The investment seeks to provide attractive risk-adjusted returns. Under normal circumstances, at least 80% of the fund’s net assets, plus any borrowings made for investment purposes, will be invested in CLOs. The CLOs in which the fund will invest include the rated senior and mezzanine tranches (“CLO Debt”), the unrated subordinated tranche (“CLO Equity”), and CLO warehousing facilities (“CLO Warehouses”) of broadly syndicated U.S.-dollar-denominated CLOs. The fund is non-diversified.