The Fund is a continuously offered, diversified closed-end interval fund (Rule 23c-3) that sought total return from current income and capital gains in an opportunistic credit portfolio: RMBS and CMBS, CLO debt and equity tranches, corporate debt and credit derivatives, consumer and auto loan ABS, and mortgage-related equities including REITs, without restriction as to credit quality, structure or maturity. Borrowings of up to 33-1/3% of assets were permitted. Effective June 25, 2026 the Board resolved to fully liquidate the Fund: it no longer accepts purchases or pursues its objective and is converting holdings to cash for distribution. The April 30, 2026 prospectus does not reflect this.