Seeks consistent current income; secondary objective is capital preservation. Under normal conditions invests at least 80% of assets (net assets plus investment borrowings) in corporate loans, mainly direct loans sourced through a multi-lender network of Investment Partners, plus loan notes, ABS, private funds, high yield, bank loans and SPVs or joint ventures. Aims to resemble the Cliffwater Direct Lending Index with a first lien overweight. Currently holds 99% of assets in variable or floating rate securities. Uses leverage (borrowings capped at 33.33% of assets), derivatives for hedging and investment, and currency hedges; may invest outside the U.S.