Real Estate Funds

Blackstone Real Estate Income Fund

BREIF

Important Notice

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where the fund is authorized for distribution. In order to access these materials, you must confirm that you are a United States Person:

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Blackstone Real Estate Income Fund

Common Shares

NAV/Share: $980.50 As of 07/31/2016

Investor Documents

Document Name Size Action
Prospectus 396 KB Download
Statement of Additional Information 216 KB Download
Fact Card 310 KB Download
BREIF July Month-End Estimate 135 KB Download
Documents for Tender Offer on September 30, 2016 2 MB Download
SEC Filings View
Semi-Annual Report 178 KB Download
Annual Report 220 KB Download
Quarterly Commentary 180 KB Download

Distribution History

Common Shares

Record Date Payable Date Per Share Amount Distribution Type Section 19a Notice
$8.87 Ordinary Income
$10.17 Ordinary Income
$13.16 Ordinary Income, Short Term Capital Gains, Long Term Capital Gains December
$9.53 Ordinary Income, Short Term Capital Gains September
$9.19 Ordinary Income
$8.40 Ordinary Income
$9.52 Ordinary Income December
$4.03 Ordinary Income
$2.12 Ordinary Income

Corporate Governance

Document Name Action
Privacy Policy Download
Policy on Reporting of Concerns Regarding Accounting and Other Matters Download
Audit Committee Charter Download
Nominating and Governance Committee Charter Download

Blackstone Real Estate Income Fund II

BREIF II

Important Notice

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where the fund is authorized for distribution. In order to access these materials, you must confirm that you are a United States Person:

Yes, I am a United States Person

Blackstone Real Estate Income Fund II

Advisor Class I Shares

NAV/Share: $977.01 As of 07/31/2016

Institutional Class II Shares

NAV/Share: $986.23 As of 07/31/2016

Investor Documents

Document Name Size Action
Prospectus - Advisor Class I Shares 452 KB Download
Prospectus - Institutional Class II Shares 399 KB Download
Statement of Additional Information 216 KB Download
Fact Card 310 KB Download
BREIF II Advisor Class I July Month-End Estimate 133 KB Download
BREIF II Institutional Class II July Month-End Estimate 133 KB Download
Documents for Tender Offer on September 30, 2016 2 MB Download
SEC Filings View
Semi-Annual Report 182 KB Download
Annual Report 241 KB Download
Quarterly Commentary 180 KB Download

Distribution History

Advisor Class I Shares

Record Date Payable Date Per Share Amount Distribution Type Section 19a Notice
$10.52 Ordinary Income
$12.12 Ordinary Income
$14.05 Ordinary Income, Short Term Capital Gains, Long Term Capital Gains December
$11.72 Ordinary Income, Short Term Capital Gains September
$10.47 Ordinary Income
$9.99 Ordinary Income
$10.69 Ordinary Income December
$6.17 Ordinary Income
$4.39 Ordinary Income

Institutional Class II Shares

Record Date Payable Date Per Share Amount Distribution Type Section 19a Notice
$10.31 Ordinary Income
$11.61 Ordinary Income
$11.86 Ordinary Income, Short Term Capital Gains, Long Term Capital Gains December
$10.31 Ordinary Income, Short Term Capital Gains September
$10.65 Ordinary Income
$10.16 Ordinary Income
$11.52 Ordinary Income December
$6.30 Ordinary Income
$4.12 Ordinary Income

Corporate Governance

Document Name Action
Privacy Policy Download
Policy on Reporting of Concerns Regarding Accounting and Other Matters Download
Audit Committee Charter Download
Nominating and Governance Committee Charter Download


Hedge Fund Solutions (BAAM) Funds

Blackstone Alternative Alpha Fund I

BAAF

Important Notice

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Yes, I am a United States Person

Blackstone Alternative Alpha Fund II

BAAF II

Important Notice

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where the fund is authorized for distribution. In order to access these materials, you must confirm that you are a United States Person:

Yes, I am a United States Person

Blackstone Alternative Multi-Strategy Fund

BXMIX, BXMDX, BXMYX

Important Notice

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where the fund is authorized for distribution. In order to access these materials, you must confirm that you are a United States Person:

Yes, I am a United States Person

Blackstone Diversified Multi-Strategy Fund

BXDMS

Important Notice

This site and the materials herein are directed only to certain types of investors and to persons in jurisdictions where Blackstone Diversified Multi-Strategy Fund is authorized for distribution.

By selecting an investor type from the below list, you certify that you qualify as that investor type based on the definitions in the below Glossary.

By selecting a country from the above list, you certify that you are resident in that country. Should you reside in a country that is not listed above, you should not proceed.

Please enter your email to gain access to the BXDMS page.

Glossary

  • Existing Investor: any person or entity who is currently a shareholder of Blackstone Diversified Multi-Strategy Fund.
  • Retail Investor: any person or entity who is not a Professional Investor
  • Professional Investor: any person or entity that is a credit institution, investment firm, other regulated financial institution, insurance company, collective investment scheme or pension fund.

Disclaimer

Please Read This Important Information

You must read the following information before proceeding. The following important information, together with the information available at the Legal and Transparency & Disclosure tabs below, governs your use of this website. Your use of this website and the materials herein constitutes your acceptance of these terms of use. If you do not agree with the terms of use, you should immediately cease use of the website and review of the materials.

No Offer of Securities or Investment Advice: This site and the materials herein are presented for informational purposes only. Neither the site nor the materials herein constitutes a solicitation or offer by Blackstone Alternative Asset Management L.P. or its affiliates (collectively, “Blackstone”) to buy or sell any securities of any kind or provide any investment advice or service. This site does not provide specific investment advice to any individual viewing the content of the site and does not represent that the securities or services described herein are suitable for any specific investor.

Risks Associated with Investing. All investors should consider the investment objectives, risks, charges and expenses of the Fund carefully before investing. The prospectus, supplement and key investor information document (collectively, the “Offering Documents”) contain this and other information about the Fund. All investors are urged to carefully read the Offering Documents in their entirety before investing.

Past performance is not necessarily indicative of future results. There can be no assurance the Fund will achieve its objectives or avoid significant losses.

An investment in the Fund should be considered a speculative investment that entails substantial risks; you may lose part or all of your investment or your investment may not perform as well as other similar investments. The Fund’s investments involve significant risks including, but not limited to, loss of all or a significant portion of the investment due to leveraging, synthetic short-selling, derivatives or other speculative practices. Other risks include, but are not limited to: allocation risk, conflicts of interest risk, counterparty risk, foreign investments risk, high portfolio turnover risk, model and technology risk, multi-manager risk and volatility risk. See “Risk Factors” of the prospectus for a detailed discussion of these and other risks applicable to the Fund.

Nature of Information. Certain information on this site has been obtained from sources that Blackstone believes to be reliable as of the date presented; however, Blackstone cannot guarantee the accuracy of such content, assure its completeness, or warrant that such information will not be changed. In particular, (i) pricing information is estimated and unaudited and (ii) commentary on specific securities, if any, reflects the author’s analysis. The information on this site is current as of the publication date indicated. Blackstone is under no obligation to update the information to reflect changes after the publication date.

Confidentiality. The information contained herein may not be reproduced or otherwise disseminated in whole or in part without the prior written consent of Blackstone.

By clicking accept, I confirm that the information provided on the prior page relating to my investor type and country of residence is accurate and I accept and acknowledge the important information above, together with the information available at the Legal and Transparency & Disclosure tabs below.



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GSO Funds

Blackstone / GSO Loan Financing Limited

BGLF:LN

Important Notice

Due to restrictions under applicable securities laws, access to this website is not permitted in certain jurisdictions.

By clicking the "Submit" button you certify that you are an individual resident in the country stipulated by you above and that you have read and understood this notice.

The information contained in this website does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities of the Blackstone / GSO Loan Financing Limited in any jurisdiction in which, or to any person to whom, such offer or solicitation is unlawful.

Representation

This website is not intended to offer or to promote the offer or sale of the securities of Blackstone / GSO Loan Financing Limited (the "Company") in the United States or to US persons ("US Persons") as defined in Regulation S under the US Securities Act of 1933 (the "Securities Act").

Access to the information contained in this website is restricted under applicable securities laws of the United States.  The Company has not been and will not be registered under the US Investment Company Act of 1940 (the "Investment Company Act") and, as such, holders of the securities of the Company mentioned in this website (the "Securities") will not be entitled to the benefits of the Investment Company Act.  No offer, sale, resale, pledge, delivery, distribution or transfer of the Securities may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act.  The Securities have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, taken up, exercised, renounced, delivered, distributed or transferred, directly or indirectly, into or within the United States or to, or for the account or benefit of, US persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require the Company to register under the Investment Company Act.  No public offering of the Securities is being made in the United States.  The information contained in this website, therefore, is generally not available to persons in the United States or who are US Persons.

With regard to persons in the United States or who are US Persons, access to this website is restricted solely to those who (a) are "Qualified Institutional Buyers" as defined in Rule 144A under the Securities Act and "Qualified Purchasers" as defined in Section 2(a)(51) and related rules of the Investment Company Act, or (b) own shares of the Company.

Please tick each box below as applicable to indicate your confirmation before clicking on the "Confirm" button below to proceed.

I hereby certify and warrant that:

               (a)

You are a "Qualified Purchaser" if you are:

(i)         a natural person (including any person who holds a joint, community property, or other similar shared ownership interest in an issuer that is excepted under Section 3(c)(7) of the US Investment Company Act with that person's Qualified Purchaser spouse) who owns not less than $5,000,000 in investments, as defined by the US Securities and Exchange Commission;

(ii)        a company, partnership or trust that owns not less than $5,000,000 in investments and that is owned directly or indirectly by or for two or more natural persons who are related as siblings or spouse (including former spouses), or direct lineal descendants by birth or adoption, spouses of such persons, the estates of such persons, or foundations, charitable organisations, or trusts established by or for the benefit of such persons;

(iii)        a trust that is not covered by clause (ii) above and that was not formed for the specific purpose of acquiring the securities of the Company, as to which the trustee or other person authorised to make decisions with respect to the trust, and each settlor or other person who has contributed assets to the trust, is a person described in clause (i), (ii) or (iv) hereto; or

(iv)       a person, acting for your own account or the accounts of other Qualified Purchasers, who in the aggregate owns and invests on a discretionary basis, not less than $25,000,000 in investments.

You are not a "Qualified Purchaser" if you are a company that, but for the exceptions provided for in paragraph (1) or (7) of Section 3(c) of the Investment Company Act, would be an investment company (hereafter in this paragraph referred to as an "excepted investment company"), unless all beneficial owners of your outstanding securities (other than short-term paper), determined in accordance with Section 3(c)(1)(A) of the Investment Company Act, that acquired such securities on or before April 30, 1996 (hereafter in this paragraph referred to as "pre-amendment beneficial owners"), and all pre-amendment beneficial owners of the outstanding securities (other than short-term paper) of any excepted investment company that, directly or indirectly, owns any of your outstanding securities, have consented to your treatment as a Qualified Purchaser. Unanimous consent of all trustees, directors, or general partners of a company or trust referred to in clause (ii) or (iii) above shall constitute consent for purposes of this paragraph.

OR

            (b)

OR

            (c)



Terms of Use

THE MATERIALS CONTAINED HEREIN ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, JAPAN, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

The information contained herein and on the pages that follow does not constitute an offer of securities for sale or a solicitation of an offer to purchase securities in the United States or in any jurisdiction in which such an offer or solicitation would be unlawful. Blackstone / GSO Loan Financing Limited (the "Company") has not been and will not be registered under the US Investment Company Act of 1940 (the "Investment Company Act") and, as such, holders of the securities referred to herein and on the pages that follow will not be entitled to the benefits of the Investment Company Act. No offer, sale, resale, pledge, delivery, distribution or transfer of the securities referred to herein and on the pages that follow may be made except under circumstances that will not result in the Company being required to register as an investment company under the Investment Company Act. The securities referred to herein and on the pages that follow have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, taken up, exercised, renounced, delivered, distributed or transferred, directly or indirectly, into or within the United States or to, or for the account or benefit of, US persons as defined in Regulation S under the Securities Act ("US Persons"), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States and in a manner which would not require the Company to register under the Investment Company Act. There will be no public offer of the securities referred to herein and on the pages that follow in the United States, Australia, Canada or Japan. The securities referred to herein and on the pages that follow may not be offered, sold, resold, pledged, taken up, exercised, renounced, delivered, distributed or transferred, directly or indirectly, into or within Australia, Canada or Japan or to any resident or citizen of Australia, Canada or Japan. The offer and sale of the securities referred to herein and on the pages that follow have not been and will not be registered under the applicable securities laws of Australia, Canada or Japan. Potential users of this information are requested to inform themselves about and to observe any such restrictions.

The information on the pages that follow may contain forward-looking statements that represent our opinions, expectations, beliefs, intentions, estimates or projections. Any statement other than a statement of historical fact is a forward-looking statement. Actual results may differ materially from those expressed or implied by any forward-looking statement. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. You should not place undue reliance on any forward-looking statement, which speaks only as of the date of its issuance.

By using this website you confirm that you have read, understood, and accepted these conditions. The Company may change these conditions. The changes will be posted on the website. Your access to this website is governed by the version of these conditions then in force.

1.           Terms and Conditions

1.1         The terms and conditions set out below apply to your use of the Company's website. Please read them.

1.2         "The Company" means Blackstone / GSO Loan Financing Limited and any of its subsidiaries and related companies and references to "the Company's website" are to any of the Company's websites and also include, but are not limited to, the text, images, links, sounds, graphics, and video sequences displayed on those websites (the "Materials").

1.3         By clicking "I Understand and Agree" you agree that you have read and accept these terms and conditions. If you do not agree, do not click "I Understand and Agree".  The information in the Company's website is only for the attention of the residents of jurisdictions where it can be lawfully disseminated. It is your responsibility to be aware of and to observe all applicable laws and regulations for your country of residence.

1.4         No information contained in these pages should be taken as a recommendation to buy, sell, or hold the shares of any entity. Nothing on the Company's website or in the Materials constitutes or is intended to constitute financial or other advice and you should not act upon any information contained on the Company's website or in the Materials without first consulting a financial or other professional adviser.

1.5         The Company's website is not intended to offer or to promote the offer or sale of the shares in the Company (the "Shares") in the United States or to US Persons.

1.6         The Company requires that all US Persons who acquire its securities be "qualified purchasers" as defined in Section 2(a)(51) and related rules of the Investment Company Act ("QPs") regardless of how they acquire the securities. Accordingly, each acquirer of the securities will be deemed to represent that (i) it is either (a) a QP and is acting for its own account or the account of another QP, or (b) not a US Person and is acquiring the securities outside the United States in an "offshore transaction" meeting the requirements of Regulation S under the Securities Act; (ii) it understands that the Company may receive a list of all participants holding positions in its securities from one or more book-entry depositaries; and (iii) it will provide notice of applicable transfer restrictions to any subsequent transferees.

1.7         The Shares may not be acquired or held by, or transferred to, (i) an "employee benefit plan" as defined in Section 3(3) of the US Employee Retirement Income Security Act of 1974, as amended ("ERISA"), that is subject to Title I of ERISA; (ii) a "plan" as defined in Section 4975 of the US Internal Revenue Code of 1986, as amended (the "US Tax Code"), including an individual retirement account or other arrangement that is subject to Section 4975 of the US Tax Code; (iii) an entity which is deemed to hold the assets of any of the foregoing types of plans, accounts or arrangements that are subject to Title I of ERISA or Section 4975 of the US Tax Code; or (iv) a governmental, church, non-US or other employee benefit plan that is subject to any federal, state, local or non-US law that is substantially similar to the provisions of Title I of ERISA or Section 4975 of the US Tax Code, and whose purchase, holding, or disposition of the Shares would constitute or result in a non-exempt violation of any such substantially similar law.

1.8         The Company delivers to its shareholders annual audited financial statements an unaudited interim report, and such other shareholder notices as the Company deems appropriate. Unless a shareholder indicates otherwise by written notice to the Company, the shareholder hereby consents to receive the Company's financial statements, shareholder newsletters, and other shareholder notices and materials via email to the shareholder's email address in the Company's records or via the Company's website.  Although the Company does not impose any additional charges for electronic delivery, the shareholder may, of course, incur costs associated with the shareholder’s electronic access, such as usage charges from the shareholder's Internet access providers. The shareholder may revoke its election to receive such documents via electronic delivery at any time by written notice to the Company requesting that the Company send such documents via facsimile or in hard copy via the postal service to the address notified to the Company by the shareholder from time to time.

2.           Privacy policy - The Company respects the privacy of individuals who visit the Company's website and is careful to ensure that information disclosed to the Company in confidence is treated confidentially. Please see the Company's full privacy policy.

3.           Limitation of liability

3.1         Use of the Company's website and the Materials are at your sole risk. The Company will not be liable to any person for any direct, indirect, special, punitive, exemplary or consequential losses, damages, or awards of any kind, howsoever caused, as a result of the use of or inability to use, or reliance on, the Company's website or any of the Materials. To the maximum extent permitted by law, the Company excludes all warranties, conditions, terms, undertakings, and representations (excepting fraudulent misrepresentation) of any kind, express or implied, statutory or otherwise in connection with the Company's website and the Materials. Nothing in these terms and conditions shall be taken to limit or exclude any liability which may not otherwise be limited or excluded under applicable law.

3.2         Nothing in this website should be construed as investment, tax, legal, or other advice, nor is it to be relied upon in making an investment decision. Those accessing the website should consult their financial advisers regarding the suitability of any of the products referred to on this website. The value of investments and the income from them may go down as well as up and an investor may receive back less than the original investment; past performance is not necessarily a guide to future performance.

4.           Disclaimer

4.1         The Materials and the Company's website are provided on an "as is" and "as available" basis and do not purport to be full or complete. The Company gives no warranties (express, implied, or statutory) as to satisfactory quality or fitness for purpose of the Materials, including, without limitation, as to the accuracy, validity, timeliness, merchantability, or completeness of any information or data contained therein (whether prepared by the Company or by any third party), or that any of the Materials or the Company's website will be provided uninterrupted or free from errors or that any identified defect will be corrected. The Company has the right to suspend or withdraw the provision of all or any of the Company's website or the Materials without prior notice at any time. You are entirely responsible for your use of the website and for the consequences of relying on any content. Further, no warranty of any kind is given that the Company's website and the Materials are free from any virus or other malicious, destructive, or corrupting code, program, or macro. The Company does not warrant that the Company's website or the server(s) that make(s) them available are free of any virus or other harmful elements.

4.2         To the maximum extent permitted by law, the Company disclaims all liability to you arising out of your use of the website. In particular, the Company shall not be liable for any direct or indirect loss or damage to you, any loss of profits, loss of business, revenue, data, goodwill, or anticipated or consequential loss or damage.

4.3         Reference in the Company's website or the Materials or the Company's website and the Materials to any hypertext link, product, process, or service does not imply the Company's support for, or endorsement or recommendation of the provider thereof or the product, process, or service to which reference is made. The Company's website may contain hypertext links to other websites, resources, or other third parties. The Company is not responsible for the availability of, and accepts no liability in relation to, these external websites or their contents. The Company is not a sponsor, partner, promoter, or publisher of any such website.

5.           Copyright and trademarks

5.1         The Materials are the copyright of the Company and its third-party licensors and may not be copied, distributed, uploaded, posted, republished, decompiled, disassembled, reverse-engineered or transmitted in any way without the prior, written consent of the Company. You may, however, download one copy of the Materials for your personal non-commercial use or non-commercial use within the organisation in which you work on condition that you do not delete or change any copyright, trademark, or other proprietary notice contained in the Materials or alter the way in which they are presented. Modification or use other than as permitted above violates the Company's intellectual property rights in the Materials.

5.2         The trademarks, service marks, and logo used and displayed on the Company's website are registered and unregistered trademarks of the Company and others. The intellectual property rights in the "Blackstone / GSO Loan Financing Limited" name and logo are owned by the Company and used by the Company under licence. Nothing in these terms and conditions or on the Company's website should be construed as granting any licence or right to use any trademark displayed on the Company's website. The Company enforces infringements of its intellectual property rights to the fullest extent permitted by the law.

6.           Governing law - The agreement between you and the Company relating to your use and browsing of the Company's website is governed by and shall be construed in accordance with the laws of England and Wales and you agree that the Courts of England shall have exclusive jurisdiction over any disputes arising in relation to such use and browsing. These terms and conditions may not be modified unless the Company agrees in writing.

7.           Use of cookies - This website will use a cookie to confirm that this disclaimer has been acknowledged. The cookie lasts only as long as your browser is open and cannot be used to obtain any private data about you. You do not have to accept cookies from this site but if you do not you will be required to acknowledge the disclaimer on every page.

8.           The Materials that you are seeking to access are not directed at and may not be viewed by or distributed to persons:

8.1         in the United States or who are, or are acting for the account or benefit of, US Persons as defined in Regulation S under the Securities Act, unless they are (i) "Qualified Purchasers" as defined in Section 2(a)(51) and related rules of the Investment Company Act and "Qualified Institutional Buyers" as defined in Rule 144A under the Securities Act; or (ii) already own shares of the Company; or

8.2         located in a jurisdiction where it is not lawful to access the Materials.

9.          The Materials presented on this website contain confidential, proprietary, trade secret and other commercially sensitive information, and shall be kept strictly confidential and not disclosed or disseminated to any entity or individual that is not a recipient of this communication and that has not accepted the terms herein without the prior written consent of the Company, except as required by law or legal process. The Materials are being provided to you subject to the terms herein. By clicking "I understand and agree" below you hereby acknowledge and agree that you will, and will cause your representatives and advisors to, use the information provided in the Materials on this website only to evaluate your potential interest in the Company and for no other purpose and will not, and will cause your representatives and advisors not to, divulge any such information to any other party.

By clicking "I understand and agree" below, you represent, warrant and agree that you (1) have read and understood the terms and conditions and other information set out above; (2) agree to be bound by its terms; (3) are permitted under applicable laws and regulations to receive the information contained in the pages that follow; and (4) agree that you will not transmit or otherwise send any information contained in this website to any person in the United States, to any US Person, or to publications with a general circulation in the United States. If you cannot so certify and agree, you must click the button labelled "I decline" or otherwise exit this website.



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The information included in this website is restricted due to applicable securities laws in your country of residence. The information in this website is, therefore, not available to persons located in your country of residence.

Blackstone / GSO Loan Financing Limited

Ticker Symbol

BGLF:LN

Monthly Net Asset Value per share (NAV)

€1.0016 As of 07/29/2016

Premium/Discount

-6.02% As of 07/29/2016

Total Net Assets

€325.1m As of 07/29/2016

Investment Objective

The Company’s investment objective is to provide Shareholders with stable and growing income returns, and to grow the capital value of the investment portfolio by exposure predominantly to floating rate senior secured loans directly and indirectly through CLO Securities and investments in Loan Warehouses. The Company seeks to achieve its investment objective through exposure (directly or indirectly) to one or more risk retention companies or entities established from time to time (“Risk Retention Companies”).

Board Members

Name Title
Charlotte Valeur Chairman

Charlotte Valeur, aged 50, is the Chairperson of Kennedy Wilson Europe Real Estate Plc, a London-listed REIT, and of Brevan Howard Credit Catalyst, a LSE listed investment company, a non-executive director of JP Morgan Convertible Bond Income Fund, a LSE listed investment company, a non-executive director of Renewable Energy Generation, an AIM listed renewable energy company, a non-executive director of a number of unlisted companies and a managing director of GFG Ltd, a governance consultancy company.

Between 2003 and 2011, Ms Valeur founded and was the managing partner of Brook Street Partners Limited, an alternative investment consultancy. From 1992 until 1999 Ms Valeur worked in the City of London as a director, heading institutional fixed income sales desks at various banks, including Société Générale from 1997 to 1999 and BNP Paribas from 1992 to 1997. From 1982 to 1992, Ms Valeur worked as a fixed income trader in index linked and mortgage backed securities, representing Nordea A/S on the Danish Stock Exchange.

Ms Valeur is also a UK member of the Institute of Directors and is regulated by the Jersey Financial Services Commission as a director. Ms Valeur received a Bachelor of Commerce from Koebmandsskolen, Copenhagen and a Bachelor of Banking from the Institute of Danish Bankers, Bankskolen.

Philip Austin Director

Philip Austin, aged 65, spent most of his career in banking with HSBC and worked at a senior level in retail, commercial, corporate, credit and Head Office. In 1993 he moved to Jersey where, from 1997 to 2001, he was Deputy Chief Executive of the Bank's business in the Offshore Islands – Jersey, Guernsey and the Isle of Man – as well as being Chairman of the Bank's Fund Administration business in Dublin.

In 2001, Mr Austin became the founding CEO of Jersey Finance Ltd, the body set up as a joint venture between the Government of Jersey and its Finance Industry, to represent and promote the Industry at home and abroad. In 2006, Mr Austin joined Equity Trust where he had direct responsibility for Jersey, Guernsey and Switzerland, as well as being a member of the Group Executive Committee. Mr Austin left Equity Trust at the end of 2009 to set up a portfolio of non-executive directorships. These positions include 3i Infrastructure Plc (Senior Independent Director), City Merchants High Yield Trust Ltd, Royal London Asset Management (CI) Ltd and Invesco Property Income Trust Ltd.

Mr Austin is a Fellow of the Chartered Institute of Bankers and a Fellow of the Chartered Management Institute.

Gary Clark Director

Gary Clark, aged 49, ACA, acts as an independent non-executive director for a number of boards, including, Emirates NBD Fund Managers (Jersey) Limited and Emirates Portfolio Management PCC. Until 1 March 2011 he was a Managing Director at State Street and their Head of Hedge Fund Services in the Channel Islands. Mr Clark, a Chartered Accountant, served as Chairman of the Jersey Funds Association from 2004 to 2007 and was Managing Director at AIB Fund Administrators Limited when it was acquired by Mourant in 2006. This business was sold to State Street in 2010. Prior to this Mr Clark was Managing Director of the futures broker, GNI (Channel Islands) Limited in Jersey.

A specialist in alternative investment funds, Mr Clark was one of a number of practitioners involved in a number of significant changes to the regulatory regime for funds in Jersey, including the introduction of both Jersey's Expert Funds Guide and Jersey's Unregulated Funds regime.

Joanna Dentskevich Director

Joanna Dentskevich, aged 49, has over 25 years of risk, finance & investment banking experience gained in leading global banks worldwide, alternative investments and the offshore fiduciary industry. Ms Dentskevich currently runs her own risk management advisory company providing advice and resourcing to offshore trust, fund & investment businesses.

Previously, Ms Dentskevich was a Director at Morgan Stanley heading up their Global Customer Valuation Group, Director of Risk at Deutsche Bank where she was Global Head of Economic Capital and started up their Exposure Management Department.

Ms Dentskevich has a BSc Hons in Maths & Accounting and is a Member of the Chartered Institute of Securities & Investments. Ms Dentskevich's specialities are Market, Credit & Operational Risk, AIFMD, FATCA, Governance & Compliance.

Team Bios

Name Title Location
Alan Kerr Senior Managing Director Dublin
Alex Leonard Managing Director Dublin
Fiona O'Connor Managing Director Dublin
Michael Ryan Managing Director Dublin
David Barry Principal Dublin

The DFME European Syndicated Credit Investment Committee comprises Alan Kerr, Fiona O'Connor, Alex Leonard, Michael Ryan, and David Barry. Of these, Alan Kerr, Fiona O'Connor and Alex Leonard (and such other personnel as may be determined from time to time) will be made available (as human resources) by DFME to the Originator pursuant to the Portfolio Service Support Agreement.

TR1 Notifications

Notifications to the Company under DTR 5.1.2R (notification of the acquisition or disposal of major shareholdings), should be made to the Company by email to notice@bnpparibas.com. Please do not use any other email address or contact details.

Investor Documents

Document Name Size Action
Annual General Meeting Proxy Voting – June 2016 82 KB Download
AGM Notice – May 19 2016 188 KB Download
2015 Annual Report & Audited Financial Statements 1 MB Download
Supplementary Prospectus April 2016 2 MB Download
Prospectus March 2016 5 MB Download
Prospectus July 2014 1 MB Download
Circular (February 5 2016): Notice of Extraordinary General Meeting 342 KB Download
Extraordinary General Meeting Proxy Voting - February 2016 79 KB Download
Half Yearly Financial Report - June 30 2015 137 KB Download
AGM Notice - May 8 2015 132 KB Download
2014 Annual Report & Audited Financial Statements 626 KB Download
AIFMD Disclosure Document - April 6 2016 45 KB Download

Monthly Reports

Document Name Action
Monthly Report - July 29 2016 Download
Monthly Report - June 30 2016 Download
Monthly Report - May 31 2016 Download
Monthly Report - April 29 2016 Download
Monthly Report - March 31 2016 Download
Monthly Report - February 29 2016 Download
Monthly Report - January 31 2016 Download
Monthly Report - December 31 2015 Download
Monthly Report - November 30 2015 Download
Monthly Report - October 30 2015 Download
Monthly Report - September 30 2015 Download
Monthly Report - August 28 2015 Download
Monthly Report - July 31 2015 Download
Monthly Report - June 30 2015 Download
Monthly Report - May 29 2015 Download
Monthly Report - April 30 2015 Download
Monthly Report - March 31 2015 Download
Monthly Report - February 27 2015 Download
Monthly Report - January 30 2015 Download
Monthly Report - December 31 2014 Download
Monthly Report - November 28 2014 Download
Monthly Report - October 31 2014 Download
Monthly Report - September 30 2014 Download
Monthly Report - August 31 2014 Download

News

Document Name Action
NAV RNS Announcement - August 22 2016 Download
NAV RNS Announcement - July 21 2016 Download
Dividend Declaration RNS - July 21 2016 Download
Total Voting Rights – July 1 2016 Download
Result of Annual General Meeting – June 29 2016 Download
Transaction in Own Shares – June 23 2016 Download
NAV RNS Announcement - June 22 2016 Download
Transaction in Own Shares – June 16 2016 Download
Transaction in Own Shares – June 13 2016 Download
Transaction in Own Shares – June 2 2016 Download
Share Repurchase Programme – June 1 2016 Download
NAV RNS Announcement - May 23 2016 Download
Notice of Annual General Meeting – May 19 2016 Download
Publication of Supplementary Prospectus - April 25 2016 Download
NAV RNS Announcement - April 21 2016 Download
Dividend Declaration RNS - April 20 2016 Download
Prospectus Publication - March 31 2016 Download
NAV RNS Announcement - March 22 2016 Download
Result of Extraordinary General Meeting - February 2016 Download
NAV RNS Announcement - February 19 2016 Download
Publication of Circular RNS - February 5 2016 Download
Dividend Declaration RNS - January 28 2016 Download
NAV RNS Announcement - January 22 2016 Download
NAV RNS Announcement - December 21 2015 Download
Statement re: Intention to Raise Additional Capital - December 14 2015 Download
NAV RNS Announcement - November 20 2015 Download
Dividend Declaration RNS - October 21 2015 Download
NAV RNS Announcement - October 21 2015 Download
NAV RNS Announcement - September 21 2015 Download
RNS Announcement - September 30 2015 Download
NAV RNS Announcement - August 24 2015 Download
NAV RNS Announcement - July 21 2015 Download
Dividend Declaration RNS - July 21 2015 Download
NAV RNS Announcement - June 19 2015 Download
NAV RNS Announcement - May 22 2015 Download
New Issue Result - April 24 2015 Download
Dividend Declaration RNS - April 23 2015 Download
NAV RNS Announcement - April 23 2015 Download
NAV RNS Announcement - March 20 2015 Download
NAV RNS Announcement - February 20 2015 Download
NAV RNS Announcement - January 22 2015 Download
Castle Park Pricing RNS - December 2 2014 Download
NAV RNS Announcement - December 19 2014 Download
NAV RNS Announcement - November 21 2014 Download
NAV RNS Announcement - October 21 2014 Download
Sorrento Park Pricing RNS - September 24 2014 Download
NAV RNS Announcement - September 19 2014 Download
Over Allotment Result Announcement - August 22 2014 Download
Allotment of Shares - July 18 2014 Download
Publication of Prospectus - July 10 2014 Download

Terms of Reference

Document Name Action
Audit Committee Download
Management Engagement Committee Download
NAV Review Committee Download
Remuneration and Nomination Committee Download
Risk Committee Download

Blackstone/GSO Long-Short Credit Income Fund

BGX

Blackstone/GSO Long-Short Credit Income Fund

Ticker Symbol

BGX

Daily Net Asset Value per Share (NAV)

$16.77 As of 08/23/2016

Monthly Net Asset Value per share (NAV)

$16.61 As of 08/01/2016

Premium/Discount

-9.84% As of 08/23/2016

Total Net Assets

$213,028,879.18 As of 08/23/2016

Turnover

72.00% As of 12/31/2015
Source: ALPS Fund Services, Inc.


View Fact Sheet as PDF

Blackstone / GSO Long-Short Credit Income Fund (the "Fund") is a new closed-end fund designed to provide current income with a secondary objective of capital appreciation. The Fund will employ a long-short strategy investing in first- and second-lien secured loans ("Secured Loans"), high yield bonds and to a lesser extent other fixed income instruments.

Team Bios

Name Designation Location
Daniel H. Smith Investment Committee Member New York
Robert Zable Investment Committee Member New York
Brad Marshall Investment Committee Member New York
Daniel T. McMullen Investment Committee Member New York

Performance History

Performance data for the Blackstone / GSO Long-Short Credit Income Fund is available on the most recent fact sheet.

Holdings (as of June 30, 2016)

Rank Issue Quantity Value ($) % of Managed Assets
1 Coveris Holding Corp, Senior Unsecured Bond 5,000,000 5,025,000.00 1.65 %
2 Scientific Games Corp, Senior Unecured Bond 5,000,000 4,923,450.00 1.61 %
3 Aspect Software Inc, Senior Secured First Lien Exit Term Loan 4,137,563 3,982,404.14 1.31 %
4 Stardust Finance Holdings Inc, Senior Secured First Lien Term Loan 3,990,580 3,904,104.39 1.28 %
5 Symphony Ltd, Series 2014‐14A 4,700,000 3,683,197.72 1.21 %
6 Lineage Logistics LLC, Senior Secured First Lien Term Loan 3,846,146 3,663,454.18 1.20 %
7 ON Semiconductor Corp, Senior Secured First Lien Closing Date Term Loan 3,577,513 3,598,011.93 1.18 %
8 P F Chang's China Bistro Inc, Senior Unsecured Bond 3,377,000 3,115,282.50 1.02 %
9 Neff Rental LLC, Senior Secured Second Lien Closing Date Term Loan 3,184,888 3,049,530.32 1.00 %
10 U.S. Renal Care Inc, Senior Secured First Lien Initial Term Loan 3,047,820 3,047,835.67 1.00 %
11 Sedgwick Claims Management Services Inc, Senior Secured Second Lien Incremental Term Loan 3,160,377 3,041,863.21 1.00 %
12 Kronos Incorporated, Senior Secured Second Lien Initial Term Loan 3,000,000 3,027,510.00 0.99 %
13 Numericable US LLC, Senior Secured First Lien USD Term B6 Loan 2,992,500 2,957,756.95 0.97 %
14 US LBM Holdings LLC, Senior Secured First Lien Initial Term Loan 2,984,981 2,932,743.99 0.96 %
15 Petco Animal Supplies Inc, Senior Secured First Lien Tranche B-2 Term Loan 2,940,625 2,929,862.31 0.96 %
16 MA FinanceCo LLC, Senior Secured First Lien Initial Tranche B Term Loan 2,922,262 2,924,088.67 0.96 %
17 TravelCLICK Inc, Senior Secured Second Lien Initial Term Loan 3,000,000 2,790,000.00 0.91 %
18 Panda Temple Power II LLC, Senior Secured First Lien Construction Term Loan 2,985,000 2,761,125.00 0.91 %
19 Charter Nex US Holdings Inc, Senior Secured First Lien Initial Term Loan 2,747,297 2,747,296.96 0.90 %
20 Compuware Corporation, Senior Secured First Lien Tranche B-2 Term Loan 2,937,469 2,730,010.53 0.89 %
21 TierPoint LLC, Senior Secured First Lien Term B-1 Loan 2,729,143 2,679,104.02 0.88 %
22 Onex York Acquisition Co, Senior Unsecured Bond 3,500,000 2,598,750.00 0.85 %
23 Alpha Topco Limited - Delta 2 (Lux) Sarl, Senior Secured Second Lien Term Loan 2,717,400 2,591,720.25 0.85 %
24 PriSo Acq Corp / Bldng Pro, Senior Unsecured Bond 2,645,000 2,585,487.50 0.85 %
25 Granite Acquisition Inc, Senior Secured Second Lien Term B Loan 2,691,729 2,550,749.99 0.84 %
26 GCA Services Group Inc, Senior Secured First Lien Term Loan 2,521,770 2,531,226.30 0.83 %
27 Spin Holdco Inc, Senior Secured First Lien Initial Term Loan 2,422,147 2,380,764.40 0.78 %
28 Builders FirstSource Inc, Senior Unsecured Bond 2,150,000 2,348,875.00 0.77 %
29 Hilex Poly Co LLC, Senior Secured First Lien Term Loan 2,323,951 2,333,246.42 0.76 %
30 Onex Carestream Finance LP, Senior Secured Second Lien Term Loan 2,558,403 2,328,146.64 0.76 %
31 Crossmark Holdings Inc, Senior Secured First Lien Term Loan 3,317,923 2,283,826.27 0.75 %
32 Camp International Holding Company, Senior Secured First Lien 2013 Replacement Term Loan 2,244,208 2,237,901.95 0.73 %
33 Precyse Acquisition Corp, Senior Secured First Lien Initial Term Loan 2,241,814 2,234,807.93 0.73 %
34 Solera LLC (Solera Finance Inc), Senior Secured First Lien Dollar Term Loan 2,197,160 2,199,214.35 0.72 %
35 Onex Schumacher Finance LP, Senior Secured First Lien Initial Term Loan 2,130,762 2,129,867.14 0.70 %
36 Tech Finance & Co SCA, Senior Secured First Lien US Term Loan 2,129,059 2,112,431.49 0.69 %
37 Pinnacle Operating Corporation, Senior Secured First Lien Term B Refinancing Loan 2,209,450 2,098,977.73 0.69 %
38 Neptune Finco Corp, Senior Secured First Lien Initial Term Loan 2,054,795 2,061,986.30 0.68 %
39 C.H.I. Overhead Doors Inc, Senior Secured Second Lien Initial Term Loan 2,105,263 2,042,105.27 0.67 %
40 Prolampac Intermediate Inc, Senior Secured First Lien Initial Term Loan 2,032,824 2,014,192.99 0.66 %
41 Avantor Performance Materials Holdings Inc, Senior Secured First Lien Initial Term Loan 2,004,717 1,993,440.45 0.65 %
42 Windstream Services LLC, Senior Secured First Lien Tranche B-6 Term Loan 1,995,000 1,990,640.93 0.65 %
43 Travelport Finance (Luxembourg) Sarl, Senior Secured First Lien 6/16 Term B Loan 1,997,890 1,989,778.81 0.65 %
44 Netsmart Technologies Inc, Senior Secured First Lien Initial Term Loan 1,991,379 1,988,890.09 0.65 %
45 Asurion LLC, Senior Secured Second Lien Term Loan 2,050,064 1,982,411.72 0.65 %
46 Communications Sales & Leasing Inc, Senior Secured Term Loan 1,994,962 1,976,259.45 0.65 %
47 Jeld-Wen Inc, Senior Secured First Lien Initial Term Loan 1,970,000 1,974,934.85 0.65 %
48 AmWins Group LLC, Senior Secured First Lien New Term Loan 1,969,727 1,970,780.45 0.65 %
49 DTZ US Borrower LLC, Senior Secured Second Lien Initial Term Loan 1,956,522 1,965,492.38 0.64 %
50 Sophia LP, Senior Secured First Lien Closing Date Term Loan 1,985,000 1,965,150.06 0.64 %
51 HUB Holdings LLC, Senior Unsecured Bond 2,025,000 1,954,125.00 0.64 %
52 Ascena Retail Group Inc, Senior Secured First Lien Tranche B Term Loan 2,027,472 1,938,262.75 0.64 %
53 NWH Escrow Corp, Senior Secured Bond 2,600,000 1,937,000.00 0.63 %
54 Packaging Coordinators Midco Inc, Senior Secured First Lien Term B Loan 1,927,007 1,927,007.30 0.63 %
55 Smile Brands Group Inc, Senior Secured First Lien Term B Non-PIK Loan 2,182,373 1,911,398.44 0.63 %
56 Advantage Sales & Marketing Inc, Senior Secured Second Lien Initial Term Loan 2,000,000 1,875,000.00 0.61 %
57 MPH Acquisition Holdings LLC, Senior Secured First Lien Initial Term Loan 1,864,802 1,872,261.07 0.61 %
58 Nextgen Finance LLC, Senior Secured First Lien Term B Loan 1,960,000 1,870,986.60 0.61 %
59 Pier 1 Imports (US) Inc, Senior Secured First Lien Initial Term Loan 2,041,667 1,863,020.84 0.61 %
60 Hercules Achievement Inc, Senior Secured First Lien Initial Term Loan 1,846,875 1,844,104.69 0.60 %
61 Blue Coat Holdings Inc, Senior Secured First Lien Initial Term Loan 1,827,382 1,827,381.88 0.60 %
62 Scientific Games International Inc, Senior Secured First Lien B-2 Term Loan 1,821,008 1,798,473.42 0.59 %
63 Inmar Inc, Senior Secured Second Lien Initial Term Loan 1,937,500 1,792,187.50 0.59 %
64 Transaction Network Services, Senior Secured Second Lien Initial Term Loan 1,823,628 1,781,456.92 0.58 %
65 Greatbatch Ltd, Senior Secured First Lien Term B Loan 1,791,916 1,779,596.75 0.58 %
66 TTM Technologies Inc, Senior Secured First Lien Term B Loan 1,786,850 1,773,448.41 0.58 %
67 Alvogen Pharma US Inc, Senior Secured First Lien Term Loan 1,780,889 1,766,419.09 0.58 %
68 Prime Security Services Borrower LLC, Senior Secured First Lien Term B-1 Loan 1,733,021 1,739,155.96 0.57 %
69 ConvergeOne Holdings Corporation, Senior Secured First Lien Initial Term Loan 1,770,862 1,722,163.42 0.56 %
70 Numericable-SFR SA, Senior Secured Bond 1,720,000 1,702,800.00 0.56 %
71 ProQuest LLC, Senior Secured First Lien Initial Term Loan 1,772,955 1,702,036.97 0.56 %
72 EnergySolutions LLC, Senior Secured First Lien Advance Term Loan 1,734,545 1,691,181.81 0.55 %
73 Riverbed Technology Inc, Senior Unsecured Bond 1,604,000 1,668,160.00 0.55 %
74 Sandy Creek Energy Associates LP, Senior Secured First Lien Term Loan 2,063,053 1,655,600.33 0.54 %
75 Dole Food Co Inc, Senior Secured Bond 1,650,000 1,650,000.00 0.54 %
76 Peak 10 Inc, Senior Secured Second Lien Initial Term Loan 1,875,000 1,631,250.00 0.53 %
77 Modular Space Corp, Senior Secured Bond 3,250,000 1,576,250.00 0.52 %
78 Builders FirstSource Inc, Senior Unsecured Bond 1,491,000 1,565,550.00 0.51 %
79 Air Canada, Senior Unsecured Bond 1,500,000 1,563,750.00 0.51 %
80 Surgery Center Holdings Inc, Senior Unsecured Bond 1,500,000 1,545,000.00 0.51 %
81 SurveyMonkey.com LLC, Senior Secured First Lien Term Loan 1,552,874 1,533,462.76 0.50 %
82 TPF II Power LLC, Senior Secured First Lien Term Loan 1,531,574 1,528,066.92 0.50 %
83 Fairpoint Communications Inc, Senior Secured First Lien Term Loan 1,518,606 1,518,765.45 0.50 %
84 AssuredPartners Capital Inc, Senior Secured First Lien Term Loan 1,510,637 1,503,559.69 0.49 %
85 GenOn Energy Inc, Senior Secured Bond 2,100,000 1,501,500.00 0.49 %
86 Emerald Performance Materials LLC, Senior Secured Second Lien Initial Term Loan 1,500,000 1,473,750.00 0.48 %
87 Cablevision Systems Corp, Senior Unsecured Bond 1,400,000 1,438,500.00 0.47 %
88 Panda Liberty LLC, Senior Secured First Lien Construction B-1 Facility Term Loan 1,470,588 1,437,500.00 0.47 %
89 Cunningham Lindsey US Inc, Senior Secured First Lien Initial Term Loan 1,772,628 1,435,828.96 0.47 %
90 Cequel Communications Holdings I, Senior Unsecured Bond 1,500,000 1,432,500.00 0.47 %
91 Arnhold and S Bleichroeder Holdings Inc, Senior Secured First Lien Initial Term Loan 1,442,750 1,417,501.88 0.46 %
92 Microsemi Corporation, Senior Secured First Lien Term B Loan 1,418,027 1,417,438.12 0.46 %
93 Albertsons LLC, Senior Secured First Lien 2016-1 Term B-4 Loan 1,384,467 1,385,089.85 0.45 %
94 Fairpoint Communications Inc, Senior Secured Bond 1,380,000 1,364,475.00 0.45 %
95 Jazz Acquisition Inc, Senior Secured Second Lien Term Loan 1,732,833 1,334,281.46 0.44 %
96 Frontier Communications, Senior Unsecured Bond 1,250,000 1,327,343.75 0.44 %
97 Blackbrush Oil & Gas LP, Senior Secured Second Lien Term Loan 1,327,434 1,325,774.34 0.43 %
98 Concordia Healthcare Corp, Senior Secured First Lien Dollar Term Loan 1,348,364 1,297,463.73 0.43 %
99 Concordia Healthcare Corp, Senior Unsecured Bond 1,500,000 1,286,250.00 0.42 %
100 National Financial Partners Corp, Senior Unsecured Bond 1,300,000 1,257,750.00 0.41 %
101 Zachry Holdings Inc, Senior Unsecured Bond 1,250,000 1,243,750.00 0.41 %
102 Genoa a QoL Healthcare Company LLC, Senior Secured First Lien Initial Term Loan 1,246,403 1,240,170.87 0.41 %
103 Mitchell International Inc, Senior Secured Second Lien Term Loan 1,294,266 1,204,747.82 0.39 %
104 Informatica Corporation, Senior Secured First Lien Dollar Term Loan 1,224,921 1,195,173.69 0.39 %
105 USAGM Holdco LLC, Senior Secured First Lien Initial Term Loan 1,194,000 1,155,195.00 0.38 %
106 Men's Wearhouse Inc (The), Senior Secured First Lien Tranche B-1 Term Loan 1,236,180 1,152,738.03 0.38 %
107 SRS Distribution Inc, Senior Secured First Lien Tranche B-1 Loan 1,145,180 1,147,568.08 0.38 %
108 Calumet Specialty Prod, Senior Unsecured Bond 1,600,000 1,140,000.00 0.37 %
109 Cypress Semiconductor Corp, Senior Secured First Lien Term B Loan 1,126,761 1,121,830.98 0.37 %
110 DTZ US Borrower LLC, Senior Secured First Lien 2015-1 Converted Term Loan 1,122,166 1,109,547.49 0.36 %
111 Sable International Finance Ltd, Senior Secured First Lien Term B-1 Loan 1,100,000 1,100,000.00 0.36 %
112 Tekni-Plex Inc, Senior Secured Second Lien Initial Term Loan 1,153,846 1,088,942.30 0.36 %
113 Multi Packaging Solutions Inc, Senior Secured First Lien Initial Dollar Tranche B Term Loan 1,090,339 1,082,161.53 0.35 %
114 Avantor Performance Materials Holdings Inc, Senior Secured Second Lien Initial Term Loan 1,086,957 1,067,934.78 0.35 %
115 Acrisure LLC, Senior Secured First Lien Term B Loan 1,071,892 1,066,977.13 0.35 %
116 Cumulus Media Holdings Inc, Senior Secured First Lien Term Loan 1,500,000 1,061,250.00 0.35 %
117 Global A&T Electronics, Senior Unsecured Bond 1,500,000 1,061,250.00 0.35 %
118 AdvancePierre Foods Inc, Senior Secured First Lien Effective Date Term Loan 1,059,603 1,058,278.15 0.35 %
119 SiteOne Landscape Supply LLC, Senior Secured First Lien Initial Term Loan 1,049,482 1,054,729.81 0.35 %
120 Utex Industries Inc, Senior Secured First Lien New Initial Term Loan 1,505,679 1,046,447.02 0.34 %
121 Fairmount Santrol Inc, Senior Secured First Lien Tranche B-2 Term Loan 1,243,606 1,015,354.67 0.33 %
122 Comstock Resources Inc, Senior Unsecured Bond 1,250,000 1,012,500.00 0.33 %
123 Epicor Software Corporation, Senior Secured First Lien Term B Loan 994,975 979,428.39 0.32 %
124 Lanai Holdings III Inc, Senior Secured First Lien Term Loan 990,826 978,440.37 0.32 %
125 Cengage Learning Inc, Senior Secured First Lien Term B Loan 988,024 978,143.71 0.32 %
126 Peak 10 Inc, Senior Secured First Lien Term Loan 980,000 971,116.30 0.32 %
127 CEC Entertainment Inc, Senior Secured First Lien Term B Loan 994,911 968,376.41 0.32 %
128 Camp International Holding Company, Senior Secured Second Lien 2013 Replacement Term Loan 987,409 967,660.98 0.32 %
129 Valeant Pharmaceuticals International, Senior Secured First Lien Series D-2 Tranche B Term Loan 986,081 961,123.67 0.32 %
130 Ascend Learning LLC, Senior Secured Second Lien Term Loan 1,000,000 950,000.00 0.31 %
131 Infor (US) Inc, Senior Unsecured Bond 1,000,000 949,380.00 0.31 %
132 Numericable-SFR SA, Senior Secured First Lien USD TLB-7 Term Loan 944,751 939,635.55 0.31 %
133 Alfred Fueling Systems Inc, Senior Secured First Lien Initial Term Loan 927,282 928,441.59 0.30 %
134 Pike Corporation, Senior Secured First Lien Initial Term Loan 927,419 926,839.72 0.30 %
135 Sheridan Investment Partners I LLC, Senior Secured First Lien Tranche B-2 Term Loan 1,570,246 925,471.60 0.30 %
136 CHG Healthcare Services Inc, Senior Secured First Lien Term Loan 907,372 908,792.44 0.30 %
137 Sable International Finance Ltd, Senior Secured First Lien Term B-2 Loan 900,000 900,000.00 0.30 %
138 Altice Financing SA, Senior Secured Bond 910,000 896,350.00 0.29 %
139 BMC Software Finance Inc, Senior Secured First Lien Initial US Term Loan 997,348 887,639.95 0.29 %
140 PQ Corporation, Senior Secured First Lien Dollar Tranche B-1 Term Loan 883,392 885,106.01 0.29 %
141 Comstock Resources Inc, Senior Unsecured Bond 2,000,000 885,000.00 0.29 %
142 California Pizza Kitchen Inc, Senior Secured First Lien Term Loan 943,635 882,298.60 0.29 %
143 RRI Energy Inc, Senior Unsecured Bond 1,000,000 845,000.00 0.28 %
144 Alorica Inc, Senior Secured First Lien Term Loan 839,161 838,460.14 0.27 %
145 Albany Molecular Research Inc, Senior Secured First Lien Term Loan 821,026 813,842.21 0.27 %
146 Exgen Texas Power LLC, Senior Secured First Lien Term Loan 989,922 782,038.07 0.26 %
147 CT Technologies Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan 791,848 779,970.02 0.26 %
148 Sports Authority (The), Senior Secured First Lien Term B Loan 2,790,357 753,396.35 0.25 %
149 Murray Energy Corporation, Senior Secured First Lien Term B-2 Loan 1,023,643 752,377.89 0.25 %
150 Transaction Network Services, Senior Secured First Lien Initial Term Loan 750,745 751,683.60 0.25 %
151 Tembec Industries Inc, Senior Secured Bond 955,000 744,900.00 0.24 %
152 Jeld-Wen Inc, Senior Secured First Lien Term B-1 Loan 741,523 741,059.54 0.24 %
153 McJunkin Red Man Corporation, Senior Secured First Lien 2013 Term Loan 764,052 739,220.34 0.24 %
154 Victory Capital Operating LLC, Senior Secured First Lien Initial Term Loan 744,898 730,000.00 0.24 %
155 SandRidge Energy Inc, Senior Secured Bond 1,750,000 726,250.00 0.24 %
156 McGraw-Hill Global Education Holdings LLC, Senior Secured First Lien Term B Loan 714,286 714,464.28 0.23 %
157 Moxie Patriot LLC, Senior Secured First Lien Construction B-1 Facility Term Loan 740,741 713,888.89 0.23 %
158 Examworks Group Inc, Senior Secured First Lien Initial Term Loan 710,059 710,282.85 0.23 %
159 Emerald Performance Materials LLC, Senior Secured First Lien Initial Term Loan 701,322 698,692.36 0.23 %
160 Jill Acquisition LLC, Senior Secured First Lien Initial Term Loan 708,882 698,248.28 0.23 %
161 Nord Anglia Education Finance LLC, Senior Secured First Lien Initial Term Loan 698,752 696,572.12 0.23 %
162 Payless Inc, Senior Secured First Lien Initial Term Loan 1,312,875 687,618.18 0.23 %
163 Chief Exploration & Development LLC, Senior Secured Second Lien Term Loan 752,941 683,060.71 0.22 %
164 Apex Tool Group LLC, Senior Secured First Lien Term Loan 688,222 674,457.07 0.22 %
165 Telenet Financing USD LLC, Senior Secured First Lien Term AD Loan 675,676 671,875.00 0.22 %
166 Renaissance Learning Inc, Senior Secured First Lien Initial Term Loan 685,965 671,816.87 0.22 %
167 Hyland Software Inc, Senior Secured Second Lien Term Loan 694,250 669,950.91 0.22 %
168 Scientific Games International Inc, Senior Secured Bond 650,000 656,500.00 0.22 %
169 BMC Software Inc, Senior Unsecured Bond 670,000 639,850.00 0.21 %
170 Crossmark Holdings Inc, Senior Secured Second Lien Term Loan 1,500,000 637,500.00 0.21 %
171 Winebow Holdings Inc, Senior Secured Second Lien Initial Term Loan 693,642 617,340.95 0.20 %
172 Wastequip LLC, Senior Secured First Lien Term Loan 590,103 589,855.44 0.19 %
173 Albertsons LLC, Senior Secured First Lien Term B-6 Loan 589,104 589,030.42 0.19 %
174 VF Holding Corp, Senior Secured First Lien Initial Term Loan 560,748 559,522.43 0.18 %
175 Medpace Holdings Inc, Senior Secured First Lien Initial Term Loan 554,564 553,870.79 0.18 %
176 TurboCombustor Technology Inc, Senior Secured First Lien Initial Term Loan 615,332 553,798.50 0.18 %
177 SRS Distribution Inc, Senior Secured Second Lien 06/16 Term Loan 547,945 547,602.74 0.18 %
178 Omega US Sub LLC, Senior Unsecured Bond 530,000 522,050.00 0.17 %
179 Prime Security Services Borrower LLC, Senior Secured Second Lien Term B Loan 500,000 507,085.00 0.17 %
180 Astoria Energy LLC, Senior Secured First Lien Advance Term B Loan 531,598 505,905.43 0.17 %
181 Fly Leasing Limited, Senior Unsecured Bonds 500,000 504,375.00 0.17 %
182 Confie Seguros Holding II Co, Senior Secured First Lien Term B Loan 500,422 496,668.67 0.16 %
183 Hillman Group Inc (The), Senior Secured First Lien Initial Term Loan 498,728 493,117.05 0.16 %
184 Windstream Corporation Inc, Senior Unsecured Bond 500,000 492,500.00 0.16 %
185 Green Energy Partners / Stonewall LLC, Senior Secured First Lien Term B-1 Conversion Advance Loan 500,000 490,000.00 0.16 %
186 Ciena Corporation, Senior Secured First Lien 2016 Term Loan 483,871 484,475.81 0.16 %
187 Air Medical Merger Sub, Senior Unsecured Bond 500,000 477,500.00 0.16 %
188 Ascend Learning LLC, Senior Secured First Lien Term Loan 462,548 462,836.88 0.15 %
189 EZE Software Group LLC, Senior Secured Second Lien Term Loan 470,905 456,777.92 0.15 %
190 Surgery Center Holdings Inc, Senior Secured First Lien Initial Term Loan 447,727 446,607.96 0.15 %
191 Comstock Resources Inc, Senior Unsecured Bond 1,000,000 445,000.00 0.15 %
192 Nine West Holdings Inc, Senior Secured First Lien Initial Term Loan 784,000 434,336.00 0.14 %
193 American Tire Distributors Inc, Senior Secured First Lien Initial Term Loan 446,220 432,278.04 0.14 %
194 Priso Acquisition Corporation, Senior Secured First Lien Initial Term Loan 431,503 429,345.57 0.14 %
195 Infiltrator Water Technologies LLC, Senior Secured First Lien Term B Loan 424,286 424,463.91 0.14 %
196 KAR Auction Services Inc, Senior Secured First Lien Tranche B-3 Term Loan 413,757 415,652.35 0.14 %
197 CSI Compressco LP / CSI Compressco Finance Inc, Senior Unsecured Bond 500,000 412,500.00 0.14 %
198 Dell Inc, Senior Unsecured Bond 390,000 407,940.78 0.13 %
199 Allied Security Holdings LLC, Senior Secured Second Lien Closing Date Loan 400,000 401,666.00 0.13 %
200 Navistar International Corporation, Senior Secured First Lien Tranche B Term Loan 416,985 395,441.69 0.13 %
201 Candy Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan 394,737 394,983.55 0.13 %
202 Murray Energy Corporation, Senior Secured First Lien Term B-1 Loan 455,682 389,038.34 0.13 %
203 Communications Sales & Leasing Inc, Senior Secured Bond 375,000 382,500.00 0.13 %
204 Plaze Inc, Senior Secured First Lien Term Loan 380,020 380,020.48 0.12 %
205 Builders FirstSource Inc, Senior Secured First Lien Initial Term Loan 364,262 364,868.22 0.12 %
206 MTS System Corp, Senior Secured First Lien Term B Loan 363,636 363,069.09 0.12 %
207 Payless Inc, Senior Secured Second Lien Initial Term Loan 2,000,000 343,330.00 0.11 %
208 CEC Entertainment Inc, Senior Unsecured Bond 345,000 336,806.25 0.11 %
209 Valeant Pharmaceuticals, Senior Unsecured Bond 350,000 300,781.25 0.10 %
210 Americold Realty Operating Partnership LP, Senior Secured First Lien Term B Loan 297,030 298,886.14 0.10 %
211 Red Lobster Management LLC, Senior Secured First Lien Initial Term Loan 269,990 269,315.17 0.09 %
212 Western Digital Corporation, Senior Secured First Lien US Term B Loan 261,860 263,291.95 0.09 %
213 SRAM LLC, Senior Secured First Lien Term Loan 295,381 261,412.03 0.09 %
214 IBC Capital Limited, Senior Secured Second Lien Term Loan 291,176 259,147.06 0.08 %
215 W3 Co, Senior Secured First Lien Term Loan 310,026 243,758.23 0.08 %
216 McGraw-Hill Global Education, Senior Unsecured Bond 230,000 238,625.00 0.08 %
217 Amneal Pharmaceuticals LLC, Senior Secured First Lien Term B Loan 223,434 222,409.89 0.07 %
218 Zayo Group LLC, Senior Secured First Lien 2016 Incremental Term Loan 214,607 214,955.99 0.07 %
219 Royal Holdings Inc, Senior Secured First Lien Initial Term Loan 210,781 209,551.14 0.07 %
220 Flexera Software LLC, Senior Secured Second Lien Term Loan 200,000 193,000.00 0.06 %
221 Hardwoods Acquisition Inc, Senior Secured Bond 250,000 191,250.00 0.06 %
222 Reynolds GRP ISS / Reynold, Senior Unsecured Bond 140,000 144,392.50 0.05 %
223 Apex Tool Group LLC, Senior Unsecured Bond 150,000 130,125.00 0.04 %
224 Sheridan Production Partners I-A LP, Senior Secured First Lien Tranche B-2 Term Loan 208,070 122,632.57 0.04 %
225 Valeant Pharmaceuticals, Senior Unsecured Bond 150,000 120,750.00 0.04 %
226 Sheridan Production Partners I-M LP, Senior Secured First Lien Tranche B-2 Term Loan 127,091 74,904.69 0.02 %
227 US Security Associates Holdings Inc, Senior Secured First Lien Term B Loan 64,290 64,209.46 0.02 %
228 US Security Associates Holdings Inc, Senior Secured First Lien Delayed Draw Term Loan 10,459 10,446.18 0.00 %
Net Cash Equivalent & Other Assets Minus Liabilities 6,280,755.81 2.11 %
Total 305,055,050.30 100.00 %

Total Holdings: 228

Distribution History

BGX

Calendar Year Ex-Date Record Date Payable Date Per Share Amount Distribution Type Section 19a Notice
2016 $0.0980 Ordinary Income
2016 $0.0980 Ordinary Income
2016 $0.0980 Ordinary Income
2016 $0.0980 Ordinary Income
2016 $0.0980 Ordinary Income
2016 $0.0980 Ordinary Income
2016 $0.0980 Ordinary Income
2016 $0.0980 Ordinary Income
2016 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income
2015 $0.0980 Ordinary Income February
2015 $0.0980 Ordinary Income January
2014 $0.0980 Ordinary Income December
2014 $0.0980 Ordinary Income November
2014 $0.0420 Short Term Capital Gains October
2014 $0.0410 Ordinary Income October
2014 $0.0150 Long Term Capital Gains October
2014 $0.0980 Ordinary Income September
2014 $0.0980 Ordinary Income August
2014 $0.0980 Ordinary Income July
2014 $0.0980 Ordinary Income June
2014 $0.0980 Ordinary Income May
2014 $0.0980 Ordinary Income April
2014 $0.0980 Ordinary Income March
2014 $0.1080 Ordinary Income Febuary
2014 $0.1080 Ordinary Income January
2013 $0.1580 Ordinary Income December
2013 $0.1080 Ordinary Income November
2013 $0.1080 Ordinary Income October
2013 $0.1080 Ordinary Income September
2013 $0.1080 Ordinary Income August
2013 $0.1080 Ordinary Income July
2013 $0.1080 Ordinary Income June
2013 $0.1080 Ordinary Income
2013 $0.1080 Ordinary Income
2013 $0.1080 Ordinary Income
2013 $0.1080 Ordinary Income
2012 $0.1080 Ordinary Income
2012 $0.1080 Ordinary Income
2012 $0.1080 Ordinary Income
2012 $0.1080 Ordinary Income
2012 $0.1080 Ordinary Income
2012 $0.1080 Ordinary Income July
2012 $0.1080 Ordinary Income June
2012 $0.1080 Ordinary Income
2012 $0.1080 Ordinary Income April
2012 $0.1100 Ordinary Income March
2012 $0.1080 Ordinary Income February
2012 $0.1080 Ordinary Income January
2011 $0.1080 Ordinary Income December
2011 $0.1080 Ordinary Income November
2011 $0.1080 Ordinary Income October
2011 $0.1080 Ordinary Income September
2011 $0.1080 Ordinary Income August
2011 $0.1080 Ordinary Income July
2011 $0.1080 Ordinary Income June
2011 $0.1080 Ordinary Income May
2011 $0.1080 Ordinary Income April
2011 $0.1080 Ordinary Income March

Investor Documents

Document Name Size Action
Proxy Statement 514 KB Download
Prospectus 615 KB Download
Fact Sheet 440 KB Download
Annual Report 2 MB Download
Semi-Annual Report 2 MB Download
Audit Committee Charter 38 KB Download
SEC Filings View
Nominating and Governance Committee Charter 100 KB Download
Form 8937 - 12/31/2014 41 KB Download

News

Document Name Date Action
Blackstone / GSO Closed-End Funds Declare Monthly Distributions May 18, 2016 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions February 25, 2016 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions November 20, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions September 30, 2015 Download
Blackstone / GSO Closed-End Funds Announce Portfolio Manager Change August 17, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions May 22, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions February 25, 2015 Download
Blackstone / GSO Long-Short Credit Income Fund Announces Change in Investment Guidelines December 19, 2014 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions November 28, 2014 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distribution of $0.098 Per Share September 09, 2014 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distribution of $0.098 Per Share May 23, 2014 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distribution of $0.098 Per Share February 28, 2014 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Special Distribution of $0.05 Per Share November 22, 2013 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share November 22, 2013 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share August 23, 2013 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share May 30, 2013 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share February 27, 2013 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share December 03, 2012 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share August 28, 2012 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share May 18, 2012 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share February 28, 2012 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share November 21, 2011 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share September 08, 2011 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Monthly Distributions of $0.108 Per Share May 25, 2011 Download
Blackstone / GSO Long-Short Credit Income Fund Declares Initial Monthly Distributions of $0.108 Per Share March 02, 2011 Download

Disclosure

Investment Strategies - The Fund will seek to achieve its investment objectives by employing a dynamic long-short strategy in a diversified portfolio of loans and fixed-income instruments of predominantly U.S. corporate issuers, including first- and second-lien secured loans ("Secured Loans") and high-yield corporate debt securities of varying maturities. The loans and fixed-income instruments that the Fund invests in long positions in will typically be rated below investment grade at the time of purchase. The Fund's investments in below investment grade loans and fixed-income instruments are commonly referred to as "high-yield" or "junk" instruments and are considered speculative with respect to the issuer's capacity to pay interest and repay principal.

Under normal market conditions, the Fund intends to maintain both long and short positions based primarily on the fundamental analysis and views of GSO / Blackstone Debt Fund's Management LLC (the "Adviser") on a particular investment. The Fund will take long positions in investments that the Adviser believes offer the potential for attractive returns under various economic and interest rate environments. The Fund will take short positions in investments that the Adviser believes will under-perform due to a greater sensitivity to earnings growth of the issuer, default risk or interest rates. The Fund's long positions, either directly or through the use of derivatives, may total up to 130% of the Fund's net assets. The Fund's short positions, either directly or through the use of derivatives, may total up to 30% of the Fund's net assets.

The Fund will invest at least 70% of its Managed Assets in Secured Loans. Secured Loans will be made to U.S. and, to a limited extent, non-U.S. corporations, partnerships and other business entities ("Borrowers") which operate in various industries and geographical regions. Secured Loans pay interest at rates which are determined periodically on the basis of a floating base lending rate, primarily the London-Interbank Offered Rate, plus a premium.

There is no assurance that the Fund will achieve its investment objectives.

Market Discount Risk

Common shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk may be greater for investors who sell their Common Shares in a relatively short period of time after completion of the initial offering. The Fund's Common Shares may trade at a price that is less than the initial offering price.

Investment and Market Risk

An investment in the Fund's Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund's Common Shares represents an indirect investment in the portfolio of loans and fixed-income instruments, short positions and other securities and derivative instruments owned by the Fund, and the value of these securities and instruments may fluctuate, sometimes rapidly and unpredictably. At any point in time an investment in the Fund's Common Shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund and the ability of shareholders to reinvest dividends. The Fund may also use leverage, which would magnify the Fund's investment, market and certain other risks.

Secured Loans Risk

Under normal market conditions, the Fund will invest at least 70% of its Managed Assets in Secured Loans. Secured Loans hold senior positions in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower. The Secured Loans the Fund will invest in are usually rated below investment grade or may also be unrated. As a result, the risks associated with Secured Loans are similar to the risks of below investment grade instruments, although Secured Loans are senior and secured in contrast to other below investment grade instruments, which are often subordinated or unsecured. Nevertheless, if a Borrower under a Secured Loan defaults, becomes insolvent or goes into bankruptcy, the Fund may recover only a fraction of what is owed on the Secured Loan or nothing at all. Secured Loans are subject to a number of risks described elsewhere in this Prospectus, including credit risk, liquidity risk, below investment grade instruments risk and management risk.

Although the Secured Loans in which the Fund will invest will be secured by collateral, there can be no assurance that the Fund will have first-lien priority in such collateral or that such collateral could be readily liquidated or that the liquidation of such collateral would satisfy the Borrower's obligation in the event of non-payment of scheduled interest or principal. In the event of the bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect toits ability to realize the benefits of the collateral securing a Secured Loan. In the event of a decline in the value of the already pledged collateral, if the terms of a Secured Loan do not require the Borrower to pledge additional collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the Borrower's obligations under the Secured Loans. To the extent that a Secured Loan is collateralized by stock in the Borrower or its subsidiaries, such stock may lose some or all of its value in the event of the bankruptcy or insolvency of the Borrower. Those Secured Loans that are under-collateralized involve a greater risk of loss.

In general, the secondary trading market for Secured Loans is not fully-developed. No active trading market may exist for certain Secured Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell certain Secured Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Secured Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

Some Secured Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Secured Loans to presently existing or future indebtedness of the Borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of Secured Loans.

If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Secured Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain Borrowers. This would increase the risk of default.

If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Secured Loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a Secured Loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the Secured Loan may be adversely affected.

The Fund may acquire Secured Loans through assignments or participations. The Fund will typically acquire Secured Loans through assignment and may elevate a participation interest into an assignment as soon as practicably possible. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser's rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the Borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. The Adviser has adopted best execution procedures and guidelines to mitigate credit and counterparty risk in the atypical situation when the Fund must acquire a Secured Loan through a participation. The Adviser has established a risk and valuation committee that regularly reviews each broker-dealer counterparty for, among other things, its quality and the quality of its execution. The established procedures and guidelines require trades to be placed for execution only with broker-dealer counterparties approved by the risk and valuation committee of the Adviser. The factors considered by the committee when selecting and approving brokers and dealers include, but are not limited to: (i) quality, accuracy, and timeliness of execution, (ii) review of the reputation, financial strength and stability of the financial institution, (iii) willingness and ability of the counterparty to commit capital, (iv) ongoing reliability and (v) access to underwritten offerings and secondary markets. In purchasing participations, the Fund generally will have no right to enforce compliance by the Borrower with the terms of the loan agreement against the Borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the Borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the Borrower or the quality of the Secured Loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the Secured Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the Borrower or the Secured Loan than the Fund expected when initially purchasing the participation.

Fixed-Income Instruments Risk

The Fund may invest up to 30% of its Managed Assets in fixed-income instruments, such as U.S. government debt securities and investment grade and below investment grade, subordinated and unsubordinated corporate debt securities. Fixed-income instruments are subject to many of the same risks that affect Secured Loans and unsecured loans; however they are often unsecured and typically lower in the issuer's capital structure than loans, and thus may be exposed to greater risk of default and lower recoveries in the event of a default. This risk can be further heightened in the case of below investment grade instruments. Additionally, most fixed-income instruments are fixed-rate and thus are generally more susceptible than floating rate loans to price volatility related to changes in prevailing interest rates.

Unsecured Loans Risk

The Fund may invest in unsecured loans. Unsecured loans generally are subject to similar risks as those associated with investments in Secured Loans except that such loans are not secured by collateral. In the event of default on an unsecured loan, the first priority lien holder has first claim to the underlying collateral of the loan. Unsecured loans are subject to the additional risk that the cash flow of the Borrower may be insufficient to meet scheduled payments after giving effect to the secured obligations of the Borrower. Unsecured loans generally have greater price volatility than Secured Loans and may be less liquid.

Below Investment Grade Instruments Risk

The Fund anticipates that it may invest substantially all of its assets in loans and fixed-income instruments that are rated below investment grade. Below investment grade instruments are commonly referred to as "junk" or high-yield instruments and are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Lower grade instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments and severely disrupt the market value of such instruments.

Lower grade instruments, though higher yielding, are characterized by higher risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated instruments. The retail secondary market for lower grade instruments may be less liquid than that for higher rated instruments. Adverse conditions could make it difficult at times for the Fund to sell certain instruments or could result in lower prices than those used in calculating the Fund's net asset value. Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment in Common Shares of the Fund, both in the short-term and the long-term.

Valuation Risk

Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for loans or fixed-income instruments to trade. Loans and fixed-income instruments generally trade on an "over-the-counter" market which may be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when a loan or fixed-income instrument is sold in the market, the amount received by the Fund is less than the value of such loans or fixed-income instruments carried on the Fund's books.

Short Selling Risk

The Fund will engage in short sales for investment and risk management purposes, including when the Adviser believes an investment will under-perform due to a greater sensitivity to earnings growth of the issuer, default risk or interest rates. The Fund may also engage in short sales for financing purposes. In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions may exist for as long as six months and, in some cases, much longer.

Short sales are transactions in which the Fund sells a security or other instrument (such as an option, forward or futures contract) that it does not own but can borrow in the market. Short selling allows the Fund to profit from a decline in market price to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and to obtain a low cost means of financing long investments that the Adviser believes are attractive. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund will have substantial short positions and must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier than it had expected. Thus, the Fund may not able to successfully implement its short sale strategy due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

Generally, the Fund will have to pay a fee or premium to borrow securities and will be obligated to repay the lender of the security any dividends or interest that accrues on the security during the term of the loan. The amount of any gain from a short sale will be decreased, and the amount of any loss increased, by the amount of such fee, premium, dividends, interest or expense the Fund pays in connection with the short sale.

Until the Fund replaces a borrowed security, it may be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund's short position. Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund's ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt, insolvent or otherwise fails to comply with the terms of the contract. In such instances the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in these circumstances. Additionally, the Fund must maintain sufficient liquid assets (less any additional collateral pledged to the broker), marked-to-market daily, to cover the borrowed securities obligations. This may limit the Fund's investment flexibility, as well as its ability to meet other current obligations.

Because losses on short sales arise from increases in the value of the security sold short, such losses are theoretically unlimited. By contrast, a loss on a long position arises from decreases in the value of the security and is limited by the fact that a security's value cannot decrease below zero. The Adviser's use of short sales in combination with long positions in the Fund's portfolio in an attempt to improve performance or reduce overall portfolio risk may not be successful and may result in greater losses or lower positive returns than if the Fund held only long positions. It is possible that the Fund's long securities positions will decline in value at the same time that the value of its short securities positions increase, thereby increasing potential losses to the Fund. In addition, the Fund's short selling strategies will limit its ability to fully benefit from increases in the fixed-income markets.

By investing the proceeds received from selling securities short, the Fund could be deemed to be employing a form of leverage, which creates special risks. The use of leverage may increase the Fund's exposure to long securities positions and make any change in the Fund's NAV greater than it would be without the use of leverage. This could result in increased volatility of returns. There is no guarantee that any leveraging strategy the Fund employs will be successful during any period in which it is employed.

The Securities and Exchange Commission ("SEC") recently proposed certain restrictions on short sales. If the SEC's proposals are adopted, they could restrict the Fund's ability to engage in short sales in certain circumstances. In addition, regulatory authorities in the United States or other countries may adopt bans on short sales of certain securities, either generally, or with respect to certain industries or countries, in response to market events. Restrictions and/or bans on short selling may make it impossible for the Fund to execute certain investment strategies.

Liquidity Risk

The Fund may invest up to 25% of its Managed Assets in securities that, at the time of investment, are illiquid (determined using the SEC's standard applicable to registered investment companies, i.e., securities that cannot be disposed of by the Fund within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the securities). The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities. Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities.

Illiquid and restricted securities are also more difficult to value, especially in challenging markets. The Adviser's judgment may play a greater role in the valuation process. Investment of the Fund's assets in illiquid and restricted securities may restrict the Fund's ability to take advantage of market opportunities. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the securities. In either case, the Fund would bear market risks during that period.

Some loans and fixed-income instruments are not readily marketable and may be subject to restrictions on resale. Loans and fixed-income instruments may not be listed on any national securities exchange and no active trading market may exist for certain of the loans and fixed-income instruments in which the Fund will invest. Where a secondary market exists, the market for some loans and fixed-income instruments may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

Credit Risk

Credit risk is the risk that one or more loans or other debt instruments in the Fund's portfolio will decline in price or fail to pay interest or principal when due because the issuer of the instrument experiences a decline in its financial status. While a senior position in the capital structure of a Borrower or issuer may provide some protection with respect to the Fund's investments in Secured Loans, losses may still occur because the market value of Secured Loans is affected by the creditworthiness of Borrowers or issuers and by general economic and specific industry conditions and the Fund's other investments will often be subordinate to other debt in the issuer's capital structure. To the extent the Fund invests in below investment grade instruments, it will be exposed to a greater amount of credit risk than a fund which invests in investment grade securities. The prices of lower grade instruments are more sensitive to negative developments, such as a decline in the issuer's revenues or a general economic downturn, than are the prices of higher grade instruments. Instruments of below investment grade quality are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal when due and therefore involve a greater risk of default. In addition, the Fund may enter into credit derivatives which may expose it to additional risk in the event that the instruments underlying the derivatives default.

Interest Rate Risk

Loans, corporate debt securities or other fixed-income instruments that the Fund may invest in are subject to the risk that market values of such securities will decline as interest rates increase. These changes in interest rates have a more pronounced effect on securities with longer durations. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund's NAV.

Leverage Risk

The Fund anticipates incurring leverage as part of its investment strategy. All costs and expenses related to any form of leverage used by the Fund will be borne entirely by the holders of the Common Shares. The Fund initially expects to incur leverage through securities lending arrangements and/or total return swap arrangements. In addition, the Fund may incur leverage by reinvesting the proceeds from short sales in accordance with the Fund's investment objectives; however, the Fund may also enter into shorting programs without incurring leverage. Although certain forms of effective leverage used by the Fund, such as leverage incurred in securities lending, total return swap arrangements, other derivative transactions or short selling, may not be considered senior securities under the Investment Company Act of 1940, as amended (the "Investment Company Act"), such effective leverage will be considered leverage for the Fund's leverage limits. The Fund's use of these forms of effective leverage will not exceed 30% of its net assets. Although it has no current intention to do so, the Fund reserves the flexibility to issue Preferred Shares, debt securities or commercial paper, borrow money, or enter into similar transactions to add leverage to its portfolio. The Fund's total use of leverage and short sales exposure, either through traditional leverage programs or through securities lending, total return swap arrangements, other derivative transactions or short selling (including the market value of securities the Fund is obligated to repay through short sales even in transactions that do not result in leverage), will not exceed 40% of the Fund's Managed Assets (67% of the Fund's net assets). With respect to its short positions in securities and certain of its derivative positions, the Fund may maintain an amount of cash or liquid securities in a segregated account equal to the face value of those positions.

The Fund may also offset derivative positions against one another or against other assets to manage the effective market exposure resulting from derivatives in its portfolio.

To the extent that the Fund does not segregate liquid assets or otherwise cover its obligations under such transactions, such transactions will be treated as senior securities representing indebtedness ("borrowings") for purposes of the requirement under the Investment Company Act, that the Fund may not enter into any such transactions if the Fund's borrowings would thereby exceed 33 1/3% of its Managed Assets. In addition, to the extent that any offsetting positions do not behave in relation to one another as expected, the Fund may perform as if it were leveraged. The Fund's use of leverage could create the opportunity for a higher return for common shareholders but would also result in special risks for common shareholders and can magnify the effect of any losses. If the income and gains earned on the securities and investments purchased with leverage proceeds are greater than the cost of the leverage, the return on the Common Shares will be greater than if leverage had not been used. Conversely, if the income and gains from the securities and investments purchased with such proceeds do not cover the cost of leverage, the return on the Common Shares will be less than if leverage had not been used. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for common shareholders including:

  • the likelihood of greater volatility of NAV and market price of the Common Shares than a comparable portfolio without leverage;
  • the risk that fluctuations in interest rates on borrowings and short-term debt or in the dividend rates on any Preferred Shares that the Fund may pay will reduce the return to the common shareholders or will result in fluctuations in the dividends paid on the Common Shares;
  • the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Common Shares; and when the Fund uses certain types of leverage, the investment advisory fee payable to the Adviser will be higher than if the Fund did not use leverage.

The Fund may continue to use leverage if the benefits to the Fund's shareholders of maintaining the leveraged position are believed to outweigh any current reduced return.

Derivatives Risk

Under normal market conditions, the use of derivatives by the Fund, other than for hedging purposes, will not exceed 30% of the Fund's Managed Assets. The Fund's derivative investments have risks, including: the imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund's portfolio; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. 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 market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund 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 the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. Furthermore, the ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. Thus, the use of derivative investments to generate income, for hedging, for currency or interest rate management or other purposes may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. In addition, there may be situations in which the Adviser elects not to use derivative investments that result in losses greater than if they had been used. Amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund's derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain.

Congress has recently enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"). The Dodd-Frank Act will likely impact the use of derivatives by entities, which may include the Fund, and is intended to improve the existing regulatory framework by closing the regulatory gaps and eliminating the speculative trading practices that contributed to the 2008 financial market crisis. The legislation is designed to impose stringent regulation on the over-the-counter derivatives market in an attempt to increase transparency and accountability by, among other things, requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. While many provisions of the Dodd-Frank Act must be implemented through future rulemaking, and any regulatory or legislative activity may not necessarily have a direct, immediate effect upon the Fund, it is possible that, upon the effectiveness of these rules, they could potentially limit or completely restrict the ability of the Fund to use these instruments as a part of its investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change availability of certain investments.

The SEC has also indicated that it may adopt new policies on the use of derivatives by registered investment companies. Such policies could affect the nature and extent of derivatives use by the Fund.

Swap Risk

The Fund may also invest in credit default swaps, total return swaps and interest rate swaps. Such transactions are subject to market risk, liquidity risk, risk of default by the other party to the transaction, known as "counterparty risk" and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs. When buying protection under a swap, the risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make. However, when selling protection under a swap, the risk of loss is often the notional value of the underlying asset, which can result in a loss substantially greater than the amount invested in the swap itself. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid; however there is no guarantee that the swap market will continue to provide liquidity. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying loans or debt securities. The Fund bears the risk of default on the underlying loans or debt securities, based on the notional amount of the swap. The Fund would typically have to post collateral to cover this potential obligation.

Counterparty and Prime Brokerage Risk

Changes in the credit quality of the companies that serve as the Fund's prime brokers or counterparties with respect to derivatives or other transactions supported by another party's credit will affect the value of those instruments. Certain entities that have served as prime brokers or counterparties in the markets for these transactions have recently incurred significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower quality credit investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced such entities' capital and called into question their continued ability to perform their obligations under such transactions. By using derivatives, swaps or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. If a prime broker or counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding; if the Fund's claim is unsecured, the Fund will be treated as a general creditor of such prime broker or counterparty and will not have any claim with respect to the underlying security. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances.

Credit Derivatives Risk

The use of credit derivatives is a highly specialized activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If the Adviser is incorrect in its forecasts of default risks, liquidity risk, counterparty risk, market spreads or other applicable factors, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. Moreover, even if the Adviser is correct in its forecasts, there is a risk that a credit derivative position may correlate imperfectly with the price of the asset or liability being protected. The Fund's risk of loss in a credit derivative transaction varies with the form of the transaction. For example, if the Fund sells protection under a credit default swap, it would collect periodic fees from the buyer and would profit if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the Fund would be required to pay an agreed upon amount to the buyer (which may be the entire notional amount of the swap) if the reference entity defaults on the reference security. Credit default swap agreements involve greater risks than if the Fund invested in the reference obligation directly.

Structured Products Risk

The Fund may invest up to 10% of its Managed Assets in structured products, consisting of collateralized loan obligations ("CLOs") and credit-linked notes. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk.

The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund.

Certain structured products may be thinly traded or have a limited trading market. CLOs and credit-linked notes are typically privately offered and sold. As a result, investments in CLOs and credit-linked notes may be characterized by the Fund as illiquid securities. In addition to the general risks associated with debt securities discussed herein, CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Lender Liability Risk

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 its investments, the Fund may be subject to allegations of lender liability.

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

Because affiliates of, or persons related to, the Adviser may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

Potential Conflicts of Interest Risk

The Adviser will be subject to certain conflicts of interest in its management of the Fund. These conflicts will arise primarily from the involvement of the Adviser, GSO, Blackstone and their affiliates in other activities that may conflict with those of the Fund. The Adviser, GSO, Blackstone and their affiliates engage in a broad spectrum of activities. In the ordinary course of their business activities, the Adviser, GSO, Blackstone and their affiliates may engage in activities where the interests of certain divisions of the Adviser, GSO, Blackstone and their affiliates or the interests of their clients may conflict with the interests of the Fund or the shareholders of the Fund. Other present and future activities of the Adviser, GSO, Blackstone and their affiliates may give rise to additional conflicts of interest which may have a negative impact on the Fund.

In addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, GSO and its affiliates have implemented certain policies and procedures (e.g., information walls). For example, GSO and its affiliates may come into possession of material non-public information with respect to companies in which the Fund may be considering making an investment or companies that are GSO's and its affiliates' advisory clients. As a consequence, that information, which could be of benefit to the Fund, could also restrict the Fund's activities and the investment opportunity may otherwise be unavailable to the Fund. Additionally, the terms of confidentiality or other agreements with or related to companies in which any fund managed by GSO has or has considered making an investment or which is otherwise an advisory client of GSO and its affiliates may restrict or otherwise limit the ability of the Fund to make investments in such companies.

As part of its regular business, Blackstone provides a broad range of investment banking, advisory, and other services. In the regular course of its investment banking and advisory businesses, Blackstone represents potential purchasers, sellers and other involved parties, including corporations, financial buyers, management, shareholders and institutions, with respect to transactions that could give rise to investments that would otherwise be available for investment by the Fund. Because of such relationships, there may be certain investments that the Adviser will decline or be unable to make. In addition, employees of Blackstone or its affiliates may possess information relating to such issuers that is not known to the individuals at the Adviser responsible for making investment decisions and performing the other obligations under the investment advisory agreement between the Fund and the Adviser. Those employees of Blackstone or its affiliates will not be obligated to share any such information with the Adviser and may be prohibited by law or contract from doing so.

The Adviser or certain of its affiliates may come into possession of material non-public information with respect to an issuer. Should this occur, the Adviser would 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, so as to preclude the Fund from participating in an investment. Disclosure of such information to the Adviser's personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and the Fund may not be free to act upon any such information. Therefore, the Fund may not have access to material non-public information in the possession of the Adviser which might be relevant to an investment decision to be made by the Fund, and the Fund may initiate a transaction or sell an investment which, if such information had been known to it, may not have been undertaken. Due to these restrictions, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell an investment that it otherwise might have sold.

GSO, Blackstone and their affiliates may represent creditors or debtors in proceedings under Chapter 11 of the Bankruptcy Code or prior to such filings. From time to time, GSO, Blackstone and their affiliates may serve as advisor to creditor or equity committees. This involvement, for which GSO, Blackstone and their affiliates may be compensated, may limit or preclude the flexibility that the Fund may otherwise have to participate in restructurings. For example, in situations in which a Borrower or issuer of loans or fixed-income instruments held by the Fund is a client or a potential client of the restructuring and reorganization advisory practice, the Adviser may dispose of such securities or take such other actions reasonably necessary to the extent permitted under the Investment Company Act in order to avoid actual or perceived conflicts of interest with the restructuring and reorganization advisory practice. Further, there may also be instances in which the work of Blackstone's restructuring and reorganization advisory practice prevents the Adviser from purchasing securities on behalf of the Fund. In addition, the Investment Company Act limits the Fund's ability to enter into certain transactions with certain GSO or Blackstone affiliates. As a result of these restrictions, the Fund may be prohibited from buying or selling any security directly from or to any portfolio company of a private equity fund managed by Blackstone, GSO or one of its affiliates. However, the Fund may under certain circumstances purchase any such portfolio company's loans or securities in the secondary market, which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the ability of the Adviser to recommend actions in the best interest of the Fund might be impaired. The Investment Company Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund.

Limitations on Transactions with Affiliates Risk

The Investment Company Act limits our ability to enter into certain transactions with certain of our affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security directly from or to any portfolio company of a registered investment company or private equity fund managed by Blackstone, GSO or any of their respective affiliates (the "Blackstone / GSO Related Parties"). The Investment Company Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to us.

Dependence on Key Personnel Risk

The Adviser is dependent upon the experience and expertise of certain key personnel in providing services with respect to the Fund's investments. If the Adviser were to lose the services of these individuals, its ability to service the Fund could be adversely affected. As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques for the Fund's portfolio and the Fund's performance may lag behind that of similar funds. The Adviser has informed the Fund that the investment professionals associated with the Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund's business and affairs. In addition, individuals not currently associated with the Adviser may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of such individuals.

Prepayment Risk

During periods of declining interest rates, Borrowers or issuers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund's income and distributions to shareholders. This is known as prepayment or "call" risk. Below investment grade instruments frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met ("call protection"). An issuer may redeem a below investment grade instrument if, for example, the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. Secured Loans and Subordinated Loans typically do not have call protection. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced.

Anti-Takeover Provisions

The Fund's Agreement and Declaration of Trust includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could deprive the holders of Common Shares of opportunities to sell their Common Shares at a premium over the then current market price of the Common Shares or at NAV.

The Fund may also be subject to the following categories of risk: Inflation/Deflation Risk, Non-U.S. Securities Risk, Foreign Currency Risk, Repurchase Agreements Risk, Reverse Repurchase Agreements Risk, Investments in Equity Securities or Warrants Incidental to Investments in Loans and Fixed-Income Instruments, U.S. Government Debt Securities Risk, Recent Developments, Market Disruption and Geopolitical Risk , Portfolio Turnover Risk and Government Intervention in the Financial Markets. For a complete listing of all the Fund's risks with their full descriptions, please refer to the Fund's prospectus.

Hong Kong disclaimer

[BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND] [BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND] [BLACKSTONE / GSO STRATEGIC CREDIT FUND] (“FUND”) MAY NOT BE OFFERED OR SOLD, BY MEANS OF ANY DOCUMENT, AND NO ADVERTISEMENT, INVITATION OR DOCUMENT RELATING TO THE FUND, WHETHER IN HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE SECURITIES LAWS OF HONG KONG) OR ELSEWHERE, SHALL BE ISSUED, CIRCULATED OR DISTRIBUTED WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSED OR READ BY, THE PUBLIC IN HONG KONG OTHER THAN (I) WITH RESPECT TO THE INTERESTS WHICH ARE OR ARE INTENDED TO BE DISPOSED OF ONLY TO PERSONS OUTSIDE HONG KONG OR ONLY TO “PROFESSIONAL INVESTORS” WITHIN THE MEANING OF THE SECURITIES AND FUTURES ORDINANCE (CAP. 571) OF HONG KONG (“SFO”) AND ANY RULES MADE THEREUNDER OR (II) IN CIRCUMSTANCES THAT DO NOT CONSTITUTE AN INVITATION TO THE PUBLIC FOR THE PURPOSES OF THE SFO.

THE CONTENTS OF THIS WEBSITE OR ANY DOCUMENTS REFERENCED HEREIN HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG. IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS WEBSITE OR ANY DOCUMENTS REFERENCED HEREIN, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.

Singapore disclaimer

THE BLACKSTONE GROUP L.P. IS NOT MAKING ANY OFFER FOR SALE OR SUBSCRIPTION OR INVITING OR SOLICITING ANY OFFER TO BUY, SUBSCRIBE, OR DISPOSE OF ANY SECURITIES AND/OR INVESTMENT PRODUCTS AND/OR FINANCIAL INSTRUMENTS TO ANY PERSON (INCLUDING ANY PERSON IN SINGAPORE). ACCORDINGLY, ANY INVESTOR OR USER OF THIS WEBSITE WHO WISHES TO TRADE ANY INVESTMENT PRODUCT OR FINANCIAL INSTRUMENT MENTIONED ON THIS WEBSITE SHOULD ONLY DO SO THROUGH AN APPROPRIATELY REGULATED BROKER-DEALER.

Blackstone/GSO Senior Floating Rate Term Fund

BSL

Blackstone/GSO Senior Floating Rate Term Fund

Ticker Symbol

BSL

Daily Net Asset Value per Share (NAV)

$17.11 As of 08/23/2016

Premium/Discount

-3.27% As of 08/23/2016

Monthly Net Asset Value per Share (NAV)

$16.99 As of 08/01/2016

Total Net Assets

$260,389,045.20 As of 08/23/2016

Turnover

65.00% As of 12/31/2015
Source: ALPS Fund Services, Inc.


View Fact Sheet as PDF

The Fund will invest primarily in senior secured, floating rate loans ("Senior Loans"). Senior Loans hold the most senior position in the capital structure of a business entity and are secured with specific collateral. Senior Loans are generally structured with floating rate interest payments based off of a spread to a stated benchmark. Senior Loans pay interest rates which are determined periodically on the basis of a floating base lending rate, primarily LIBOR, plus a premium. The Fund will use a research-driven credit analysis approach designed to identify companies have developed strong positions within their respective markets and exhibit the potential to maintain sufficient cash flows and profitability to service their obligations in a range of economic environments.

Team Bios

Name Designation Location
Daniel H. Smith Investment Committee Member New York
Robert Zable Investment Committee Member New York
Brad Marshall Investment Committee Member New York
Daniel T. McMullen Investment Committee Member New York

Performance History

Performance data for the Blackstone / GSO Senior Floating Rate Term Fund is available on the most recent fact sheet.

Holdings (as of June 30, 2016)

Rank Issue Quantity Value ($) % of Managed Assets
1 Avaya Inc, Senior Secured First Lien Term B-7 Loan 10,711,206 7,667,456.40 2.02 %
2 Aspect Software Inc, Senior Secured First Lien Exit Term Loan 5,328,550 5,128,728.89 1.35 %
3 Jeld-Wen Inc, Senior Secured First Lien Initial Term Loan 5,101,541 5,114,320.42 1.35 %
4 Stardust Finance Holdings Inc, Senior Secured First Lien Term Loan 5,087,698 4,977,447.42 1.31 %
5 Petco Animal Supplies Inc, Senior Secured First Lien Tranche B-2 Term Loan 4,987,500 4,969,245.75 1.31 %
6 ON Semiconductor Corp, Senior Secured First Lien Closing Date Term Loan 4,770,017 4,797,349.23 1.27 %
7 Compuware Corporation, Senior Secured Second Lien Term Loan 5,500,000 4,569,592.50 1.21 %
8 Crossmark Holdings Inc, Senior Secured First Lien Term Loan 6,088,092 4,190,616.50 1.11 %
9 Kronos Incorporated, Senior Secured Second Lien Initial Term Loan 4,000,000 4,036,680.00 1.07 %
10 U.S. Renal Care Inc, Senior Secured First Lien Initial Term Loan 3,984,987 3,985,007.39 1.05 %
11 Lineage Logistics LLC, Senior Secured First Lien Term Loan 4,025,071 3,833,880.20 1.01 %
12 US LBM Holdings LLC, Senior Secured First Lien Initial Term Loan 3,817,308 3,750,504.82 0.99 %
13 Numericable US LLC, Senior Secured First Lien USD Term B6 Loan 3,776,495 3,732,649.93 0.98 %
14 Camp International Holding Company, Senior Secured First Lien 2013 Replacement Term Loan 3,740,347 3,729,836.59 0.98 %
15 Concordia Healthcare Corp, Senior Secured First Lien Dollar Term Loan 3,787,819 3,644,829.13 0.96 %
16 Alpha Topco Limited - Delta 2 (Lux) Sarl, Senior Secured Second Lien Term Loan 3,812,600 3,636,267.25 0.96 %
17 Mitchell International Inc, Senior Secured Second Lien Term Loan 3,895,978 3,626,512.42 0.96 %
18 Smile Brands Group Inc, Senior Secured First Lien Term B Non-PIK Loan 3,982,698 3,488,185.96 0.92 %
19 Fairpoint Communications Inc, Senior Secured First Lien Term Loan 3,482,020 3,482,385.92 0.92 %
20 MA FinanceCo LLC, Senior Secured First Lien Initial Tranche B Term Loan 3,479,068 3,481,242.06 0.92 %
21 American Tire Distributors Inc, Senior Secured First Lien Initial Term Loan 3,579,847 3,467,994.57 0.92 %
22 BMC Software Finance Inc, Senior Secured First Lien Initial US Term Loan 3,851,368 3,427,717.86 0.90 %
23 Panda Liberty LLC, Senior Secured First Lien Construction B-1 Facility Term Loan 3,470,588 3,392,500.00 0.90 %
24 GCA Services Group Inc, Senior Secured First Lien Term Loan 3,362,360 3,374,968.40 0.89 %
25 Spencer Gifts LLC, Senior Secured First Lien B-1 Term Loan 3,819,645 3,370,836.63 0.89 %
26 Sandy Creek Energy Associates LP, Senior Secured First Lien Term Loan 4,100,319 3,290,505.66 0.87 %
27 FGI Operating Company LLC, Senior Secured First Lien Term B Loan 3,938,719 3,288,830.28 0.87 %
28 Windstream Services LLC, Senior Secured First Lien Tranche B-6 Term Loan 3,241,875 3,234,791.50 0.85 %
29 Informatica Corporation, Senior Secured First Lien Dollar Term Loan 3,221,228 3,143,000.33 0.83 %
30 Cunningham Lindsey US Inc, Senior Secured First Lien Initial Term Loan 3,800,901 3,078,729.87 0.81 %
31 Onex Carestream Finance LP, Senior Secured Second Lien Term Loan 3,328,218 3,028,678.68 0.80 %
32 Coveris Holding Corp, Senior Unsecured Bond 3,000,000 3,015,000.00 0.80 %
33 Sheridan Investment Partners I LLC, Senior Secured First Lien Tranche B-2 Term Loan 5,058,519 2,981,389.99 0.79 %
34 Travelport Finance (Luxembourg) Sarl, Senior Secured First Lien 6/16 Term B Loan 2,990,293 2,978,152.55 0.79 %
35 Tech Finance & Co SCA, Senior Secured First Lien US Term Loan 2,997,716 2,974,303.53 0.78 %
36 Emerald Performance Materials LLC, Senior Secured First Lien Initial Term Loan 2,980,620 2,969,442.42 0.78 %
37 Blue Coat Holdings Inc, Senior Secured First Lien Initial Term Loan 2,925,137 2,925,136.54 0.77 %
38 PRV Aerospace LLC, Senior Secured First Lien Term Loan 3,105,896 2,896,248.27 0.76 %
39 WP CPP Holdings LLC, Senior Secured First Lien B-3 Term Loan 2,984,536 2,892,507.91 0.76 %
40 Asurion LLC, Senior Secured Second Lien Term Loan 2,925,532 2,828,989.36 0.75 %
41 ADT Corp, Senior Unsecured Bond 3,000,000 2,823,750.00 0.75 %
42 Epicor Software Corporation, Senior Secured First Lien Term B Loan 2,834,118 2,789,834.56 0.74 %
43 Neptune Finco Corp, Senior Secured First Lien Initial Term Loan 2,739,726 2,749,315.07 0.73 %
44 Sedgwick Claims Management Services Inc, Senior Secured Second Lien Initial Term Loan 2,818,182 2,712,500.00 0.72 %
45 Scientific Games International Inc, Senior Secured First Lien B-2 Term Loan 2,731,513 2,697,710.14 0.71 %
46 Supervalu Inc, Senior Secured First Lien New Term Loan 2,689,812 2,690,228.90 0.71 %
47 Peak 10 Inc, Senior Secured First Lien Term Loan 2,672,727 2,648,499.01 0.70 %
48 AmWins Group LLC, Senior Secured First Lien New Term Loan 2,626,302 2,627,707.27 0.69 %
49 P2 Upstream Acquisition Co, Senior Secured First Lien Term Loan 2,785,714 2,611,607.12 0.69 %
50 Advantage Sales & Marketing Inc, Senior Secured Second Lien Initial Term Loan 2,750,000 2,578,125.00 0.68 %
51 Numericable-SFR SA, Senior Secured Bond 2,590,000 2,564,100.00 0.68 %
52 TravelCLICK Inc, Senior Secured Second Lien Initial Term Loan 2,750,000 2,557,500.00 0.67 %
53 C.H.I. Overhead Doors Inc, Senior Secured Second Lien Initial Term Loan 2,631,579 2,552,631.58 0.67 %
54 Pinnacle Operating Corporation, Senior Secured First Lien Term B Refinancing Loan 2,646,233 2,513,921.72 0.66 %
55 Charter Nex US Holdings Inc, Senior Secured First Lien Initial Term Loan 2,504,588 2,504,588.17 0.66 %
56 AssuredPartners Capital Inc, Senior Secured First Lien Term Loan 2,459,317 2,447,795.17 0.65 %
57 Panda Temple Power II LLC, Senior Secured First Lien Construction Term Loan 2,634,036 2,436,483.64 0.64 %
58 ConvergeOne Holdings Corporation, Senior Secured First Lien Initial Term Loan 2,491,665 2,423,144.59 0.64 %
59 Avantor Performance Materials Holdings Inc, Senior Secured First Lien Initial Term Loan 2,405,660 2,392,128.54 0.63 %
60 Multi Packaging Solutions Inc, Senior Secured First Lien Initial Dollar Tranche B Term Loan 2,396,705 2,378,730.00 0.63 %
61 Greatbatch Ltd, Senior Secured First Lien Term B Loan 2,389,222 2,372,795.66 0.63 %
62 Alvogen Pharma US Inc, Senior Secured First Lien Term Loan 2,360,212 2,341,034.93 0.62 %
63 MPH Acquisition Holdings LLC, Senior Secured First Lien Initial Term Loan 2,331,002 2,340,326.34 0.62 %
64 BarBri Inc, Senior Secured First Lien Initial Term Loan 2,708,554 2,336,128.24 0.62 %
65 Ascena Retail Group Inc, Senior Secured First Lien Tranche B Term Loan 2,432,966 2,325,915.30 0.61 %
66 Builders FirstSource Inc, Senior Unsecured Bond 2,202,000 2,312,100.00 0.61 %
67 SurveyMonkey.com LLC, Senior Secured First Lien Term Loan 2,329,311 2,300,194.14 0.61 %
68 Berlin Packaging LLC, Senior Secured First Lien Initial Term Loan 2,233,861 2,229,672.23 0.59 %
69 CT Technologies Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan 2,238,979 2,205,394.56 0.58 %
70 Murray Energy Corporation, Senior Secured First Lien Term B-1 Loan 2,582,197 2,204,550.60 0.58 %
71 TravelCLICK Inc, Senior Secured First Lien Initial Term Loan 2,212,230 2,198,403.92 0.58 %
72 Netsmart Technologies Inc, Senior Secured First Lien Initial Term Loan 2,155,172 2,152,478.45 0.57 %
73 SRAM LLC, Senior Secured First Lien Term Loan 2,421,346 2,142,890.82 0.57 %
74 Crestwood Holdings LLC, Senior Secured First Lien Tranche B-1 Term Loan 2,363,801 2,091,963.61 0.55 %
75 TTM Technologies Inc, Senior Secured First Lien Term B Loan 2,094,302 2,078,594.30 0.55 %
76 Spin Holdco Inc, Senior Secured First Lien Initial Term Loan 2,054,028 2,018,934.62 0.53 %
77 Sedgwick Claims Management Services Inc, Senior Secured Second Lien Incremental Term Loan 2,075,472 1,997,641.50 0.53 %
78 Sophia LP, Senior Secured First Lien Closing Date Term Loan 1,985,000 1,965,150.00 0.52 %
79 Prolampac Intermediate Inc, Senior Secured First Lien Initial Term Loan 1,969,623 1,951,571.04 0.51 %
80 Albertsons LLC, Senior Secured First Lien Term B-6 Loan 1,947,235 1,946,991.52 0.51 %
81 Granite Acquisition Inc, Senior Secured Second Lien Term B Loan 2,030,075 1,923,750.00 0.51 %
82 Global Healthcare Exchange LLC, Senior Secured First Lien Initial Term Loan 1,899,245 1,899,244.78 0.50 %
83 TPF II Power LLC, Senior Secured First Lien Term Loan 1,877,153 1,872,854.30 0.49 %
84 Solera LLC (Solera Finance Inc), Senior Secured First Lien Dollar Term Loan 1,870,313 1,872,061.24 0.49 %
85 Nextgen Finance LLC, Senior Secured First Lien Term B Loan 1,960,000 1,870,986.60 0.49 %
86 Hercules Achievement Inc, Senior Secured First Lien Initial Term Loan 1,846,875 1,844,104.69 0.49 %
87 NVA Holdings Inc, Senior Secured First Lien Term Loan 1,842,170 1,837,564.33 0.48 %
88 Corner Investment Propco LLC, Senior Secured First Lien Term B Loan 1,873,961 1,836,481.99 0.48 %
89 SMG, Senior Secured First Lien Term Loan 1,839,641 1,795,949.91 0.47 %
90 Jonah Energy Inc, Senior Secured Second Lien Initial Term Loan 2,000,000 1,775,000.00 0.47 %
91 Exgen Texas Power LLC, Senior Secured First Lien Term Loan 2,243,011 1,771,978.88 0.47 %
92 ProQuest LLC, Senior Secured First Lien Initial Term Loan 1,772,955 1,702,036.97 0.45 %
93 EnergySolutions LLC, Senior Secured First Lien Advance Term Loan 1,734,545 1,691,181.81 0.45 %
94 Cypress Semiconductor Corp, Senior Secured First Lien Term B Loan 1,690,141 1,682,746.48 0.44 %
95 CEC Entertainment Inc, Senior Secured First Lien Term B Loan 1,682,589 1,637,714.38 0.43 %
96 Tekni-Plex Inc, Senior Secured Second Lien Initial Term Loan 1,730,769 1,633,413.47 0.43 %
97 LTI Holdings Inc, Senior Secured First Lien Initial Term Loan 1,666,654 1,631,937.64 0.43 %
98 Cengage Learning Inc, Senior Secured First Lien Term B Loan 1,646,707 1,630,239.52 0.43 %
99 Microsemi Corporation, Senior Secured First Lien Term B Loan 1,528,104 1,527,469.93 0.40 %
100 DTZ US Borrower LLC, Senior Secured First Lien 2015-1 Converted Term Loan 1,500,000 1,483,132.50 0.39 %
101 Reynolds Group Holdings Inc, Senior Secured First Lien Incremental US Term Loan 1,462,031 1,464,150.51 0.39 %
102 Learning Care Group (US) No. 2 Inc, Senior Secured First Lien Term Loan 1,451,852 1,453,673.94 0.38 %
103 SiteOne Landscape Supply LLC, Senior Secured First Lien Initial Term Loan 1,436,541 1,443,723.20 0.38 %
104 Moxie Patriot LLC, Senior Secured First Lien Construction B-1 Facility Term Loan 1,481,481 1,427,777.78 0.38 %
105 Avantor Performance Materials Holdings Inc, Senior Secured Second Lien Initial Term Loan 1,449,275 1,423,913.04 0.38 %
106 Cumulus Media Holdings Inc, Senior Secured First Lien Term Loan 2,000,000 1,415,000.00 0.37 %
107 Curo Health Services Holdings Inc, Senior Secured First Lien Term B Loan 1,410,714 1,406,009.55 0.37 %
108 Altice Financing SA, Senior Secured Bond 1,410,000 1,388,850.00 0.37 %
109 Priso Acquisition Corporation, Senior Secured First Lien Initial Term Loan 1,369,832 1,362,982.73 0.36 %
110 Renaissance Learning Inc, Senior Secured First Lien Initial Term Loan 1,371,930 1,343,633.78 0.35 %
111 Chief Power Finance LLC, Senior Secured First Lien Term B Advance Loan 1,622,310 1,326,238.70 0.35 %
112 Genoa a QoL Healthcare Company LLC, Senior Secured First Lien Initial Term Loan 1,331,871 1,325,211.15 0.35 %
113 AdvancePierre Foods Inc, Senior Secured First Lien Effective Date Term Loan 1,324,503 1,322,847.68 0.35 %
114 Royal Holdings Inc, Senior Secured First Lien Initial Term Loan 1,326,633 1,318,892.26 0.35 %
115 Packaging Coordinators Midco Inc, Senior Secured First Lien Term B Loan 1,284,672 1,284,671.53 0.34 %
116 Numericable-SFR SA, Senior Secured First Lien USD TLB-7 Term Loan 1,259,669 1,252,847.41 0.33 %
117 Sports Authority (The), Senior Secured First Lien Term B Loan 4,611,833 1,245,195.00 0.33 %
118 Alfred Fueling Systems Inc, Senior Secured First Lien Initial Term Loan 1,236,377 1,237,922.12 0.33 %
119 Pike Corporation, Senior Secured First Lien Initial Term Loan 1,236,559 1,235,786.29 0.33 %
120 TurboCombustor Technology Inc, Senior Secured First Lien Initial Term Loan 1,364,974 1,228,476.88 0.32 %
121 Lanai Holdings III Inc, Senior Secured First Lien Term Loan 1,238,532 1,223,050.46 0.32 %
122 Onex Schumacher Finance LP, Senior Secured First Lien Initial Term Loan 1,212,452 1,211,942.36 0.32 %
123 SRS Distribution Inc, Senior Secured First Lien Tranche B-1 Loan 1,197,897 1,200,394.92 0.32 %
124 Nine West Holdings Inc, Senior Secured First Lien Initial Term Loan 2,156,000 1,194,424.00 0.32 %
125 PQ Corporation, Senior Secured First Lien Dollar Tranche B-1 Term Loan 1,148,410 1,150,637.81 0.30 %
126 Neiman Marcus Group Ltd LLC, Senior Secured First Lien Other Term Loan 1,271,624 1,145,472.56 0.30 %
127 CHG Healthcare Services Inc, Senior Secured First Lien Term Loan 1,134,216 1,135,990.55 0.30 %
128 Transaction Network Services, Senior Secured First Lien Initial Term Loan 1,126,118 1,127,525.39 0.30 %
129 National Mentor Holdings Inc, Senior Secured First Lien Initial Tranche B Term Loan 1,063,601 1,055,624.01 0.28 %
130 Precyse Acquisition Corp, Senior Secured First Lien Initial Term Loan 1,052,267 1,048,978.67 0.28 %
131 Alorica Inc, Senior Secured First Lien Term Loan 1,048,951 1,048,075.18 0.28 %
132 Utex Industries Inc, Senior Secured First Lien New Initial Term Loan 1,505,679 1,046,447.02 0.28 %
133 Payless Inc, Senior Secured First Lien Initial Term Loan 1,969,312 1,031,427.26 0.27 %
134 Fairmount Santrol Inc, Senior Secured First Lien Tranche B-2 Term Loan 1,243,606 1,015,354.67 0.27 %
135 Jill Acquisition LLC, Senior Secured First Lien Initial Term Loan 1,028,091 1,012,669.61 0.27 %
136 Apex Tool Group LLC, Senior Secured First Lien Term Loan 1,033,252 1,012,587.41 0.27 %
137 Comstock Resources Inc, Senior Unsecured Bond 1,250,000 1,012,500.00 0.27 %
138 Murray Energy Corporation, Senior Secured First Lien Term B-2 Loan 1,364,858 1,003,170.51 0.26 %
139 Hilex Poly Co LLC, Senior Secured First Lien Term Loan 989,856 993,814.95 0.26 %
140 Communications Sales & Leasing Inc, Senior Secured Term Loan 997,481 988,129.72 0.26 %
141 NVA Holdings Inc, Senior Secured Second Lien Term Loan 985,421 976,798.44 0.26 %
142 Victory Capital Operating LLC, Senior Secured First Lien Initial Term Loan 993,197 973,333.34 0.26 %
143 Jeld-Wen Inc, Senior Secured First Lien Term B-1 Loan 969,684 969,077.85 0.26 %
144 Valeant Pharmaceuticals International, Senior Secured First Lien Series D-2 Tranche B Term Loan 986,081 961,123.67 0.25 %
145 Dealer Tire LLC, Senior Secured First Lien Initial Term Loan 930,243 934,893.88 0.25 %
146 Nord Anglia Education Finance LLC, Senior Secured First Lien Initial Term Loan 931,670 928,762.83 0.25 %
147 Compuware Corporation, Senior Secured First Lien Tranche B-2 Term Loan 989,950 920,034.55 0.24 %
148 W3 Co, Senior Secured First Lien Term Loan 1,158,293 910,707.74 0.24 %
149 Examworks Group Inc, Senior Secured First Lien Initial Term Loan 887,574 887,853.55 0.23 %
150 Prime Security Services Borrower LLC, Senior Secured First Lien Term B-1 Loan 880,562 883,679.25 0.23 %
151 McGraw-Hill Global Education Holdings LLC, Senior Secured First Lien Term B Loan 857,143 857,357.15 0.23 %
152 Red Lobster Management LLC, Senior Secured First Lien Initial Term Loan 858,717 856,569.90 0.23 %
153 C.H.I. Overhead Doors Inc, Senior Secured First Lien Initial Term Loan 847,047 843,341.58 0.22 %
154 Templar Energy LLC, Senior Secured Second Lien Term Loan 3,000,000 840,000.00 0.22 %
155 McJunkin Red Man Corporation, Senior Secured First Lien 2013 Term Loan 864,023 835,942.41 0.22 %
156 Medpace Holdings Inc, Senior Secured First Lien Initial Term Loan 831,846 830,806.19 0.22 %
157 Albany Molecular Research Inc, Senior Secured First Lien Term Loan 829,372 822,114.58 0.22 %
158 SRS Distribution Inc, Senior Secured Second Lien 06/16 Term Loan 821,918 821,404.11 0.22 %
159 US Security Associates Holdings Inc, Senior Secured First Lien Term B Loan 804,685 803,678.99 0.21 %
160 Acrisure LLC, Senior Secured First Lien Term B Loan 803,915 800,229.23 0.21 %
161 Ascent Resources - Marcellus LLC, Senior Secured First Lien Term Loan 1,481,481 800,000.00 0.21 %
162 Riverbed Technology Inc, Senior Secured First Lien Amendment Term Loan 776,715 777,631.64 0.21 %
163 Alliant Holdings Intermediate LLC, Senior Secured First Lien Initial Term Loan 781,579 771,809.22 0.20 %
164 Peak 10 Inc, Senior Secured Second Lien Initial Term Loan 875,000 761,250.00 0.20 %
165 VF Holding Corp, Senior Secured First Lien Initial Term Loan 747,664 746,029.91 0.20 %
166 Tekni-Plex Inc, Senior Secured First Lien Tranche B-1 Loan 737,888 726,819.88 0.19 %
167 Infor (US) Inc, Senior Unsecured Bond 750,000 712,035.00 0.19 %
168 Coveris Holdings SA, Senior Unsecured Bond 700,000 683,375.00 0.18 %
169 Surgery Center Holdings Inc, Senior Secured First Lien Initial Term Loan 671,591 669,911.92 0.18 %
170 Confie Seguros Holding II Co, Senior Secured First Lien Term B Loan 667,229 662,224.89 0.17 %
171 Ciena Corporation, Senior Secured First Lien 2016 Term Loan 645,161 645,967.74 0.17 %
172 National Financial Partners Corp, Senior Unsecured Bond 650,000 628,875.00 0.17 %
173 Candy Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan 592,105 592,475.33 0.16 %
174 Infiltrator Water Technologies LLC, Senior Secured First Lien Term B Loan 565,714 565,951.89 0.15 %
175 Dell Inc, Senior Unsecured Bond 530,000 554,381.06 0.15 %
176 Fairway Group Acquisition Company, Senior Secured First Lien Term Loan 959,348 551,624.92 0.15 %
177 Sable International Finance Ltd, Senior Secured First Lien Term B-1 Loan 550,000 550,000.00 0.15 %
178 NVA Holdings Inc, Senior Secured First Lien Incremental B-1 Term Loan 548,625 549,310.78 0.14 %
179 Rocket Software Inc, Senior Secured First Lien Term Loan 543,933 545,293.20 0.14 %
180 MTS System Corp, Senior Secured First Lien Term B Loan 545,455 544,603.64 0.14 %
181 Navistar International Corporation, Senior Secured First Lien Tranche B Term Loan 556,011 527,284.53 0.14 %
182 Southeast PowerGen LLC, Senior Secured First Lien Term B Loan 508,328 491,807.13 0.13 %
183 Green Energy Partners / Stonewall LLC, Senior Secured First Lien Term B-1 Conversion Advance Loan 500,000 490,000.00 0.13 %
184 Transaction Network Services, Senior Secured Second Lien Initial Term Loan 479,902 468,804.45 0.12 %
185 Ascend Learning LLC, Senior Secured First Lien Term Loan 462,547 462,836.48 0.12 %
186 Sable International Finance Ltd, Senior Secured First Lien Term B-2 Loan 450,000 450,000.00 0.12 %
187 Riverbed Technology Inc, Senior Unsecured Bond 430,000 447,200.00 0.12 %
188 Americold Realty Operating Partnership LP, Senior Secured First Lien Term B Loan 396,040 398,514.85 0.11 %
189 Sheridan Production Partners I-A LP, Senior Secured First Lien Tranche B-2 Term Loan 670,295 395,058.59 0.10 %
190 Western Digital Corporation, Senior Secured First Lien US Term B Loan 349,146 351,055.94 0.09 %
191 Valeant Pharmaceuticals, Senior Unsecured Bond 400,000 343,750.00 0.09 %
192 Fairpoint Communications Inc, Senior Secured Bond 340,000 336,175.00 0.09 %
193 Amneal Pharmaceuticals LLC, Senior Secured First Lien Term B Loan 335,152 333,614.85 0.09 %
194 Nine West Holdings Inc, Senior Unsecured Bond 1,800,000 306,000.00 0.08 %
195 Acadia Healthcare Co Inc, Senior Secured First Lien Tranche B-2 Term Loan 299,069 296,763.43 0.08 %
196 Zayo Group LLC, Senior Secured First Lien 2016 Incremental Term Loan 286,143 286,607.99 0.08 %
197 Winebow Holdings Inc, Senior Secured First Lien Initial Term Loan 291,212 283,931.71 0.07 %
198 McGraw-Hill Global Education, Senior Unsecured Bond 270,000 280,125.00 0.07 %
199 Fairway Group Acquisition Company, Senior Secured First Lien DIP Term Loan 255,529 254,251.43 0.07 %
200 Sheridan Production Partners I-M LP, Senior Secured First Lien Tranche B-2 Term Loan 409,420 241,304.10 0.06 %
201 Inmar Inc, Senior Secured Second Lien Initial Term Loan 250,000 231,250.00 0.06 %
202 Hyland Software Inc, Senior Secured First Lien Term Loan 198,504 197,759.68 0.05 %
203 Reynolds GRP ISS / Reynold, Senior Unsecured Bond 190,000 195,961.25 0.05 %
204 Builders FirstSource Inc, Senior Secured First Lien Initial Term Loan 193,761 194,083.32 0.05 %
205 Apex Tool Group LLC, Senior Unsecured Bond 200,000 173,500.00 0.05 %
206 Valeant Pharmaceuticals, Senior Unsecured Bond 200,000 161,000.00 0.04 %
207 US Security Associates Holdings Inc, Senior Secured First Lien Delayed Draw Term Loan 101,447 101,320.31 0.03 %
Net Cash Equivalent & Other Assets Minus Liabilities 12,470,328.31 3.26 %
Total 378,968,934.03 100.00 %

Total Holdings: 207

Distribution History

BSL

Calendar Year Ex-Date Record Date Payable Date Per Share Amount Distribution Type Section 19a Notice
2016 $0.0970 Ordinary Income
2016 $0.0970 Ordinary Income
2016 $0.0970 Ordinary Income
2016 $0.0970 Ordinary Income
2016 $0.0970 Ordinary Income
2016 $0.0970 Ordinary Income
2016 $0.0970 Ordinary Income
2016 $0.0970 Ordinary Income
2016 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income
2015 $0.0900 Ordinary Income February
2015 $0.0900 Ordinary Income January
2014 $0.0900 Ordinary Income December
2014 $0.1000 Ordinary Income November
2014 $0.0390 Short Term Capital Gains October
2014 $0.0210 Ordinary Income October
2014 $0.0400 Long Term Capital Gains October
2014 $0.1000 Ordinary Income September
2014 $0.1000 Ordinary Income August
2014 $0.1000 Ordinary Income July
2014 $0.1000 Ordinary Income June
2014 $0.1000 Ordinary Income May
2014 $0.1000 Ordinary Income April
2014 $0.1000 Ordinary Income March
2014 $0.1100 Ordinary Income February
2014 $0.1100 Ordinary Income January
2013 $0.1100 Ordinary Income December
2013 $0.1100 Ordinary Income November
2013 $0.1100 Ordinary Income October
2013 $0.1100 Ordinary Income September
2013 $0.1100 Ordinary Income
2013 $0.1100 Ordinary Income July
2013 $0.1100 Ordinary Income June
2013 $0.1100 Ordinary Income May
2013 $0.1100 Ordinary Income
2013 $0.1100 Ordinary Income
2013 $0.1100 Ordinary Income
2012 $0.1000 Special January
2012 $0.1100 Ordinary Income
2012 $0.1100 Ordinary Income
2012 $0.1100 Ordinary Income
2012 $0.1100 Ordinary Income
2012 $0.1100 Ordinary Income September
2012 $0.1100 Ordinary Income August
2012 $0.1100 Ordinary Income
2012 $0.1100 Ordinary Income June
2012 $0.1100 Ordinary Income
2012 $0.1100 Ordinary Income
2012 $0.1100 Ordinary Income
2012 $0.1100 Ordinary Income
2011 $0.0600 Special January
2011 $0.1100 Ordinary Income
2011 $0.1100 Ordinary Income
2011 $0.1100 Ordinary Income
2011 $0.1100 Ordinary Income
2011 $0.0864 Short Term Capital Gains September
2011 $0.0236 Ordinary Income September
2011 $0.1100 Ordinary Income
2011 $0.1100 Ordinary Income
2011 $0.1100 Ordinary Income
2011 $0.1100 Ordinary Income
2011 $0.1100 Ordinary Income
2011 $0.1100 Ordinary Income
2011 $0.1100 Ordinary Income
2010 $0.1100 Ordinary Income January
2010 $0.1100 Ordinary Income December
2010 $0.1100 Ordinary Income November
2010 $0.1100 Ordinary Income October
2010 $0.1100 Ordinary Income
2010 $0.1100 Ordinary Income

Investor Documents

Document Name Size Action
Notice to Shareholders 116 KB Download
Proxy Statement 514 KB Download
Prospectus 355 KB Download
Fact Sheet 502 KB Download
Annual Report 2 MB Download
Semi-Annual Report 2 MB Download
SEC Filings View
Audit Committee Charter 38 KB Download
Nominating and Governance Committee Charter 100 KB Download
Form 8937 - 12/31/2014 46 KB Download

News

Document Name Date Action
Blackstone / GSO Closed-End Funds Declare Monthly Distributions May 18, 2016 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions February 25, 2016 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions November 20, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions September 30, 2015 Download
Blackstone / GSO Closed-End Funds Announce Portfolio Manager Change August 17, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions February 25, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions November 28, 2014 Download
Blackstone / GSO Senior Floating Rate Term Fund Announces Leverage Refinancing Plan October 07, 2014 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.10 Per Share September 09, 2014 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.10 Per Share May 23, 2014 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.10 Per Share February 28, 2014 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share December 14, 2013 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share August 24, 2013 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share August 24, 2013 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share May 31, 2013 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share February 28, 2013 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Special Distribution of $0.10 Per Share December 20, 2012 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share August 29, 2012 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share August 29, 2012 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share May 19, 2012 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Special Distribution of $0.06 per Share December 24, 2011 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share November 22, 2011 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share May 26, 2011 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share February 23, 2011 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share December 04, 2010 Download
Blackstone / GSO Senior Floating Rate Term Fund Issues Senior Secured Notes and Term Preferred Shares August 17, 2010 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Monthly Distributions of $0.11 Per Share July 15, 2010 Download
Blackstone / GSO Senior Floating Rate Term Fund Declares Initial Monthly Distribution of $0.11 Per Share July 02, 2010 Download
Blackstone Introduces Blackstone / GSO Senior Floating Rate Term Fund May 27, 2010 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions May 22, 2015 Download

Disclosure

The Fund is a closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives. At any point in time an investment in the Fund's common shares may be worth less than the original amount invested, even after taking into account the distributions paid by and the ability of shareholders to reinvest dividends.

Market Discount Risk

Common shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk may be greater for investors who sell their common shares in a relatively short period of time after completion of the initial offering. The Fund's common shares may trade at a price that is less than the initial offering price. Any offering or redemption of preferred shares and the costs and expenses of any borrowing would result in further dilution.

Investment and Market Risk

An investment in the Fund's common shares is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund's common shares represents an indirect investment in the portfolio of Senior Loans and other securities owned by the Fund, and the value of these securities may fluctuate, sometimes rapidly and unpredictably. At any point in time an investment in the Fund's common shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund and the ability of shareholders to reinvest dividends. The Fund anticipates using leverage, which will magnify the Fund's investment, market and certain other risks.

Senior Loans Risk

Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in Senior Loans. "Managed Assets" means the total assets of the Fund (including any assets attributable to money borrowed for investment purposes and including assets attributable to any preferred stock that may be outstanding) minus the sum of the Fund's accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). This policy is not fundamental and may be changed by the board of trustees of the Fund with at least 60 days' written notice provided to shareholders. Senior Loans hold the most senior position in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the borrower. Senior Loans are usually rated below investment grade or may also be unrated. As a result, the risks associated with Senior Loans are similar to the risks of below investment grade securities, although Senior Loans are senior and secured in contrast to other below investment grade securities, which are often subordinated or unsecured. Nevertheless, if a borrower under a Senior Loan defaults or goes into bankruptcy, the Fund may recover only a fraction of what is owed on the Senior Loan or nothing at all. Senior Loans are subject to a number of other risks including credit risk, liquidity risks and management risks.

There may be less readily available and reliable information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act of 1933, as amended, or registered under the Exchange Act of 1934, as amended. As a result, the Adviser will rely primarily on its own evaluation of a borrower's credit quality rather than on any available independent sources. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser.

The Fund will typically invest in Senior Loans rated below investment grade, which are considered speculative because of the credit risk of their issuers. Such companies are more likely than investment grade issuers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the Fund's net asset value and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which would adversely affect the Senior Loan's value.

In general, the secondary trading market for Senior Loans is not well developed. No active trading market may exist for certain Senior Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell Senior Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

Senior Loans and other variable rate debt instruments are subject to the risk of payment defaults of scheduled interest or principal. Such payment defaults would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value of the Fund. Similarly, a sudden and significant increase in market interest rates may increase the risk for payment defaults and cause a decline in the value of these investments and in the Fund's net asset value. Other factors (including, but not limited to, rating downgrades, credit deterioration, a large downward movement in stock prices, a disparity in supply and demand of certain securities or market conditions that reduce liquidity) can reduce the value of Senior Loans and other debt obligations, impairing the Fund's net asset value.

Although the Senior Loans in which the Fund will invest will be secured by collateral, there can be no assurance that such collateral could be readily liquidated or that the liquidation of such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal. In the event of the bankruptcy or insolvency of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a Senior Loan. In the event of a decline in the value of the already pledged collateral, if the terms of a Senior Loan do not require the borrower to pledge additional collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the borrower's obligations under the Senior Loans. To the extent that a Senior Loan is collateralized by stock in the borrower or its subsidiaries, such stock may lose some or all of its value in the event of the bankruptcy or insolvency of the borrower. Those Senior Loans that are under-collateralized involve a greater risk of loss.

Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Senior Loans to presently existing or future indebtedness of the borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of Senior Loans.

If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Senior Loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a Senior Loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the Senior Loan may be adversely affected.

The Fund may acquire Senior Loans through assignments or participations. The Fund will typically acquire Senior Loans through assignment and may elevate a participation interest into an assignment as soon as practicably possible. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser's rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. A participation typically results in a contractual relationship only with the institution participating out the interest, not with the borrower. Sellers of participations typically include banks, broker-dealers, other financial institutions and lending institutions. The Adviser has adopted best execution procedures and guidelines to mitigate credit and counterparty risk in the atypical situation when the Fund must acquire a Senior Loan through a participation. The Adviser has established a risk and valuation committee that regularly reviews each broker-dealer counterparty for, among other things, its quality and the quality of its execution. The established procedures and guidelines require trades to be placed for execution only with broker-dealer counterparties approved by the risk and valuation committee of the Adviser. The factors considered by the committee when selecting and approving brokers and dealers include, but are not limited to: (i) quality, accuracy, and timeliness of execution, (ii) review of the reputation, financial strength and stability of the financial institution, (iii) willingness and ability of the counterparty to commit capital, (iv) ongoing reliability and (v) access to underwritten offerings and secondary markets. In purchasing participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement against the borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation. Further, in purchasing participations in lending syndicates, the Fund will not be able to conduct the due diligence on the borrower or the quality of the Senior Loan with respect to which it is buying a participation that the Fund would otherwise conduct if it were investing directly in the Senior Loan, which may result in the Fund being exposed to greater credit or fraud risk with respect to the borrower or the Senior Loan than the Fund expected when initially purchasing the participation.

The Fund may obtain exposure to Senior Loans through the use of derivative instruments, which have become increasingly available. Although the Fund does not have an intention to do so, the Fund may utilize these instruments and similar instruments that may be available in the future. Derivative transactions involve the risk of loss due to unanticipated adverse changes in securities prices, interest rates, the inability to close out a position, imperfect correlation between a position and the desired hedge, tax constraints on closing out positions and portfolio management constraints on securities subject to such transactions. The potential loss on derivative instruments may be substantial relative to the initial investment therein. The Fund may also be subject to the risk that the counterparty in a derivative transaction will default on its obligations.

Subordinated Loans Risk

The Fund may invest up to 20% of its Managed Assets in second lien or other subordinate/or unsecured floating rate or fixed rate debt ("Subordinated Loans"). Subordinated Loans generally are subject to similar risks as those associated with investments in Senior Loans except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a Subordinated Loan, the first priority lien holder has first claim to the underlying collateral of the loan. Subordinated Loans are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior unsecured or senior secured obligations of the borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated Loans generally have greater price volatility than Senior Loans and may be less liquid.

Below Investment Grade Securities Risk

The Fund anticipates that it will invest the majority of its assets in Senior Loans, Subordinated Loans and other debt securities that are rated below investment grade. Below investment grade securities are commonly referred to as "junk" or high yield securities and are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Lower grade securities may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon, increase the incidence of default for such securities and severely disrupt the market value of such securities.

Lower grade securities, though higher yielding, are characterized by higher risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated securities. The retail secondary market for lower grade securities may be less liquid than that for higher rated securities. Adverse conditions could make it difficult at times for the Fund to sell certain securities or could result in lower prices than those used in calculating the Fund's net asset value. Because of the substantial risks associated with investments in lower grade securities, investors could lose money on their investment in common shares of the Fund, both in the short-term and the long-term.

Distressed and Defaulted Securities Risk

Investments in the securities of financially distressed companies involve substantial risks. These risks are often greater than those associated with below investment grade securities because of the uncertainties of investing in the issuer undergoing the financial distress. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal of or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a borrower or issuer, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the risks inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial condition of such borrower or issuer. The Adviser's judgments about the credit quality of the borrower or issuer and the relative value of its securities may prove to be wrong.

Liquidity Risk

The Fund may invest up to 50% of its Managed Assets in securities that are considered illiquid. "Illiquid securities" are securities which cannot be sold within seven days in the ordinary course of business at approximately the value used by the Fund in determining its net asset value. The Fund may not be able to readily dispose of such securities at prices that approximate those at which the Fund could sell such securities if they were more widely-traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of securities, thereby adversely affecting the Fund's net asset value and ability to make dividend distributions.

Some Senior Loans are not readily marketable and may be subject to restrictions on resale. Senior Loans are not listed on any national securities exchange and no active trading market may exist for the Senior Loans in which the Fund will invest. Where a secondary market exists, the market for some Senior Loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. The Fund has no limitation on the amount of its assets which may be invested in securities that are not readily marketable or are subject to restrictions on resale.

Credit Risk

Credit risk is the risk that one or more debt securities in the Fund's portfolio will decline in price or fail to pay interest or principal when due because the issuer of the security experiences a decline in its financial status. While a senior position in the capital structure of a borrower may provide some protection with respect to the Fund's investments in Senior Loans, losses may still occur because the market value of Senior Loans is affected by the creditworthiness of borrowers and by general economic and specific industry conditions. To the extent the Fund invests in below investment grade securities, it will be exposed to a greater amount of credit risk than a fund which invests in investment grade securities. The prices of lower grade securities are more sensitive to negative developments, such as a decline in the issuer's revenues or a general economic downturn, than are the prices of higher grade securities. Securities of below investment grade quality are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal when due and therefore involve a greater risk of default. In addition, the Fund may use credit derivatives which may expose it to additional risk in the event that the securities underlying the derivatives default.

Interest Rate Risk

The floating or variable rate feature of Senior Loans is a significant difference from typical fixed income investments that carry significant interest rate risk. The Fund can normally be expected to have less significant interest rate-related fluctuations in its net asset value per share than investment companies investing primarily in fixed income securities (other than money market funds and some short term bond funds). When interest rates decline, the value of a fixed income portfolio can normally be expected to rise. Conversely, when interest rates rise, the value of a fixed income portfolio can normally be expected to decline. Although the income available to the Fund will vary, the Adviser expects the Fund's policy of acquiring interests in Senior Loans may minimize fluctuations in net asset value of the Fund resulting from changes in market interest rates. However, because floating or variable rates on Senior Loans only reset periodically, changes in prevailing interest rates can be expected to cause some fluctuations in the Fund's net asset value. Similarly, a sudden and significant increase in market interest rates may cause a decline in the Fund's net asset value. In addition, Senior Loans may allow the borrower to opt between LIBOR-based interest rates and interest rates based on bank prime rates, which may have an impact on the Fund's net asset value. A material decline in the Fund's net asset value may impair the Fund's ability to maintain required levels of asset coverage.

Limited Term Risk

Unless the dissolution date is extended by a majority of shareholders in accordance with the Agreement and Declaration of Trust, the Fund will be dissolved on or about May 31, 2020. The Fund does not seek to return $20.00 per share upon dissolution. The Fund's limited term may cause it to sell securities when it otherwise would not, which could cause the Fund's returns to decrease and the market price of the common shares to fall. Rather than reinvesting the proceeds of its matured, called or sold securities, the Fund may distribute the proceeds in one or more liquidating distributions prior to the final dissolution, which may cause the Fund's fixed expenses to increase when expressed as a percentage of assets under management. Alternatively, the Fund may invest the proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Fund. The board of trustees may in its sole discretion, without the consent or vote of the shareholders, choose to dissolve the Fund prior to the required dissolution date, which would cause the Fund to miss any market appreciation that occurs after the Fund is dissolved. Conversely, if the shareholders extend the dissolution date, market conditions may deteriorate and the Fund may experience losses.

Leverage Risk

The Fund anticipates currently utilizing leverage in an aggregate amount of up to 33 1/3% of its Managed Assets at the time the leverage is incurred in order to buy additional securities. The Fund currently anticipates that it will issue preferred shares and it may also borrow funds from banks and other financial institutions and issue notes. The use of leverage to purchase additional securities creates an opportunity for increased common share dividends, but also creates risks for the holders of common shares. Leverage is a speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented. Increases and decreases in the value of the Fund's portfolio will be magnified when the Fund uses leverage. As a result, leverage may cause greater changes in the Fund's net asset value which will be borne by the Fund's common shareholders. The Fund will also have to pay dividends on its preferred shares or interest on its borrowings, if any, which will increase expenses and may reduce the Fund's return. These dividend payments or interest expenses may be greater than the Fund's return on the underlying investments. The Fund's leveraging strategy may not be successful.

The Fund intends to issue preferred shares as a form of leverage. Any such preferred shares of the Fund would be senior to the Fund's common shares, such that holders of preferred shares would have priority over the common shareholders in the distribution of the Fund's assets, including dividends, distributions of principal proceeds after the reinvestment period and liquidating distributions. If preferred shares are issued and outstanding, holders of the preferred shares would elect two trustees of the Fund, and would vote separately as a class on certain matters which may at times give holders of preferred shares disproportionate influence over the Fund's affairs. If the preferred shares were limited in their term, redemptions of such preferred shares would require the Fund to liquidate its investments and would reduce the Fund's use of leverage, which could negatively impact common shareholders.

In addition, the Fund will pay (and the holders of common shares will bear) all costs and expenses relating to the issuance and ongoing maintenance of any preferred shares issued by the Fund, including higher advisory fees. Accordingly, the Fund cannot assure you that the issuance of preferred shares will result in a higher yield or return to the holders of the common shares. If the Fund offers preferred shares, costs of the offering are estimated to be approximately 1.0% of the total offering price of the preferred shares, all of which will be borne immediately by the Fund's common shareholders and result in a reduction of the net asset value of the common shares. Assuming an offering of 12,500,000 common shares and further assuming an offering of preferred shares with an aggregate liquidation value of $119,125,000, the total offering costs are estimated to be $1,191,250 or $0.10 per share (0.48% of the common share offering price).

The Fund anticipates that any money borrowed from a bank or other financial institution for investment purposes will accrue interest based on shorter-term interest rates that would be periodically reset. So long as the Fund's portfolio provides a higher rate of return, net of expenses, than the interest rate on borrowed money, as reset periodically, the leverage may cause the holders of common shares to receive a higher current rate of return than if the Fund were not leveraged. If, however, long-term and/or short-term rates rise, the interest rate on borrowed money could exceed the rate of return on securities held by the Fund, reducing return to the holders of common shares. Recent developments in the credit markets may adversely affect the ability of the Fund to borrow for investment purposes and may increase the costs of such borrowings, which would reduce returns to the holders of common shares.

There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations for common shareholders, including:

  • the likelihood of greater volatility of net asset value, market price and dividend rate of the common shares than a comparable portfolio without leverage;
  • the risk that fluctuations in interest rates on borrowings and short-term debt or in dividend payments on, principal proceeds distributed to or redemption of any preferred shares that the Fund has issued will reduce the return to the common shareholders;
  • the effect of leverage in a declining market, which is likely to cause a greater decline in the net asset value of the common shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common shares;
  • when the Fund uses financial leverage, the investment advisory and administrative fees payable to the Adviser and ALPS Fund Services, Inc., the Fund's administrator, will be higher than if the Fund did not use leverage and may provide a financial incentive to the Adviser to increase the Fund's use of leverage and create an inherent conflict of interest; and
  • leverage may increase expenses, which may reduce total return.

If the Fund issues preferred shares or borrows money the Fund will be required to maintain asset coverage in conformity with the requirements of the Investment Company Act.

The Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for the preferred shares or short-term debt securities issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment Company Act of 1940, as amended (the "Investment Company Act"). Certain types of borrowings by the Fund may result in the Fund being subject to covenants in credit agreements relating to asset coverage and portfolio composition requirements. These covenants and restrictions may negatively affect the Fund's ability to achieve its investment objectives.

Structured Products Risk

The Fund may invest up to 20% of its Managed Assets in structured products, including, without limitation, collateralized loan obligations ("CLOs"), structured notes, credit linked notes and derivatives, including credit derivatives. Holders of structured products bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk. The Fund may have the right to receive payments only from the structured product, and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter term financing to purchase longer term securities, the issuer may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund.

Certain structured products may be thinly traded or have a limited trading market. CLOs are typically privately offered and sold. As a result, investments in CLOs may be characterized by the Fund as illiquid securities. In addition to the general risks associated with debt securities discussed herein, CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the investments in CLOs are subordinate to other classes or tranches thereof; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Investments in structured notes involve risks, including credit risk and market risk. Where the Fund's investments in structured notes are based upon the movement of one or more factors, including currency exchange rates, interest rates, referenced bonds and stock indices, depending on the factor used and the use of multipliers or deflators, changes in interest rates and movement of the factor may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate on the structured note to be reduced to zero, and any further changes in the reference instrument may then reduce the principal amount payable on maturity. Structured notes may be less liquid than other types of securities and more volatile than the reference instrument or security underlying the note.

Lender Liability Risk

A number of U.S. judicial decisions have upheld judgments of 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 its investments, the Fund may be subject to allegations of lender liability.

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

Because affiliates of, or persons related to, the Adviser may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

Potential Conflicts of Interest Risk

The Adviser will be subject to certain conflicts of interest in its management of the Fund. These conflicts will arise primarily from the involvement of the Adviser, GSO, Blackstone and their affiliates in other activities that may conflict with those of the Fund. The Adviser, GSO, Blackstone and their affiliates engage in a broad spectrum of activities. In the ordinary course of their business activities, the Adviser, GSO, Blackstone and their affiliates may engage in activities where the interests of certain divisions of the Adviser, GSO, Blackstone and their affiliates or the interests of their clients may conflict with the interests of the Fund or the shareholders of the Fund. Other present and future activities of the Adviser, GSO, Blackstone and their affiliates may give rise to additional conflicts of interest which may have a negative impact on the Fund.

In addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, GSO and its affiliates have implemented certain policies and procedures (e.g., information walls). For example, GSO and its affiliates may come into possession of material non-public information with respect to companies in which the Fund may be considering making an investment or companies that are GSO's and its affiliates' advisory clients. As a consequence, that information, which could be of benefit to the Fund, could also restrict the Fund's activities and the investment opportunity may otherwise be unavailable to the Fund. Additionally, the terms of confidentiality or other agreements with or related to companies in which any fund managed by GSO has or has considered making an investment or which is otherwise an advisory client of GSO and its affiliates may restrict or otherwise limit the ability of the Fund to make investments in such companies.

As part of its regular business, Blackstone provides a broad range of investment banking, advisory, and other services. In the regular course of its investment banking and advisory businesses, Blackstone represents potential purchasers, sellers and other involved parties, including corporations, financial buyers, management, shareholders and institutions, with respect to transactions that could give rise to investments that would otherwise be available for investment by the Fund. Because of such relationships, there may be certain investments that the Adviser will decline or be unable to make. In addition, employees of Blackstone or its affiliates may possess information relating to such issuers that is not known to the individuals at the Adviser responsible for making investment decisions and performing the other obligations under the investment advisory agreement between the Fund and the Adviser. Those employees of Blackstone or its affiliates will not be obligated to share any such information with the Adviser and may be prohibited by law or contract from doing so.

The Adviser or certain of its affiliates may come into possession of material non-public information with respect to an issuer. Should this occur, the Adviser would 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, so as to preclude the Fund from participating in an investment. Disclosure of such information to the Adviser's personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and the Fund may not be free to act upon any such information. Therefore, the Fund may not have access to material non-public information in the possession of the Adviser which might be relevant to an investment decision to be made by the Fund, and the Fund may initiate a transaction or sell an investment which, if such information had been known to it, may not have been undertaken. Due to these restrictions, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell an investment that it otherwise might have sold.

GSO, Blackstone and their affiliates may represent creditors or debtors in proceedings under Chapter 11 of the Bankruptcy Code or prior to such filings. From time to time, GSO, Blackstone and their affiliates may serve as advisor to creditor or equity committees. This involvement, for which GSO, Blackstone and their affiliates may be compensated, may limit or preclude the flexibility that the Fund may otherwise have to participate in restructurings. For example, in situations in which a borrower of Senior Loans or other securities held by the Fund is a client or a potential client of the restructuring and reorganization advisory practice, the Adviser may dispose of such securities or take such other actions reasonably necessary to the extent permitted under the Investment Company Act in order to avoid actual or perceived conflicts of interest with the restructuring and reorganization advisory practice. Further, there may also be instances in which the work of Blackstone's restructuring and reorganization advisory practice prevents the Adviser from purchasing securities on behalf of the Fund.

In addition, the Investment Company Act limits the Fund's ability to enter into certain transactions with certain GSO or Blackstone affiliates. As a result of these restrictions, the Fund may be prohibited from buying or selling any security directly from or to any portfolio company of a private equity fund managed by Blackstone, GSO or one of its affiliates. However, the Fund may under certain circumstances purchase any such portfolio company's loans or securities in the secondary market, which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the ability of the Adviser to recommend actions in the best interest of the Fund might be impaired. The Investment Company Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to the Fund.

Limitations on Transactions with Affiliates Risk

The Investment Company Act limits our ability to enter into certain transactions with certain of our affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security directly from or to any portfolio company of a private equity fund managed by Blackstone, GSO or any of their respective affiliates. The Investment Company Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to us.

Dependence on Key Personnel Risk

The Adviser is dependent upon the experience and expertise of certain key personnel in providing services with respect to the Fund's investments. If the Adviser were to lose the services of these individuals, its ability to service the Fund could be adversely affected. As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques for the Fund's portfolio and the Fund's performance may lag behind that of similar funds. The Adviser has informed the Fund that the investment professionals associated with the Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund's business and affairs. In addition, individuals not currently associated with the Adviser may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of such individuals.

Prepayment Risk

During periods of declining interest rates, borrowers may exercise their option to prepay principal earlier than scheduled. For fixed rate securities, such payments often occur during periods of declining interest rates, forcing the Fund to reinvest in lower yielding securities, resulting in a possible decline in the Fund's income and distributions to shareholders. This is known as prepayment or "call" risk. Below investment grade securities frequently have call features that allow the issuer to redeem the security at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met ("call protection"). An issuer may redeem a below investment grade security if, for example, the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. Senior Loans and Subordinated Loans typically do not have call protection. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced.

Inflation/Deflation Risk

Inflation risk is the risk that the value of certain assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions on the common shares can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund's use of leverage would likely increase, which would tend to further reduce returns to shareholders. Deflation risk is the risk that prices throughout the economy decline over time-the opposite of inflation. Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund's portfolio.

Non-U.S. Securities Risk

The Fund may invest in securities, including Senior Loans and Subordinated Loans, of non-U.S. issuers or borrowers ("Non-U.S. Securities"). Such investments involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies. Securities markets in foreign countries often are not as developed, efficient or liquid as securities markets in the United States, and therefore, the prices of Non-U.S. Securities can be more volatile. Certain foreign countries may impose restrictions on the ability of issuers of Non-U.S. Securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, different legal systems and laws relating to creditors' rights and the potential inability to enforce legal judgments, all of which could cause the Fund to lose money on its investments in Non-U.S. Securities. Generally, there is less readily available and reliable information about Non-U.S. issuers or borrowers due to less rigorous disclosure or accounting standards and regulatory practices. The ability of a foreign sovereign issuer to make timely payments on its debt obligations will also be strongly influenced by the sovereign issuer's balance of payments, including export performance, its access to international credit facilities and investments, fluctuations of interest rates and the extent of its foreign reserves. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because Non-U.S. Securities may trade on days when the Fund's common shares are not priced, net asset value can change at times when common shares cannot be sold.

Foreign Currency Risk

Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities in the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund's net asset value could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Adviser may, but is not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. The Fund may incur costs in connection with the conversions between various currencies. In addition, certain countries may impose foreign currency exchange controls or other restrictions on the repatriation, transferability or convertibility of currency.

Swap Risk

The Fund may also invest in swaps, including single name credit default swaps, single name loan credit default swaps, total return swaps, interest rate swaps and foreign currency swaps. Such transactions are subject to market risk, risk of default by the other party to the transaction, known as "counterparty risk," and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs. Swaps generally do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to swaps generally is limited to the net amount of payments that the Fund is contractually obligated to make, or in the case of the other party to a swap defaulting, the net amount of payments that the Fund is contractually entitled to receive. However, because some swap agreements have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the swap itself. Certain swaps have the potential for unlimited loss, regardless of the size of the initial investment. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid, however there is no guarantee that the swap market will continue to provide liquidity. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used.

Counterparty Risk

Changes in the credit quality of the companies that serve as the Fund's counterparties with respect to derivatives, swaps or other transactions supported by another party's credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have recently incurred significant financial hardships including bankruptcy and losses as a result of exposure to subprime mortgages or other lower quality credit investments that have experienced recent defaults or otherwise suffered extreme credit deterioration. As a result, such hardships have reduced such entities' capital and called into question their continued ability to perform their obligations under such transactions. By using derivatives, swaps or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivative or swap position.

Credit Derivatives Risk

The use of credit derivatives is a highly specialized activity which involves strategies and risks different from those associated with ordinary portfolio security transactions. If the Adviser is incorrect in its forecasts of default risks, counterparty risk market spreads or other applicable factors, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used. Moreover, even if the Adviser is correct in its forecasts, there is a risk that a credit derivative position may correlate imperfectly with the price of the asset or liability being protected. The Fund's risk of loss in a credit derivative transaction varies with the form of the transaction. For example, if the Fund sells a default swap on a security, it would collect periodic fees from the buyer and would profit if the credit of the underlying issuer or reference entity remains stable or improves while the swap is outstanding, but the Fund would be required to pay an agreed upon amount to the buyer (which may be the entire notional amount of the swap) if the reference entity defaults on the reference security. Credit default swap agreements involve greater risks than if the Fund invested in the reference obligation directly.

Repurchase Agreements Risk

Subject to its investment objectives and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, as described above, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss.

Investments in Equity Securities Incidental to Investments in Senior Loans

From time to time the Fund also may invest in or hold common stock and other equity securities incidental to the purchase or ownership of a Senior Loan or in connection with a reorganization of a borrower. Investments in equity securities incidental to investment in Senior Loans entail certain risks in addition to those associated with investments in Senior Loans. Because equity is merely the residual value of an issuer after all claims and other interests, it is inherently more risky than the bonds or Senior Loans of the same borrower. The value of the equity securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions. These risks may increase fluctuations in the Fund's net asset value. The Fund frequently may possess material non-public information about a borrower as a result of its ownership of a Senior Loan of a borrower. Because of prohibitions on trading in securities while in possession of material non-public information, the Fund might be unable to enter into a transaction in a security of the borrower when it would otherwise be advantageous to do so.

U.S. Government Debt Securities Risk

U.S. government debt securities generally do not involve the credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from other securities. Like other debt securities, however, the values of U.S. government securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund's net asset value. Since the magnitude of these fluctuations will generally be greater at times when the Fund's average maturity is longer, under certain market conditions the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities.

Recent Developments

The U.S. credit markets have been experiencing extreme volatility and disruption for more than 2 years. Instability in the credit markets has made it more difficult for a number of issuers of debt securities to obtain financing or refinancing for their investment or lending activities or operations. In particular, because of volatile conditions in the credit markets, issuers of debt securities may be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities they issue.

For example, certain borrowers may, due to macroeconomic conditions, be unable to repay the Senior Loans during this period. A borrower's failure to satisfy financial or operating covenants imposed by lenders could lead to defaults and, potentially, termination of the Senior Loans and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the borrower's ability to meet its obligations under its debt securities. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting borrower. In addition, if one of the borrowers were to commence bankruptcy proceedings, even though the Fund may have structured its interest as senior debt, depending on the facts and circumstances, including the extent to which the Fund actually provided managerial assistance to such borrower, a bankruptcy court might recharacterize the Fund's debt holding and subordinate all or a portion of its claim to that of other creditors. The current adverse economic conditions also may decrease the value of collateral securing some of the Fund's loans and the value of its equity investments. The current recession could lead to financial losses in our portfolio and a decrease in revenues, net income and the value of the Fund's assets.

These developments may increase the volatility of the value of securities owned by the Fund. These developments also may make it more difficult for the Fund to accurately value its securities or to sell its securities on a timely basis. These developments could adversely affect the ability of the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to the holders of common shares. These developments also may adversely affect the broader economy, which in turn may adversely affect the ability of issuers of securities owned by the Fund to make payments of principal and interest when due, lead to lower credit ratings of the issuer and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely affect the net asset value and market price of the Fund's common shares.

Market Disruption and Geopolitical Risk

The instability in the Middle East and terrorist attacks in the United States and around the world may result in market volatility and may have long-term effects on the U.S. and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of geopolitical events in the future on the U.S. economy and securities markets.

Government Intervention in the Financial Markets

The recent instability in the financial markets has led the U.S. government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. Federal, state, and other governments, their regulatory agencies or self regulatory organizations may take additional actions that affect the regulation of the securities or structured products in which the Fund invests, or the issuers of such securities or structured products, in ways that are unforeseeable. Borrowers under Senior Loans held by the Fund may seek protection under the bankruptcy laws. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objectives. The Adviser will monitor developments and seek to manage the Fund's portfolio in a manner consistent with achieving the Fund's investment objectives, but there can be no assurance that it will be successful in doing so.

Anti-Takeover Provisions

The Fund's Agreement and Declaration of Trust includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could deprive the holders of common shares of opportunities to sell their common shares at a premium over the then current market price of the common shares or at net asset value.

HOW THE FUND MANAGES RISK

General Risk Management

The secondary investment objective of the Fund is to seek preservation of capital, consistent with its primary goal of high income. The ability of the Fund to achieve its secondary investment objective is limited due to the Fund's investment policy of investing primarily in Senior Loans. Senior Loans are usually rated below investment grade or may also be unrated. Even though Senior Loans are senior and secured in contrast to other below investment grade securities, which are often subordinated or unsecured, the risks associated with Senior Loans are similar to the risks of below investment grade securities. If a borrower under a Senior Loan defaults, becomes insolvent or files for bankruptcy, the Fund may recover only a fraction of what is owed on the Senior Loan or nothing at all. Senior Loans are subject to a number of other risks including credit risk, liquidity risk and management risk. There may be less readily available and reliable information about most Senior Loans than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act, or registered under the Exchange Act. The Fund does not intend to engage in hedging transactions in order to achieve its secondary investment objective of capital preservation.

However, the Adviser expects to achieve its secondary investment objective through a disciplined approach to its credit investment selection process in which the credit ratings of a borrower are not considered to be the sole or determinative factor of selection. Credit selection will focus on Senior Loans which are adequately collateralized or over-collateralized and covered by sufficient earnings and cash flow to service such indebtedness on a timely basis. The risks associated with investments in Senior Loans and other below investment grade investments will be mitigated by the Adviser's careful selection of borrowers across a broad range of industries and of varying characteristics and return profiles, as well as active management of such investments in light of current economic developments and trends. The Fund, however, is classified as "non-diversified" under the Investment Company Act. As a result, it can invest a greater portion of its assets in obligations of a single issuer than a "diversified" fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.

Additionally, the Adviser has established procedures for the regular and periodic monitoring of credit risk with a goal toward the early identification, and sale, of potential credit problems. This monitoring process will include, but not be limited to, the borrower's financial resources and operating history, comparison of current operating results with the initial investment thesis and the Adviser's initial expectations for the performance of the obligor for each investment held by the Fund, the borrower's sensitivity to economic conditions, the ability of the borrower's management, the borrower's debt maturities and borrowing requirements, the borrower's interest and asset coverage, and relative value based on anticipated cash flow. The Adviser will develop a 'watch list' requiring that any significant concerns which could result in potential for credit loss be elevated to review by the Investment Committee of the Adviser. Finally, the Adviser's personnel are experienced in corporate reorganizations, work-outs and restructurings with the goal of maximizing recovery in the event of bankruptcy or serious financial failings or default of a Senior Loan or investment held by the Fund. Moreover, because of the attributes of a Senior Loan and its position in a borrower's capital structure, Senior Loans are distinguishable from, and typically have more favorable recovery rates than, other securities of below investment grade credit quality.

Similar to Senior Loans, the Adviser adheres to a disciplined approach with respect to the Fund's investments in structured products, which will primarily consist of CLOs. The Adviser's personnel includes a dedicated structured products team, which focuses on the selection and subsequent monitoring of investments in structured products. To the extent possible, the Adviser will select structured products which are well structured and collateralized by portfolios of primarily Senior Loans that the Adviser believes to be of sufficient quality, diversity and amount to support the structure and fully collateralize the tranche the Fund is investing in. Once approved for investment, the structured product is monitored by a structured product investment analyst who reviews the expected performance of the underlying investments.

Investment Limitations

The Fund has adopted certain investment limitations designed to limit investment risk. These limitations are fundamental and may not be changed without the approval of the holders of a majority of the outstanding common shares and, if issued, preferred shares voting together as a single class, and the approval of the holders of a majority of the preferred shares voting as a separate class. The Fund's investment objectives are not fundamental and may be changed by the board of trustees without the approval of shareholders.

The Fund may become subject to guidelines which are more limiting than its investment restrictions in order to obtain and maintain ratings from rating agencies of the preferred shares that it may issue. The Fund does not anticipate that such guidelines would have a material adverse effect on the Fund's common shareholders or the Fund's ability to achieve its investment objectives.

Management of Investment Portfolio and Capital Structure to Limit Leverage Risk The Fund may take certain actions if short-term interest rates increase or market conditions otherwise change (or the Fund anticipates such an increase or change) and the Fund's leverage begins (or is expected) to adversely affect common shareholders. In order to attempt to offset such a negative impact of leverage on common shareholders, the Fund may shorten the average maturity of its investment portfolio (by investing in short-term securities) or may extend the maturity of outstanding preferred shares or reduce its indebtedness or unwind other leverage transactions. The Fund may also attempt to reduce the utilization of leverage by redeeming or otherwise purchasing preferred shares. The success of any such attempt to limit leverage risk depends on the Adviser's ability to accurately predict interest rate or other market changes. Because of the difficulty of making such predictions, the Fund may never attempt to manage its capital structure in the manner described in this paragraph. If market conditions suggest that additional leverage would be beneficial, the Fund may sell previously unissued preferred shares or preferred shares that the Fund previously issued but later repurchased.

Hong Kong disclaimer

[BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND] [BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND] [BLACKSTONE / GSO STRATEGIC CREDIT FUND] (“FUND”) MAY NOT BE OFFERED OR SOLD, BY MEANS OF ANY DOCUMENT, AND NO ADVERTISEMENT, INVITATION OR DOCUMENT RELATING TO THE FUND, WHETHER IN HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE SECURITIES LAWS OF HONG KONG) OR ELSEWHERE, SHALL BE ISSUED, CIRCULATED OR DISTRIBUTED WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSED OR READ BY, THE PUBLIC IN HONG KONG OTHER THAN (I) WITH RESPECT TO THE INTERESTS WHICH ARE OR ARE INTENDED TO BE DISPOSED OF ONLY TO PERSONS OUTSIDE HONG KONG OR ONLY TO “PROFESSIONAL INVESTORS” WITHIN THE MEANING OF THE SECURITIES AND FUTURES ORDINANCE (CAP. 571) OF HONG KONG (“SFO”) AND ANY RULES MADE THEREUNDER OR (II) IN CIRCUMSTANCES THAT DO NOT CONSTITUTE AN INVITATION TO THE PUBLIC FOR THE PURPOSES OF THE SFO.

THE CONTENTS OF THIS WEBSITE OR ANY DOCUMENTS REFERENCED HEREIN HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG. IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS WEBSITE OR ANY DOCUMENTS REFERENCED HEREIN, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.

Singapore disclaimer

THE BLACKSTONE GROUP L.P. IS NOT MAKING ANY OFFER FOR SALE OR SUBSCRIPTION OR INVITING OR SOLICITING ANY OFFER TO BUY, SUBSCRIBE, OR DISPOSE OF ANY SECURITIES AND/OR INVESTMENT PRODUCTS AND/OR FINANCIAL INSTRUMENTS TO ANY PERSON (INCLUDING ANY PERSON IN SINGAPORE). ACCORDINGLY, ANY INVESTOR OR USER OF THIS WEBSITE WHO WISHES TO TRADE ANY INVESTMENT PRODUCT OR FINANCIAL INSTRUMENT MENTIONED ON THIS WEBSITE SHOULD ONLY DO SO THROUGH AN APPROPRIATELY REGULATED BROKER-DEALER.

Blackstone/GSO Strategic Credit Fund

BGB

Blackstone/GSO Strategic Credit Fund

Ticker Symbol

BGB

Daily Net Asset Value per Share (NAV)

$16.49 As of 08/23/2016

Monthly Net Asset Value per share (NAV)

$16.38 As of 08/01/2016

Premium/Discount

-9.64% As of 08/23/2016

Total Net Assets

$736,585,573.86 As of 08/23/2016

Turnover

74.00% As of 12/31/2015
Source: ALPS Fund Services, Inc.

View Fact Sheet as PDF

The Fund will seek to achieve its investment objectives by investing primarily in a diversified portfolio of loans and other fixed income instruments of predominantly U.S. corporate issuers, including first- and second-lien secured loans (''Senior Secured Loans'') and high yield corporate bonds of varying maturities. Under normal market conditions, at least 80% of the Fund's Managed Assets (as defined below) will be invested in credit investments comprised of corporate fixed income instruments and other investments (including derivatives) with similar economic characteristics. ''Managed Assets'' means the Fund's net assets plus any borrowing for investment purposes, including effective leverage (as defined below) and traditional leverage (as defined below). The fixed income instruments the Fund will invest in will typically be rated below investment grade or, if unrated, are considered by GSO / Blackstone Debt Funds Management LLC (the ''Adviser''), the Fund's investment adviser, to be of comparable quality. Fixed income instruments that are rated below investment grade (commonly referred to as ''high yield'' or ''junk'' instruments) are regarded as having predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal.

Team Bios

Name Designation Location
Daniel H. Smith Investment Committee Member New York
Robert Zable Investment Committee Member and Portfolio Manager New York
Brad Marshall Investment Committee Member New York
Daniel T. McMullen Investment Committee Member New York

Holdings (as of June 30, 2016)

Rank Issue Quantity Value ($) % of Managed Assets
1 Scientific Games Corp, Senior Unsecured Bond 19,000,000 18,709,110.00 1.75 %
2 Kronos Incorporated, Senior Secured Second Lien Initial Term Loan 14,346,991 14,478,553.38 1.36 %
3 ON Semiconductor Corp, Senior Secured First Lien Closing Date Term Loan 14,310,051 14,392,047.70 1.35 %
4 Builders FirstSource Inc, Senior Unsecured Bond 12,237,000 12,848,850.00 1.20 %
5 Aspect Software Inc, Senior Secured First Lien Exit Term Loan 12,883,308 12,400,183.53 1.16 %
6 P F Chang's China Bistro Inc, Senior Unsecured Bond 13,415,000 12,375,337.50 1.16 %
7 Coveris Holding Corp, Senior Unsecured Bond 12,105,000 12,165,525.00 1.14 %
8 Petco Animal Supplies Inc, Senior Secured First Lien Tranche B-2 Term Loan 11,762,500 11,719,449.25 1.10 %
9 TierPoint LLC, Senior Secured First Lien Term B-1 Loan 10,916,571 10,716,416.09 1.00 %
10 Stardust Finance Holdings Inc, Senior Secured First Lien Term Loan 10,455,441 10,228,871.17 0.96 %
11 GCA Services Group Inc, Senior Secured First Lien Term Loan 10,087,079 10,124,905.20 0.95 %
12 MA FinanceCo LLC, Senior Secured First Lien Initial Tranche B Term Loan 10,002,903 10,009,154.93 0.94 %
13 PriSo Acq Corp / Bldng Pro, Senior Unsecured Bond 10,080,000 9,853,200.00 0.92 %
14 Numericable US LLC, Senior Secured First Lien USD Term B6 Loan 9,725,625 9,612,710.15 0.90 %
15 Panda Temple Power II LLC, Senior Secured First Lien Construction Term Loan 9,995,227 9,245,585.23 0.87 %
16 Pinnacle Operating Corporation, Senior Secured First Lien Term B Refinancing Loan 9,611,306 9,130,740.43 0.85 %
17 Onex York Acquisition Co, Senior Unsecured Bond 12,200,000 9,058,500.00 0.85 %
18 Sophia LP, Senior Secured First Lien Closing Date Term Loan 8,938,599 8,849,213.17 0.83 %
19 U.S. Renal Care Inc, Senior Secured First Lien Initial Term Loan 8,784,854 8,784,898.20 0.82 %
20 TravelCLICK Inc, Senior Secured Second Lien Initial Term Loan 9,125,000 8,486,250.00 0.79 %
21 Tech Finance & Co SCA, Senior Secured First Lien US Term Loan 8,516,238 8,449,725.92 0.79 %
22 Inmar Inc, Senior Secured Second Lien Initial Term Loan 9,034,198 8,356,633.25 0.78 %
23 Hilex Poly Co LLC, Senior Secured First Lien Term Loan 8,234,938 8,267,877.94 0.77 %
24 Neptune Finco Corp, Senior Secured First Lien Initial Term Loan 8,219,178 8,247,945.20 0.77 %
25 Sedgwick Claims Management Services Inc, Senior Secured Second Lien Incremental Term Loan 8,481,132 8,163,089.63 0.76 %
26 Multi Packaging Solutions Inc, Senior Secured First Lien Initial Dollar Tranche B Term Loan 7,982,215 7,922,348.50 0.74 %
27 Camp International Holding Company, Senior Secured First Lien 2013 Replacement Term Loan 7,783,777 7,761,904.95 0.73 %
28 Fairpoint Communications Inc, Senior Secured Bond 7,710,000 7,623,262.50 0.71 %
29 Onex Carestream Finance LP, Senior Secured Second Lien Term Loan 8,013,379 7,292,174.68 0.68 %
30 HUB Holdings LLC, Senior Unsecured Bond 7,500,000 7,237,500.00 0.68 %
31 Scientific Games International Inc, Senior Secured First Lien B-2 Term Loan 7,284,034 7,193,893.68 0.67 %
32 Cunningham Lindsey US Inc, Senior Secured First Lien Initial Term Loan 8,863,142 7,179,144.83 0.67 %
33 C.H.I. Overhead Doors Inc, Senior Secured Second Lien Initial Term Loan 7,368,421 7,147,368.42 0.67 %
34 Mood Media Corporation, Senior Unsecured Bond 9,850,000 7,141,250.00 0.67 %
35 Greatbatch Ltd, Senior Secured First Lien Term B Loan 7,167,665 7,118,386.98 0.67 %
36 Lightstream Resources, Senior Unsecured Bond 7,808,742 7,105,955.22 0.67 %
37 Lineage Logistics LLC, Senior Secured First Lien Term Loan 7,375,585 7,025,244.41 0.66 %
38 Windstream Services LLC, Senior Secured First Lien Tranche B-6 Term Loan 6,982,500 6,967,243.24 0.65 %
39 Blue Coat Holdings Inc, Senior Secured First Lien Initial Term Loan 6,810,781 6,810,780.66 0.64 %
40 Panda Liberty LLC, Senior Secured First Lien Construction B-1 Facility Term Loan 6,941,176 6,785,000.00 0.64 %
41 National Financial Partners Corp, Senior Unsecured Bond 6,850,000 6,627,375.00 0.62 %
42 Alvogen Pharma US Inc, Senior Secured First Lien Term Loan 6,660,536 6,606,419.17 0.62 %
43 Ascena Retail Group Inc, Senior Secured First Lien Tranche B Term Loan 6,893,403 6,590,093.35 0.62 %
44 Sandy Creek Energy Associates LP, Senior Secured First Lien Term Loan 8,200,637 6,581,011.31 0.62 %
45 TTM Technologies Inc, Senior Secured First Lien Term B Loan 6,523,794 6,474,865.81 0.61 %
46 Jonah Energy Inc, Senior Secured Second Lien Initial Term Loan 7,246,575 6,431,335.61 0.60 %
47 Avantor Performance Materials Holdings Inc, Senior Secured First Lien Initial Term Loan 6,415,094 6,379,009.43 0.60 %
48 Dole Food Co Inc, Senior Secured Bond 6,350,000 6,350,000.00 0.59 %
49 Advantage Sales & Marketing Inc, Senior Secured Second Lien Initial Term Loan 6,750,000 6,328,125.00 0.59 %
50 Modular Space Corp, Senior Secured Bond 12,840,000 6,227,400.00 0.58 %
51 Blackbrush Oil & Gas LP, Senior Secured Second Lien Term Loan 6,212,389 6,204,623.89 0.58 %
52 US LBM Holdings LLC, Senior Secured First Lien Initial Term Loan 6,229,568 6,120,550.57 0.57 %
53 Mitchell International Inc, Senior Secured Second Lien Term Loan 6,559,757 6,106,051.01 0.57 %
54 Prolampac Intermediate Inc, Senior Secured First Lien Initial Term Loan 5,984,937 5,930,085.10 0.56 %
55 Solera LLC (Solera Finance Inc), Senior Secured First Lien Dollar Term Loan 5,843,688 5,849,151.34 0.55 %
56 Neff Rental LLC, Senior Secured Second Lien Closing Date Term Loan 6,070,059 5,812,081.25 0.54 %
57 Netsmart Technologies Inc, Senior Secured First Lien Initial Term Loan 5,715,517 5,708,372.84 0.53 %
58 NWH Escrow Corp, Senior Secured Bond 7,650,000 5,699,250.00 0.53 %
59 Charter Nex US Holdings Inc, Senior Secured First Lien Initial Term Loan 5,686,817 5,686,816.95 0.53 %
60 Microsemi Corporation, Senior Secured First Lien Term B Loan 5,671,778 5,669,423.86 0.53 %
61 Surgery Center Holdings Inc, Senior Unsecured Bond 5,500,000 5,665,000.00 0.53 %
62 MPH Acquisition Holdings LLC, Senior Secured First Lien Initial Term Loan 5,594,406 5,616,783.21 0.53 %
63 Cequel Communications Holdings I, Senior Unsecured Bond 5,500,000 5,582,500.00 0.52 %
64 Epicor Software Corporation, Senior Secured First Lien Term B Loan 5,668,235 5,579,669.12 0.52 %
65 Asurion LLC, Senior Secured Second Lien Term Loan 5,763,158 5,572,973.69 0.52 %
66 AssuredPartners Capital Inc, Senior Secured First Lien Term Loan 5,518,861 5,493,004.72 0.51 %
67 Cumulus Media Holdings Inc, Senior Secured First Lien Term Loan 7,721,961 5,463,287.49 0.51 %
68 Builders FirstSource Inc, Senior Unsecured Bond 5,000,000 5,462,500.00 0.51 %
69 Crossmark Holdings Inc, Senior Secured First Lien Term Loan 7,923,497 5,453,980.45 0.51 %
70 Coveris Holdings SA, Senior Unsecured Bond 5,530,000 5,398,662.50 0.51 %
71 SurveyMonkey.com LLC, Senior Secured First Lien Term Loan 5,435,058 5,367,119.63 0.50 %
72 Landslide Holdings Inc, Senior Secured First Lien Term Loan 5,381,326 5,361,146.01 0.50 %
73 Camp International Holding Company, Senior Secured Second Lien 2013 Replacement Term Loan 5,468,523 5,359,152.46 0.50 %
74 GenOn Energy Inc, Senior Secured Bond 7,400,000 5,291,000.00 0.50 %
75 Concordia Healthcare Corp, Senior Secured First Lien Dollar Term Loan 5,393,458 5,189,854.91 0.49 %
76 Arnhold and S Bleichroeder Holdings Inc, Senior Secured First Lien Initial Term Loan 5,273,500 5,181,213.75 0.49 %
77 Riverbed Technology Inc, Senior Unsecured Bond 4,966,000 5,164,640.00 0.48 %
78 TPF II Power LLC, Senior Secured First Lien Term Loan 5,140,053 5,128,282.23 0.48 %
79 Numericable-SFR SA, Senior Secured Bond 5,170,000 5,118,300.00 0.48 %
80 BMC Software Inc, Senior Unsecured Bond 5,330,000 5,090,150.00 0.48 %
81 Exgen Texas Power LLC, Senior Secured First Lien Term Loan 6,288,535 4,967,942.35 0.47 %
82 Hercules Achievement Inc, Senior Secured First Lien Initial Term Loan 4,925,000 4,917,612.50 0.46 %
83 Tekni-Plex Inc, Senior Secured Second Lien Initial Term Loan 5,192,308 4,900,240.38 0.46 %
84 Transaction Network Services, Senior Secured Second Lien Initial Term Loan 4,980,931 4,865,746.75 0.46 %
85 DTZ US Borrower LLC, Senior Secured First Lien 2015-1 Converted Term Loan 4,862,437 4,807,759.34 0.45 %
86 Informatica Corporation, Senior Secured First Lien Dollar Term Loan 4,899,684 4,780,694.73 0.45 %
87 Cablevision Systems Corp, Senior Unsecured Bond 4,600,000 4,726,500.00 0.44 %
88 Calumet Specialty Prod, Senior Unsecured Bond 6,600,000 4,702,500.00 0.44 %
89 USAGM Holdco LLC, Senior Secured First Lien Initial Term Loan 4,776,000 4,620,780.00 0.43 %
90 SRS Distribution Inc, Senior Secured First Lien Tranche B-1 Loan 4,580,722 4,590,272.33 0.43 %
91 Crestwood Holdings LLC, Senior Secured First Lien Tranche B-1 Term Loan 5,065,287 4,482,779.17 0.42 %
92 Dealer Tire LLC, Senior Secured First Lien Initial Term Loan 4,426,089 4,448,219.86 0.42 %
93 Avantor Performance Materials Holdings Inc, Senior Secured Second Lien Initial Term Loan 4,347,826 4,271,739.13 0.40 %
94 Global A&T Electronics, Senior Unsecured Bond 6,000,000 4,245,000.00 0.40 %
95 Altice Financing SA, Senior Secured Bond 4,230,000 4,166,550.00 0.39 %
96 Peak 10 Inc, Senior Secured Second Lien Initial Term Loan 4,750,000 4,132,500.00 0.39 %
97 Albertsons LLC, Senior Secured First Lien Term B-6 Loan 4,110,928 4,110,413.72 0.38 %
98 Atkore International Inc, Senior Secured First Lien Initial Term Loan 4,116,000 4,085,130.00 0.38 %
99 Infor (US) Inc, Senior Unsecured Bond 4,250,000 4,034,865.00 0.38 %
100 Ascent Resources - Marcellus LLC, Senior Secured First Lien Term Loan 7,407,407 4,000,000.00 0.37 %
101 Chief Power Finance LLC, Senior Secured First Lien Term B Advance Loan 4,866,931 3,978,716.10 0.37 %
102 AdvancePierre Foods Inc, Senior Secured First Lien Effective Date Term Loan 3,973,510 3,968,543.04 0.37 %
103 Jeld-Wen Inc, Senior Secured First Lien Initial Term Loan 3,940,000 3,949,869.70 0.37 %
104 Prime Security Services Borrower LLC, Senior Secured First Lien Term B-1 Loan 3,927,400 3,941,303.47 0.37 %
105 Cypress Semiconductor Corp, Senior Secured First Lien Term B Loan 3,943,662 3,926,408.45 0.37 %
106 P2 Upstream Acquisition Co, Senior Secured First Lien Term Loan 4,178,571 3,917,410.69 0.37 %
107 Lanai Holdings III Inc, Senior Secured First Lien Term Loan 3,963,303 3,913,761.47 0.37 %
108 Cengage Learning Inc, Senior Secured First Lien Term B Loan 3,952,096 3,912,574.85 0.37 %
109 CEC Entertainment Inc, Senior Secured First Lien Term B Loan 3,979,644 3,873,506.50 0.36 %
110 Concordia Healthcare Corp, Senior Unsecured Bond 4,500,000 3,858,750.00 0.36 %
111 Packaging Coordinators Midco Inc, Senior Secured First Lien Term B Loan 3,854,015 3,854,014.60 0.36 %
112 Hockey Merger Sub 2 Inc, Senior Unsecured Bond 4,000,000 3,850,000.00 0.36 %
113 Alpha Topco Limited - Delta 2 (Lux) Sarl, Senior Secured Second Lien Term Loan 4,000,000 3,815,000.00 0.36 %
114 Fairpoint Communications Inc, Senior Secured First Lien Term Loan 3,677,074 3,677,460.46 0.34 %
115 Compuware Corporation, Senior Secured First Lien Tranche B-2 Term Loan 3,940,000 3,661,737.50 0.34 %
116 Sedgwick Claims Management Services Inc, Senior Secured Second Lien Initial Term Loan 3,795,455 3,653,125.00 0.34 %
117 Asurion LLC, Senior Secured First Lien Incremental Tranche B-1 Term Loan 3,652,136 3,639,974.75 0.34 %
118 Albertsons LLC, Senior Secured First Lien 2016-1 Term B-4 Loan 3,608,800 3,610,423.76 0.34 %
119 Frontier Communications, Senior Unsecured Bond 4,000,000 3,600,000.00 0.34 %
120 Smile Brands Group Inc, Senior Secured First Lien Term B Non-PIK Loan 4,085,204 3,577,964.37 0.34 %
121 PQ Corporation, Senior Secured First Lien Dollar Tranche B-1 Term Loan 3,533,569 3,540,424.02 0.33 %
122 Onex Schumacher Finance LP, Senior Secured First Lien Initial Term Loan 3,535,611 3,534,126.07 0.33 %
123 National Mentor Holdings Inc, Senior Secured First Lien Initial Tranche B Term Loan 3,545,337 3,518,746.75 0.33 %
124 ConvergeOne Holdings Corporation, Senior Secured First Lien Initial Term Loan 3,541,724 3,444,326.83 0.32 %
125 Payless Inc, Senior Secured First Lien Initial Term Loan 6,564,374 3,438,090.92 0.32 %
126 CHG Healthcare Services Inc, Senior Secured First Lien Term Loan 3,402,647 3,407,971.64 0.32 %
127 Alfred Fueling Systems Inc, Senior Secured First Lien Initial Term Loan 3,400,036 3,404,285.84 0.32 %
128 Brock Holdings III Inc, Senior Secured Second Lien Initial Term Loan 3,833,333 3,373,332.60 0.32 %
129 California Pizza Kitchen Inc, Senior Secured First Lien Term Loan 3,591,478 3,358,031.53 0.31 %
130 Alorica Inc, Senior Secured First Lien Term Loan 3,356,643 3,353,840.56 0.31 %
131 Compuware Corporation, Senior Secured Second Lien Term Loan 4,000,000 3,323,340.00 0.31 %
132 RRI Energy Inc, Senior Unsecured Bond 3,900,000 3,295,500.00 0.31 %
133 Sheridan Investment Partners I LLC, Senior Secured First Lien Tranche B-2 Term Loan 5,552,374 3,272,458.04 0.31 %
134 Albany Molecular Research Inc, Senior Secured First Lien Term Loan 3,284,105 3,255,368.79 0.30 %
135 Granite Acquisition Inc, Senior Secured Second Lien Term B Loan 3,383,459 3,206,250.00 0.30 %
136 Numericable-SFR SA, Senior Secured First Lien USD TLB-7 Term Loan 3,149,171 3,132,118.51 0.29 %
137 SiteOne Landscape Supply LLC, Senior Secured First Lien Initial Term Loan 3,112,621 3,128,184.59 0.29 %
138 Tembec Industries Inc, Senior Secured Bond 3,961,000 3,089,580.00 0.29 %
139 Surgery Center Holdings Inc, Senior Secured First Lien Initial Term Loan 3,089,318 3,081,594.89 0.29 %
140 Murray Energy Corporation, Senior Secured First Lien Term B-2 Loan 4,094,574 3,009,511.53 0.28 %
141 Travelport Finance (Luxembourg) Sarl, Senior Secured First Lien 6/16 Term B Loan 2,996,835 2,984,668.20 0.28 %
142 CT Technologies Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan 3,001,371 2,956,350.67 0.28 %
143 Victory Capital Operating LLC, Senior Secured First Lien Initial Term Loan 2,979,592 2,920,000.00 0.27 %
144 Revlon Consumer Products Corporation, Senior Unsecured Bond 3,000,000 2,910,000.00 0.27 %
145 EZE Software Group LLC, Senior Secured Second Lien Term Loan 2,956,466 2,867,771.90 0.27 %
146 Jeld-Wen Inc, Senior Secured First Lien Term B-1 Loan 2,852,011 2,850,228.99 0.27 %
147 McJunkin Red Man Corporation, Senior Secured First Lien 2013 Term Loan 2,936,467 2,841,031.87 0.27 %
148 Nord Anglia Education Finance LLC, Senior Secured First Lien Initial Term Loan 2,795,009 2,786,288.50 0.26 %
149 Rocket Software Inc, Senior Secured First Lien Term Loan 2,753,462 2,760,345.88 0.26 %
150 Corner Investment Propco LLC, Senior Secured First Lien Term B Loan 2,810,942 2,754,722.89 0.26 %
151 Nine West Holdings Inc, Senior Secured First Lien Initial Term Loan 4,907,368 2,718,682.10 0.25 %
152 Flexera Software LLC, Senior Secured Second Lien Term Loan 2,800,000 2,702,000.00 0.25 %
153 Renaissance Learning Inc, Senior Secured First Lien Initial Term Loan 2,743,860 2,687,267.56 0.25 %
154 Zachry Holdings Inc, Senior Unsecured Bond 2,700,000 2,686,500.00 0.25 %
155 Examworks Group Inc, Senior Secured First Lien Initial Term Loan 2,662,722 2,663,560.65 0.25 %
156 AmWins Group LLC, Senior Secured First Lien New Term Loan 2,639,500 2,640,911.82 0.25 %
157 SandRidge Energy Inc, Senior Secured Bond 6,250,000 2,593,750.00 0.24 %
158 McGraw-Hill Global Education Holdings LLC, Senior Secured First Lien Term B Loan 2,571,429 2,572,071.43 0.24 %
159 Boxer Parent Co Inc, Senior Unsecured Bond 3,000,000 2,550,000.00 0.24 %
160 Hardwoods Acquisition Inc, Senior Secured Bond 3,250,000 2,486,250.00 0.23 %
161 RGIS Services LLC, Senior Secured First Lien Extended Maturity Term Loan 2,880,420 2,462,759.22 0.23 %
162 Fairmount Santrol Inc, Senior Secured First Lien Tranche B-2 Term Loan 2,984,655 2,436,851.20 0.23 %
163 Hyland Software Inc, Senior Secured Second Lien Term Loan 2,524,544 2,436,185.15 0.23 %
164 Comstock Resources Inc, Senior Unsecured Bond 3,000,000 2,430,000.00 0.23 %
165 Peak 10 Inc, Senior Secured First Lien Term Loan 2,430,400 2,408,368.42 0.23 %
166 Jill Acquisition LLC, Senior Secured First Lien Initial Term Loan 2,338,032 2,302,961.83 0.22 %
167 Alpha Topco Limited - Delta 2 (Lux) Sarl, Senior Secured First Lien Facility B3 (USD) Term Loan 2,373,451 2,289,264.56 0.21 %
168 Templar Energy LLC, Senior Secured Second Lien Term Loan 8,146,154 2,280,923.08 0.21 %
169 ProQuest LLC, Senior Secured First Lien Initial Term Loan 2,363,940 2,269,382.62 0.21 %
170 Stardust Finance Holdings Inc, Senior Secured First Lien Junior Term Loan 2,333,333 2,263,333.33 0.21 %
171 EnergySolutions LLC, Senior Secured First Lien Advance Term Loan 2,312,727 2,254,909.08 0.21 %
172 VF Holding Corp, Senior Secured First Lien Initial Term Loan 2,242,991 2,238,089.72 0.21 %
173 Precyse Acquisition Corp, Senior Secured First Lien Initial Term Loan 2,217,254 2,210,325.49 0.21 %
174 Sable International Finance Ltd, Senior Secured First Lien Term B-1 Loan 2,200,000 2,200,000.00 0.21 %
175 Numericable Group SA, Senior Secured Bond 2,250,000 2,196,562.50 0.21 %
176 SRS Distribution Inc, Senior Secured Second Lien 06/16 Term Loan 2,191,781 2,190,410.96 0.21 %
177 MTS System Corp, Senior Secured First Lien Term B Loan 2,181,818 2,178,414.54 0.20 %
178 Winebow Holdings Inc, Senior Secured Second Lien Initial Term Loan 2,387,283 2,124,681.91 0.20 %
179 Neiman Marcus Group Ltd LLC, Senior Secured First Lien Other Term Loan 2,342,736 2,110,324.60 0.20 %
180 Fly Leasing Limited, Senior Unsecured Bonds 2,100,000 2,047,500.00 0.19 %
181 First Data Corp, Senior Unsecured Bond 2,000,000 2,037,500.00 0.19 %
182 Confie Seguros Holding II Co, Senior Secured First Lien Term B Loan 2,001,687 1,986,674.69 0.19 %
183 Fairway Group Acquisition Company, Senior Secured First Lien Term Loan 3,377,784 1,942,225.95 0.18 %
184 Ciena Corporation, Senior Secured First Lien 2016 Term Loan 1,935,484 1,937,903.22 0.18 %
185 Numericable Group SA, Senior Secured Bond 2,000,000 1,920,000.00 0.18 %
186 Omega US Sub LLC, Senior Unsecured Bond 1,920,000 1,891,200.00 0.18 %
187 ADT Corp, Senior Unsecured Bond 2,000,000 1,882,500.00 0.18 %
188 Transaction Network Services, Senior Secured First Lien Initial Term Loan 1,876,863 1,879,208.98 0.18 %
189 Nextgen Finance LLC, Senior Secured First Lien Term B Loan 1,960,000 1,870,986.60 0.18 %
190 Pier 1 Imports (US) Inc, Senior Secured First Lien Initial Term Loan 2,041,667 1,863,020.84 0.17 %
191 Pike Corporation, Senior Secured First Lien Initial Term Loan 1,854,839 1,853,679.44 0.17 %
192 Air Canada, Senior Unsecured Bond 1,750,000 1,824,375.00 0.17 %
193 BMC Software Finance Inc, Senior Secured First Lien Initial US Term Loan 2,028,172 1,805,073.26 0.17 %
194 Sable International Finance Ltd, Senior Secured First Lien Term B-2 Loan 1,800,000 1,800,000.00 0.17 %
195 Emerald Performance Materials LLC, Senior Secured First Lien Initial Term Loan 1,753,306 1,746,730.89 0.16 %
196 American Tire Distributors Inc, Senior Secured First Lien Initial Term Loan 1,784,881 1,729,112.15 0.16 %
197 Priso Acquisition Corporation, Senior Secured First Lien Initial Term Loan 1,726,012 1,717,382.30 0.16 %
198 Navistar International Corporation, Senior Secured First Lien Tranche B Term Loan 1,810,794 1,717,238.90 0.16 %
199 Crossmark Holdings Inc, Senior Secured Second Lien Term Loan 4,000,000 1,700,000.00 0.16 %
200 Infiltrator Water Technologies LLC, Senior Secured First Lien Term B Loan 1,697,143 1,697,855.66 0.16 %
201 Pinnacle Operating Corporation, Senior Secured Bond 2,000,000 1,690,000.00 0.16 %
202 Apex Tool Group LLC, Senior Secured First Lien Term Loan 1,722,087 1,687,645.62 0.16 %
203 Communications Sales & Leasing Inc, Senior Secured Bond 1,625,000 1,657,500.00 0.16 %
204 Dell Inc, Senior Unsecured Bond 1,580,000 1,652,683.16 0.15 %
205 FR Dixie Acquisition Corp, Senior Secured First Lien Initial Term Loan 5,131,579 1,616,447.38 0.15 %
206 FGI Operating Company LLC, Senior Secured First Lien Term B Loan 1,934,742 1,615,509.77 0.15 %
207 Allied Security Holdings LLC, Senior Secured Second Lien Closing Date Loan 1,600,000 1,606,664.00 0.15 %
208 Acrisure LLC, Senior Secured First Lien Term B Loan 1,607,830 1,600,458.42 0.15 %
209 Utex Industries Inc, Senior Secured Second Lien New Term Loan 3,181,818 1,582,954.54 0.15 %
210 Candy Intermediate Holdings Inc, Senior Secured First Lien Initial Term Loan 1,578,947 1,579,934.21 0.15 %
211 Green Energy Partners / Stonewall LLC, Senior Secured First Lien Term B-1 Conversion Advance Loan 1,601,000 1,568,980.00 0.15 %
212 Murray Energy Corporation, Senior Secured First Lien Term B-1 Loan 1,822,727 1,556,153.36 0.15 %
213 Prime Security Services Borrower LLC, Senior Secured Second Lien Term B Loan 1,500,000 1,521,255.00 0.14 %
214 Plaze Inc, Senior Secured First Lien Term Loan 1,500,000 1,500,000.00 0.14 %
215 Hillman Group Inc (The), Senior Secured First Lien Initial Term Loan 1,496,183 1,479,351.14 0.14 %
216 Windstream Corporation Inc, Senior Unsecured Bond 1,500,000 1,477,500.00 0.14 %
217 W3 Co, Senior Secured Second Lien Term Loan 3,385,430 1,472,661.90 0.14 %
218 Air Medical Merger Sub, Senior Unsecured Bond 1,500,000 1,432,500.00 0.13 %
219 CEC Entertainment Inc, Senior Unsecured Bond 1,369,000 1,336,486.25 0.13 %
220 Americold Realty Operating Partnership LP, Senior Secured First Lien Term B Loan 1,188,119 1,195,544.55 0.11 %
221 Hillman Group Inc (The), Senior Unsecured Bond 1,300,000 1,163,500.00 0.11 %
222 Amneal Pharmaceuticals LLC, Senior Secured First Lien Term B Loan 1,117,172 1,112,049.49 0.10 %
223 Builders FirstSource Inc, Senior Secured First Lien Initial Term Loan 1,109,231 1,111,078.10 0.10 %
224 Medpace Holdings Inc, Senior Secured First Lien Initial Term Loan 1,109,128 1,107,741.59 0.10 %
225 SRAM LLC, Senior Secured First Lien Term Loan 1,230,753 1,089,216.77 0.10 %
226 Red Lobster Management LLC, Senior Secured First Lien Initial Term Loan 1,079,959 1,077,258.98 0.10 %
227 Valeant Pharmaceuticals, Senior Unsecured Bond 1,250,000 1,074,218.75 0.10 %
228 Genoa a QoL Healthcare Company LLC, Senior Secured First Lien Initial Term Loan 1,025,612 1,020,483.45 0.10 %
229 Sports Authority (The), Senior Secured First Lien Term B Loan 3,755,182 1,013,899.23 0.09 %
230 Scientific Games International Inc, Senior Secured Bond 1,000,000 1,010,000.00 0.09 %
231 Southern Graphics Inc, Senior Unsecured Bond 1,000,000 1,005,000.00 0.09 %
232 Nine West Holdings Inc, Senior Unsecured Bond 5,600,000 952,000.00 0.09 %
233 Ascend Learning LLC, Senior Secured Second Lien Term Loan 1,000,000 950,000.00 0.09 %
234 Ascend Learning LLC, Senior Secured First Lien Term Loan 925,096 925,673.74 0.09 %
235 Fairway Group Acquisition Company, Senior Secured First Lien DIP Term Loan 899,697 895,198.39 0.08 %
236 Western Digital Corporation, Senior Secured First Lien US Term B Loan 872,865 877,639.85 0.08 %
237 Zayo Group LLC, Senior Secured First Lien 2016 Incremental Term Loan 858,429 859,823.96 0.08 %
238 McGraw-Hill Global Education, Senior Unsecured Bond 820,000 850,750.00 0.08 %
239 TurboCombustor Technology Inc, Senior Secured First Lien Initial Term Loan 922,998 830,697.75 0.08 %
240 NVA Holdings Inc, Senior Secured Second Lien Term Loan 826,001 818,773.08 0.08 %
241 Frontier Communications, Senior Unsecured Bond 750,000 796,406.25 0.07 %
242 Royal Holdings Inc, Senior Secured First Lien Initial Term Loan 758,812 754,384.07 0.07 %
243 Talos Production LLC, Senior Unsecured Bond 2,000,000 715,000.00 0.07 %
244 Chief Exploration & Development LLC, Senior Secured Second Lien Term Loan 752,941 683,060.71 0.06 %
245 Acadia Healthcare Co Inc, Senior Secured First Lien Tranche B-2 Term Loan 677,196 671,974.56 0.06 %
246 CSI Compressco LP / CSI Compressco Finance Inc, Senior Unsecured Bond 800,000 660,000.00 0.06 %
247 W3 Co, Senior Secured First Lien Term Loan 775,066 609,395.52 0.06 %
248 Magic Newco LLC, Senior Secured First Lien USD Term Loan 594,503 595,468.59 0.06 %
249 Wastequip LLC, Senior Secured First Lien Term Loan 590,103 589,855.44 0.06 %
250 Reynolds GRP ISS / Reynold, Senior Unsecured Bond 560,000 577,570.00 0.05 %
251 Apex Tool Group LLC, Senior Unsecured Bond 650,000 563,875.00 0.05 %
252 Valeant Pharmaceuticals, Senior Unsecured Bond 650,000 523,250.00 0.05 %
253 Fly Leasing Limited, Senior Unsecured Bonds 500,000 504,375.00 0.05 %
254 Cequel Communications Holdings I, Senior Unsecured Bond 500,000 477,500.00 0.04 %
255 Moxie Patriot LLC, Senior Secured First Lien Construction B-1 Facility Term Loan 462,963 446,180.55 0.04 %
256 Comstock Resources Inc, Senior Unsecured Bond 1,000,000 445,000.00 0.04 %
257 Sheridan Production Partners I-A LP, Senior Secured First Lien Tranche B-2 Term Loan 735,735 433,627.49 0.04 %
258 IBC Capital Limited, Senior Secured Second Lien Term Loan 485,294 431,911.77 0.04 %
259 Berlin Packaging LLC, Senior Secured Second Lien Initial Term Loan 428,571 425,001.43 0.04 %
260 Atlas EN Hldgs OP Co / ATL, Senior Unsecured Bond 2,550,000 344,250.00 0.03 %
261 Payless Inc, Senior Secured Second Lien Initial Term Loan 1,845,543 316,815.08 0.03 %
262 Sheridan Production Partners I-M LP, Senior Secured First Lien Tranche B-2 Term Loan 449,391 264,862.21 0.02 %
263 US Security Associates Holdings Inc, Senior Secured First Lien Term B Loan 257,159 256,837.87 0.02 %
264 Atlas EN Hldgs OP Co / ATL, Senior Unsecured Bond 1,800,000 243,000.00 0.02 %
265 FHC Health Systems Inc, Senior Secured First Lien Initial Term Loan 181,716 175,052.56 0.02 %
266 US Security Associates Holdings Inc, Senior Secured First Lien Delayed Draw Term Loan 41,166 41,114.11 0.00 %
Net Cash Equivalent & Other Assets Minus Liabilities 31,640,334.93 3.00 %
Total 1,067,940,019.80 100.00 %

Total Holdings: 266

Distribution History

BGB

Calendar Year Ex-Date Record Date Payable Date Per Share Amount Distribution Type Section 19a Notice
2016 $0.1050 Ordinary Income
2016 $0.1050 Ordinary Income
2016 $0.1050 Ordinary Income
2016 $0.1050 Ordinary Income
2016 $0.1050 Ordinary Income
2016 $0.1050 Ordinary Income
2016 $0.1050 Ordinary Income
2016 $0.1050 Ordinary Income
2016 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income
2015 $0.1050 Ordinary Income February
2015 $0.1050 Ordinary Income January
2014 $0.1050 Ordinary Income December
2014 $0.1050 Ordinary Income November
2014 $0.1050 Ordinary Income
2014 $0.1050 Ordinary Income September
2014 $0.1050 Ordinary Income August
2014 $0.1050 Ordinary Income July
2014 $0.1050 Ordinary Income June
2014 $0.1050 Ordinary Income May
2014 $0.1050 Ordinary Income August
2014 $0.1050 Ordinary Income March
2014 $0.1170 Ordinary Income February
2014 $0.1170 Ordinary Income January
2013 $0.1170 Ordinary Income
2013 $0.1170 Ordinary Income November
2013 $0.1170 Ordinary Income October
2013 $0.1170 Ordinary Income September
2013 $0.1170 Ordinary Income August
2013 $0.1170 Ordinary Income July
2013 $0.1170 Ordinary Income June
2013 $0.1170 Ordinary Income May
2013 $0.1170 Ordinary Income April
2013 $0.1170 Ordinary Income March
2013 $0.1170 Ordinary Income February
2013 $0.1170 Ordinary Income January
2012 $0.1170 Ordinary Income December
2012 $0.1170 Ordinary Income November

Investor Documents

Document Name Size Action
Proxy Statement 514 KB Download
Prospectus 382 KB Download
Fact Sheet 411 KB Download
Annual Report 2 MB Download
Semi-Annual Report 2 MB Download
Nominating and Governance Committee Charter 100 KB Download
SEC Filings View
Audit Committee Charter 38 KB Download
Form 8937 - 12/31/2012 45 KB Download
Form 8937 - 12/31/2013 52 KB Download
Form 8937 - 12/31/2014 46 KB Download

News

Document Name Date Action
Blackstone / GSO Closed-End Funds Declare Monthly Distributions May 18, 2016 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions February 25, 2016 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions November 20, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions September 30, 2015 Download
Blackstone / GSO Closed-End Funds Announce Portfolio Manager Change August 17, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions May 25, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions February 25, 2015 Download
Blackstone / GSO Closed-End Funds Declare Monthly Distributions November 28, 2014 Download

Disclosure

The Fund is a closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives. At any point in time an investment in the Fund's Common Shares may be worth less than the original amount invested, even after taking into account the distributions paid by the Fund and the ability of Common Shareholders to reinvest dividends.

Market Discount Risk

Common shares of closed-end management investment companies frequently trade at a discount from their net asset value. This risk may be greater for investors who sell their Common Shares in a relatively short period of time after completion of the initial offering. The Fund's Common Shares may trade at a price that is less than the initial offering price.

Investment and Market Risk

An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the Fund represents an indirect investment in the portfolio of fixed income instruments and other securities and derivative instruments owned by the Fund, and the value of these instruments may fluctuate, sometimes rapidly and unpredictably. At any point in time an investment in the Fund's Common Shares may be worth less than the original amount invested, even after taking into account distributions paid by the Fund and the ability of Common Shareholders to reinvest dividends. The Fund may also use leverage, which would magnify the Fund's investment, market and certain other risks. See "–Leverage Risk."

Fixed Income Instruments Risk

Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in credit investments comprised of corporate fixed income instruments and other investments (including derivatives) with similar economic characteristics. Under normal market conditions, the Adviser expects the Fund's investments in corporate fixed income instruments to consist predominantly of Senior Secured Loans and/or high yield bonds; however the Fund may also invest in debentures, notes, commercial paper, investment grade bonds, loans other than Senior Secured Loans and other similar types of debt instruments, as well as derivatives related to or referencing these types of securities and instruments. Fixed income instruments are particularly susceptible to following risks:

Issuer Risk

The value of fixed income instruments may decline for a number of reasons that directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services.

Interest Rate Risk

The market price of the Fund's investments will change in response to changes in interest rates and other factors. During periods of declining interest rates, the market price of fixed rate fixed income instruments generally rises. Conversely, during periods of rising interest rates, the market price of such instruments generally declines. The magnitude of these fluctuations in the market price of fixed income instruments is generally greater for securities with longer durations because such instruments do not mature, reset interest rates or become callable for longer periods of time. In general, if prevailing interest rates change by 1%, a fixed income instrument's value will change by 1% multiplied by each year of duration. For example, if a fixed income instrument has a duration of three years, its value can be expected to fall about 3% if interest rates rise by 1%. Conversely, such instrument can be expected to rise about 3% if interest rates fall by 1%. See "The Fund's Investments–Investment Policies– Duration." Fluctuations in the market price of the Fund's instruments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the Fund's NAV.

Prepayment Risk

During periods of declining interest rates, the issuer of an instrument may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest the proceeds from such prepayment in potentially lower yielding instruments, which may result in a decline in the Fund's income and distributions to Common Shareholders. This is known as prepayment or "call" risk. Fixed income instruments frequently have call features that allow the issuer to redeem the instrument at dates prior to its stated maturity at a specified price (typically greater than par) only if certain prescribed conditions are met ("call protection"). An issuer may choose to redeem a fixed income instrument if, for example, the issuer can refinance the instrument at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer. For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced.

Reinvestment Risk

Reinvestment risk is the risk that income from the Fund's portfolio will decline if and when the Fund invests the proceeds from matured, traded or called fixed income instruments at market interest rates that are below the portfolio's current earnings rate. A decline in income could affect the Fund's Common Share price or its overall return

Spread Risk

Wider credit spreads and decreasing market values typically represent a deterioration of the fixed income instrument's credit soundness and a perceived greater likelihood or risk of default by the issuer. Fixed income instruments generally compensate for greater credit risk by paying interest at a higher rate. The difference (or "spread") between the yield of a security and the yield of a benchmark, such as a U.S. Treasury security with a comparable maturity, measures the additional interest paid for credit risk. As the spread on a security widens (or increases), the price (or value) of the security generally falls. Spread widening may occur, among other reasons, as a result of market concerns over the stability of the market, excess supply, general credit concerns in other markets, security- or market-specific credit concerns or general reductions in risk tolerance. See "The Fund's Investments–Portfolio Composition–Bonds."

Below Investment Grade Instruments Risk

The Fund currently intends to invest substantially all of its assets in fixed income instruments that are of below investment grade quality. There is no limit on the amount of below investment grade instruments in which the Fund may invest. Below investment grade instruments are commonly referred to as "junk" or "high yield" instruments and are regarded as predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Below investment grade instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of the issuers of such instruments to repay principal and pay interest thereon, increase the incidence of default for such instruments and severely disrupt the market value of such instruments.

Below investment grade instruments, though generally higher yielding, are characterized by higher risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated instruments. The secondary market for below investment grade instruments may be less liquid than that for higher rated instruments and may have wide spreads between the bid and asked prices. Adverse conditions could make it difficult at times for the Fund to sell certain instruments or could result in lower prices than those used in calculating the Fund's net asset value. Because of the substantial risks associated with investments in lower grade instruments, investors could lose money on their investment in the Common Shares, both in the short-term and the long-term.

Because of the greater number of investment considerations involved in investing in below investment grade instruments the ability of the Fund to meet its objectives depends more on the Adviser's judgment and analytical abilities than would be the case if the portfolio invested primarily in securities in the higher rating categories. While the Adviser will attempt to reduce the risks of investing in lower rated instruments through active portfolio management, diversification, credit analysis and attention to current developments and trends in the economy and the financial markets, there can be no assurance that a broadly diversified portfolio of such instruments would substantially lessen the risks of defaults brought about by an economic downturn or recession. Also, the Fund is a non-diversified investment company and therefore is permitted to invest a greater portion of its assets in obligations of a single issuer than a "diversified" fund. See "The Fund's Investments–Portfolio Composition–Below Investment Grade Instruments" and "–Non-Diversification Risk."

Senior Secured Loans Risk

As part of its investments in corporate fixed income instruments, the Fund may invest in fixed, variable and floating rate Senior Secured Loans arranged through private negotiations between a Borrower and one or more financial institutions. In certain market conditions, the Fund may predominantly invest in Senior Secured Loans. Senior Secured Loans hold senior positions in the capital structure of a business entity, are secured with specific collateral and have a claim on the assets and/or stock of the Borrower that is senior to that held by unsecured creditors, subordinated debt holders and stockholders of the Borrower. The Senior Secured Loans the Fund will invest in are usually rated below investment grade or may also be unrated. Although Senior Secured Loans are senior and secured in contrast to other below investment grade instruments, which are often subordinated or unsecured, the risks associated with Senior Secured Loans are similar to the risks of below investment grade instruments. See "–Below Investment Grade Instruments Risk." Additionally, if a Borrower under a Senior Secured Loan defaults, becomes insolvent or goes into bankruptcy, the Fund may recover only a fraction of what is owed on the Senior Secured Loan or nothing at all. Senior Secured Loans are subject to a number of risks described elsewhere in this prospectus, including credit risk, liquidity risk and below investment grade instruments risk.

Although the Senior Secured Loans in which the Fund will invest will be secured by collateral, there can be no assurance that such collateral can be readily liquidated or that the liquidation of such collateral would satisfy the Borrower's obligation in the event of non-payment of scheduled interest or principal.

In the event of the bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a Senior Secured Loan. In the event of a decline in the value of the already pledged collateral, if the terms of a Senior Secured Loan do not require the Borrower to pledge additional collateral, the Fund will be exposed to the risk that the value of the collateral will not at all times equal or exceed the amount of the Borrower's obligations under the Senior Secured Loan. To the extent that a Senior Secured Loan is collateralized by stock in the Borrower or its subsidiaries, such stock may lose some or all of its value in the event of the bankruptcy or insolvency of the Borrower. Senior Secured Loans that are undercollateralized involve a greater risk of loss.

In general, the secondary trading market for Senior Secured Loans is not fully-developed. No active trading market may exist for certain Senior Secured Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell certain Senior Secured Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Secured Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.

Some Senior Secured Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate the Senior Secured Loans to presently existing or future indebtedness of the Borrower or take other action detrimental to lenders, including the Fund. Such court action could under certain circumstances include invalidation of Senior Secured Loans. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make Senior Secured Loans, the availability of Senior Secured Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain Borrowers. This would increase the risk of default.

If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Senior Secured Loans that are considered highly levered transactions. Such sales could result in prices that, in the opinion of the Adviser, do not represent fair value. If the Fund attempts to sell a Senior Secured Loan at a time when a financial institution is engaging in such a sale, the price the Fund could get for the Senior Secured Loan may be adversely affected.

The Fund will typically acquire Senior Secured Loans through assignments. The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, the purchaser's rights can be more restricted than those of the assigning institution, and the Fund may not be able to unilaterally enforce all rights and remedies under the Senior Secured Loan and with regard to any associated collateral.

The Fund may, but will not typically, invest in a Senior Secured Loan through a participation. A participation typically results in a contractual relationship only with the institution selling the participation interest, not with the Borrower. Sellers of participations typically include banks, brokerdealers, other financial institutions and lending institutions. Certain participation agreements also include the option to convert the participation in the loan to a full assignment of the loan under agreed upon circumstances. The Adviser has adopted best execution procedures and guidelines to seek to mitigate credit and counterparty risk in the atypical situation when the Fund must acquire a Senior Secured Loan through a participation. In purchasing participations, the Fund generally will have no direct right to enforce compliance by the Borrower with the terms of the loan agreement against the Borrower, and the Fund may not directly benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the Borrower and the institution selling the participation.

Credit Risk

Credit risk is the risk that one or more debt instruments in the Fund's portfolio will decline in price or fail to pay interest or principal when due because the issuer of the instrument experiences a decline in its financial status. Losses may occur because the market value of a debt security is affected by the creditworthiness of the issuer and by general economic and specific industry conditions and the Fund's investments will often be subordinate to other debt in the issuer's capital structure. Because the Fund invests in below investment grade instruments, it will be exposed to a greater amount of credit risk than a fund which invests in investment grade securities. The prices of lower grade instruments are more sensitive to negative developments, such as a decline in the issuer's revenues or a general economic downturn, than are the prices of higher grade instruments.

Leverage Risk

The Fund anticipates incurring leverage as part of its investment strategy. All costs and expenses related to any form of leverage used by the Fund will be borne entirely by the Common Shareholders. The Fund's total leverage, either through traditional leverage or effective leverage, will not exceed 40% of the Fund's Managed Assets. See "Leverage."

The Fund's use of leverage could create the opportunity for a higher return for Common Shareholders but would also result in special risks for Common Shareholders and can magnify the effect of any losses. If the income and gains earned on the securities and investments purchased with leverage proceeds are greater than the cost of the leverage, the return on the Common Shares will be greater than if leverage had not been used. Conversely, if the income and gains from the securities and investments purchased with such proceeds do not cover the cost of leverage, the return on the Common Shares will be less than if leverage had not been used. There is no assurance that a leveraging strategy will be successful. Leverage involves risks and special considerations compared to a comparable portfolio without leverage including: • the likelihood of greater volatility of NAV, market price and distribution rate of the Common Shares; • the risk that fluctuations in interest rates on borrowings and short-term debt or in the dividend rates on any Preferred Shares that the Fund may pay will reduce the return to the Common Shareholders or will result in fluctuations in the dividends paid on the Common Shares; • the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the Common Shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the Common Shares; • when the Fund uses leverage, the investment advisory and administrative fees payable to the Adviser and ALPS will be higher than if the Fund did not use leverage, and may provide a financial incentive to the Adviser to increase the Fund's use of leverage and create an inherent conflict of interest; and • leverage may increase expenses, which may reduce total return. The Fund may continue to use leverage if the benefits to the Common Shareholders of maintaining the leveraged position are believed to outweigh any current reduced return, but expects to reduce, modify or cease its leverage if it is believed the costs of the leverage will exceed the return provided from the investments made with the proceeds of the leverage.

Limited Term Risk

Unless the dissolution date is extended by the Board of Trustees and a majority of shareholders in accordance with the Agreement and Declaration of Trust, the Fund will be dissolved on or about September 15, 2027. The Fund does not seek to return $20.00 per Common Share upon dissolution. The Fund's limited term may cause it to sell securities when it otherwise would not, which could cause the Fund's returns to decrease and the market price of the Common Shares to fall. Rather than reinvesting the proceeds of its matured, called or sold securities, the Fund may distribute the proceeds in one or more liquidating distributions prior to the final dissolution, which may cause the Fund's fixed expenses to increase as a percentage of assets under management. Alternatively, the Fund may invest the proceeds in lower yielding securities or hold the proceeds in cash or cash equivalents, which may adversely affect the performance of the Fund. The Board of Trustees may in its sole discretion, without the consent or vote of the shareholders, choose to dissolve the Fund prior to the required dissolution date, which would cause the Fund to miss any market appreciation that occurs after the Fund is dissolved. Conversely, if the Board of Trustees and the shareholders extend the dissolution date, market conditions may deteriorate and the Fund may experience losses. See "Certain Provisions in the Agreement and Declaration of Trust."

Derivatives Risk

Under normal market conditions, the use of derivatives by the Fund will not exceed 30% of the Fund's Managed Assets. The Fund may enter into derivatives for investment, hedging or leverage purposes. The Fund's derivative investments have risks, including:

Counterparty Risk

If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. 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 market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying security.

Leverage Risk

The derivative investments in which the Fund may invest will give rise to forms of financial leverage, which may magnify the risk of owning such instruments. See "–Leverage Risk."

Illiquidity Risk

Certain derivative instruments may be difficult or impossible to sell at the time that the Fund would like or at the price that the Fund believes the derivative is currently worth. See "–Liquidity Risk."

Correlation Risk

Imperfect correlation between the value of derivative instruments and the underlying assets of the Fund creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund's portfolio.

Derivative instruments are also subject to the risk of the loss of principal. Furthermore, the ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. Thus, the use of derivative investments may result in losses greater than if they had not been used, may require the Fund to sell or purchase portfolio securities at inopportune times or for prices below or above the current market values, may limit the amount of appreciation the Fund can realize on an investment or may cause the Fund to hold a security that it might otherwise want to sell. In addition, there may be situations in which the Adviser elects not to use derivative investments that result in losses greater than if they had been used. Amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund's derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain.

Implementation of the provisions of the Dodd-Frank Act will likely impact the use of derivatives by entities, which may include the Fund, and is intended to improve the existing regulatory framework by closing the regulatory gaps and eliminating the speculative trading practices that contributed to the 2008 financial market crisis. The legislation is designed to impose stringent regulation on the over-the-counter derivatives market in an attempt to increase transparency and accountability by, among other things, requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. While many provisions of the Dodd-Frank Act must be implemented through future rulemaking, and any regulatory or legislative activity may not necessarily have a direct, immediate effect upon the Fund, it is possible that, upon the effectiveness of these rules, they could potentially limit or completely restrict the ability of the Fund to use these instruments as a part of its investment strategy, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change availability of certain investments. The SEC has also indicated that it may adopt new policies on the use of derivatives by registered investment companies. Such policies could affect the nature and extent of derivatives use by the Fund.

Swap Risk

The Fund may invest in credit default swaps and total return swaps. Such transactions are subject to market risk, liquidity risk, counterparty risk and risk of imperfect correlation between the value of such instruments and the underlying assets and may involve commissions or other costs. See "–Derivatives Risk." To the extent credit default swaps are used, the Fund will generally sell protection and the risk of loss is often the notional value of the underlying asset, which can result in a loss substantially greater than the amount invested in the swap itself. If, however, the Fund buys protection under a credit default swap, the risk of loss is the contractual obligation to make a stream of payments to the swap counterparty. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying debt securities. The Fund bears the risk of default on the underlying loans or debt securities, based on the notional amount of the swap. The Fund would typically have to post collateral to cover this potential obligation. The swap market has grown substantially in recent years with a large number of banks and investment banking firms acting both as principals and as agents utilizing standardized swap documentation. As a result, the swap market has become relatively liquid; however there is no guarantee that the swap market will continue to provide liquidity. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used.

Liquidity Risk

The Fund may invest up to 20% of its Managed Assets in instruments that, at the time of investment, are illiquid (determined using the SEC's standard applicable to registered investment companies, i.e., instruments that cannot be disposed of by the Fund within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the securities). The Fund may also invest, without limit, in restricted securities, which could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities.

Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid and restricted securities are also more difficult to value, especially in challenging markets. The Adviser's judgment may play a greater role in the valuation process. Investment of the Fund's assets in illiquid and restricted securities may restrict the Fund's ability to take advantage of market opportunities. In order to dispose of an unregistered security, the Fund, where it has contractual rights to do so, may have to cause such security to be registered. A considerable period may elapse between the time the decision is made to sell the security and the time the security is registered, thereby enabling the Fund to sell it. Contractual restrictions on the resale of securities vary in length and scope and are generally the result of a negotiation between the issuer and acquiror of the securities. In either case, the Fund would bear market risks during that period.

Valuation Risk

Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for loans or fixed income instruments to trade. Fixed income instruments generally trade on an "over-the-counter" market which may be anywhere in the world where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of fixed income instruments may carry more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing. In addition, other market participants may value instruments differently than the Fund. As a result, the Fund may be subject to the risk that when a fixed income instrument is sold in the market, the amount received by the Fund is less than the value that such fixed income instrument is carried at on the Fund's books.

Lender Liability Risk

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 its investments, the Fund may be subject to allegations of lender liability. In addition, under common law principles that in some cases form the basis for lender liability claims, if a lender or bondholder (a) intentionally takes an action that results in the undercapitalization of a Borrower to the detriment of other creditors of such Borrower, (b) engages in other inequitable conduct to the detriment of such other creditors, (c) engages in fraud with respect to, or makes misrepresentations to, such other creditors or (d) uses its influence as a stockholder to dominate or control a Borrower to the detriment of other creditors of such Borrower, a court may elect to subordinate the claim of the offending lender or bondholder to the claims of the disadvantaged creditor or creditors, a remedy called "equitable subordination." Because affiliates of, or persons related to, the Adviser may hold equity or other interests in obligors of the Fund, the Fund could be exposed to claims for equitable subordination or lender liability or both based on such equity or other holdings.

Other Investment Company Risk

The Fund may invest up to 10% of its Managed Assets in securities of other open- or closed-end investment companies, including ETFs, to the extent that such investments are consistent with the Fund's investment objective and policies and permissible under the Investment Company Act. As a shareholder in an investment company, the Fund will bear its ratable share of that investment company's expenses, and would remain subject to payment of the Fund's investment management fees with respect to the assets so invested. Common Shareholders would therefore be subject to duplicative expenses to the extent the Fund invests in other investment companies. The investment companies that the Fund invests in may also use leverage, which would cause the Fund's investment in such investment companies to be subject to greater volatility.

Potential Conflicts of Interest Risk

The Adviser will be subject to certain conflicts of interest in its management of the Fund. These conflicts will arise primarily from the involvement of the Adviser, GSO, Blackstone and their affiliates in other activities that may conflict with those of the Fund. The Adviser, GSO, Blackstone and their affiliates engage in a broad spectrum of activities. In the ordinary course of their business activities, the Adviser, GSO, Blackstone and their affiliates may engage in activities where the interests of certain divisions of the Adviser, GSO, Blackstone and their affiliates or the interests of their clients may conflict with the interests of the Fund or the shareholders of the Fund. Other present and future activities of the Adviser, GSO, Blackstone and their affiliates may give rise to additional conflicts of interest which may have a negative impact on the Fund.

In addressing these conflicts and regulatory, legal and contractual requirements across its various businesses, GSO and its affiliates have implemented certain policies and procedures (e.g., information walls). For example, GSO and its affiliates may come into possession of material non-public information with respect to companies in which the Fund may be considering making an investment or companies that are GSO's and its affiliates' advisory clients. As a consequence, that information, which could be of benefit to the Fund, could also restrict the Fund's activities and the investment opportunity may otherwise be unavailable to the Fund. Additionally, the terms of confidentiality or other agreements with or related to companies in which any fund managed by GSO has or has considered making an investment or which is otherwise an advisory client of GSO and its affiliates may restrict or otherwise limit the ability of the Fund to make investments in such companies. As part of its regular business, Blackstone provides a broad range of investment banking, advisory, and other services. In the regular course of its investment banking and advisory businesses, Blackstone represents potential purchasers, sellers and other involved parties, including corporations, financial buyers, management, shareholders and institutions, with respect to transactions that could give rise to investments that would otherwise be available for investment by the Fund. Because of such relationships, there may be certain investments that the Adviser will decline or be unable to make. In addition, employees of Blackstone or its affiliates may possess information relating to such issuers that is not known to the individuals at the Adviser responsible for making investment decisions and performing the other obligations under the investment advisory agreement between the Fund and the Adviser. Those employees of Blackstone or its affiliates will not be obligated to share any such information with the Adviser and may be prohibited by law or contract from doing so. The Adviser or certain of its affiliates may come into possession of material non-public information with respect to an issuer. Should this occur, the Adviser would 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. Disclosure of such information to the Adviser's personnel responsible for the affairs of the Fund will be on a need-to-know basis only, and the Fund may not be free to act upon any such information. Therefore, the Fund may not have access to material non-public information in the possession of the Adviser which might be relevant to an investment decision to be made by the Fund, and the Fund may initiate a transaction or sell an investment which, if such information had been known to it, may not have been undertaken. Due to these restrictions, the Fund may not be able to initiate a transaction that it otherwise might have initiated and may not be able to sell an investment that it otherwise might have sold. Blackstone and its affiliates may represent creditors or debtors in proceedings under Chapter 11 of the Bankruptcy Code or prior to such filings. From time to time, Blackstone and its affiliates may serve as advisor to creditor or equity committees. This involvement, for which Blackstone and its affiliates may be compensated, may limit or preclude the flexibility that the Fund may otherwise have to participate in restructurings. For example, in situations in which an issuer of fixed income instruments held by the Fund is a client or a potential client of the restructuring and reorganization advisory practice of Blackstone, the Adviser may dispose of such instruments or take such other actions reasonably necessary to the extent permitted under the Investment Company Act in order to avoid actual or perceived conflicts of interest with the restructuring and reorganization advisory practice. Further, there may also be instances in which the work of Blackstone's and its affiliates' restructuring and reorganization advisory practice prevents the Adviser from purchasing securities on behalf of the Fund. See "Management of the Fund–Potential Conflicts of Interest" in the SAI.

Limitations on Transactions with Affiliates Risk

The Investment Company Act limits our ability to enter into certain transactions with certain of our affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security directly from or to any portfolio company of a registered investment company or private equity fund or investment company managed by Blackstone, GSO or any of their respective affiliates. However, the Fund may, under certain circumstances, purchase any such portfolio company's securities in the secondary market, which could create a conflict for the Adviser between the interests of the Fund and the portfolio company, in that the ability of the Adviser to recommend actions in the best interest of the Fund might be impaired. The Investment Company Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company (whether at the same or different times). These limitations may limit the scope of investment opportunities that would otherwise be available to us.

Dependence on Key Personnel Risk

The Adviser is dependent upon the experience and expertise of certain key personnel in providing services with respect to the Fund's investments. If the Adviser were to lose the services of these individuals, its ability to service the Fund could be adversely affected. The Adviser may not be successful in selecting the best-performing securities or investment techniques for the Fund's portfolio and the Fund's performance may lag behind that of similar funds. The Adviser has informed the Fund that the investment professionals associated with the Adviser are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund's business and affairs. In addition, individuals not currently associated with the Adviser may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of such individuals.

Inflation/Deflation Risk

Inflation risk is the risk that the value of certain assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions on the Common Shares can decline. In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund's use of leverage would likely increase, which would tend to further reduce returns to shareholders. Deflation risk is the risk that prices throughout the economy decline over time–the opposite of inflation. Deflation may have an adverse affect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund's portfolio.

Foreign Instruments Risk

The Fund may invest up to 20% of its Managed Assets in U.S. currency denominated and/or foreign currency denominated fixed income instruments issued by foreign corporate or government issuers. Such investments involve certain risks not involved in domestic investments and may experience more rapid and extreme changes in value than investments in securities of U.S. companies or in the U.S. government.

Financial markets in foreign countries often are not as developed, efficient or liquid as financial markets in the United States, and therefore, the prices of foreign securities can be more volatile. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payments of principal and interest to investors located outside the country, whether from currency blockage or otherwise. In addition, the Fund will be subject to risks associated with adverse political and economic developments in foreign countries, including seizure or nationalization of foreign deposits, different legal systems and laws relating to creditors' rights and the potential inability to enforce legal judgments, all of which could cause the Fund to lose money on its investments in foreign securities. Generally, there is less readily available and reliable information about non-U.S. issuers due to less rigorous disclosure or accounting standards and regulatory practices. Foreign government debt includes bonds that are issued or backed by foreign governments or their agencies, instrumentalities or political subdivisions or by foreign central banks. The governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal and/or interest when due in accordance with terms of such debt, and the Fund may have limited legal recourse in the event of a default. In addition, since 2010, the risks of investing in certain foreign government debt have increased dramatically as a result of the ongoing European debt crisis which began in Greece and has begun to spread throughout various other European countries. These debt crises and the ongoing efforts of governments around the world to address these debt crises have also resulted in increased volatility and uncertainty in the global securities markets and it is impossible to predict the effects of these or similar events in the future on the Fund, though it is possible that these or similar events could have a significant adverse impact on the value and risk profile of the Fund. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, as many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Because foreign securities may trade on days when the Fund's Common Shares are not priced and the NYSE is closed, NAV can change at times when Common Shares cannot be sold. The Fund has no current intention to invest in instruments the Borrowers or issuers of which are from emerging market countries.

Foreign Currency Risk

Because the Fund may invest in securities or other instruments denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of instruments held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of instruments denominated in such currencies, which means that NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Fund may incur costs in connection with the conversions between various currencies. In addition, certain countries may impose foreign currency exchange controls or other restrictions on the repatriation, transferability or convertibility of currency.

Continuing uncertainty as to the status of the euro and the EMU has created significant volatility in currency and financial markets generally. Any partial or complete dissolution of the EMU could have significant adverse effects on currency and financial markets, and on the values of the Fund's portfolio investments. If one or more EMU countries were to stop using the euro as its primary currency, the Fund's investments in such countries, if any, may be redenominated into a different or newly adopted currency. As a result, the value of those investments could decline significantly and unpredictably. In addition, instruments or other investments that are redenominated may be subject to foreign currency risk, liquidity risk and valuation risk to a greater extent than similar investments currently denominated in euros.

Stressed and Distressed Instruments Risk

As part of its investments in corporate fixed income instruments, the Fund may invest up to 20% of its Managed Assets in corporate fixed income instruments of stressed or distressed issuers. Such instruments may be rated in the lower rating categories (Caa1 or lower by Moody's, or CCC or lower by S&P or Fitch) or, if unrated, are considered by the Adviser to be of comparable quality. For these securities, the risks associated with below investment grade instruments are more pronounced. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to an investment, the Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.

Credit-Linked Notes Risk

The Fund may invest up to 10% of its Managed Assets in credit-linked notes. Holders of creditlinked notes bear risks of the underlying investments, index or reference obligation and are subject to counterparty risk.

Credit-linked notes are structured products used to transfer credit risk. The performance of the notes is linked to the performance of an underlying reference entity. The notes are usually issued by an SPV that sells credit protection through a credit default swap transaction in return for a premium and an obligation to pay the transaction sponsor should a reference entity experience a certain credit event or events, such as bankruptcy. The SPV invests the proceeds from the notes to cover its contingent payment obligation. Revenue from the investments and the money received as premium are used to pay interest to note holders. The main risk of credit-linked notes is the risk of the reference entity experiencing a credit event that triggers the contingent payment obligation. Should such an event occur, the SPV would have to pay the transaction sponsor and payments to the note holders would be subordinated.

The Fund may have the right to receive payments only from the SPV and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain creditlinked notes enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in credit-linked notes generally pay their share of the SPV's administrative and other expenses. Although it is difficult to predict whether the prices of indices and securities underlying credit-linked notes will rise or fall, these prices (and, therefore, the prices of credit-linked notes) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the SPV of a credit-linked note uses shorter term financing to purchase longer term securities, the SPV may be forced to sell its securities at below market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the credit-linked notes owned by the Fund. Certain credit-linked notes may be thinly traded or have a limited trading market. Credit-linked notes are typically privately offered and sold. As a result, investments in credit-linked notes may be characterized by the Fund as illiquid securities. See "The Fund's Investments–Other Investment Techniques–Credit-Linked Notes."

Repurchase Agreements Risk

Subject to its investment objectives and policies, the Fund may invest in repurchase agreements as a buyer for investment purposes. Repurchase agreements typically involve the acquisition by the Fund of debt securities from a selling financial institution such as a bank, savings and loan association or broker-dealer. The agreement provides that the Fund will sell the securities back to the institution at a fixed time in the future. The Fund does not bear the risk of a decline in the value of the underlying security unless the seller defaults under its repurchase obligation. In the event of the bankruptcy or other default of a seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying securities and losses, including: (1) possible decline in the value of the underlying security during the period in which the Fund seeks to enforce its rights thereto; (2) possible lack of access to income on the underlying security during this period; and (3) expenses of enforcing its rights. In addition, the value of the collateral underlying the repurchase agreement will be at least equal to the repurchase price, including any accrued interest earned on the repurchase agreement. In the event of a default or bankruptcy by a selling financial institution, the Fund generally will seek to liquidate such collateral. However, the exercise of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss.

Reverse Repurchase Agreements Risk

The Fund's use of reverse repurchase agreements involves many of the same risks involved in the Fund's use of leverage, as the proceeds from reverse repurchase agreements generally will be invested in additional securities, resulting in a form of borrowing. There is a risk that the market value of the securities acquired in the reverse repurchase agreement may decline below the price of the securities that the Fund has sold but remains obligated to repurchase. In addition, there is a risk that the market value of the securities retained by the Fund may decline. If the buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experiences insolvency, the Fund may be adversely affected. Also, in entering into reverse repurchase agreements, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements transactions, the Fund's NAV will decline, and, in some cases, the Fund may be worse off than if it had not used such instruments.

Segregation and Coverage Risk

Certain portfolio management techniques, such as, among other things, entering into swap agreements, using reverse repurchase agreements, futures contracts or other derivative transactions, may be considered senior securities under the Investment Company Act unless steps are taken to segregate the Fund's assets or otherwise cover its obligations. To avoid having these instruments considered senior securities, in some cases the Fund may segregate liquid assets with a value equal (on a daily mark-to-market basis) to its obligations under these types of leveraged transactions, enter into offsetting transactions or otherwise cover such transactions. In cases where the Fund does not cover such leveraged transactions, such instruments may be considered senior securities and the Fund's use of such leveraged transactions will be required to comply with the restrictions on senior securities under the Investment Company Act. The Fund may be unable to use segregated assets for certain other purposes, which could result in the Fund earning a lower return on its portfolio than it might otherwise earn if it did not have to segregate those assets in respect of or otherwise cover such portfolio positions. To the extent the Fund's assets are segregated or committed as cover, it could limit the Fund's investment flexibility. Segregating assets and covering positions will not limit or offset losses on related positions.

Income Risk

The income the Common Shareholders receive from the Fund is based primarily on the interest the Fund earns from its investments, which can vary widely over the short and long term. If prevailing market interest rates drop, distribution rates to the Common Shareholders could drop as well. The Fund's income also would likely be affected adversely when prevailing short-term interest rates increase, and this will be magnified when the Fund is utilizing leverage. Investments in Equity Securities or Warrants Incidental to Investments in Fixed Income Instruments. From time to time the Fund also may invest in or hold common stock and other equity securities or warrants incidental to the purchase or ownership of a fixed income instrument or in connection with a reorganization of an issuer. Investments in equity securities incidental to investments in fixed income instruments entail certain risks in addition to those associated with investments in fixed income instruments. Because equity is merely the residual value of an issuer after all claims and other interests, it is inherently more risky than the bonds or loans of the same issuer. The value of the equity securities may be affected more rapidly, and to a greater extent, by company-specific developments and general market conditions. These risks may increase fluctuations in the Fund's NAV. The Fund frequently may possess material non-public information about a Borrower or issuer as a result of its ownership of a fixed income instrument. Because of prohibitions on trading in securities while in possession of material non-public information, the Fund might be unable to enter into a transaction in a security of an issuer when it would otherwise be advantageous to do so.

U.S. Government Debt Securities Risk

U.S. government debt securities generally do not involve the credit risks associated with investments in other types of debt securities, although, as a result, the yields available from U.S. government debt securities are generally lower than the yields available from other securities. However, in 2011 S&P downgraded its rating of U.S. government debt, suggesting an increased credit risk. Further downgrades could have an adverse impact on the price and volatility of U.S. government debt instruments. Like other debt securities, the values of U.S. government securities change as interest rates fluctuate. Fluctuations in the value of portfolio securities will not affect interest income on existing portfolio securities but will be reflected in the Fund's NAV. Since the magnitude of these fluctuations will generally be greater at times when the Fund's average maturity is longer, under certain market conditions the Fund may, for temporary defensive purposes, accept lower current income from short-term investments rather than investing in higher yielding long-term securities. In addition, the recent economic crisis in the United States has negatively impacted government-sponsored entities, which include Federal Home Loan Banks, Fannie Mae and Freddie Mac. As the real estate market has deteriorated through declining home prices and increasing foreclosure, government-sponsored entities, which back the majority of U.S mortgages, have experienced extreme volatility and in some cases a lack of liquidity. In September 2008, Fannie Mae and Freddie Mac were placed under a conservatorship of the U.S. federal government. Any investments issued by Federal Home Loan Banks and Fannie Mae may ultimately lose value.

Commodity Pool Risk

The Fund's use of derivatives that are subject to regulation by the CFTC and NFA could cause the Fund to be deemed a commodity pool or the Adviser to be a commodity pool operator, which would require the Fund and the Adviser to comply with certain rules that could result in additional costs to the Fund. Pursuant to regulations and/or published positions of the SEC, the Fund may also be required to segregate cash or liquid securities in connection with futures transactions. The Fund has claimed an exclusion from the definition of the term "commodity pool operator" under the CEA pursuant to Rule 4.5 under the CEA promulgated by the CFTC. The Fund currently is not, therefore, subject to registration or regulation as a "commodity pool operator" under the CEA and the Fund intends to be operated so as not to be deemed to be a "commodity pool" under the regulations of the CFTC under current law. On February 9, 2012, the CFTC adopted amendments to its rules that, once effective, may affect the ability of the Fund to continue to claim this exclusion. The Fund would be limited in its ability to use futures or options on futures or engage in swap transactions if it continued to claim the exclusion. If the Fund did not continue to claim the exclusion, the Fund believes that the Fund and the Adviser would likely become subject to registration and regulation as a commodity pool operator. The Fund may incur additional expenses as a result of the CFTC's registration and regulatory requirements. The impact of the rule changes on the operations of the Fund and the Adviser is not fully known at this time. The Fund and the Adviser are continuing to analyze the effect of these rule changes on the Fund.

Recent Developments

The U.S. credit markets have in the recent past experienced extreme volatility and market disruption. Although the U.S. market is not currently experiencing disruption, extreme volatility or market disruption may occur in the future. In addition, the European credit markets have in the recent past experienced extreme volatility and may experience such volatility in the future. Instability in the credit markets may make it more difficult for a number of issuers of debt securities to obtain financing or refinancing for their investment or lending activities or operations. In particular, because of volatile conditions in the credit markets, issuers of debt securities may be subject to increased cost for debt, tightening underwriting standards and reduced liquidity for loans they make, securities they purchase and securities they issue.

For example, certain issuers may, due to macroeconomic conditions, be unable to repay the obligations under their fixed income securities during this period. An issuer's failure to satisfy financial or operating covenants imposed by lenders could lead to defaults and, potentially, termination of the security and foreclosure on its secured assets, which could trigger cross-defaults under other agreements and jeopardize the issuer's ability to meet its obligations under its debt securities. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting issuer. The recent market instability could lead to financial losses in our portfolio and a decrease in revenues, net income and the value of the Fund's assets.

In addition, on August 5, 2011, S&P lowered its long-term sovereign credit rating on the U.S. federal government debt to "AA+" from "AAA." The downgrade by S&P could increase volatility in both stock and bond markets, result in higher interest rates and higher U.S. Treasury yields and increase the costs of all kinds of debt. These events could have significant adverse effects on the economy generally.

These developments may increase the volatility of the value of fixed income instruments and other investments owned by the Fund. These developments also may make it more difficult for the Fund to accurately value its investments or to sell them on a timely basis. These developments could adversely affect the ability of the Fund to use leverage for investment purposes and increase the cost of such leverage, which would reduce returns to Common Shareholders. These developments also may adversely affect the broader economy, which in turn may adversely affect the ability of issuers of securities owned by the Fund to make payments of principal and interest when due, lead to lower credit ratings of the issuer and increased defaults by the issuer. Such developments could, in turn, reduce the value of securities owned by the Fund and adversely affect the NAV and market price of the Fund's Common Shares.

Market Disruption and Geopolitical Risk

The instability in the Middle East and terrorist attacks in the United States and around the world may result in market volatility and may have long-term effects on the U.S. and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund cannot predict the effects of geopolitical events in the future on the U.S. economy and loan and securities markets.

Portfolio Turnover Risk

The Fund's annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. However, portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. If the Adviser determines that it is in the Fund's best interests to shift the focus of its investments from one type of fixed income security to another, the Fund's portfolio turnover rate during such a shift may be very high. High portfolio turnover results in greater transactional expense for the Fund and may result in the realization of net short-term capital gains by the Fund which, when distributed to Common Shareholders, will be taxable as ordinary income. A high portfolio turnover may increase the Fund's current and accumulated earnings and profits, resulting in a greater portion of the Fund's distributions being treated as a dividend to the Fund's Common Shareholders. See "The Fund's Investments–Investment Policies–Portfolio Turnover" and "Tax Matters."

Government Intervention in the Financial Markets

The recent instability in the financial markets has led the U.S. government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility, and in some cases a lack of liquidity. In addition, the European Central Bank and other foreign government and supranational finance authorities have taken unprecedented actions to regulate or manipulate international financial markets. These governments, agencies and/or organizations may take additional actions that affect the regulation of the securities or derivatives in which the Fund invests, or the issuers of such securities or derivatives, in ways that are unforeseeable. Issuers of fixed income instruments held by the Fund may seek protection under the bankruptcy laws. Legislation or regulation may also change the way in which the Fund itself is regulated. Such legislation or regulation could limit or preclude the Fund's ability to achieve its investment objectives. The Adviser will monitor developments and seek to manage the Fund's portfolio in a manner consistent with achieving the Fund's investment objectives, but there can be no assurance that it will be successful in doing so.

The Fund's Agreement and Declaration of Trust includes provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could deprive Common Shareholders of opportunities to sell their Common Shares at a premium over the then current market price of the Common Shares or at NAV. See "Certain Provisions in the Agreement and Declaration of Trust."

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

Hong Kong disclaimer
[BLACKSTONE / GSO SENIOR FLOATING RATE TERM FUND] [BLACKSTONE / GSO LONG-SHORT CREDIT INCOME FUND] [BLACKSTONE / GSO STRATEGIC CREDIT FUND] (“FUND”) MAY NOT BE OFFERED OR SOLD, BY MEANS OF ANY DOCUMENT, AND NO ADVERTISEMENT, INVITATION OR DOCUMENT RELATING TO THE FUND, WHETHER IN HONG KONG (EXCEPT IF PERMITTED TO DO SO UNDER THE SECURITIES LAWS OF HONG KONG) OR ELSEWHERE, SHALL BE ISSUED, CIRCULATED OR DISTRIBUTED WHICH IS DIRECTED AT, OR THE CONTENTS OF WHICH ARE LIKELY TO BE ACCESSED OR READ BY, THE PUBLIC IN HONG KONG OTHER THAN (I) WITH RESPECT TO THE INTERESTS WHICH ARE OR ARE INTENDED TO BE DISPOSED OF ONLY TO PERSONS OUTSIDE HONG KONG OR ONLY TO “PROFESSIONAL INVESTORS” WITHIN THE MEANING OF THE SECURITIES AND FUTURES ORDINANCE (CAP. 571) OF HONG KONG (“SFO”) AND ANY RULES MADE THEREUNDER OR (II) IN CIRCUMSTANCES THAT DO NOT CONSTITUTE AN INVITATION TO THE PUBLIC FOR THE PURPOSES OF THE SFO.

THE CONTENTS OF THIS WEBSITE OR ANY DOCUMENTS REFERENCED HEREIN HAVE NOT BEEN REVIEWED BY ANY REGULATORY AUTHORITY IN HONG KONG. IF YOU ARE IN ANY DOUBT ABOUT ANY OF THE CONTENTS OF THIS WEBSITE OR ANY DOCUMENTS REFERENCED HEREIN, YOU SHOULD OBTAIN INDEPENDENT PROFESSIONAL ADVICE.

Singapore disclaimer
THE BLACKSTONE GROUP L.P. IS NOT MAKING ANY OFFER FOR SALE OR SUBSCRIPTION OR INVITING OR SOLICITING ANY OFFER TO BUY, SUBSCRIBE, OR DISPOSE OF ANY SECURITIES AND/OR INVESTMENT PRODUCTS AND/OR FINANCIAL INSTRUMENTS TO ANY PERSON (INCLUDING ANY PERSON IN SINGAPORE). ACCORDINGLY, ANY INVESTOR OR USER OF THIS WEBSITE WHO WISHES TO TRADE ANY INVESTMENT PRODUCT OR FINANCIAL INSTRUMENT MENTIONED ON THIS WEBSITE SHOULD ONLY DO SO THROUGH AN APPROPRIATELY REGULATED BROKER-DEALER.

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