The prospectus states an objective of current income and, secondarily, long-term capital appreciation. Under normal circumstances at least 80% of total assets are invested in senior secured loans, held mainly through the equity and junior debt tranches of cashflow CLOs managed by unaffiliated collateral managers, with occasional direct loans. CLO equity is typically levered about nine to thirteen times, and the Fund adds its own leverage through a secured credit facility, unsecured notes and term and cumulative preferred stock. At June 30, 2026 the portfolio was about 85% CLO equity and 15% CLO debt at fair value. Short sales and commodities are limited to hedging by fundamental policy.