The prospectus states a primary objective of current income and a secondary objective of long-term risk-adjusted returns. Under normal conditions the Fund invests at least 80% of Managed Assets in below investment grade credit across four buckets: private corporate credit (direct and asset-based lending to lower middle market companies), specialty finance, structured credit and liquid credit, using a relative value approach. On September 4, 2025 the mandate was broadened to consumer and mortgage-related asset-based loans and structured credit, and the commitment to invest primarily in senior secured assets was removed; full repositioning is expected in the latter half of 2026.