The prospectus states a primary objective of high current income and a secondary objective of attractive long-term risk-adjusted returns with low correlation to broader markets. At least 80% of net assets plus borrowings goes to Target Securities: broadly syndicated senior secured loans held directly or through CLO tranches. In practice the portfolio is CLO junior debt and equity tranches, the subordinated and first-loss layers. The Fund borrows through reverse repurchase agreements, limited to 33-1/3% of total assets.