FOR MS SCHEDULE Effective Date: January 16, Expiration Date: January 16, 2017 2018 06-683-04-07 Policy Number: Division No: 69 Insured Name: AMERICAN CAPITAL SENIOR FLOATING, LTD. Print date: Feb 28, 2017 Underwriter Name: PETER VOSS Printed by: CATHERINE Phone # : BAYNA Underwriter Phone # : 212-458-2533 ALIAS FOR M NUMBER DESCRIPTION RTQD01 ENVPGE CLETR2 COM001 MNSDEC QP6690 QE0703 QE7215 MNSCPT QF1994 MNSCPT MNSCPT MNSCPT MNSCPT QE7459 MNSCPT MNSCPT MNSCPT MNSCPT MNSCPT MNSCPT QE2392 QE7310 RISK TRANSFER LETTER LETTER 91222 41205 41206 69898 99758 101929 119679 101787 101907 MNSCPT 113011 101036 MNSCPT MNSCPT MNSCPT MNSCPT MNSCPT MNSCPT 78859 83231 ENVELOPE PAGE REGULAR BROKER COVER LETTER POLICYHOLDER NOTICE INVESTMENT COMPANY BLANKET BOND - DEC PAGE Investment Company Blanket Bond guts NEW YORK AMENDATORY - CANCELLATION/NONRENEWAL NOTICE OF CLAIM (REPORTING BY E-MAIL) ERISA RIDER ECONOMIC SANCTIONS ENDORSEMENT NAMED INSURED AMENDED RIDER TERMINATION OR CANCELLATION SECTION AMENDED DISCOVER AND NOTICE AMENDED RIDER PROTECTED INFORMATION EXCLUSION CANCELLATION AMENDATORY (RETURN PRO RATA) NAMED INSURED AMENDED RIDER COMPUTER SYSTEMS FRAUD VOICE INITIATED TRANSFER FRAUD RIDER CLAIMS EXPENSE INSURING AGREEMENT TELEFACSIMILE TRANSFER FRAUD RIDER FRAUDULENT TRANSFER INSTRUCTIONS VIA EMAIL FORMS INDEX ENDORSEMENT NEW YORK LAW 3420 AMENDATORY ENDORSEMENT 2-14057 Page 1 o f 1 NUSFRM Archive Copy

Risk Transfer Qualification Key: R1 - Insurance Accounting Worksheet necessary R2 - Insurance Accounting UW file R3 - Deposit Accounting - UW file R4 - Bifurcated Accounting - Safe Harbor applies to transaction, no Risk Transfer - Risk Transfer Worksheet completed, approved, and in Risk Transfer Worksheet completed, approved, and in (Insurance/ Deposit) - Risk Transfer Worksheet completed, approved, and If it has been determined please indicate below the in UW file. that a Risk Transfer Worksheet needs to be completed, individuals who m are required to sig n the worksheet: Underwriter Division President Chief Financial Officer Archive Copy Account Nam e: AMERICAN CAPITAL SENIOR FLOATING, LTD. Policy Number : 06-683-04-07 Policy Effective Date : January 16, 2017 Under writer : PETER VOSS Print Date : Feb 28, 2017 Initial Risk Transfer Assessment Date : December 21, 2016 Risk Assessment Date Risk Transfer Qualification Risk Assessment Date Risk Transfer Qualification 01/17/2017 R1 02/13/2017 R1 02/13/2017 R1 02/13/2017 R1 02/23/2017 R1 02/23/2017 R1

Insured: AMERICAN CAPITAL SENIOR - product line underwriting guidance B RANCH Page 1 of 1 The material contained herein is proprietary to AIG and is intended for internal use only by employees of AIG. Unauthorized disclosure, dissemination, copying, or other use of this material without the express written permission of AIG is strictly prohibited. Copyright © 2015 AIG. All rights Reserved Copy Sanctions Due Diligence Checklist for Commercial Insureds The AIG Property Casualty Economic Sanctions Standards require risk-based sanctions due diligence for commercial insureds. This assessment must be made prior to bind. These questions will assist you in completing due diligence pertaining to sanctions risk. See the AIG PC Sanctions Web Page for guidance, including the following: - RSAT contacts - de minimis application FLOATING, LTD. - US sanctioned country program summary (click here or type "sanctions" into the AIG Contact search box). Date: January 17, 2017 During the course of your regular underwriting review, was there any evidence that would lead you to believe that the Commercial insured (including subsidiaries and branches) has sanctions exposure* in any of the countries / regions listed below? Cuba Iran Myanmar Sudan Syria North Korea Belarus Zimbabwe Crimea region of Ukraine For the purpose of this question, "exposure" means any of the following: - insured is incorporated, domiciled or located in any of the above listed countries -insured conducts business activity involving Cuba, Crimea region of Ukraine, Iran, Syria or Sudan (e.g. services, shipments, sales, supply channels, covered property). - information obtained shows that insured board members or officers are domiciled in Cuba, Crimea region of Ukraine, Iran, Syria or Sudan, or that an insured is majority owned by individuals or entities incorporated, domiciled or located in Cuba, Crimea region of Ukraine, Iran, Syria, Sudan. This information must be screened and evaluated. It is important to be alert to evidence of sanctions exposure during your regular underwriting review. Common underwriting sources that may contain information which would indicate a sanctions exposure are listed below: Underwriting file/submission Company website Annual (or other) reports Discussion with customer/broker Schedules of covered property, routes, vessels, locations* *Note: Endorsements, schedules, tax forms and other policy-related documents should not refer to sanctioned countries in a way that could suggest coverage, regardless of whether a sanctions exclusion is included in the policy. For AIG in Canada Underwriters please see the most current version of the local Economic Sanctions Guidelines issued by Compliance. YESNO All sanctions exposure must be escalated to the Regional Sanctions Assistance Team (RSAT) US and Canada: sanctions@aig.com Asia Pacific: sanctions.asiapacific@aig.com Central: sanctions.central@aig.com Latin America: sanctions.lacr@aig.com Europe: sanctions.europe@aig.com Japan: sanctions.fareast@aig.co.jp

PETER VOSS Acknowledgement By: January 17, 2017 Acknowledgement On: AMERICAN CAPITAL SENIOR FLOATING, LTD. Insured Name: 066830407 Submission/Policy Number: Archive Copy

N ati on al U n i on Fir e Ins u r an ce Co m p an y o f Pittsb u r gh , Pa. 175 Water Stree t New Yo rk, NY 10038 212-458-5000 February 28, 2017 212-458-2533 Direct Dial: Kelso Davis AON RISK SERVICES NORTHEAST INC 199 WATER ST NEW YORK, NY 10038-3526 RE: AM ERICAN CAPITAL SEN IOR FLOATIN G, LTD. Po licy Num ber: 06-683-04-07 Dear Kelso Enclo sed please find the o rig inal and co py(ies) o f the po licy and/ o r endo rsem ent(s) fo r the captio ned acco unt. If yo u have any questio ns, please feel free to co ntact m e at the abo ve listed num ber. Very truly yo urs, PETER VOSS Assistant Vice President Executive Liability 212-458-2533 Enc. 1503627 2-14057 B RANACrcHhive Copy

POLICYHOLDER NOTICE Thank you for purchasing insurance from a member company of American International Group, Inc. (AIG). The AIG member companies generally pay compensation to brokers and independent agents, and may have paid compensation in connection with your policy. You can review and obtain information about the nature and range of compensation paid by AIG member companies to brokers and independent agents in the United States by visiting our website at www .aig.com/producer-compensation or by calling 1-800-706-3102. 91222 (9/16A)rchive Copy

National Union Fire Insurance Company of Pittsburgh, Pa. A capital stock company POLICY NUMBER: 06-683-04-07 REPLACEMENT OF POLICY NUMBER: 06-180-20-71 INVESTMENT COMPANY BLANKET BOND DECLARATIONS Item 1 Name of Insured (herein called Insured): AMERICAN CAPITAL SENIOR FLOATING, LTD. Principal Address 245 PARK AVENUE, 43RD FLOOR NEW YORK, NY 10167 Item 2. Bond Period: from January 16, 2017 12:01a.m. to January 16, 2018 12:01a.m. the effective date of the termination or cancellation of this bond, standard time at the Principal Address as to each of said dates Item 3. Limit of Liability--Subject to Sections 9, 10 and 12 hereof, Amount applicable to Limit of Liability Deductible $0 $5,000 $50,000 $50,000 $50,000 $50,000 $50,000 $5,000 Insuring Agreement (A)-FIDELITY Insuring Agreement (B)-AUDIT EXPENSE Insuring Agreement (C)-ON PREMISES Insuring Agreement (D)-IN TRANSIT Insuring Agreement (E)-FORGERY OR ALTERATION Insuring Agreement (F)-SECURITIES Insuring Agreement (G)-COUNTERFEIT CURRENCY Insuring Agreement (H)-UNCOLLECTIBLE ITEMS OF DEPOSIT Additional Insuring Agreements Insuring Agreement (I)-COMPUTER SYSTEMS Insuring Agreement (J)-CLAIMS EXPENSE Insuring Agreement (K)-VOICE INITIATED TRANSFER FRAUD Insuring Agreement (L)-TELEFACSIMILE TRANSFER FRAUD Insuring Agreement (M)-FRAUDULENT TRANSFER INSTRUCTIONS VIA EMAIL $1,000,000 $50,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $50,000 $1,000,000 $50,000 $1,000,000 $1,000,000 $1,000,000 $50,000 $5,000 $50,000 $50,000 $50,000 2-14057 41205 (04/95) 1 © All rights reserved. Archive Copy

If "Not Covered" is inserted above opposite any specified Insuring Agreement or Coverage, such Insuring Agreement or Coverage and any other reference thereto in this bond shall be deemed to be deleted therefrom. Item 4. Offices or Premises Covered--Offices acquired or established subsequent to the effective date of this bond are covered according to the terms of General Agreement A. All the Insured's offices or premises in existence at the time this bond becomes effective are covered under this bond except the offices or premises located as follows: Item 5. The liability of the Underwriter is subject to the terms of the following riders attached hereto: #1, #2, #3, #4, #5, #6, #7, #8, #9, #10, #11, #12, #13, #14, #15, #16 Item 6. The Insured by the acceptance of this bond gives to the Underwriter terminating or cancelling prior bond(s) or policy(ies) No. (s)uch termination time this bond becomes effective. 06-180-20-71 or cancellation to be effective as of the 2-14057 41205 (04/95) 2 © All rights reserved. Archive Copy

IN WITNESS WHEREOF, the Insurer has caused this Policy to be signed by its President, Secretary and Authorized Representative. This Policy shall not be valid unless signed below at the time of issuance by an authorized representative of the insurer. PRESIDENT Nation al Union Fire Insurance Company of Pittsburgh , Pa. SECRETARY Nation al Union Fire Insurance Company of Pittsburgh, Pa. AUTHORIZED REPRESENTATIVE COUNTERSIGNED AT DATE COUNTERSIGNATURE AON 199 NEW RISK SERVICES NORTHEAST WATER ST YORK, NY 10038-3526 INC 1503627 2-14057 41205 (04/95) 3 © All rights reserved. Archive Copy

to be a loss sustained by the Insured through fraudulentact(s), including Larceny or Larceny or Embezzlement of one or more of committed anywhere and whether committed paragraph shall be in addition to the Limit of loss o f Property resulting from such acts of Item 3 of the Declarations. Insured for any purpose or in any capacity from the possession, custody or control of loss; and conversion, redemption or deposit privileges Employee, or for any other person or while the Property is (or is supposed or to receive such benefit, other than deposited within any offices or premises promotions, awards, profit sharing, Item 4 of the Declarations or amendment earned in the normal course of hire other than an armored motor vehicle required by any governmental regulatory fixtures, stationery, supplies or authority or by an independent accountant by offices covered under this bond caused the Insured through any dishonestor robbery or holdup of such office, or Embezzlement of any of the Employees. The malicious mischief; or National Union Fire Insurance Company of Pittsburgh, Pa. A capital stock company INVESTMENT COM PANY BLANKET BOND The Underwriter, in consideration of an agreed premium, and subject to the Declarations made a part hereof, the General Agreements, Conditions and Limitations and other terms of this bond, agrees with the Insured, in accordance with the Insuring Agreements hereof to which an amount of insurance is applicable as set forth in Item 3 of the Declarations and with respect to loss sustained by the Insured at any time but discovered during the Bond Period, to indemnify and hold harm less the Insured for: INSURING AGREEMENTS (A) FIDELITY 3 of the Declarations; it being understood, Loss resulting from any dishonest or however, that such expense shall be deemed Embezzlement committed by an Employee, any dishonest or fraudulent act(s), including alone or in collusion with others, including the Employees and the liability under this an Employee, which Property is held by the liability stated in Insuring Agreement (A) in and whether so held gratuitously or not and (C) ON PREMISES whether or not the Insured is liable therefor. Loss of Property (occurring with or without Dishonest or fraudulent act(s) as used in this negligence or violence) through robbery, Insuring Agreement shall mean only dishonestburglary, Larceny, theft, holdup, or other or fraudulentact(s) committed by suchfraudulent means, m isplacement, mysterious Employee with the manifest intent: unexplainable disappearance, damage thereto (a) to cause the Insured to sustain such or destruction thereof, abstraction or removal (b) to obtain financial benefit for the the Insured, and loss of subscription, organization intended by the Employee through the misplacement or loss of Property, salaries, commissions, fees, bonuses, believed by the Insured to be) lodged or pensions or other employee benefits located anywhere, except in an office listed in employment. thereof or in the mail or with a carrier for (B) AUDIT EXPENSE company, for the purpose of transportation. Expense incurred by the Insured for that part Offices and Equipment of the costs of audits or examinations (1) Loss of or damage to , furnishings, authority to be conducted either by such equipment, within any of the Insured's reason of the discovery of loss sustained by by Larceny or theft in, or by burglary, fraudulent act(s), including Larceny or attempt thereat, or by vandalism or total liability of the Underwriter for such expense by reason of such acts of any (2) loss through damage to any such Employee or in which such Employee is office by Larceny or theft in, or by concerned or implicated or with respect to burglary, robbery or holdup of such any one audit or examination is limited to the office or attempt thereat, or to the amount stated opposite Audit Expense in Item interior of any such office by 41206 (9/ 84) BRANCH Active Copy All rights reserved.

Any check or draft (a) made payable to a through fire. or with one acting as an agent of such maker negligence or violence) through robbery, and made or drawn payable to the one so mysterious unexplainable disappearance, than the one impersonated, shall be deemed damage thereto or destruction thereof, and (F) SECURITIES messenger, except while in the m ail or with a Insured had been a member thereof, (1) through the Insured's having , in good or in any bills of exchange, checks, drafts, whether for its own account or for the promissory notes, or other written promises, representative, fiduciary, agency or any money, due bills, money orders, warrants, otherwise, purchased or otherwise written instructions, advices or applications or delivered, or given any value, acknowledging the transfer, payment, delivery liability, on the faith of, or otherwise instructions or advices or applications purport or other written instruments which customer of the Insured, shareholder or (2) through the Insured's having , in good receipts or certificates of deposit for Property vandalism or malicious mischief issuer, or of another Investment Company for provided, in any event, that the Insured which the Insured acts as agent, excluding, is the owner of such offices, however, any loss covered under Insuring furnishings, fixtures, stationery, Agreement (F) hereof whether or not supplies or equipment or is legally coverage for Insuring Agreement (F) is liable for such loss or damage, always provided for in the Declarations of this bond . excepting , however, all loss or dam age fictitious payee and endorsed in the name of (D) IN TRANSIT such fictitious payee or (b) pro cured in a loss of Property (occurring with or without transaction with the maker or drawer thereof Larceny, theft, holdup, misplacement, or drawer or anyone impersonating another being lost or otherwise made away with, impersonated and endorsed by anyone other loss of subscription, conversion, redemption to be forged as to such endorsement. or deposit privileges through the Mechanically reproduced facsimile sig natures misplacement or loss of Property, while the are treated the same as handwritten Property is in transit anywhere in the custody sig natures. of any person or persons acting as carrier for hire, other than an armored motor loss sustained by the Insured, including loss vehicle company, for the purpose of sustained by reason of a violation of the transportation, such transit to beg in constitution, by-laws, rules or regulations of immediately upon receipt of such Property by any Self Regulatory Organization of which the the transporting person or persons, and to Insured is a member or which would have end immediately upon delivery thereof at been imposed upon the Insured by the destination. constitution, by-laws, rules or regulations of (E) FORGERY OR ALTERATION any Self Regulatory Organization if the loss through FORGERY or ALTERATION of, on acceptances, certificates of deposit. faith and in the course of business, orders or directions to pay sum s certain in account of others, in any orders upon public treasuries, letters of credit, other capacity, either gratuitously or directed to the Insured, authorizing or acquired, accepted or received, or sold or receipt of funds or Property, which extended any credit or assumed any to have been signed or endorsed by any acted upon, any securities, documents subscriber to shares, whether certificated or prove to have been uncertificated, of any Investment Company or (a) counterfeited, or by any financial or banking institution or (b) forged as to the sig nature of any stockbroker but which instructions, advices or maker, drawer, issuer, endorser, applications either bear the forged sig nature assignor, lessee, transfer agent or or endorsement or have been altered without registrar, acceptor, surety or the knowledge and consent of such customer, guarantor or as to the sig nature of shareholder or subscriber to shares, whether any person signing in any other certificated or uncertificated, of an Investment capacity, or Company, financial or banking institution or (c) raised or otherwise altered, or lost, stockbroker, withdrawal orders or receipts for or stolen, or the withdrawal of funds or Property, or and bearing the name of the Insured as faith and in the course of business, 41206 (9/ 84) B RANACH Active Copy 2 All rights reserved.

For having refused to pay any check or to pass title to such securities, shareholder or subscriber of the Insured instruments; EXCLUDING, losses customer, shareholder or subscriber. on or in those instruments covered loss resulting from any Item of Deposit such agreements with any necessary House which is reversed by the customer, loss includes dividends and interest accrued document or other written instrument which are deposited. taken for an original. Funds with "exchange privileges" if all Fund(s) sig natures are treated the same as National Union Fire Insurance Company of transactions between Fund(s), the minim um goo d faith, of any counterfeited money orders before withdrawal as declared in the Fund(s) United States of America or Canada issued or deposit was first credited to any Insured States of America or Canada or issued guaranteed in writing or witnessed any for having either co m plied with or failed signatures whether for valuable to comply with any written notice of any consideration or not and whether or customer, shareholder or subscriber of the not such guaranteeing or witnessing is Insured or any Authorized Representative ultravires the Insured, upon any of such customer, shareholder or transfers, assignments, bills of sale, subscriber to stop payment of any check powers of attorney, guarantees, or draft made or drawn by such customer, endorsements or other obligations shareholder or subscriber or any upon or in connection with any Authorized Representative of such securities, documents or other written customer, shareholder or subscriber, or instruments and which pass or purport documents or other written draft made or drawn by any customer, caused by FORGERY or ALTERATION of, or any Authorized Representative of such under Insuring Agreement (E) hereof. (I) UNCOLLECTIBLE ITEMS OF DEPOSIT Securities, documents or other written loss resulting from payments of dividends or instruments shall be deemed to mean fund shares, or withdrawals permitted from original (including original any customer's, shareholder's or subscriber's counterparts) negotiable or account based upon Uncollectible Item s of no n-negotiable agreements which in Deposit of a customer, shareholder or and of themselves represent an subscriber credited by the Insured or the equitable interest, ownership, or debt, Insured's agent to such customer's, including an assignment thereof which shareholder's or subscriber's Mutual Fund instruments are in the ordinary course Account; or of business, transferable by delivery of endorsement or assignment. processed through an Automated Clearing The word "counterfeited" as used in shareholder or subscriber and deemed this Insuring Agreement shall be uncollectible by the Insured. deemed to mean any security, which is intended to deceive and to be not to exceed 15% of the Uncollectible Item s Mechanically produced facsimile This Insuring Agreement applies to all Mutual handwritten signatures. in the exchange program are insured by a (G) COUNTERFEIT CURRENCY Pittsburg h, PA for Uncollectible Item s of loss through the receipt by the Insured, in Deposit. Regardless of the number of or altered paper currencies or co in of the number of days of deposit within the Fund(s) purporting to have been issued by the United prospectus shall beg in from the date a pursuant to a United States of America or Fund(s). Canadian statute for use as currency. (H) STOP PAYMENT loss against any and all sum s which the Insured shall become obligated to pay by reason of the Liability imposed upon the Insured by law for damages: 41206 (9/ 84) BRANCH Active Copy 3 All rights reserved.

The Insured shall promptly give notice to the the remainder of such premium period. Deductible Amount is applicable, or both, the Insured, whether contained in the application Agreement is limited to the proportion of warranty of anything except that it is true to paid by the Insured or by the Underwriter that person making the statement. The Underwriter will indemnify the Insured defense, whether or not successful, whether are covered under Insuring Agreement (A) whether or not settled of any suit or legal employ. Should loss involving a former enforce the Insured's liability or alleged subsequent to the termination of employment, damage which, if established against the Agreement (A) if the direct proximate cause the Insured covered under the term s of this Employee performed duties within the scope Insuring Agreement (A) this indemnity shall GENERAL AGREEMENTS A. ADDITIONAL OFFICES OR EMPLOYEES-apply only in the event that CONSOLIDATION OR MERGER-NOTICE(1) an Employee admits to being guilty of 1. If the Insured shall, while this bond  is any dishonestor fraudulentact(s), in force, establish any additional office including Larceny or Embezzlement; or or offices, such office or offices shall (2) an Employee is adjudicated to be guilty be automatically covered hereunder of any dishonest or fraudulent act(s), from the dates of their establishment, including Larceny or Embezzlement; respectively. No no tice to the(3) in the absence of (1) or (2) above an Underwriter of an increase during any arbitration panel agrees, after a review premium period in the number of of an agreed statement of facts, that offices or in the number of Employees an Employee would be found guilty of at any of the offices covered dishonesty if such Employee were hereunder need be given and no prosecuted. additional premium need be paid for Underwriter of any such suit or legal 2. If an Investment Company, named as proceeding and at the request of the Insured herein, shall, while this bond  is Underwriter shall furnish it with copies of all in force, merge or consolidate with, or pleadings and other papers therein. At the purchase the assets of another Underwriter's election the Insured shall perm it institution, coverage for such the Underwriter to conduct the defense of acquisition shall apply automatically such suit or leg al proceeding, in the Insured's from the date of acquisition. The name, through attorneys of the Underwriter's Insured shall notify the Underwriter of selection. In such event, the Insured shall give such acquisition within 60 days of said all reasonable information and assistance date, and an additional premium shall which the Underwriter shall deem necessary be computed only if such acquisition to the proper defense of such suit or legal involves additional offices or proceeding. employees. If the Amount of the Insured's liability or B. WARRANTY alleged liability is greater than the Amount No statement made by or on behalf of there coverable under this bond, or if a or otherwise, shall be deemed to be aliability of the Underwriter under this General the best of the knowledge and belief of the court costs and attorneys' fees incurred and the Amount recoverable under this bond bears C. COURT COSTS AND ATTORNEYS' FEES to the total of such Amount plus the Amount (Applicable to all Insuring Agreements or which is not so recoverable. Such indemnity Coverages now or hereafter forming part shall be in addition to the Limit of Liability for of this bond ) the applicable Insuring Agreement or Coverage. against court costs and reasonable attorneys' D. FORMER EMPLOYEE fees incurred and paid by the Insured in Acts of an Employee, as defined in this bond , or not fully litigated on the merits and only while the Employee is in the Insured's proceeding brought against the Insured to Employee of the Insured be discovered liability on account of any loss, claim or coverage would still apply under Insuring Insured, would constitute a loss sustained by of the loss occurred while the former bond  provided, however, that with respect to of his/ her employment. 41206 (9/ 84) BRANACH Active Copy 4 All rights reserved.

who acts as transfer agent or in shall have the respective meanings stated in issuing checks, drafts or securities (1) any of the Insured's officers, (8) those persons so designated in (2) any of the officers or employees of Securities, and whose principal assets are acquired a) an investment advisor, merger with, or purchase of assets c) a transfer agent or shareholder predecessor. and d) an administrator authorized by perform leg al services for the financial and/ or other required attorneys while such attorneys or furnishing temporary personnel on personnel or processors asset and Section 1(a) and their partners, corporation authorized by written collectively be deemed to be one perform services as electronic data bond , excepting , however, the last THE FOREGOING INSURING AGREEMENTS AND GENERAL AGREEMENTS ARE SUBJECT TO THE FOLLOWING CONDITIONS AND LIMITATIONS: SECTION 1. DEFINITIONS accounting records of the Insured, The following term s, as used in this bond , but excluding any such processor this Section: any other agency capacity in (a) "Employee" means: for the Insured, unless included under Sub-section (9) hereof, and partners, or employees, and Section 15, Central Handling of any predecessor of the Insured (9) any officer, partner or Employee of by the Insured by consolidation or b) an underwriter (distributor), or capital stock of such accounting record-keeper, or (3) attorneys retained by the Insured to written agreement to keep Insured and the employees of such records, the employees of such attorneys for an Investment Company named are performing such services for as Insured while performing acts the Insured, and coming within the scope of the (4) guest students pursuing their usual duties of an officer or studies or duties in any of the Employee of any Investment Insured's offices, and Company named as Insured herein, (5) directors or trustees of the Insured, or while acting as a member of any the investment advisor, underwriter committee duly elected or (distributor), transfer agent, or appointed to examine or audit or shareholder accounting record have custody of or access to the keeper, or administrator authorized Property of any such Investment by written Agreement to keep Company, provided that only financial and/ or other required Employees or partners of a transfer records, but only while perform in gagent, shareholder accounting acts coming within the scope of record-keeper or administrator the usual duties of an officer or which is an affiliated person as Employee or while acting as a defined in the Investment Company member of any committee duly Act of 1940, of an Investment elected or appointed to examine or Company named as Insured or is audit or have custody of or access an affiliated person of the adviser, to the Property of the Insured, and underwriter or administrator of (6) any individual or individuals such Investment Company, and assigned to perform the usual which is not a bank, shall be duties of an Employee within the included within the definition of premises of the Insured, by Employee. contract, or by any agency Each employer of temporary a contingent or part-time basis, forth in Sub-Sections (6) and of (7) each natural person, partnership or officers and employees shall Agreement with the Insured to person for all the purposes of this processor of checks or other paragraph of Section 13. 41206 (9/ 84) B RAN Archive Copy 5 All rights reserved.

(e) "Items of Deposit" means any one or character shall not be considered Deposit shall not be deemed SECTION 2. EXCLUSIONS U.S. Saving s Stamps, bullion, precious (a) loss effected directly or indirectly by watches, necklaces, bracelets, g ems, in any instrument, except when bond s, securities, evidences of debts, (F) or (G). receipts, warrants, rights, puts, calls, drafts, bills of exchange, acceptances, outside the United States of America money orders, warehouse receipts, naval or usurped power, war or contracts, abstracts of title, insurance transit in the circumstances recited in estate and/ or chattels and upon when such transit was initiated, there such policies, mortgages and commotion, military, naval or usurped including books of account and other of any person acting for the Insured in conduct of its business, and all other (c) loss, in time of peace or war, directly of the foregoing including Electronic from the effects of nuclear fission or enumerated above (but excluding all however, that this paragraph shall not Insured has an interest or in which the uses of nuclear energy. acquired an interest by reason of a acts of any person who is a member condition at the time of the Insured's Insured or a member of any equivalent purchase of the principal assets of, unless such person is also an the Insured for any purpose or in any owner or partner of the Insured in Insured for any purpose or in any loss resulting from the act or acts of g ratuitously or not and whether or not of a member of such Board or partial non-payment of, or default name of another with intent to nature of, or amounting to, a loan of one's own name with or without or any of its partners, directors or purpose. Brokers, or other agents under contract the Investment Company Act of 1940. or representatives of the same general Employees. more checks and drafts. Items of (b) "Property" means money (i.e.. currency, uncollectible until the Insured's coin, bank notes, Federal Reserve collection procedures have failed. notes), postage and revenue stamps, metals of all kinds and in any form and THIS BOND DOES NOT COVER: articles made therefrom, jewelry, precious and semi-precious stones, means of forgery or alteration of, on or debentures, scrip, certificates, interim covered by Insuring Agreement (A), (E), straddles, spreads, transfers, coupons, (b) loss due to riot or civil commotion notes, checks, withdrawal orders, and Canada; or loss due to military, bills of lading , conditional sales insurrection unless such loss occurs in policies, deeds, mortgages under real Insuring Agreement (D), and unless, interests therein, and assignments of was no knowledge of such riot, civil instruments, and other valuable papers, power, war or insurrection on the part records used by the Insured in the initiating such transit. instruments similar to or in the nature or indirectly caused by or resulting Representations of such instruments fusion or radioactivity; provided, data processing records) in which the apply to loss resulting from industrial Insured acquired or should have (d) loss resulting from any wrongful act or predecessor's declared financial of the Board of Directors of the consolidation or merger with, or body by whatsoever name known such predecessor or which are held by Employee or an elected official, partial capacity and whether so held by the some other capacity, nor, in any event, capacity and whether so held any person while acting in the capacity the Insured is liable therefor. equivalent body. (c) "Forgery" means the signing of the (e) loss resulting from the complete or deceive; it does not include the signing upon, any loan or transaction in the authority, in any capacity, for any made by or obtained from the Insured Employees, whether authorized or (d) "Larceny and Embezzlement" as it unauthorized and whether procured in applies to any named Insured means good faith or through trick, artifice, those acts as set forth in Section 37 of fraud or false pretenses. unless such 41206 (9/ 84) B RAN Archive Copy 6 All rights reserved.

the existence of or Amount of loss purchase or sale of securities, (b) indemnity is provided for under Security Exchanges or over the bank of the Insured or within the office through the misplacement or loss of payment or withdrawal or unless such Agreement (C)or (D) while the Agreement (A). armored motor vehicle Company, SECTION 3. ASSIGNMENT OF RIGHTS indemnity in force in whatsoever form for. except loss of Property in transit in This bond  is for the use and benefit only of no knowledge by the Insured of any Underwriter shall not be liable hereunder for (2) to do damage to the premises or loss is covered under Insuring Property of the Insured, except Agreement (A), (E) or (F). when covered under Insuring (f) loss resulting from any violation by the Agreement (A). Insured or by any Employee (k) all costs, fees and other expenses (1) of law regulating (a) the issuance, incurred by the Insured in establishing securities transactions upon covered under this bond  unless such counter market,(c) Investment Insuring Agreement (B). Companies, or (d) Investment(l) loss resulting from payments made or Advisors, or withdrawals from the account of a (2) of any rule or regulation made customer of the Insured, shareholder pursuant to any such law, unless or subscriber to shares involving funds such loss, in the absence of such erroneously credited to such account, laws, rules or regulations, would be unless such payments are made to or covered under Insuring Agreements withdrawn by such depositor or (A) or (E).representative of such person, who is (g ) loss of Property or loss of privileges within the premises of the drawee Property as set forth in Insuring of the Insured at the time of such Property is in the custody of any payment is covered under Insuring unless such loss shall be in excess of (m) any loss resulting from Uncollectible the Amount recovered or received by Items of Deposit which are drawn from the Insured under (a) the Insured's a financial institution outside the fifty contract with said armored motor states of the United States of America, vehicle company, (b) insurance carried District of Columbia, and territories and by said armored motor vehicle possessions of the United States of Company for the benefit of users of its America, and Canada. service, and (c) all other insurance and carried by or for the benefit of users This bond  does not afford coverage in favor of said armored motor vehicle of any Employers of temporary personnel or company's service, and then this bond  of processors as set forth in sub-sections (6) shall cover only such excess. and (7) of Section 1(a) of this bond , as (h) potential income, including but not aforesaid, and upon payment to the Insured limited to interest and dividends, not by the Underwriter on account of any loss realized by the Insured because of a through dishonest or fraudulent act(s) loss covered under this bond , except including Larceny or Embezzlement committed as included under Insuring Agreement by any of the partners, officers or employees (I). of such Employers, whether acting alone or in (i) all damages of any type for which the collusion with others, an assignment of such Insured is leg ally liable, except direct of the Insured's rights and causes of action compensatory damages arising from as it may have against such Employers by loss covered under this bond . reason of such acts so committed shall, to(j) loss through the surrender of Property the extent of such payment, be given by the away from an office of the Insured as Insured to the Underwriter, and the Insured a result of a threat shall execute all papers necessary to secure (1) to do bodily harm to any person, to the Underwriter the rights herein provided the custody of any person acting SECTION4. LOSS-NOTICE-PROOF-LEGAL as messenger provided that when PROCEEDINGS such transit was initiated there was such threat, or the Insured named in the Declarations and the 41206 (9/ 84) B RAN Archive Copy 7 All rights reserved.

In case o f any lo ss o r dam ag e to Pro perty pro ceeding s fo r reco very o f any lo ss reco rds used by the Insured in the co nduct o f expiratio n o f sixty days after such proo f o f under this bo nd o nly if such boo ks o r reco rds expiratio n o f twenty-fo ur m o nths fro m the than the co st o f blank boo ks, blank pag es o r o r pro ceeding to reco ver hereunder o n actual transcriptio n o r co pying o f data which in any suit m entio ned in General Ag ree m ent C o rder to repro duce such boo ks and o ther suit, shall be beg un within twenty-fo ur In case o f dam ag eto any o ffice o f the co nstructio n hereo f, such lim itatio n shall be furnishing s, fixtures, statio nery, supplies, the m inim um perio d o f lim itatio n perm itted by Underwriter shall no t be liable fo r m o re than SECTION 7. LOST SECURITIES exact am o unt o r details o f lo ss m ay no t be lim it stated in Item 3 o f the Declaratio ns o f lo ss sustained by anyo ne o ther than the acco unts o r o ther reco rds used by the Insured unless the Insured, in its so le Insured in the co nduct o f its business, fo r the discretio n and at its o ptio n, shall include such lo ss o f which a claim shall be m ade lo ss in the Insured's proo f o f lo ss. At the hereunder, shall be determ ined by the averag e earliest practicable m o m ent after disco very o f m arket value o f such Pro perty o n the any lo ss hereunder the Insured shall g ive the business day next preceding the disco very o f Underwriter written no tice thereo f and shall such lo ss; pro vided, ho wever, that the value also within six m o nths after such disco very o f any Pro perty replaced by the Insured prio r furnish to the Underwriter affirm ative proo f o f to the paym ent o f claim therefo r shall be the lo ss with full particulars. If claim is m ade actual m arket value at the tim e o f under this bo nd fo r lo ss o f securities o r replacem ent; and further pro vided that in case shares, the Underwriter shall no t be liable o f a lo ss o r m isplacem ent o f interim unless each o f such securities o r shares is certificates, warrants, rig hts, o r o ther identified in such proo f o f lo ss by a certificate securities, the pro ductio n which is necessary o r bo nd num ber o r, where such securities o r to the exercise o f subscriptio n, co nversio n, shares are uncertificated, by such redem ptio n o r depo sit privileg es, the value identificatio n m eans as ag reed to by the thereo f shall be the m arket value o f such Underwriter. The Underwriter shall have thirty privileg es imm ediately preceding the days after no tice and proo f o f lo ss within expiratio n thereo f if said lo ss o r m isplacem ent which to investig ate the claim , but where the is no t disco vered until after their expiratio n. If lo ss is clear and undisputed, settlem ent shall no m arket price is quo ted fo r such Pro perty be m ade within fo rty-eig ht ho urs; and this o r fo r such privileg es, the value shall be fixed shall apply no twithstanding the lo ss is m ade by ag ree m ent between the parties o r by up who lly o r in part o f securities o f which arbitratio n. duplicates m ay be o btained. Leg al hereunder shall no t be bro ug ht prio r to the co nsisting o f boo ks o f acco unts o r o ther lo ss is filed with the Underwriter no r after the its business, the Underwriter shall be liable disco very o f such lo ss, except that any actio n are actually repro duced and then fo r no t m o re acco unt o f any judg m ent ag ainst the Insured o ther m aterials plus the co st o f labo r fo r the o r to reco ver atto rneys' fees paid in any such shall have been furnished by the Insured in m o nths fro m the date upo n which the reco rds. judg m ent in such suit shall beco m e final. If SECTION 6. VALUATION OF PREMISES AND any lim itatio n em bo died in this bo nd is FURNISHINGS pro hibited by any law co ntro lling the deem ed to be am ended so as to be equal to Insured, o r lo ss o f o r dam ag e to the such law. equipm ent, safes o r vaults therein, the Disco very o ccurs when the Insured the actual cash value thereo f, o r fo r m o re (a) beco m es aware o f facts, o r than the actual co st o f their replacem ent o r (b) receives written no tice o f an actual o r repair. The Underwriter m ay, at its electio n, po tential claim by a third party which pay such actual cash value o r m ake such alleg es that the Insured is liable under replacem ent o r repair. If the Underwriter and circum stancethe Insured canno t ag ree upo n such cash which wo uld cause a reaso nable perso n to value o r such co st o f replacem ent o r repair, assum e that a lo ss co vered by the bo nd has such shall be determ ined by arbitratio n. been o r will be incurred even tho ug h the then kno wn. If the Insured shall sustain a lo ss o f securities SECTION 5. VALUATION OF PROPERTY the to tal value o f which is in excess o f the The value o f any Pro perty, except boo ks o f this bo nd, the liability o f the Underwriter shall 41206 (9/ 84) B RANACrcH hive Copy8 All rights reserved.

At all tim es prio r to term inatio n hereo f this and to said securities. (a) any o ne act o f burg lary, ro bbery o r issuance o f such Lo st Instrum ent Bo nd o r Partner o r Em plo yee is co ncerned o r kno wing ly o r unkno wing ly, directly o r po rtio n o f such lo ss, and the rem ainder, if Liability stated in Item 3 o f the Declaratio ns the Underwriter and thereafter in o f such lo ss o r lo sses and shall no t be be lim ited to paym ent fo r, o r duplicatio n o f, such lo ss within the Deductible Am o unt. The securities having value equal to the lim it Insured shall execute all necessary papers to stated in Item 3 o f the Declaratio ns o f this secure to the Underwriter the rig hts pro vided bo nd. fo r herein. If the Underwriter shall m ake paym ent to the SECTION 9. NON-REDUCTION AND NON-Insured fo r any lo ss o f securities, the Insured ACCUMULATION OF LIABILITY AND TOTAL shall thereupo n assig n to the Underwriter all LIABILITY o f the Insured's rig hts, title and interests in bo nd shall co ntinue in fo rce fo r the lim it With respect to securities the value o f which stated in the applicable sectio ns o f Item 3 o f do no t exceed the Deductible Am o unt (at the the Declaratio ns o f this bo nd no twithstanding tim e o f the disco very o f the lo ss) and fo r any previo us lo ss fo r which the Underwriter which the Underwriter m ay at its so le m ay have paid o r be liable to pay hereunder; discretio n and o ptio n and at the request o f PROVIDED, ho wever, that reg ardless o f the the Insured issue a Lo st Instrum ent Bo nd o r num ber o f years this bo nd shall co ntinue in Bo nds to effect replacem ent thereo f, the fo rce and the num ber o f prem ium s which Insured will pay the usual prem ium charg ed shall be payable o r paid, the liability o f the therefo r and will indem nify the Underwriter Underwriter under this bo nd with respect to ag ainst all lo ss o r expense that the all lo ss resulting fro m Underwriter m ay sustain because o f the Bo nds. ho ldup, o r attem pt thereat, in which no With respect to securities the value o f which im plicated shall be deem ed to be o ne exceeds the Deductible Am o unt (at the tim e lo ss, o r o f disco very o f the lo ss) and fo r which the (b) any o ne unintentio nal o r neg lig ent act Underwriter m ay issue o r arrang e fo r the o n the part o f any o ne perso n issuance o f a Lo st Instrum ent Bo nd o r Bo nds resulting in dam ag e to o r destructio n to effect replacem ent thereo f, the Insured o r m isplacem ent o f Pro perty, shall be ag rees that it will pay as prem ium therefo r a deem ed to be o ne lo ss, o r pro po rtio n o f the usual prem ium charg ed (c) all wro ng ful acts, o ther than tho se therefo r, said pro po rtio n being equal to the specified in (a) abo ve, o f any o ne percentag e that the Deductible Am o unt bears perso n shall be deem ed to be o ne to the value o f the securities upo n disco very lo ss, o r o f the lo ss, and that it will indem nify the (d) all wro ng ful acts, o ther than tho se issuer o f said Lo st Instrum ent Bo nd o r Bo nds specified in (a) abo ve, o f o ne o r m o re ag ainst all lo ss and expense that is no t perso ns (which disho nest act(s) o r reco verable fro m the Underwriter under the act(s) o f Larceny o r Em bezzlem ent term s and co nditio ns o f this INVESTMENT include, but are no t lim ited to , the COMPANY BLANKET BOND subject to the Lim it failure o f an Em plo yee to repo rt such o f Liability hereunder. acts o f o thers) who se disho nest act o r SECTION 8. SALVAGE acts intentio nally o r unintentio nally, In case o f reco very, whether m ade by the indirectly, aid o r aids in any way, o r Insured o r by the Underwriter, o n acco unt o f perm its the co ntinuatio n o f, the any lo ss in excess o f the Lim it o f Liability disho nest act o r acts o f any o ther hereunder plus the Deductible Am o unt perso n o r perso ns shall be deem ed to applicable to such lo ss fro m any so urce o ther be o ne lo ss with the act o r acts o f the than suretyship, insurance, reinsurance, perso ns aided, o r security o r indem nity taken by o r fo r the (e) any o ne casualty o r event o ther than benefit o f the Underwriter, the net am o unt o f tho se specified in (a), (b), (c) o r (d) such reco very, less the actual co sts and preceding , shall be deem ed to be o ne expenses o f m aking sam e, shall be applied to lo ss, and reim burse the Insured in full fo r the excess shall be lim ited to the applicable Lim it o f any, shall be paid first in reim bursem ent o f o f this bo nd irrespective o f the to tal am o unt reim bursem ent o f the Insured fo r that part o f cum ulative in am o unts fro m year to year o r 41206 (9/ 84) B RANACrcH hive Copy9 All rights reserved.

herein. PROVIDED clause o f Sectio n 9 o f this bo nd canno t be effective prio r to 60 days after such am o unt o f such lo ss which is in excess Insured imm ediately upo n taking o ver o f such suretyship, no t exceeding , ho wever, the Lim it State o r Federal o fficials, o r imm ediately upo n lo ss. Federalstatute relativeto bankruptcyo r The Underwriter shall no t be liable under any imm ediately upo n such Insured ceasing to acco unt o f lo ss as specified, respectively, in entity, o r by dispo sitio n o f all o f its assets. insurance co m pany and co vering such lo ss, o r (a) as to any Em plo yee as soo n as any to paym ent by the Underwriter o f such lo ss, Em plo yee o f the Insured, who is no t in in Item 3 o f the Declaratio ns hereo f (herein learn o f any disho nest o r fraudulent excess o nly, but in no event fo r m o re than Em bezzlem ent o n thepart o f such 3 o f the Declaratio ns. o f any Pro perty then in transit in the fro m perio d to perio d. DeductibleAm o unt, prem ium so n Lo st Sub-sectio n (c) is no tapplicable to any Instrum ent Bo nds as set fo rth in Sectio n 7. situatio n towhich thelang uag eo fThere shall be no deductible applicable to any sub-sectio n (d) applies. lo ss under Insuring Ag ree m ent A sustained by SECTION 10. LIMIT OF LIABILITYany Investm ent Co m pany nam ed as Insured With respect to any lo ss set fo rth in the SECTION 13. TERMINATION which is reco verable o r reco vered in who le o r The Underwriter m ay term inate this bo nd as in part under any o ther bo nds o r po licies an entirety by furnishing written no tice issued by the Underwriter to the Insured o r to specifying the term inatio n date which canno t any predecesso r in interest o f the Insured and be prio r to 60 days after the receipt o f such term inated o r cancelled o r allo wed to expire written no tice by each Investm ent Co m pany and in which the perio d fo r disco very has no t nam ed as Insured and the Securities and expired at the tim e any such lo ss thereunder Exchang e Co mm issio n, Washing to n, D.C. The is disco vered, the to tal liability o f the Insured m ay term inate this bo nd as an Underwriter under this bo nd and under o ther entirety by furnishing written no tice to the bo nds o r po licies shall no t exceed, in the Underwriter. When the Insured cancels, the agg reg ate, the am o unt carried hereunder o n Insured shall furnish written no tice to the such lo ss o r the am o unt available to the Securities and Exchang e Co mm issio n, Insured under such o ther bo nds o r po licies, Washing to n. D.C. prio r to 60 days befo re the as lim ited by the term s and co nditio ns effective date o f the term inatio n. The thereo f, fo r any such lo ss if the latter am o unt Underwriter shall no tify all o ther Investm ent be the larg er. Co m panies nam ed as Insured o f the receipt o f SECTION 11. OTHER INSURANCE such term inatio n no tice and the term inatio n If the Insured shall ho ld, as indem nity ag ainst receipt o f written no tice by all o ther any lo ss co vered hereunder, any valid and Investm ent Co m panies. Prem ium s are earned enfo rceable insurance o r suretyship, the until the term inatio n date as set fo rth herein. Underwriter shall be liable hereunder o nly fo r This Bo nd will term inate as to any o ne o f the am o unt o f such o ther insurance o r Insured by a receiver o r o ther liquidato r o r by o f Liability o f this bo nd applicable to such the filing o f a petitio n under any State o r SECTION 12. DEDUCTIBLEreo rg anizatio n o f the Insured, o r assig nm ent fo r the benefit o f credito rs o f the Insured. o r o f the Insuring Ag ree m ents o f this bo nd o n exist, whether thro ug h m erg er into ano ther sub-sectio ns (a), (b), (c), (d) and (e) o f Sectio n 9, NON-REDUCTION AND NON-The Underwriter shall refund the unearned ACCUMULATION OF LIABILITY AND TOTAL prem ium co m puted at sho rt rates in LIABILITY, unless the am o unt o f such lo ss, acco rdance with the standard sho rt rate after deducting the net am o unt o f all cancellatio n tables if term inated by the reim bursem ent and/ o r reco very o btained o r Insured o r pro rata if term inated fo r any o ther m ade by the Insured, o ther than fro m any reaso n. bo nd o r po licy o f insurance issued by an This Bo nd shall term inate by the Underwriter o n acco unt thereo f prio r partner, o fficer o r superviso ry shall exceed the Deductible Am o unt set fo rth co llusio n with such Em plo yee, shall called Deductible Am o unt) and then fo r such act(s), including Larceny o r the applicable Lim it o f Liability stated in Item Em plo yee witho ut prejudice to the lo ss The Insured will bear, in additio n to the custo dy o f such Em plo yee (See 41206 (9/ 84) B RANACrcH hive Copy10 All rights reserved.

SECTION15. CENTRALHANDLING OF Data Pro cesso r co vered under this clerks and o ther em plo yees o f the New Yo rk cancellatio n o f thisbo nd as anentirety, Midwest Sto ck Exchang e, Pacific Sto ck Ex-theInsured m ay g ive to the Underwriter hereinaftercalled Exchang es, and o f the additio nal perio d o f 12 m o nths within which no m inee in who se nam e is reg istered any prio r to the effective date o f such term inatio n central handling o f securities established and prem ium therefo r. definitio n a recog nized service co m pany shall insurance o btained by the Insured, its perso nnel to said Exchang es o r Co rpo ratio n party, replacing in who le o r in part the Underwriter shall be liable hereunder o nly fo r g iving no tice o f such term inatio n. In the event but in no event fo r m o re than the Lim it o f term inated, as pro vided abo ve, the Sectio n 16[d]), o r prem ium . (b) as to any Em plo yee 60 days after The rig ht to purchase such additio nal perio d receipt by each Insured and by the fo r the disco very o f lo ss m ay no t be Securities and Exchang e Co mm issio n exercised by any State o r Federal o fficial o r o f a written no tice fro m the ag ency, o r by any receiver o r liquidato r, Underwriter o f its desire to term inate acting o r appo inted to take o ver the Insured's this bo nd as to such Em plo yee, o r business fo r the o peratio n o r fo r the (c) as to any perso n, who is a partner,liquidatio n thereo f o r fo r any o ther purpo se. o fficer o r em plo yee o f any Electro nic bo nd, fro m and after the tim e that the SECURITIES Insured o r any partner o r o fficer Securities included in the system s fo r the thereo f no t in co llusio n with such central handling o f securities established and perso n shall have kno wledg e o r m aintained by Depo sito ry Trust Co m pany, info rm atio n that such perso n has Midwest Depo sito ry Trust Co m pany, Pacific co mm itted any disho nest o r fraudulent Securities Depo sito ry Trust Co m pany, and act(s), including Larceny o r Philadelphia Depo sito ry Trust Co m pany, Em bezzlem ent in the service o f the hereinafter called Co rpo ratio ns, to the extent Insured o r o therwise, whether such act o f the Insured's interest therein as effective be co mm itted befo re o r after the tim e by the m aking o f appro priate entries o n the this bo nd is effective. boo ks and reco rds o f such Co rpo ratio ns shall SECTION 14. RIGHTS AFTER TERMINATION OR be deem ed to be Pro perty. CANCELLATION The wo rds "Em plo yee" and "Em plo yees" shall At any tim e prio r to the term inatio n o r be deem ed to include the o fficers, partners, whether by the Insured o r the Underwriter, Sto ck Exchang e, Bo sto n Sto ck Exchang e, no tice that it desires under this bo nd an chang e and Philadelphia Sto ck Exchang e, to disco ver lo ss sustained by the Insured abo ve nam ed Co rpo ratio ns, and o f any o r cancellatio n and shall pay an additio nal security included within the system s fo r the m aintained by such Co rpo ratio ns, and any Upo n receipt o f such no tice fro m the Insured, em plo yee o f any recog nized service co m pany, the Underwriter shall g ive its written co nsentwhile such o fficers, partners, clerks and o ther thereto ; pro vided, ho wever, thatsuchem plo yees and em plo yeeso fservice additio nal perio d o ftim eshall term inateco m panies perfo rm services fo rsuch imm ediately;Co rpo ratio ns in the o peratio n o fsuch (a) o n the effective date o f any o thersystem s. Fo r thepurpo seo fthe abo ve successo r in business o r any o ther be any co m pany pro viding clerks o r o ther insurance affo rded by this bo nd, o n a co ntract basis. whether o r no t such o ther insurance The Underwriter shall no t be liable o n acco unt pro vides co verag e fo r lo ss sustained o f any lo ss(es) in co nnectio n with the central prio r to its effective date, o r handling o f securities within the system s (b) upo n takeo ver o f the Insured's established and m aintained by such business by any State o r Federal Co rpo ratio ns, unless such lo ss(es) shall be in o fficial o r ag ency, o r by any receiver excess o f the am o unt(s) reco verable o r o r liquidato r, acting o r appo inted fo r reco vered under any bo nd o r po licy o f this purpo se insurance indem nifying such Co rpo ratio ns, witho ut the necessity o f the Underwriter ag ainst such lo ss(es), and then the that such additio nal perio d o f tim e is the Insured's share o f such excess lo ss(es), Underwriter shall refund any unearned Liability applicable hereunder. 41206 (9/ 84) B RANACrcH hive Copy11 All rights reserved.

first nam ed Insured fo r the purpo ses o f o f such Co rpo ratio ns o r Exchang es o r any Upo n the Insured's o btaining kno wledg e o f a paym ent to the Insured by the Underwriter o n which results in a chang e in co ntro l (as set assig nm ent o f such o f the Insured's rig hts Co m pany Act o f 1940) o f the Insured, the such Co rpo ratio ns o r Exchang es shall to the kno wledg eg ive written no tice to the Insured to the Underwriter, and the Insured (a) thenam eso fthe transfero rs and to the Underwriter the rig hts pro vided fo r beneficialo wners if the vo ting o wned by thetransfero rs and the o r perso n o r any co m binatio n o f them be bo th imm ediately befo re and after the Underwriter wo uld be liable hereunder po wer to exercise a co ntro lling influence o ver o ne o f them , Fo r the purpo se o f determ ining the Insured'sreceive and enfo rce paym ent o f all share o f excess lo ss(es) it shall be deem edclaim s hereunder and shall be deem ed that theInsured has aninterest in any to be the ag ent o f the o thers fo r such certificate representing any security included purpo sesand fo r theg iving o r within such system s equivalent to the interestreceiving o f any no tice required o r theInsured thenhas in all certificatesperm itted to be g iven by the term s representing the sam e security included hereo f, pro vided that the Underwriter within such system s and thatsuch shall furnish each nam ed Investm ent Co rpo ratio ns shall use their best judg m ent in Co m pany with a co py o f the bo nd and appo rtio ning the am o unt(s)reco verable o r with any am endm ent thereto , tog ether reco vered under any bo nd o r po licy o f with a co py o f each fo rm al filing o f the insurance indem nifying such Co rpo ratio ns settlem ent o f each such claim prio r to ag ainst such lo ss(es) in co nnectio n with thethe executio n o f such settlem ent, centralhandling o f securities within such (c) theUnderwritershall no tbe system s am o ng all tho se having an interestrespo nsible fo r the pro per applicatio n as reco rded by appro priate entries in theo f any paym ent m ade hereunder to boo ks and reco rds o f such Co rpo ratio ns in said first nam ed Insured, Pro perty invo lved in such lo ss(es) o n the (d) kno wledg e po ssessed o r disco very basis that each such interest shall share in m ade by any partner, o fficer o r the am o unt(s) so reco verable o r reco vered in superviso ry Em plo yee o f any Insured the ratio that the value o f each such interest shall fo r the purpo ses o f Sectio n 4 and bears to the to tal value o f all such interests Sectio n 13 o f this bo nd co nstitute and that the Insured's share o f such excess kno wledg e o r disco very by all the lo ss(es) shall be the am o unt o f the Insured's Insured, and interest in such Pro perty in excess o f the (e) if the first nam ed Insured ceases fo r am o unt(s) so appo rtio ned to the Insured by any reaso n to be co vered under this such Co rpo ratio ns. bo nd, then the Insured next nam ed This bo nd do es no t affo rd co verag e in favo r shall thereafter be co nsidered as the no m inee in who se nam e is reg istered any this bo nd. security included within the system s fo r the SECTION 17. NOTICE AND CHANGE OF central handling o f securities established and CONTROL m aintained by such Co rpo ratio ns, and upo n acco unt o f any lo ss(es) within the system s, an transfer o f its o utstanding vo ting securities and causes o f actio n as it m ay have ag ainst fo rth in Sectio n 2(a) (9) o f the Investm ent extent o f such paym ent, be g iven by the Insured shall within thirty (30) days o f such shall execute all papers necessary to secure Underwriter setting fo rth: herein. transferees (o r the nam es o f the SECTION 16. ADDITIONAL COMPANIES securities are requested in ano ther INCLUDED AS INSURED nam e), and If m o re than o ne co rpo ratio n, co - partnership (b) the to tal num ber o f vo ting securities included as the Insured herein: transferees (o r the beneficial o wners), (a) the to tal liability o f the Underwritertransfer, and hereunder fo r lo ss o r lo sses sustained(c) the to tal num ber o f o utstanding vo ting by any o ne o r m o re o r all o f themsecurities. shall no t exceed the lim it fo r which theAs used in this sectio n, co ntro l m eans the if all such lo ss were sustained by any the m anag em ent o r po licies o f the Insured. (b) the o ne first nam ed herein shall beFailure to g ive the required no tice shall result deem ed autho rized to m ake, adjust and in term inatio n o f co verag eo f thisbo nd, 41206 (9/ 84) B RANACrcH hive Copy12 All rights reserved.

Washing to n, D.C. by the Insured o r by the case o f an Insured which is an Investm ent Co m pany is nam ed as the Insured herein, the This bo nd o r any instrum ent am ending o r and Exchang e Co mm issio n, Washing to n, D.C. m o dified o rally. No chang es in o r m o dificatio n date o f any chang e o r m o dificatio n which written endo rsem ent issued to fo rm a part Investm ent Co m pany. effective upo n the date o f sto ck transfer fo r affect the rig hts o f the Investm ent Co m pany any lo ss in which any transferee is co ncerned shall be effective prio r to 60 days after o r im plicated. written no tificatio n has been furnished to the Such no tice is no t required to be g iven in the Securities and Exchang e Co mm issio n, Co m pany. Underwriter. If m o re than o ne Investm ent SECTION 18. CHANGE OR MODIFICATION Underwriter shall g ive written no tice to each Investm ent Co m pany and to the Securities effecting sam e m ay no t be chang ed o r no t less than 60 days prio r to the effective thereo f shall be effective unless m ade by wo uld adversely affect the rig hts o f such hereo f o ver the sig nature o f the Underwriter's Autho rized Representative. When a bo nd IN WITNESS WHEREOF, the Underwriter has co vers o nly o ne Investm ent Co m pany no caused this bo nd to be executed o n the chang e o r m o dificatio n which wo uld adversely Declaratio ns Pag e. 41206 (9/ 84) B RANACrcH hive Copy13 All rights reserved.

EN DORSEM EN T# 1 This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber issued to AMERICAN CAPITAL SENIOR FLOATING, LTD. National Union Fire Insurance Company of Pittsburgh, Pa. by N EW YORK AM EN DATORY EN DORSEM EN T Wherever used in this endo rsem ent: 1) "Insurer" m eans the insurance co m pany which issued this po licy; and 2) "Insured" m eans the Nam ed Co rpo ratio n, Nam ed Org anizatio n, Nam ed Spo nso r, Nam ed Insured, Nam ed Entity o r Insured stated in the declaratio ns pag e; The I. po licy is hereby am ended as fo llo ws: The Cancellatio n and When We Do No t Renew pro visio ns are deleted and replaced by the fo llo wing : (a) CANCELLATION BY THE INSURED This po licy m ay be cancelled by the Insured by surrender o f this po licy to the Insurer o r by g iving written no tice to the Insurer stating when thereafter such cancellatio n shall be effective. The Po licy Perio d ho ur specified in such no tice, o r at the date and CANCELLATION, NONRENEWAL AND CONDITIONAL term inates at the date and tim e o f surrender. RENEWAL BY THE INSURER (b) (i) If this po licy has been in effect fo r sixty (60) o r fewer days when cancellatio n no tice is m ailed, and this po licy is no t a renewal o f a po licy issued by the Insurer, then this po licy m ay be cancelled by the Insurer by m ailing o r delivering to the Insured, and to his autho rized insurance ag ent o r bro ker, written no tice stating when no t less than twenty (20) days thereafter (fifteen (15) days thereafter if cancellatio n is because o f o ne o f the reaso ns fo r cancellatio n set fo rth in subsectio n (ii) belo w) the cancellatio n shall be effective. No tice o f cancellatio n issued by the Insurer shall specify the g ro unds fo r cancellatio n. If this po licy has been in effect fo r m o re than sixty (60) days when no tice o f cancellatio n is m ailed, o r if this po licy is a renewal o f a po licy issued by the Insurer, then this po licy m ay be cancelled by the Insurer by m ailing o r delivering to the Insured, and to his autho rized insurance ag ent o r bro ker, written no tice stating when no t less than fifteen (15) days thereafter the cancellatio n shall be effective; ho wever, such cancellatio n m ust be based o n o ne o r m o re o f the fo llo wing : (ii) (A) no npaym ent o f prem ium , pro vided, ho wever, that a no tice o f cancellatio n o n this g ro und shall info rm the first Nam ed Insured o f the am o unt due; co nvictio n o f a crim e arising o ut o f acts increasing the hazard insured ag ainst; disco very o f fraud o r m aterial m isrepresentatio n in the o btaining o f the po licy o r in the presentatio n o f a claim thereunder; after issuance o f the po licy o r after the last renewal date, disco very o f an act o r o m issio n, o r a vio latio n o f any po licy co nditio n, that substantially and m aterially increases the hazard insured ag ainst, and which o ccurred subsequent to inceptio n o f the current Po licy Perio d; All rig hts reserved. END 001 (B) (C) (D) 2-14057 69898 (9/ 06) B RAANrcCHhive Copy Pag e 1 o f 4

E N DORSEM EN T# 1 (co ntinued) (E) m aterial chang e in the nature o r extent o f the risk, o ccurring after issuance o r last annual renewal anniversary date o f the po licy, which causes the risk o f lo ss to be substantially and m aterially increased issued o r required beyo nd that co ntem plated at the tim e the po licy was last renewed; (F) pursuantto a determ inatio n by theNew Yo rk Superintendent o f Insurance that co ntinuatio n o f the present prem ium vo lum e o f the Insurer wo uld jeo pardize the Insurer's so lvency o r be hazardo us to the interests o f Insureds o f the Insurer, its credito rs o r the public; a determ inatio n by the New Yo rk Superintendent o f Insurance that the co ntinuatio n o f the po licy wo uld vio late, o r wo uld place the Insurer in vio latio n o f, any pro visio n o f the New Yo rk Insurance Law; revo catio n o r suspensio n o f an Insured's license to practice his pro fessio n; o r where the Insurer has reaso n to believe that there is a pro bable risk o r dang er that the Insured will destro y o r perm it the destructio n o f the insured pro perty fo r the purpo se o f co llecting (G) (H) (I) the (1) insurance pro ceeds, pro vided, ho wever, that: a no tice o f cancellatio n o n this g ro und shall info rm the Insured in plain lang uag e that the Insured m ust act within ten days ifreview by thedepartm ento fthe g ro und fo r cancellatio n is desired pursuant to item (3) o f this subparag raph (I); no tice o f cancellatio n o n this g ro und shall (2) be pro vided sim ultaneo usly by the Insurer to the departm ent; and upo n written request o f the Insured m ade to the departm ent within ten days fro m the Insured's receipt o f no tice o f cancellatio n o n this g ro und, the departm ent shall undertake a review o f the g ro und fo r cancellatio n to determ ine whether o r no t the Insurer has satisfied the criteria fo r cancellatio n specified in this subparag raph; if after such review the departm ent finds no sufficient cause fo r cancellatio n o n this g ro und, the no tice o f cancellatio n o n this g ro und shall be deem ed null and vo id. cancellatio n by the Insurer shall specify the g ro unds fo r (3) No tice o f cancellatio n. (iii) (A) The Insurer shall m ail to the Insured, and to his autho rized insurance ag ent o r bro ker, written no tice indicating the Insurer's intentio n: (1) (2) no t to renew this po licy; to co nditio n its renewal upo n chang e o f lim its, chang e in type o f co verag e, reductio n o f co verag e, increased deductible o r additio n o f exclusio ns o r upo n increased prem ium s in excess o f ten percent; (exclusive o f any prem ium increase g enerated as a result o f increased expo sure units o r as a result o f experience rating , lo ss rating , o r audit); All rig hts reserved. END 001 Pag e 2 o f 4 2-14057 69898 (9/ 06) B RAANrcCHhive Copy

E N DORSEM EN T# 1 (co ntinued) (3) that the po licy will no t be renewed o r will no t be renewed upo n the sam e term s, co nditio ns o r rates; such alternative renewal no tice m ust be m ailed o r delivered o n a tim ely basis and advise the Insured that a seco nd no tice shall be m ailed at a later date indicating the Insurer's intentio n as specified in subparag raph (1) o r (2) o f this parag raph (A) and that co verag e shall co ntinue o n the sam e term s, co nditio ns and rates as expiring , until the later o f the expiratio n date o r sixty (60) days after the seco nd no tice is m ailed o r delivered; such alternative renewal no tice also shall advise the insured o f the availability o f lo ss info rm atio n and, upo n written request, the request, the insurer shall furnish such lo ss info rm atio n within ten (10) days to the insured. (B) A no nrenewal no tice as specified in subparag raph (1), a co nditio nal renewal no tice as specified in subparag raph (2), and the seco nd no tice described in subparag raph (3) o f parag raph (A) o f this subsectio n (iii) shall co ntain the specific reaso n o r reaso ns fo r no nrenewal o r co nditio nal renewal, and set fo rth the am o unt o f any prem ium increase and nature o f any o ther pro po sed chang es. The no tice required by parag raph (A) o f this subsectio n (iii) shall be m ailed at least sixty (60) but no t m o re than o ne hundred twenty (120) days in advance o f the end o f the Po licy Perio d. (C) (D) (1) If the Insurer em plo ys an alternative renewal no tice as autho rized by subparag raph (3) o f parag raph (A) o f this subsectio n (iii), the Insurer shall pro vide co verag e o n the sam e term s, co nditio ns, and rates as the expiring po licy, until the later o f the expiratio n date o r sixty (60) days after the m ailing o f the seco nd no tice described in such subparag raph. (2) Prio r to the inco m plete no nrenewal Perio d shall expiratio n date o f the po licy, in the event that an o r late co nditio nal no tice is pro vided be extended, at the renewal no tice o r a late by the Insurer, the Po licy sam e term s and co nditio ns as the expiring po licy, except that the annual agg reg ate lim it o f the expiring po licy shall be increased in pro po rtio n to the po licy extensio n, and at the lo wer o f the current rates o r the prio r perio d's rates, until sixty (60) days after such no tice is m ailed, unless the Insured elects to cancel soo ner. In the event that a late co nditio nal renewal no tice o r a late no nrenewal no tice is pro vided by the insurer o n o r after the expiratio n date o f the po licy, co verag e shall rem ain in effect o n the sam e term s and co nditio ns o f the expiring po licy fo r ano ther required po licy perio d, and at the lo wer o f the current rates o r the prio r perio d's rates unless the insured during the additio nal required po licy perio d has replaced the (3) co verag e o r elects to cancel, in which event such cancellatio n shall be o n a pro rata prem ium basis. No thing herein shall be co nstrued to lim it the g ro unds fo r which the Insurer m ay lawfully rescind this po licy o r decline to pay a claim under this po licy. (iv) All rig hts reserved. END 001 Pag e 3 o f 4 2-14057 69898 (9/ 06) B RAANrcCHhive Copy

E N DORSEM EN T# 1 (co ntinued) (v) No tice required herein to be m ailed to Insured at the address sho wn in Item No tice required herein to be m ailed the Insured shall be m ailed to the 1 o f the Declaratio ns. by the Insurer shall be sent by reg istered, certified o r o ther first class m ail. Delivery o f written no tice shall be equivalent to m ailing . Proo f o f m ailing o f such no tice as afo resaid shall be sufficient proo f o f no tice. The Po licy Perio d shall term inate at the effective date and ho ur o f cancellatio n o r no nrenewal specified in such no tice. If this po licy shall be cancelled by the Insured, the Insurer shall retain the custo m ary sho rt rate pro po rtio n o f the prem ium hereo n. If this po licy shall be cancelled by the Insurer, the Insurer shall retain the pro rata pro po rtio n o f the prem ium hereo n. Paym ent o r tender o f any unearned prem ium by the Insurer shall no t be (vi) a co nditio n o f cancellatio n, but such paym ent shall be m ade practicable. as soo n as ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE All rig hts reserved. END 001 Pag e 4 o f 4 2-14057 69898 (9/ 06) B RAANrcCHhive Copy

EN DORSEM EN T# 2 This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber issued to AMERICAN CAPITAL SENIOR FLOATING, LTD. National Union Fire Insurance Company of Pittsburgh, Pa. by N OTICE OF CLAIM (REPORTIN G B Y E-M AIL) In 1. co nsideratio n o f the prem ium charg ed, it is hereby understoo d and ag reed as fo llo ws: Email Reporting of Claims: In additio n to the po stal address set fo rth fo r any No tice o f Claim Repo rting under this po licy, such no tice m ay also be g iven in writing pursuant to the po licy's o ther term s and co nditio ns to the Insurer by em ail at the fo llo wing em ail address: c-claim @AIG.co m Yo ur em ail m ust reference the po licy num ber fo r this po licy. The date o f the Insurer's receipt o f the em ailed no tice shall co nstitute the date o f no tice. In additio n to No tice o f Claim Repo rting via em ail, no tice m ay also be g iven to the Insurer by m ailing such no tice to : AIG, Financial Lines Claim s, P.O. Bo x 25947, Shawnee Missio n, KS 66225 o r faxing such no tice to (866) 227-1750. Definitions: Fo r this endo rsem ent o nly, the fo llo wing definitio ns shall apply: 2. (a) "Insurer" m eans the "Insurer," "Underwriter" o r "Co m pany" o r o ther nam e specifically ascribed in this po licy as the insurance co m pany o r underwriter fo r this po licy. "No tice o f Claim Repo rting " m eans "no tice o f claim / circum stance," "no tice o f lo ss" o r o ther reference in the po licy desig nated fo r repo rting o f claim s, lo ss o r o ccurrences o r situatio ns that m ay g ive rise o r result in lo ss under this po licy. "Po licy" m eans the po licy, bo nd o r o ther insurance pro duct to which this endo rsem ent is attached. endo rsem ent do es no t apply to any Kidnap & Ranso m / Exto rtio n Co verag e (b) (c) 3. This Sectio n, if any, pro vided by this po licy. ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE All rig hts reserved. END 002 Pag e 1 o f 1 2-14057 99758 (8/ 08) B RAANrcCHhive Copy

3 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by ERISA RIDER It is agreed that: 1. The Name of Insured stated in the Declarations is amended to include the following as an Insured under the attached bond: any of the Insured's Employee Welfare or Pension Benefit Plans now existing or hereafter created or acquired which are required to be bonded under the Employee Retirement Income Security Act of 1974 ("ERISA") (as amended). 2. Solely for the purpose of the coverage provided by this rider, the definition of "Employee" is amended to include the following at the end thereof: Employee shall also include any natural person who is a director or trustee of the Insured while such director or trustee is engaged in handling funds or other property of any Employee Welfare or Pension Benefit Plan owned, controlled or operated by the Insured or any natural person who is a trustee, manager, officer or employee of any such Plan. 3. Solely for the purpose of the coverage provided by this rider, if the attached bond, in accordance with the agreements, limitations and conditions thereof, covers loss sustained by two or more Employee Welfare or Pension Benefit Plans or sustained by any such Plan in addition to loss sustained by an Insured other than such Plan, it is the obligation of the Insured or the Plan Administrator(s) of such Plans under Regulations published by the Secretary of Labor implementing Section 13 of the Welfare and Pension Plan Disclosure Act of 1958 to obtain under one or more bonds issued by one or more Insurers an amount of coverage for each such Plan at least equal to that which would be required if such Plans were bonded separately. 4. In compliance with the foregoing, payment by the Underwriter in accordance with the agreements, limitations and conditions of the attached bond shall be held by the Insured, or if more than one by the Insured first named in the Declarations, for the use and benefit of any Employee Welfare or Pension Benefit Plan sustaining loss so covered and to the extent of that such payment is in excess of the amount of coverage required by such Regulations to be carried by said Plan sustaining such loss, such excess shall be held for the use and benefit of any other such Plan also covered in the event that such other Plan discovers that it has sustained loss covered thereunder. 2-14057 101929 (06/09) B RAANrcCHhive Copy END 3

3 EN DORSEM EN T# (Con ti n u e d ) This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by 5. If money or other property of two or more Employee Welfare or Pension Benefit Plans covered under the bond is commingled, recovery for loss of such money or other property through fraudulent or dishonest acts of Employees shall be shared by such Plans on a pro rata basis in accordance with the amount for which each such Plan is required to carry bonding coverage in accordance with the applicable provisions of said Regulations. 6. Solely for the purpose of the coverage afforded by this rider, the Deductible Amount stated in the Declarations applicable to loss sustained by a Plan through acts committed by an Employee of the Plan shall be waived, but only up to an amount equal to the amount of coverage required to be carried by the Plan because of compliance with the provisions of ERISA. 7. The attached bond is amended by adding the following section at the end of the CONDITIONS AND LIMITATIONS Clause: DISCOVERY PERIOD Upon cancellation or termination of this bond as an entirety (other than cancellation as a result of non-payment of premium), whether by the Insured or by the Underwriter, the Insured shall be entitled to an additional period of twelve (12) months within which to discover loss sustained by a Plan(s) or Plan Official(s) prior to the effective date of such termination or cancellation (hereinafter the "Discovery Period"). The Discovery Period may not be cancelled by the Insured or the Underwriter. Notwithstanding the foregoing, the Discovery Period shall terminate immediately on the effective date of: (a) any renewal bond or policy hereof obtained by the Insured from the Underwriteror anotherinsurance International Group, Inc. (AIG); or company subsidiary of American (b) any other insurance obtained by the Insured, its successor in business or any other party from an insurer other than the Underwriter or another insurance 2-14057 101929 (06/09) B RAANrcCHhive Copy END 3

3 EN DORSEM EN T# (Con ti n u e d ) This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by company subsidiary of AIG which replaces, in whole or in part, the insurance afforded by this bond (hereinafter "Replacement Coverage") without the necessity of the Underwriter giving notice of such termination; provided, however, that such Replacement Coverage must provide coverage for loss sustained prior to its effective date. If such Replacement Coverage does not provide coverage for loss sustained prior to its effective date, the Discovery Period shall not immediately terminate. As used in this Section, Plan(s) means any of the Insured's Employee Welfare or Pension Benefit Plans now existing or hereafter created or acquired which may be required to be bonded under the Employee Retirement Income Security Act of 1974 (as amended) ("ERISA"). As used in this Section, Plan Official(s) means, with respect to any Plan(s), any person(s) defined as such under ERISA. 8. Nothing contained terms, limitations, above stated. here shall be conditions, or held to vary, alter, waive or extend any of the agreements of the attached bond other than as 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 3 101929 (06/09) B RANCH Archive Copy

4 EN DORSEM EN T# This endo rsem ent, effective at 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 Po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. Issued to : National Union Fire Insurance Company of Pittsburgh, Pa. By: Pro duct Nam e: zManually Issued Policy ECONOMIC SANCTIONS ENDORSEMENT This endorsement modifies insurance provided under the following: Coverage shall only be provided and payment of loss under this policy shall only be made in full compliance with enforceable United Nations economic and trade sanctions and the trade and economic sanction laws or regulations of the European Union and the United States of America, including, but not limited to, sanctions, laws and regulations administered and enforced Control ("OFAC"). by the U.S. Treasury Department's Office of Foreign Assets ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE All rig hts reserved. END 004 Pag e 1 o f 1 2-14057 119679 (9/ 15) ArchiB RveANCopCHy

5 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by N AM ED IN SU RED AM EN DED RIDER (SUBSIDIARY AND JOINT VENTURE) It is agreed that: 1. The Named of Insured listed in Item 1 of the Declarations ("Named Insured") shall also include any entity now or hereafter owned, controlled and/or managed by the Named Insured, provided however that any such entity so included as Insured under this Bond by reason of this rider must be more than fifty percent (50%) owned or controlled and managed by the Named Insured and is subject to the provisions of General Agreement B. If the Named Insured's interest in a joint venture is fifty percent (50%) or less, coverage is limited only to the Insured's interest in such joint venture. If, however, all three of the following conditions apply: (a) (b) the Insured has the largest ownership of any joint venture partner; the Insured is contractually obligated to manage and supervise the operation; and the Insured's policies and procedures (including, but not limited to, the Insured's internal control policies and procedures) are established and adhered to for operation of the joint venture, (c) then such joint venture will be covered one hundred (100%) percent. 2. Nothing contained terms, limitations, above stated. here shall be conditions, or held to vary, alter, waive or extend any of the agreements of the attached bond other than as 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 5 101787 (06/09) B RANCH Archive Copy

6 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by TERM IN ATION OR CAN CELLATION SECTION AM EN DED (CHANGE "60 DAYS" TO 90 DAYS") It is agreed that: 1. In the first paragraph of the Section entitled "TERMINATION OR CANCELATION" of the attached bond, the words "60 days" are deleted and replaced with the words "90 days." 2. Nothing contained terms, limitations, above stated. here shall be conditions, or held to vary, alter, waive or extend any of the agreements of the attached bond other than as 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 6 101907 (06/09) B RANCH Archive Copy

7 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by DISCOVER AN D N OTICE AM EN DED RIDER (60 DAYS) In consideration of the premium charged, it is hereby understood and agreed that this bond is amended as follows: 1. The second sentence of the first paragraph of Section 4. LOSS - NOTICE/ PROOF - LEGAL PROCEEDINGS is deleted in its entirety and replaced with the following: At the earliest practicable moment after discovery of any loss hereunder, not to exceed 60 days after such discovery, the Insured shall give the Underwriter written notice thereof and shall also within six months after such discovery furnish to the Underwriter affirmative proof of loss with full particulars. 2. In General Agreement C. COURT COSTS AND ATTORNEYS' FEES (Applicable to all Insuring Agreements or Coverages now or hereafter forming part of this bond), the first sentence of the second paragraph is deleted in its entirety and replaced with the following: The Insured shall notify the Underwriter at the earliest practicable moment, not to exceed 60 days after notice thereof, of any such suit or legal proceeding and at the request of the Underwriter shall furnish it with copies of all pleadings and other papers therein. 3. Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other than as above stated. 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 7 MNSCPT B RANCH Archive Copy

8 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by PROTECTED IN FORM ATION EXCLU SION This rider modifies insurance provided under the following: BROKER-DEALER GUARD BOND CREDIT UNION FINANCIAL INSTITUTION FIDELITY BOND FINANCIAL INSTITUTIONS BOND, STANDARD FORM 14 FINANCIAL INSTITUTIONS BOND, STANDARD FORM 15 FINANCIAL INSTITUTIONS BOND, STANDARD FORM 24 FINANCIAL INSTITUTIONS BOND, STANDARD FORM 25 FOLLOW FORM BOND (EXCESS OVER A FIDELITY BOND) INVESTMENT COMPANY BLANKET BOND It is agreed that: 1. Coverage shall not apply to any loss resulting directly or indirectly from the: (a) theft, disappearance or destruction of; (b) unauthorized use or disclosure of; (c) unauthorized access to; or (d) failure to protect any: (i) confidential or non-public; or (ii) personal or personally identifiable; information that any person or entity has a duty to protect under any law, rule or regulation, any agreement or any industry guideline or standard. This exclusion shall not apply to the extent that any unauthorized use or disclosure of a password enables a theft by an Employee of the Insured of money, securities or tangible property of the Insured or that the Insured is holding for a third party; provided, however, this exception shall not apply to the extent that such unauthorized use or disclosure of a password enables a theft of or disclosure of information. Nothing contained here shall be held to vary, alter, waive or extend any of the terms, 2. limitations, conditions, stated. or agreements of the attached bond other than as above 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 8 113011 (10/12) B RANCH Archive Copy

E N DORSEM EN T# 9 This endo rsem ent, effective at 12:01 am January 16, 2017 fo rm s a part o f Po licy num ber 06-683-04-07 Issued to : AMERICAN CAPITAL SENIOR FLOATING, LTD. By: National Union Fire Insurance Company of Pittsburgh, Pa. CAN CELLATION AM EN DATORY (RETU RN PRO RATA) Wherever used herein: (1) "Po licy" m eans the po licy o r bo nd to which this endo rsem ent o r rider is m ade part o f; (2) "Insurer" m eans the "Insurer," "Underwriter," "Co m pany" o r o ther nam e specifically ascribed in this Po licy as the insurance co m pany o r underwriter fo r this Po licy; (3) "Nam ed Entity" m eans the "Nam ed Entity," "Nam ed Co rpo ratio n," Nam ed Org anizatio n," "Nam ed Spo nso r," "Nam ed Insured," "First Nam ed Insured," "Insured's Representative," "Po licyho lder" o r equivalent term stated in Item 1 o f the Declaratio ns; and (4) "Perio d" m eans the "Po licy Perio d," "Bo nd Perio d" o r equivalent term stated in the Declaratio ns. In co nsideratio n o f the prem ium charg ed, it is hereby understoo d and ag reed that no twithstanding anything to the co ntrary in any CANCELLATION o r TERMINATION clause o f this Po licy (and any endo rsem ent o r rider am ending such cancellatio n o r term inatio n clause, including but no t lim ited to any state cancellatio n/ no n-renewal am endato ry attached to this po licy), if this Po licy shall be canceled by the Nam ed Entity, the Insurer shall return to the Nam ed Entity the unearned pro rata pro po rtio n o f the prem ium as o f the effective date o f cancellatio n. ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE All rig hts reserved. END 009 Pag e 1 o f 1 2-14057 101036 (4/ 09) ArcBhiRvAeNCopCH y

10 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by N AM ED IN SU RED AM EN DED RIDER (NEWLY CREATED INVESTMENT COMPANY OR PORTFOLIO) It is agreed that: 1. Item 1. Name of Insured on the Declarations Page shall include any Newly Created Investment Company or Portfolio, provided that the assets of such Newly Created Investment Company or Portfolio do not exceed 15% of the existing investment assets of the Insured first named on Declarations at the time of such investment company's or portfolio's. The Insured shall submit to the Underwriter, by the end of the Bond Period, a list of all Newly Created Investment Companies or Portfolios and copies of any prospectuses and statements of additional informationrelating to such Newly Created Investment Companies or Portfolios,unless saidprospectusand statements ofadditional information have been previously submitted. Following the end of the Bond Period, any Newly Created Investment Company or Portfolio created during the Bond Period of this Bond, will continue to be an Insured only if the Underwriter is notified as set forth in the above paragraph, the information required herein is provided to the Underwriter, and the Underwriter acknowledges the addition of such newly created Investment Company or portfolio to the Bond by a Rider of this Bond. For purposes of this Rider, "Newly Created Investment Company(ies) or Portfolio(s)" shall mean any investment company or portfolio for which registration with the Securities and Exchange Commission has been declared. Nothing herein contained shall be held to vary, alter, waive or extend any of the terms, 2. 3. 4. conditions, provisions, agreements or limitations of than as stated herein. the above mentioned Bond other This Rider shall become effective as of 12:01 a.m. on standard time. 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 10 MNSCPT B RANCH Archive Copy

11 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by COM PU TER SYSTEM S FRAU D In consideration of the premium charged the bond is amended as follows: I. The bond is hereby amended by adding Insuring Agreement (I) to the bond as follows: (I) COMPUTER SYSTEMS Loss resulting directly from a fraudulent (1) entry of Electronic Data or Computer Program into, or (2) change of Electronic Data or Computer Program within any Computer Systems operated by the Insured, whether owned or leased; or any Computer System identified in the application for this bond; or a Computer System first used by the Insured during the Bond Period, as provided by General Agreement A of this bond; provided that the entry or change causes (i) (ii) property to be transferred, paid or delivered, an account of the Insured, or of its customer, to be added, deleted, debited or credited, or an unauthorized account or a fictitious account to be debited or credited. (iii) II. For the purpose of the coverage afforded by this Insuring Agreement, the following definitions shall be added to the policy: "Fraudulent Entry" or "Fraudulent Change" shall include such entry or change made by an Employee of the Insured acting in good faith: (a) on an instruction from a software contractor who has a written agreement with the Insured to design, implement or service programs for a Computer System covered by this Insuring Agreement, or 2-14057 MNSCPT B RAANrcCHhive Copy END 11

11 EN DORSEM EN T# (Con ti n u e d ) This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by (b) on an instruction transmitted by Tested telex or similar means of Tested communication (except a Telefacsimile Device) identified in the application for this bond purportedly sentby a customer,financial institution or automated clearinghouse; "Computer Program" means a set of related electronic instructions which direct the operations and functions of a computer or devices connected to it which enable the computer or devices to receive, process, store or send Electronic Data; "Computer Systems" means: 1) computers with related peripheral components, including storage components wherever located, 2) systems and applications software, 3) terminal devices, and 4) related communication networks, including the Internet, by which Electronic Data are electronically collected, transmitted, processed, stored and retrieved; "Electronic Data" means facts or information converted to a form usable in a Computer System by Computer Programs, and which is stored on magnetic tapes or disks, or optical storage disks or other bulk media; "Telefacsimile Device" means a machine capable of sending or receiving a duplicate image of a document by means of electronic impulses transmitted through a telephone line and which reproduces the duplicate image on paper; "Tested" means a method of authenticating the contents of a communication by placing a valid test key on it which has been agreed upon between the Insured and a customer, automated clearing house, or another financial institution for the purpose of protecting the integrity of the communication in the ordinary course of business; 2-14057 MNSCPT B RAANrcCHhive Copy END 11

11 EN DORSEM EN T# (Con ti n u e d ) This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by "Internet" means worldwide public network of computers, which are commonly referred to as the "internet". III. For the purpose of the coverage afforded by this Insuring Agreement, the following exclusions shall be added to the policy: A. loss resulting directly or indirectly from the assumption of liability by the Insured by contract unless the liability arises from a loss covered by the Computer Systems Insuring Agreement and would be imposed on the Insured regardless of the existence of the contract; B. loss resulting directly or indirectly from negotiable instruments, securities, documents or other written instruments which bear a forged signature, or are counterfeit, altered or otherwise fraudulent and which are used as source documentation in the preparation of Electronic Data or manually keyed into a data terminal; C. loss resulting directly or indirectly from 1) mechanical failure, faulty construction, error in design, latent defect, fire, wear or tear, gradual deterioration, electrical disturbance or electrical surge which affects a Computer System, or 2) failure or breakdown of electronic data processing media, or 3) error or omission in programming or processing; D. loss resulting directly or indirectly from the input of Electronic Data into a Computer System terminal device either on the premises of a customer of the Insured or under the control of such a customer by a person who had authorized access to the customer's authentication mechanism; E. loss resulting directly from the theft of confidential information 2-14057 MNSCPT B RAANrcCHhive Copy END 11

11 EN DORSEM EN T# (Con ti n u e d ) This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by IV. Solely with respect to the coverage afforded by this endorsement, all loss or series of losses involving the fraudulent acts of one individual, or involving fraudulent acts in which one individual is implicated, whether or not that individual is specifically identified, shall be deemed to be one loss and shall be limited to the applicable Limit of Liability stated in Item 3 of the Declarations of this bond irrespective of the total amount of such loss or losses and shall not be cumulative in amounts from year to year or from period to period. A series of losses involving unidentified individuals but arising from the same method of operation shall be deemed to involve the same individual and in that event shall be treated as a one loss and shall be limited to the applicable Limit of Liability as described above. V. Solely with respectto thecoverage affordedby this endorsement,Section EXCLUSIONS (y) is deleted in its entirety. 2. ALL OTHER TERMS, CONDITIONS, AND EXCLUSIONS REMAIN UNCHANGED. 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 11 MNSCPT B RANCH Archive Copy

12 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by VOICE IN ITIATED TRAN SFER FRAU D RIDER It is agreed that: 1. The INSURING AGREEMENTS Clause of the attached bond is amended by adding the following additional Insuring Agreement to the end thereof: VOICE INITIATED TRANSFER FRAUD Loss resulting directly from the Insured having, in good faith, transferred Funds from a Customer's account through a Computer System covered under the terms of the Computer System Fraud Insuring Agreement in reliance upon a fraudulent voice instruction transmitted by telephone which was purported to be from: (1) an officer, director, partner or employee of a Customer of the Insured who was authorized by the Customer to instruct the Insured to make such transfer; (2) an individual person who is a Customer of the Insured; or (3) an Employee of the Insured in another office of the Insured who was authorized by the Insured to instruct other Employees of the Insured to transfer Funds, and was received by an Employee of the Insured specifically designated to receive and act upon such instructions, but coverage as is afforded by this Insuring Agreement shall only apply if the voice instruction was not from a person described in (1), (2), or (3) above, provided that: (i) such voice instruction was electronically recorded by the Insured and required password(s) or code word(s) given; and (ii) if the transfer was in excess of $50,000, the voice instruction was verified by a call-back according to a prearranged procedure. Proof of loss for claim(s) under this Insuring Agreement must include electronic recordings of such voice instructions and the verification call-back, if such call was required. Solely for the purpose of the coverage provided by the VOICE INITIATED TRANSFER FRAUD Insuring Agreement, the following definitions shall apply : 2-14057 MNSCPT B RAANrcCHhive Copy END 12

12 EN DORSEM EN T# (Con ti n u e d ) This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by "Customer" means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on voice instructions to make transfers and which has provided the Insured with the names of persons authorized to initiate such transfers and with which the Insured has established an instruction verification mechanism. "Funds" means Money on deposit in an account. 2. Solely for the purpose of the coverage provided by this Insuring Agreement, Section 2. EXCLUSIONS of the CONDITIONS AND LIMITATIONS Clause is amended to include the following exclusion at the end thereof: loss alleging, arising out of, based upon or attributable to any actual or alleged contractual liability of any Insured under any express contract or agreement; provided, however, that this exclusion shall not apply to liability which would have attached in the absence of such express contract or agreement. 3. Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other above stated. than as ALL OTHER TERMS, CONDITIONS, AND EXCLUSIONS REMAIN UNCHANGED. 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 12 MNSCPT B RANCH Archive Copy

13 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by CLAIM S EXPEN SE IN SU RIN G AGREEM EN T In consideration of the premium charged, it is hereby understood and agreed that the bond is amended by adding Insuring Agreement (J) to the bond as follows: CLAIMS EXPENSE (J) Reasonable expenses (excluding the cost of services rendered by employees of the Insured) necessarily incurred and paid by the Insured in preparing any valid claim for loss, as defined in Insuring Agreements A, B, C, D, E, F, and G and any other valid coverage added by rider, which loss exceeds the Single Loss Deductible Amount of 50,000.If no loss is established hereunder, then the Insured will bear all such expenses. The Underwriter's maximum liability for such expenses paid by the Insured in preparing any one such claim shall be limited to $50,0000 which is part of, and not in addition to, the Aggregate Limit of Liability stated on the Declaration Page of this bond. There shall be no coverage hereunder for any expenses arising out of any legal dispute, suit or arbitration with the Underwriter.This coverage is subject to a deductible of $5,000 each and every loss. Solely for the purpose of the coverage afforded by this rider, Section 2. EXCLUSIONS, paragraph (k) of the CONDITIONS AND LIMITATIONS section is hereby deleted entirety. in its ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 13 MNSCPT B RANCH Archive Copy

14 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by TELEFACSIM ILE TRAN SFER FRAU D RIDER It is agreed that: 1. The INSURING AGREEMENTS Clause of the attached bond is amended by adding the following additional Insuring Agreement to the end thereof: TELEFACSIMILE TRANSFER FRAUD Loss resulting directly from theInsured having, in good faith, transferred or delivered Funds, Certificated Securities or Uncertificated Securities through a Computer System covered under the terms of the Computer Systems Fraud Insuring Agreement in reliance upon a fraudulent instruction received through a Telefacsimile Device, and which instruction: (1) purports and reasonably appears to have originated from (a) (b) (c) a Customer of the Insured, another financial institution, or another office of the Insured but, in fact, was notoriginated by theCustomer or entity whose identification it bears; (2) contains a valid test code which proves to have been used by a person who was not authorized to make use of it; and (3) contains the name of a person authorized to initiate such transfer, provided that, if the transfer was in excess of $50,000, the instruction was verified by a call-back according to a prearranged procedure. 2. Solely with respect to the TELEFACSIMILE TRANSFER FRAUD Insuring Agreement, the following Definitions are added to the bond: (i) Customer means an entity or individual which has a written agreement with the Insured authorizing the Insured to rely on Telefacsimile Device instructions to initiate transfers and has provided the Insured with the names of persons authorized to initiate such transfers, and with which the Insured has established an instruction verification mechanism, and Funds means Money on deposit in an account. 2-14057 MNSCPT B RAANrcCHhive Copy END 14

14 EN DORSEM EN T# (Con ti n u e d ) This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by (ii) Telefacsimile Device means a machine capable of sending or receiving a duplicate image of a document by means of electronic impulses transmitted through a telephone line and which reproduces the duplicate image on paper. 3. The TELEFACSIMILE TRANSFER FRAUD Insuring Agreement does not cover loss resulting directly or indirectly from the assumption of liability by the Insured by contract, unless the liability arisesfrom aloss otherwisecovered by the TELEFACSIMILE TRANSFER FRAUD Insuring Agreement and would be imposed on the Insured regardless of the existence of the contract. 4. Solely forthepurpose oftheTELEFACSIMILE TRANSFER Agreement, proof of loss for a claim must include a copy reproduced by the Telefacsimile Device. FRAUDInsuring of the document 5. Solely forthepurpose oftheTELEFACSIMILE TRANSFER FRAUDInsuring Agreement, exclusion (y) of Section 2. EXCLUSIONS of the CONDITIONS AND LIMITATIONS Clause is deleted in its entirety. 6. Nothing contained here shall be held to vary, alter, waive or extend any of the terms, limitations, conditions, or agreements of the attached bond other above stated. than as ALL OTHER TERMS, CONDITIONS, AND EXCLUSIONS REMAIN UNCHANGED. 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 14 MNSCPT B RANCH Archive Copy

15 EN DORSEM EN T# 12:01 am January 16, 2017 This endo rsem ent, effective fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by FRAU DU LEN T TRAN SFER IN STRU CTION S VIA EM AIL 1. It is agreed that the following Insuring Agreement is added to the above Bond: Loss resulting directly from the Insured having, in good faith, transferred Money on deposit in a Customer's account, or a Customer's Certificated Securities, in reliance upon a fraudulent instruction transmitted to the Insured via electronic mail; provided, however that (1) The fraudulentinstruction purports,and reasonably appears, to have originated from: (a) such Customer, (b) an Employee acting on instructions of such Customer; or (c) another financial institution acting on behalf of such Customer with authority to make such instructions; and (2) The sender of the fraudulent instruction verified the instruction with the password, PIN, or other security code of such Customer; and (3) The sender was not, in fact, such Customer, was not authorized to act on behalf of such Customer, and was not an Employee of the Insured; and (4) The instruction was received by an Employee of the Insured specifically authorized by the Insured to receive and act upon such instructions; and (5) For any transfer exceeding the amount set forth in item 8 of this Rider, the Insured verified the instruction via a call back to a predetermined telephone number set forth in the Insured's Written agreement with such Customer or other verification procedure approved in writing by the Underwriter; and (6) The Insured preserved a contemporaneous record of the call back, if any, and of the instruction which verifies use of the authorized password, PIN or other security code of the Customer. 2. As used in this Rider, the following terms shall have the following meanings: "Certificated Security" means a share, participation or other interest in property of or an enterprise of the issuer or an obligation of the issuer, which is: (1) represented by a Written instrument issued in bearer or registered form; (2) of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment; and (3) either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations. 2-14057 MNSCPT B RAANrcCHhive Copy END 15

15 EN DORSEM EN T# (Con ti n u e d ) This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by "Customer" means a natural person or entity which has a Written agreement with the Insured authorizing the Insured to transfer Money on deposit in an account or Certificated Securities in reliance upon instructions transmitted to the Insured via the means utilized to transmit the fraudulent instruction. "Money" means a medium of exchange in current use authorized or adopted by a domestic or foreign government as a part of its currency. "Written" means expressed through letters or marks placed upon paper and visible to the eye. 3. It shall be a condition precedent to coverage under this Insuring Agreement that the Insured assert any available claims, offsets or defenses against such Customer, any financial institution or any other party to the transaction. 4. The following additional Exclusions are added to the Bond applicable only to this Insuring Agreement: (a) loss resulting directly or indirectly from a fraudulent instruction if the sender, or anyone acting in collusion with the sender, ever had authorized access to such Customer's password, PIN or other security code; and (b) loss resulting directly or indirectly from the fraudulent alteration of an instruction to initiate an automated clearing house (ACH) entry, or group of ACH entries, transmitted as an electronic message, or as an attachment to an electronic message, sent via the Internet, unless: (1) each ACH entry was individually verified via the call back procedure without regard to the amount of the entry; or (2) the instruction was formatted, encoded or encrypted so that any alteration in the ACH entry or group of ACH entries would be apparent to the Insured. 5. Liability of the Underwriter under this Insuring Agreement shall be a part of, not in addition to, the Aggregate Limit of Liability of this Bond. 2-14057 MNSCPT B RAANrcCHhive Copy END 15

15 EN DORSEM EN T# (Con ti n u e d ) This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber AMERICAN CAPITAL SENIOR FLOATING, LTD. issued to National Union Fire Insurance Company of Pittsburgh, Pa. by 6. For purposes of this Insuring Agreement, all loss or losses involving one natural person or entity, or one group of natural persons or entities acting together, shall be a Single Loss without regard to the number of transfers or the number of instructions involved. A series of losses involving unidentified natural persons or entities but arising from the same method of operation shall be deemed to involve the same natural person or entity and shall be treated as Single Loss. 7. The Single Loss Limit of Liability applicable to loss under this Insuring Agreement is: $1,000,000, and the Single Loss Deductible applicable to loss under this Insuring Agreement is $50,000. 8. The amount of any single transfer for which verification via a call required is: $50,000 back will be 9. This rider shall become effective as of 12:01 a.m. on 01/16/2016 2-14057 AUTHORIZED REPRESENTATIVE © All rights reserved. END 15 MNSCPT B RANCH Archive Copy

EN DORSEM EN T# 16 This endo rsem ent, effective 12:01 am January 16, 2017 fo rm s a part o f 06-683-04-07 po licy num ber issued to AMERICAN CAPITAL SENIOR FLOATING, LTD. National Union Fire Insurance Company of Pittsburgh, Pa. by FORMS INDEX ENDORSEMENT The co ntents o f the Po licy is co m prised o f the fo llo wing fo rm s: ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE All rig hts reserved. END 016 Pag e 1 o f 1 2-14057 78859 (10/ 01) Archive Copy B RANCH FORM NUMBER EDITION DATE FORM TITLE 41205 41206 69898 99758 101929 119679 101787 101907 MNSCPT 113011 101036 MNSCPT MNSCPT MNSCPT MNSCPT MNSCPT MNSCPT 78859 83231 04/95 09/84 09/06 08/08 06/09 09/15 06/09 06/09 10/12 04/09 10/01 01/09 INVESTMENT COMPANY BLANKET BOND - DEC PAGE Investment Company Blanket Bond guts NEW YORK AMENDATORY - CANCELLATION/NONRENEWAL NOTICE OF CLAIM (REPORTING BY E-MAIL) ERISA RIDER ECONOMIC SANCTIONS ENDORSEMENT NAMED INSURED AMENDED RIDER TERMINATION OR CANCELLATION SECTION AMENDED DISCOVER AND NOTICE AMENDED RIDER PROTECTED INFORMATION EXCLUSION CANCELLATION AMENDATORY (RETURN PRO RATA) NAMED INSURED AMENDED RIDER COMPUTER SYSTEMS FRAUD VOICE INITIATED TRANSFER FRAUD RIDER CLAIMS EXPENSE INSURING AGREEMENT TELEFACSIMILE TRANSFER FRAUD RIDER FRAUDULENT TRANSFER INSTRUCTIONS VIA EMAIL FORMS INDEX ENDORSEMENT NEW YORK LAW 3420 AMENDATORY ENDORSEMENT

ENDORSEMENT# 17 This endorsement, effective 12:01 am January 16, 2017 forms a part of 06-683-04-07 policy number issued to AMERICAN CAPITAL SENIOR FLOATING, LTD. National Union Fire Insurance Company of Pittsburgh, Pa. by NEW YORK AMENDATORY ENDORSEMENT - N Y STATUTE 3420 Wherever used in this endorsement: 1) "we", "us", "our" and "Insurer" mean the insurance Company which issued this policy; 2) "you", "your", "Insured" and "first Named Insured" mean the Named Corporation, Named Entity, Named Organization, Named Sponsor, Named Insured, or Insured stated in the declarations page; 3) "other insured(s)" means all other persons or entities afforded coverage under the Discovery Period or Extended Reporting Period, as means Claim or Suit as defined in the policy. policy; 4) "Discovery Period" means defined in the policy; and 5) "Claim " It is A. hereby understood and agreed that the policy The following provisions are hereby added to is am ended as follows: the policy: FAILURE TO GIVE NOTICE WITHIN PRESCRIBED TIME: Failure to give any notice required to be given by this policy, or any policy of which this is a renewal, within the prescribed time shall not invalidate any Claim made against an Insured if: (a) it shall be shown not to have been reasonably possible to give notice within the prescribed time and that no tice was given as soon as was reasonably possible thereafter; or the failure to provide timely notice has not prejudiced the Insurer. such Claim shall be deemed to have been first made against the Insured (b) Any and noticed to the Insurer within the Policy Period or Discovery Period of the policy issued by the Insurer (the "Noticed Policy") in which the Insurer received no tice of the Claim; provided that the coverage afforded with respect to the Noticed Policy shall be in coverage afforded with respect to Insurer (the "Former Policy") in an Amount not greater than the Amount of the Policy Period of the policy issued by the which the Claim was actually first made against the Insured. The foregoing sentence m ay result in (but not be limited to): (1) reducing the limit of liability available for such a Claim to the available limit of liability applicable to the Former Policy; (2) increasing the applicable retention Amount to that retention Amount applicable to the Former Policy; or (3) reducing or eliminating coverage due to exclusions or other restrictions appearing in the Former Policy but eliminated, in part or in whole, in the Noticed Policy. No coverage shall be afforded under this endorsement if there was not in existence a Former Policy at the time the Claim was actually first made against the Insured. With respect to subsection (b) above, any such Claim must be noticed during the Policy Period or Discovery Period of a Noticed Policy which is a renewal or extension of the Former Policy. Nothing in this endorsement shall be construed to provide coverage for a Claim under more than PREJUDICE: one Policy Period or Disco very Period. All rights reserved. END 017 Page 1 of 2 2-14057 83231 (1/ 09) BRANCH Active Copy

ENDORSEMENT# 17 (continued) In the event that the Insurer alleges that it was prejudiced as a result of a failure to give no tice within the time required under the policy, the burden of proof shall be on: (a) the Insurer to prove that it has been prejudiced, if the no tice was provided within two years of the time required under the policy; or the Insured to prove that the Insurer has not been prejudiced, if the no tice was provided m o re than two years after the time required under the policy. (b) The Insurer's rights shall not be deemed prejudiced unless the failure to timely provide notice materially impairs the ability of the Insurer to investigate or defend the Claim . Notwithstanding the above, an irrebuttable presumption of prejudice shall apply if, prior to the no tice, the Insured's liability has been determined by a court of competent jurisdiction or by a binding arbitration; or if the Insured has resolved the Claim by settlement or other co m promise. NOTICE TO AGENT: No tice given by or on behalf of the Insured, or written notice by or on behalf of the injured party or any other claimant, to any licensed agent of the Insurer in the state of New York, with particulars sufficient to identify the Insured, shall be deemed no tice to the Insurer. IN SOLVENCY/BANKRUPTCY OF INSURED: The insolvency or bankruptcy of the Insured shall not relieve the Insurer of obligations under this policy as long as all policy requirements are met Insured, its trustee or receiver in bankruptcy. Should a covered judgment rendered against an insolvent or bankrupt Insured, the Insurer shall be liable its by be for the Amount of such judgment not to exceed the applicable limit of liability under this policy. B. The Clause entitled, "Action Against Us " or "Action Against Company" is deleted in its entirety and replaced with the following : No one may bring an action against us unless there has been full compliance with all the terms of this policy and the Amount of the Insured's obligation to pay 1. has been finally determined either by: judgment against the Insured which remains unsatisfied at the expiration of thirty (30) days from the service of no tice of entry of the judgment upon the Insured and upon us; or written Agreement of the Insured, the claim ant and us. 2. Any person or organization or leg al representative thereof who has secured such judgment or written Agreement shall thereafter be entitled to recover under this policy to the extent of the insurance afforded by this policy. We may not be impleaded by the Insured or its leg al representative in any legal action brought against the Insured by any person or organization. ALL OTHER TERMS, CONDITIONS AND EXCLUSIONS REMAIN UNCHANGED. AUTHORIZED REPRESENTATIVE All rights reserved. END 017 Page 2 of 2 2-14057 83231 (1/ 09) BRANCH Active Copy