The Fund may receive other income from senior loans, including amendment fees, consent
fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included
in Interest Income in the Statement of Operations.
General expenses of the Trust are allocated to the Fund and other funds of the Trust
based upon relative net assets or other expense allocation methodologies determined by the nature of the expense. Expenses
directly attributable to the Fund are charged to the Fund. Expenses directly attributable to a specific class of shares
are charged to that share class.
Determination of class net asset value
All income, expenses (other than class-specific expenses, which are charged to that
share class, as shown in the Statement of Operations) and realized and unrealized gains (losses) are allocated to each class
of the Fund on a daily basis, based on the relative net assets of each class, for purposes of determining the net asset value
of each class.
Federal income tax status
The Fund intends to qualify each year as a regulated investment company under Subchapter
M of the Internal Revenue Code, as amended, and will distribute substantially all of its investment company taxable
income and net capital gain, if any, for its tax year, and as such will not be subject to federal income taxes. In addition, the
Fund intends to distribute in each calendar year substantially all of its ordinary income, capital gain net income and certain
other amounts, if any, such that the Fund should not be subject to federal excise tax. Therefore, no federal income or excise
tax provision is recorded.
The Fund may be subject to foreign taxes on income, gains on investments or currency
repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries, as applicable, based
upon its current interpretation of tax rules and regulations that exist in the markets in which it invests.
Realized gains in certain countries may be subject to foreign taxes at the Fund level,
based on statutory rates. The Fund accrues for such foreign taxes on realized and unrealized gains at the appropriate
rate for each jurisdiction, as applicable. The amount, if any, is disclosed as a liability in the Statement of Assets and Liabilities.
Distributions to shareholders
Distributions from net investment income, if any, are declared and paid each calendar
quarter. Net realized capital gains, if any, are distributed at least annually. Income distributions and capital gain distributions
are determined in accordance with federal income tax regulations, which may differ from GAAP.
Guarantees and indemnifications
Under the Trust’s organizational documents and, in some cases, by contract, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust or its funds. In addition, certain of the Fund’s contracts with its service providers contain general indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown since the amount of any future claims that may be made against
the Fund cannot be determined, and the Fund has no historical basis for predicting the likelihood of any such claims.
Recent accounting pronouncements and regulatory updates
Accounting Standards Update 2023-09 Income Taxes (Topic 740)
In December 2023, the FASB issued Accounting Standards Update No. 2023-09 Income Taxes
(Topic 740) Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and
decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information.
The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management
expects that the adoption of the amendments will not have a material impact on its financial statements.
