Person that are entirely of a personal nature and loans that are covered within one of the following exceptions are not included in the definition of private investments:

&nbsp;&nbsp;&nbsp;&nbsp;• An Employee or <u>immediate family</u> member
obtaining a loan, such as a standard home mortgage loan or home equity loan, from a bank, broker-dealer, or other financial institution,
if (i) the loan is made in the ordinary course of the lender's business using standard form loan documentation (ii) the loan is
made on terms generally comparable to those provided to similarly situated members of the public; and (iii) the Employee or <u>immediate family</u> member obtains the loan through the normal-course lending
division (i.e. as opposed to obtaining the loan through an Adviser's (or Adviser's affiliate's) client representative
or contact);

&nbsp;&nbsp;&nbsp;&nbsp;• Employee or <u>immediate family</u> member
purchases of publicly offered debt securities that are listed on a securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• Loans to or from an entity in which
an Employee or <u>immediate family</u> member owns a beneficial interest,
where such persons have no knowledge of, no involvement in and no control over any loan to or from the entity; or

&nbsp;&nbsp;&nbsp;&nbsp;• An Employee or <u>immediate family</u> member
obtaining a loan from an insurance company pursuant to the loan or cash value provision of any life insurance policy or other insurance
policy issued by that insurance company.

 <u>Purchase or sale of a security</u> includes, among other things, the writing of an option to purchase or sell a <u>security</u>.

 <u>Reportable fund</u> means any fund, except money market funds, for which an Adviser serves as investment adviser, any fund whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Advisers, or any closed-end fund regardless of affiliation. For purposes of this Code definition, control has the same meaning as it does above.

 <u>Security</u> means the same as that set forth in Section 2(a)(36) of the 1940 Act, except that it does not include direct obligations of the U.S. Government, bankers' acceptances, bank certificates of deposit, commercial paper, shares of registered open-end mutual funds other than <u>reportable funds</u>, and high quality short-term debt instruments, including repurchase agreements. A high quality short-term debt instrument is an instrument that has a maturity **at issuance** of less than 366 days and that is rated in one of the two highest rating categories by a NRSRO. For purposes of this Code, a <u>security</u> includes shares issued by exchange-traded funds, futures, index futures, commodities futures, commodities, options on futures, and other types of derivatives. A <u>security</u> also includes options on securities and single stock futures. A <u>security</u> also does not include shares issued by UITs that are invested exclusively in one or more unaffiliated open-end funds, none of which are <u>reportable funds</u>.

A <u>security held or to be acquired</u> by any Fund or any client account means any <u>security</u> which, within the most recent 15 days, (i) is or has been held by any Fund or any client account or (ii) is being or has been considered by an Adviser or sub-adviser for purchase by a Fund or client account, and any option to purchase or sell, and any <u>security</u> convertible into or exchangeable for any <u>security</u>.

26.0 <br>

A <u>security</u> is being <u>purchased or sold</u> by a Fund or a client account from the time a <u>purchase or sale</u> program has been communicated to the person who places buy and sell orders for the Fund or client account until the program has been fully completed or terminated.

 <u>Tradable Funds</u> are those Funds that are designed for active trading and do not impose limits on shareholder transactions.

27.0 <br>

Code of Ethics Certification of Compliance

This is to certify that I have reviewed the Code of Ethics ("Code") and that I understand its terms and requirements. I hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I have complied with the Code during
the course of my association with the entities covered by the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I will continue to comply with the
Code in the future;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I will promptly report to a Compliance
Officer any violation or possible violation of the Code of which I become aware; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• I understand that a violation of the
Code may be grounds for disciplinary action or termination of my employment and may also be a violation of federal and/or state securities
laws.

---

| | |
|:---|:---|
| **Name:** ___________________ |  |
| **Signature: ___________________** | **Date: ___________________** |

---

28.0 <br>

Supplement 1 - Options

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Buying a Call Option** | **Pre-Clearance Required** | |
| &nbsp;&nbsp; **Entering into Transaction** | | |
| &nbsp;&nbsp; Buy to Open | YES |  |
| &nbsp;&nbsp; **Closing Transaction** |  |  |
| &nbsp;&nbsp; Sell to Close | YES |  |
| &nbsp;&nbsp; Let it Expire | NO |  |
| &nbsp;&nbsp; Exercise (i.e., buy underlying) and Hold | YES |  |
| &nbsp;&nbsp; Exercise (i.e., buy underlying) and Immediately Sell | YES for each trade (prohibited |  |
|  | because of 30-day holding period) |  |
| &nbsp;&nbsp; **Writing/Selling a Call Option** | **Pre-Clearance Required** |  |
| &nbsp;&nbsp; **Entering into Transaction** |  |  |
| &nbsp;&nbsp; Write/Sell Option | YES |  |
| &nbsp;&nbsp; **Closing Transaction** |  |  |
| &nbsp;&nbsp; Expires | NO |  |
| &nbsp;&nbsp; Exercised (if own underlying) | NO |  |
| &nbsp;&nbsp; Exercised (if naked/do not own underlying – i.e., buy security to | YES |  |
| &nbsp;&nbsp; deliver) |  |  |
| &nbsp;&nbsp; Buy same Call Option | YES |  |
| &nbsp;&nbsp; **Buying a Put Option** | **Pre-Clearance Required** |  |
| &nbsp;&nbsp; **Entering into Transaction** |  |  |
| &nbsp;&nbsp; Buy to Open | YES |  |
| &nbsp;&nbsp; **Closing Transaction** |  |  |
| &nbsp;&nbsp; Sell to Close | YES |  |
| &nbsp;&nbsp; Let it Expire | NO |  |
| &nbsp;&nbsp; Exercise (if own underlying - i.e., sell underlying) | YES |  |
| &nbsp;&nbsp; Exercise (if do not own underlying – i.e., buy underlying first) | YES for each trade (prohibited |  |
|  | because of 30-day holding period) |  |
| &nbsp;&nbsp; **Writing/Selling a Put Option** | **Pre-Clearance Required** |  |
| &nbsp;&nbsp; **Entering into Transaction** |  |  |
| &nbsp;&nbsp; Write/Sell Option | YES |  |
|  |  | 29 |

---

---

| | |
|:---|:---|
| **Closing Transaction** | |
| Expires | NO |
| Exercised (i.e., buy underlying) | NO |

---

30.0

## Ex-99

**<u>Exhibit (s)(1)</u>**

**<u>POWER OF ATTORNEY</u>**

I, the undersigned, a trustee of Guggenheim Investments Private Credit Fund (the "Fund"), hereby constitute and appoint each of Brian E. Binder and Mark E. Mathiasen, and each of them singly, with full powers of substitution and resubstitution, my true and lawful attorney, with full power to him to sign for me, and in my name and in the capacity indicated below, any Registration Statement of the Fund on Form N-2, all Pre-Effective Amendments to any such Registration Statement of the Fund, any and all subsequent Post-Effective Amendments to such Registration Statement, including, without limitation, pursuant to Rule 462(d), any and all supplements or other instruments in connection therewith, and any subsequent Registration Statements for the same offering which may be filed under Rule 462(b), and any annual report on Form 10-K, quarterly report on Form 10-Q, and current report on Form 8-K, and any and all amendments thereto and other instruments in connection therewith, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, the securities regulators of the appropriate states and territories and any other regulatory authority having jurisdiction over the issuance of rights and the offer and sale of shares of beneficial interest of the Fund, any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed pursuant to the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended (the "1940 Act"), the Investment Advisers Act of 1940, as amended, the Commodities Exchange Act, as amended, the Federal Securities Laws (as that term is defined in Rule 38a-1 under the 1940 Act), and the rules thereunder, and/or any rules or regulations passed or adopted by any exchange on which the Fund's shares trade (an "Exchange"), the National Futures Association ("NFA"), the Financial Industry Regulatory Authority ("FINRA"), and/or any other self-regulatory organization (each, an "SRO") to whose authority the Fund is subject, and any and all agreements, filings, documents, registrations, notices, and other instruments required or permitted to be filed to comply with the statutes, rules, regulations or law of any state or jurisdiction, including those required to qualify to do business in any such state or jurisdiction (collectively, the "Securities and Commodities Laws"), and to file the same, with all exhibits thereto, and other agreements, documents and other instruments in connection therewith, with the appropriate regulatory body including, but not limited to, the Securities and Exchange Commission, the Commodity Futures Trading Commission, an Exchange, the NFA, FINRA, and any SRO, and/or the securities regulators or other agency or regulatory body of the appropriate states and territories, and generally to do all such things in my name and on my behalf in connection therewith as such attorney deems necessary or appropriate to comply with the Securities and Commodities Laws and all related requirements, granting unto such attorney full power and authority to do and perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as I might or could do in person, hereby ratifying and confirming all that such attorney lawfully could do or cause to be done by virtue hereof. This Power of Attorney may be executed in written form, by facsimile or by other means using electronic or digital technology, whether it is a computer generated signature, an electronic copy of the party's true ink signature or otherwise.

*[Signature Page Follows]*

---

| | | |
|:---|:---|:---|
| **Name** | **Capacity** | **Date** |
| <u>/s/ Brian E. Binder</u> | Trustee | December 4, 2026 |
| Brian E. Binder<br>|  |  |
| <u>/s/ Robert Camacho</u> | Trustee | December 4, 2026 |
| Robert Camacho<br>|  |  |
| <u>/s/ Todd M. Corbin</u> | Trustee | December 4, 2026 |
| Todd M. Corbin<br>|  |  |
| <u>/s/ James P. Fortescue</u> | Trustee | December 4, 2026 |
| James P. Fortescue<br>|  |  |
| <u>/s/ Marc S. Goodman</u> | Trustee | December 4, 2026 |
| Marc S. Goodman<br>|  |  |
| <u>/s/ Peter E. Roth</u> | Trustee | December 4, 2026 |
| Peter E. Roth<br>|  |  |
| <u>/s/ Stephanie T. Yeh</u> | Trustee | December 4, 2026 |
| Stephanie T. Yeh<br>|  |  |

---