The prospectus states an objective of total return through income and capital appreciation. Under normal conditions the Fund allocates at least 80% of net assets plus investment borrowings to private credit instruments: privately negotiated and broadly syndicated corporate loans to middle-market companies, CLO debt and equity, other asset-backed securities, bank regulatory capital relief (significant risk transfer) notes and secured debt. It may invest without limit through other funds, uses a Cayman subsidiary, and may add leverage through borrowing, swaps, credit-linked notes, short sales and reverse repurchase agreements.