Seeks current income and, secondarily, long-term capital appreciation by investing primarily in the equity and, to a lesser extent, the junior debt tranches of collateralized loan obligations and similar vehicles, including rated feeder funds, that hold pools of below-investment-grade senior secured loans. Positions may include anchor equity, risk retention capital and warehouse equity. The Adviser selects CLO managers on track record and scale, models cash flows, and uses call, refinancing and reset rights. Opportunistic holdings (BDCs, direct loans, loan funds) are generally capped at 25% of net assets.