The prospectus states an objective of current income and, secondarily, long-term capital appreciation. The Fund invests primarily in junior debt tranches of CLO Instruments, with emphasis on tranches initially rated BB, backed by pools of middle-market senior secured loans. An opportunistic sleeve, not expected under normal circumstances to exceed 25% of net assets plus borrowings, may hold BDC debt and equity, senior secured loans, fixed income securities, collateralized fund obligations and private investment funds. At June 30, 2026 the portfolio was mostly CLO debt, with smaller CLO equity, rated feeder fund note and listed closed-end fund positions. Borrowing is limited to 33 1/3% of total assets.