Holdings
Blackstone/GSO Long-Short Credit Income Fund
 
Holdings (as of 12/31/2014)

Rank

Issue

Quantity ($)

Value($)
% of
Managed Assets
1.Big Heart Pet Brands, Senior Unsecured Bond,4,998,000$4,923,030.001.64%
2.Onex Carestream Finance LP, Senior Secured Second Lien Term Loan,4,858,403$4,841,204.151.62%
3.Armored AutoGroup Inc, Senior Secured First Lien New Term Loan,4,642,972$4,606,199.941.54%
4.Kronos Incorporated, Senior Secured First Lien Incremental Term Loan,4,583,841$4,558,263.431.52%
5.US Foods Inc, Senior Secured First Lien Incremental Term Loan,4,396,571$4,374,587.771.46%
6.Monitronics International Inc, Senior Unsecured Bond,4,250,000$4,034,843.751.35%
7.Lineage Logistics LLC, Senior Secured First Lien Term Loan,4,081,310$3,975,890.231.33%
8.Expro Finservices SARL, Senior Secured First Lien Initial Term Loan,4,675,781$3,857,519.531.29%
9.Caesars Entertainment Resort Properties, Senior Secured First Lien Term B Loan,4,098,140$3,845,427.751.28%
10.Sensus USA Inc, Senior Secured Second Lien Term Loan,3,714,286$3,556,428.571.19%
11.J Crew Group Inc, Senior Secured First Lien Initial Term Loan,3,376,175$3,190,485.841.07%
12.York Risk Services Holdings, Senior Unsecured Bond,3,000,000$3,011,250.001.01%
13.Blue Coat Systems Inc, Senior Secured First Lien Term Loan,3,037,606$2,965,462.520.99%
14.BJ's Wholesale Club Inc, Senior Secured First Lien 2013 (November) Replacement Term Loan,2,984,925$2,936,941.960.98%
15.PDC Energy Inc, Senior Unsecured Bond,3,000,000$2,865,000.000.96%
16.Blackboard Inc, Senior Secured First Lien Term B-3 Loan,2,879,876$2,858,276.620.95%
17.Capital Safety North America Holdings Inc, Senior Secured First Lien Initial Term Loan,2,870,768$2,791,821.730.93%
18.Avaya Inc, Senior Secured First Lien Extended Term B-3 Loan,2,869,774$2,759,589.490.92%
19.Alpha Topco Limited - Delta 2 (Lux) Sarl, Senior Secured Second Lien Term Loan,2,717,400$2,656,258.500.89%
20.Apex Tool Group LLC, Senior Secured First Lien Term Loan,2,719,457$2,649,199.980.89%
21.Palace Entertainment Holdings LLC, Senior Secured Bond,2,600,000$2,643,875.000.88%
22.HFOTCO LLC, Senior Secured First Lien Tranche B Term Loan,2,720,455$2,611,636.560.87%
23.Forestar USA Real Estate, Senior Secured Bond,2,650,000$2,597,000.000.87%
24.Pinnacle Operating Corporation, Senior Secured First Lien Term B Refinancing Loan,2,528,192$2,509,230.220.84%
25.Sports Authority The, Senior Secured First Lien Term B Loan,2,790,357$2,476,441.700.83%
26.EMG Utica LLC, Senior Secured First Lien Term Loan,2,472,028$2,450,397.730.82%
27.Spin Holdco Inc, Senior Secured First Lien Initial Term Loan,2,465,242$2,431,357.180.81%
28.Resolute Energy Corp, Senior Unsecured Bond,4,750,000$2,416,562.500.81%
29.Micro Focus International PLC, Senior Secured First Lien Term B Loan,2,490,119$2,416,199.410.81%
30.Avaya Inc, Senior Secured Bond,2,450,000$2,401,000.000.80%
31.Monitronics International Inc, Senior Secured First Lien Term B Loan,2,391,876$2,369,942.570.79%
32.Abercrombie & Fitch Co, Senior Secured First Lien Initial Term Loan,2,382,979$2,353,191.490.79%
33.Tech Finance & Co SCA, Senior Secured First Lien US Term Loan,2,300,092$2,305,842.150.77%
34.Container Store Inc (The), Senior Secured First Lien Term B Loan,2,337,676$2,267,545.830.76%
35.Envision Acquisition Company LLC, Senior Secured First Lien Initial Term Loan,2,226,376$2,223,593.310.74%
36.Sandy Creek Energy Associates LP, Senior Secured First Lien Term Loan,2,216,528$2,177,184.250.73%
37.Energy Solutions LLC, Senior Secured First Lien Advance Term Loan,2,170,909$2,170,225.240.73%
38.California Pizza Kitchen Inc, Senior Secured First Lien Term Loan2,211,088$2,131,864.600.71%
39.Viasystems Inc, Senior Unsecured Bond,2,000,000$2,120,000.000.71%
40.Smile Brands Group Inc, Senior Secured First Lien Term B Loan,2,194,939$2,101,653.680.70%
41.Reynolds Group Issuer Inc, Senior Unsecured Bond,2,000,000$2,080,000.000.69%
42.United Surgical Partners International Inc, Senior Secured New Tranche B First Lien Term Loan,2,078,382$2,069,299.570.69%
43.Arch Coal Inc, Senior Secured First Lien Term Loan,2,487,274$2,067,546.550.69%
44.Pier 1 Imports (US) Inc, Senior Secured First Lien Initial Term Loan,2,072,917$2,062,552.090.69%
45.Crestwood Midstream Partners LP, Senior Unsecured Bond,2,000,000$2,060,000.000.69%
46.Petco Holdings Inc, Senior Unsecured Bond,2,000,000$2,035,000.000.68%
47.AmWins Group LLC, Senior Secured First Lien New Term Loan,2,000,290$1,989,458.760.66%
48.Jeld-Wen Inc, Senior Secured First Lien Initial Term Loan,2,000,000$1,987,500.000.66%
49.CEC Entertainment Inc, Senior Secured First Lien Term B Loan,2,038,940$1,986,274.390.66%
50.Sawgrass Merg Sub, Senior Secured Bond,2,000,000$1,955,000.000.65%
51.DTZ US Borrower LLC, Senior Secured Second Lien Term Loan,1,956,522$1,941,847.820.65%
52.Nextgen Finance LLC, Senior Secured First Lien Term B Loan,1,995,000$1,932,656.250.65%
53.Project Dwight Holdings Corporation, Senior Secured Second Lien Initial Term Loan,2,000,000$1,930,000.000.64%
54.Academy Ltd, Senior Secured First Lien Initial Term Loan,1,936,672$1,911,553.220.64%
55.Aspect Software Inc, Senior Secured First Lien Tranche B Term Loan,1,947,368$1,908,421.050.64%
56.Compuware Corporation, Senior Secured First Lien Tranche B-2 Term Loan,2,000,000$1,902,920.000.64%
57.Flexera Software LLC, Senior Secured First Lien Term Loan,1,932,029$1,900,633.520.63%
58.Crownrock LP / Crownrock F, Senior Unsecured Bond,2,000,000$1,885,000.000.63%
59.Varsity Brands Holding Co. Inc, Senior Secured First Lien Initial Term Loan,1,875,000$1,876,171.870.63%
60.Syniverse Holdings Inc, Senior Secured First Lien Term Loan,1,919,653$1,869,261.660.62%
61.FHC Health Systems Inc, Senior Secured First Lien Term Loan,1,875,000$1,860,937.500.62%
62.TurboCombustor Technology Inc, Senior Secured First Lien Initial Term Loan,1,856,250$1,839,228.190.61%
63.SGMS Escrow Corp, Senior Secured First Lien B-2 Term Loan,1,848,739$1,826,785.710.61%
64.Payless Inc, Senior Secured Second Lien Initial Term Loan,2,000,000$1,800,000.000.60%
65.Cunningham Lindsey US Inc, Senior Secured First Lien Initial Term Loan,1,837,500$1,796,156.250.60%
66.ProQuest LLC, Senior Secured First Lien Term Loan,1,800,000$1,788,750.000.60%
67.Utex Industries Inc, Senior Secured First Lien Initial Term Loan,1,913,462$1,769,951.920.59%
68.Advantage Sales & Marketing Inc, Senior Secured First Lien Initial Term Loan,1,768,530$1,754,160.600.59%
69.Scientific Games International Inc, Senior Secured Bond,2,000,000$1,710,000.000.57%
70.Fairpoint Communications Inc, Senior Secured First Lien Term Loan,1,719,406$1,709,743.350.57%
71.Granite Acquisition Inc, Senior Secured Second Lien Term Loan,1,691,729$1,708,993.410.57%
72.Alvogen Pharma US Inc, Senior Secured First Lien Term Loan,1,678,177$1,692,156.170.57%
73.Interactive Data Corporation, Senior Secured First Lien Term Loan,1,656,463$1,648,594.960.55%
74.Sabre Inc, Senior Secured First Lien Incremental Term Loan,1,660,795$1,636,406.650.55%
75.Drillships Ocean Ventures Inc, Senior Secured First Lien Term Loan,2,009,888$1,628,009.330.54%
76.Alta Mesa Holdings LP, Senior Unsecured Bond,1,900,000$1,596,000.000.53%
77.National Financial Partners Corp, Senior Secured First Lien 2014 Specified Refinancing Term Loan,1,596,000$1,584,030.000.53%
78.Tembec Industries Inc, Senior Secured Bond,1,600,000$1,578,000.000.53%
79.Sedgwick Claims Management Services Inc, Senior Secured Second Lien New Term Loan,1,660,377$1,573,207.550.53%
80.Penton Media Inc, Senior Secured First Lien Term B Loan,1,580,000$1,573,095.400.53%
81.SurveyMonkey.com LLC, Senior Secured First Lien Term Loan,1,576,949$1,573,006.870.53%
82.LM US Member LLC, Senior Secured First Lien 2013 Specified Refinancing US Term Loan,1,575,032$1,563,219.400.52%
83.Truven Health Analytics Inc, Senior Secured First Lien New Tranche B Term Loan,1,602,955$1,562,881.570.52%
84.Asurion LLC, Senior Secured Second Lien Term Loan,1,550,064$1,544,894.370.52%
85.Albertson's LLC, Senior Secured First Lien Term B-4-1 Loan,1,534,545$1,537,108.150.51%
86.MModal LLC, Senior Secured First Lien Term B Loan,1,566,079$1,536,715.370.51%
87.Nexeo Solutions LLC, Senior Secured First Lien Initial Term Loan,1,579,487$1,524,213.050.51%
88.Cambium Learning Inc, Senior Secured Bond,1,500,000$1,485,000.000.50%
89.Star West Generation LLC, Senior Secured First Lien Term B Advance Loan,1,490,606$1,475,699.830.49%
90.Moxie Liberty LLC, Senior Secured First Lien Construction B-1 Facility Term Loan,1,470,588$1,463,235.300.49%
91.Telx Group Inc (The), Senior Secured First Lien Initial Term Loan,1,492,500$1,455,187.500.49%
92.ConvergeOne Holdings Corporation, Senior Secured First Lien Initial Term Loan,1,421,429$1,419,651.780.47%
93.Sheridan Production Partners I-M LP, Senior Secured First Lien Tranche B-2 Term Loan,1,594,717$1,390,059.330.46%
94.Power Buyer LLC, Senior Secured First Lien Initial Term Loan,1,417,137$1,384,075.330.46%
95.Hyland Software Inc, Senior Secured First Lien Initial Term Loan,1,387,660$1,378,994.430.46%
96.Multi Packaging Solutions Inc, Senior Secured First Lien Initial Dollar Tranche B Term Loan,1,395,470$1,371,049.190.46%
97.Comstock Resources Inc, Senior Unsecured Bond,2,000,000$1,370,000.000.46%
98.Transaction Network Services, Senior Secured First Lien Initial Term Loan,1,319,900$1,311,102.690.44%
99.Crossmark Holdings Inc, Senior Secured First Lien Term Loan,1,334,055$1,308,481.620.44%
100.Sable International Finance Ltd, Senior Secured First Lien Term Loan,1,293,103$1,291,487.070.43%
101.Yankee Cable Acquisition LLC, Senior Secured First Lien Term Loan,1,274,706$1,270,722.430.42%
102.Mood Media Corporation, Senior Secured First Lien Term Loan,1,282,553$1,258,505.100.42%
103.Pike Corporation, Senior Secured First Lien Term Loan,1,250,000$1,249,475.000.42%
104.Payless Inc, Senior Secured First Lien Initial Term Loan,1,332,970$1,226,332.240.41%
105.Neff Rental LLC, Senior Secured Second Lien Closing Date Term Loan,1,207,309$1,212,591.370.41%
106.ADS Waste Holdings Inc, Senior Secured First Lien Tranche B-2 Term Loan,1,244,499$1,211,831.090.40%
107.Wastequip LLC, Senior Secured First Lien Term Loan,1,199,130$1,192,139.490.40%
108.Accellent Inc, Senior Secured First Lien Initial Term Loan,1,210,366$1,187,163.140.40%
109.Southern Graphics Inc, Senior Secured First Lien New Term Loan,1,171,875$1,158,691.410.39%
110.Smart & Final Stores LLC, Senior Secured First Lien Term Loan,1,147,113$1,135,642.350.38%
111.SRS Distribution Inc, Senior Secured First Lien Term Loan,1,140,526$1,131,025.720.38%
112.Dole Food Company Inc, Senior Secured First Lien Tranche B Term Loan,1,137,592$1,126,687.700.38%
113.Blackbrush Oil & Gas LP, Senior Secured Second Lien Term Loan,1,327,434$1,101,769.910.37%
114.Pantry, Inc, Senior Unsecured Bond,1,000,000$1,100,000.000.37%
115.MSC Software Corporation, Senior Secured Second Lien Term Loan,1,095,833$1,073,916.660.36%
116.DAE Aviation Holdings Inc, Senior Secured First Lien Replacement Tranche B-1 Term Loan,1,070,049$1,070,053.940.36%
117.McJunkin Red Man Corporation, Senior Secured First Lien 2013 Term Loan,1,147,635$1,064,431.560.36%
118.Serta Simmons Holdings LLC, Senior Unsecured Bond,1,000,000$1,062,500.000.35%
119.PRA Holdings Inc, Senior Secured First Lien Tranche B-1 Term Loan,1,067,500$1,055,490.820.35%
120.SUDSM 2013-1A, Senior Unsecured Collateralized Loan Obligation,1,200,000$1,053,807.250.35%
121.AssuredPartners Capital Inc, Senior Secured First Lien Initial Term Loan,1,046,557$1,038,708.200.35%
122.Mitchell International Inc, Senior Secured First Lien Initial Term Loan,1,050,265$1,038,144.520.35%
123.Ascend Learning LLC, Senior Secured Second Lien Term Loan,1,030,303$1,025,151.510.34%
124.STS Operating Inc, Senior Secured First Lien Term Loan,1,038,663$1,023,082.850.34%
125.Fairpoint Communications Inc, Senior Secured Bond,1,000,000$1,010,000.000.34%
126.Vertafore Inc, Senior Secured Second Lien Term Loan,1,000,000$1,007,505.000.34%
127.Caesars Entertainment Resort Properties LLC, Senior Secured Bond,1,000,000$985,000.000.33%
128.Peak 10 Inc, Senior Secured First Lien Term Loan,995,000$983,209.250.33%
129.Logan's Roadhouse Inc, Senior Unsecured Bond,1,300,000$971,750.000.32%
130.Men's Wearhouse Inc (The), Senior Secured First Lien Tranche B Term Loan,973,171$970,737.790.32%
131.Peak 10 Inc, Senior Secured Second Lien Initial Term Loan,1,000,000$970,000.000.32%
132.Hillman Group Inc (The), Senior Unsecured Bond,1,000,000$965,000.000.32%
133.Go Daddy Operating Company LLC, Senior Secured First Lien Initial Term Loan,961,833$956,625.000.32%
134.DBP Holding Corp, Senior Secured First Lien Initial Term Loan,1,000,000$955,415.000.32%
135.Signode Industrial Group US Inc, Senior Secured First Lien Initial Term B Loan,995,025$954,606.960.32%
136.EquiPower Resources Holdings LLC, Senior Secured First Lien Advance Term C Loan,953,232$949,261.380.32%
137.Nexeo Solutions LLC, Senior Secured First Lien Term B-3 Loan,922,591$905,582.620.30%
138.MMI International Ltd, Senior Secured First Lien Term Loan,908,511$897,699.360.30%
139.Affinia Group Inc, Senior Secured First Lien Tranche B-2 Term Loan,886,592$879,393.070.29%
140.Universal Hospital Svcs, Senior Unsecured Bond,1,000,000$865,000.000.29%
141.La Frontera Generation LLC, Senior Secured First Lien Term Loan,872,005$861,105.250.29%
142.Road Infrastructure Investment LLC, Senior Secured First Lien Term Loan,864,435$829,858.070.28%
143.TPF II Power LLC, Senior Secured First Lien Term Loan,823,970$826,544.950.28%
144.Lions Gate Entertainment Corp, Senior Secured Second Lien Term Loan,833,333$826,291.660.28%
145.Applied Systems Inc, Senior Secured First Lien Initial Term Loan,825,000$814,176.010.27%
146.Delachaux SA, Senior Secured First Lien Term B USD Loan,792,079$792,871.290.26%
147.Calumet Specialty Prod, Senior Unsecured Bond,750,000$783,750.000.26%
148.Nine West Holdings, Inc, Senior Secured First Lien Initial Term Loan,798,000$748,623.750.25%
149.Exopack Holdings SA, Senior Secured First Lien USD Term Loan,742,500$742,733.890.25%
150.Medpace Holdings Inc, Senior Secured First Lien Initial Term Loan,746,813$740,278.240.25%
151.Moxie Patriot LLC, Senior Secured First Lien Construction B-1 Facility Term Loan,740,741$737,037.040.25%
152.Ikaria Acquisition Inc, Senior Secured First Lien Term Loan,734,729$733,075.740.24%
153.Eco Services Operations LLC, Senior Secured First Lien Term Loan,727,273$723,636.370.24%
154.Emerald Performance Materials LLC, Senior Secured First Lien Initial Term Loan,725,455$710,720.570.24%
155.Penn Virginia Resource Partners LP, Senior Unsecured Bond,650,000$697,125.000.23%
156.Carecore National LLC, Senior Secured First Lien Term Loan,690,568$684,812.370.23%
157.Renaissance Learning Inc, Senior Secured First Lien Initial Term Loan,696,491$683,142.970.23%
158.Chief Exploration & Development LLC, Senior Secured Second Lien Term Loan,752,941$681,411.770.23%
159.HUB International Ltd, Senior Secured First Lien Initial Term Loan,697,085$678,351.120.23%
160.NVA Holdings Inc, Senior Secured First Lien Term Loan,684,000$678,230.460.23%
161.Winebow Holdings Inc, Senior Secured Second Lien Initial Term Loan,693,642$672,832.270.22%
162.Sheridan Production Partners II LP, Senior Secured First Lien Term Loan,831,244$669,151.100.22%
163.Dynegy Finance I, Inc. / Dynegy Finance II Inc, Senior Secured Bond,650,000$662,187.500.22%
164.Scientific Games International Inc, Senior Secured Bond,650,000$661,375.000.22%
165.TransFirst Inc, Senior Secured First Lien Term Loan,643,514$641,232.500.21%
166.Pelican Products Inc, Senior Secured Second Lien Term Loan,562,500$555,468.750.19%
167.Scitor Corp., Senior Secured First Lien Term Loan,551,987$546,467.010.18%
168.Kindred Escrow Corp II, Senior Secured Bond,500,000$533,750.000.18%
169.Empire Generating Co LLC, Senior Secured First Lien Term B Loan,538,613$530,533.590.18%
170.Standard Aero Limited, Senior Secured First Lien Replacement Tranche B-2 Term Loan,485,081$485,083.740.16%
171.Berlin Packaging LLC, Senior Secured First Lien Initial Term Loan,472,189$470,713.760.16%
172.Surgery Center Holdings Inc, Senior Secured First Lien Term Loan,454,545$443,750.000.15%
173.QoL Meds LLC, Senior Secured First Lien Term Loan,443,333$440,008.330.15%
174.Compressco Partners, Senior Unsecured Bond,500,000$435,000.000.15%
175.Atlantic Power Limited Partnership, Senior Secured First Lien Term Loan,431,424$425,493.790.14%
176.W3 Co, Senior Secured First Lien Term Loan,439,379$424,000.640.14%
177.EWT Holdings III Corp, Senior Secured First Lien Term Loan,421,277$414,430.850.14%
178.Ascend Learning LLC, Senior Secured First Lien Term Loan,392,425$390,658.780.13%
179.W/S Packaging Group Inc, Senior Secured First Lien Term Loan,385,870$379,599.490.13%
180.Anna Merger Sub Inc, Senior Unsecured Bond,345,000$350,175.000.12%
181.Hillman Group Inc (The), Senior Secured First Lien Initial Term Loan,343,668$340,231.070.11%
182.Information Resources Inc, Senior Secured First Lien Term Loan,330,065$329,239.450.11%
183.MModal LLC , Common Equity20,481$308,064.960.10%
184.Pelican Products Inc, Senior Secured First Lien Term Loan,299,175$297,679.000.10%
185.Unifrax I LLC, Senior Secured First Lien New Term Dollar Loan,294,026$290,075.830.10%
186.Swift Energy Co, Senior Unsecured Bond,500,000$287,500.000.10%
187.Swift Energy Co, Senior Unsecured Bond,500,000$261,250.000.09%
188.Exopack Holdings SA, Senior Secured Bond,250,000$258,750.000.09%
189.Opal Acquisition Inc, Senior Secured First Lien Term B Loan,257,791$255,857.970.09%
190.Phillips-Medisize Corporation, Senior Secured First Lien Initial Term Loan,228,736$225,876.440.08%
191.Solenis International LP, Senior Secured First Lien Initial Dollar Term Loan,218,750$213,828.130.07%
192.Sheridan Production Partners I-A LP, Senior Secured First Lien Tranche B-2 Term Loan,211,313$184,194.250.06%
193.Dynegy Finance I, Inc. / Dynegy Finance II Inc, Senior Secured Bond,170,000$173,612.500.06%
194.CT Technologies Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan,168,539$167,907.310.06%
195.Sage Products Holdings III LLC, Senior Secured Second Lien Term Loan,166,667$165,833.340.06%
196.Equipower Resources Holdings LLC, Senior Secured First Lien Advance Term B Loan,151,549$150,917.690.05%
197.Sheridan Production Partners I-M LP, Senior Secured First Lien Tranche B-2 Term Loan,129,071$112,506.920.04%
198.Winebow Holdings Inc, Senior Secured First Lien Initial Term Loan,113,931$110,798.190.04%
199.Sheridan Production Partners II-A LP, Senior Secured First Lien Term Loan,115,632$93,083.760.03%
200.Power Buyer LLC, Senior Secured First Lien Delayed Draw Term Loan,75,669$73,903.900.02%
201.Landmark Aviation FBO Canada Inc, Senior Secured First Lien 2013 Specified Refinancing Canadian Term Loan,62,514$62,045.150.02%
202.Advantage Sales & Marketing Inc, Senior Secured First Lien Delayed Draw Term Loan,58,951$58,472.010.02%
203.Empire Generating Co LLC, Senior Secured First Lien Term C Loan,37,862$37,293.680.01%
204.Sheridan Production Partners II-M LP, Senior Secured First Lien Term Loan,43,124$34,715.140.01%
205.2-Year US Treasury Note Future(35)$8,080.200.00%
206.Stater Bros Markets, Senior Secured First Lien Term B Loan,1,230$1,218.750.00%
207.10-Year US Treasury Note Future(60)($27,657.20)(0.01%)
Net Cash Equivalent & Other Assets Minus Liabilities$6,636,128.802.17%
 Total $299,315,537.32100.00%
Total Number of Holdings: 207
Futures Holdings (as of 12/31/2014)*

Long/(Short)

Futures Contracts

Quantity
Notional
Value ($)
Unrealized Appreciation/
Depreciation ($)
Short US 2Yr Note Future (35) ($7,650,783.00) $8,080.20
Short US 10 Yr Note Future (60) ($7,607,814.00) ($27,657.20)

*Futures Holdings are also reflected in the above Holdings table.

An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.

Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment or that you may lose part or even all of your investment. Therefore, before investing you should carefully consider the risks that you assume when you invest in the Fund's common shares.

The Fund's investment objectives and policies are not designed to seek to return the initial investment to investors that purchase shares.

Secured loan funds are a distinct segment of the fixed income market and are not an alternative to money markets or certificates of deposit.

Investors should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. The prospectus contains this and other information about the fund. Please read the prospectus carefully before investing.

For a more complete information about the Fund, please read the prospectus , call your financial professional or call 1.877.299.1588.

Shares of closed-end investment companies frequently trade at a discount from their net asset value. The risk of loss due to this discount may be greater for investors expecting to sell their shares in a relatively short period. The Fund is newly organized with no operating history.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee