The investment seeks to generate income and, to a lesser extent, seek long-term capitalappreciation. Under normal circumstances, the fund pursues its investment objective by investing primarily in collateralized loan obligations (“CLOs”), structured notes, and warehousingfacilities, which are financing structures created prior to and in anticipation of investing in CLOs and are intended to aggregate direct loans, corporate loans and/or other debt obligations that may be used to form the basis of CLO vehicles. The fund is non-diversified.