These tables are intended to assist investors in understanding the various costs and expenses directly or indirectly associated with investing in the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

As of the date of this Prospectus, only Supra Institutional Class Shares are being offered to the public. Investor Class and Institutional Class shares are currently not available for sale and will not be available for sale unless the Fund receives multi-share class exemptive relief from the SEC. It is uncertain when, or if, the Fund will be granted such exemptive relief.

Shareholder Transaction Expenses (fees paid directly from your investment):


	Investor Class	Institutional Class	Supra Institutional Class
Sales Load(1)	None	None	None
Maximum Early Repurchase Fee (as a percentage of amount repurchased(2)	2.00%	2.00%	2.00%

1.While neither the Fund nor the Distributor imposes an initial sales charge on Supra Institutional Class Shares, if you buy Supra Institutional Class Shares through certain financial intermediaries, they may directly charge you transaction or other fees in such amounts as they may determine. Please consult your financial intermediary for additional information.

2.Except to the extent the Board otherwise determines, any repurchase of Shares from a shareholder which were held for less than one year (on a first-in, first-out basis) will be subject to an “Early Repurchase Fee” equal to up to 2% of the net asset value of such repurchased Shares. If an Early Repurchase Fee is charged to a shareholder, the amount of such fee will be retained by the Fund.

Annual Fund Operating Expenses (as a percentage of net assets attributable to Shares):


	Investor Class	Institutional Class	Supra Institutional Class
Management Fees(3)	1.25%	1.25%	1.25%
Distribution and Shareholder Servicing Fee	0.75%	0.25%	None
Borrowing Expense(4)	0.00%	0.00%	0.00%
Other Expenses(5)	0.77%	0.77%	0.77%
Total Annual Fund Operating Expenses	2.77%	2.27%	2.02%
Expense Reimbursement(6)	(0.02)%	(0.02)%	(0.02)%
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement	2.75%	2.25%	2.00%

3.Pursuant to an investment management agreement (the “Investment Management Agreement”), the Investment Manager receives an annual fee, payable monthly by the Fund, in an amount equal to 1.25% of the Fund’s average daily Managed Assets. “Managed Assets” under the Investment Management Agreement means the total value of all assets of the Fund (including any assets attributable to any leverage that is outstanding), less the amount equal to all accrued debts, liabilities and obligations of the Fund (excluding debts, liabilities and obligations representing financial leverage and the aggregate liquidation preference of any outstanding preferred shares). The management fee percentage calculation assumes that the Fund will not engage in leverage in its initial 12 months of operation.

4.The Fund expects to leverage as part of its principal investment strategies long term. The Fund does not expect to engage in borrowing for investment purposes during its initial 12 months of operation.

5.“Other Expenses” are based on estimated amounts during the first 12 months of operations, assuming the Fund raises $100 million of average net assets during that time.

“Other Expenses” includes 0.14% in capitalized expenditures related to organizational and offering costs, which are not expected to be recurring expenses of the Fund.

6.The Investment Manager has contractually agreed, through May 31, 2027, to waive its management fee or reimburse Fund expenses to the extent that the Fund’s total annual operating expenses (excluding any taxes; fees and interest payments on borrowed funds; fees and expenses, including dividend and interest expenses, associated with the issuance of preferred shares; brokerage commissions and transactional and other investment-related costs and expenses; distribution and shareholder servicing fees (whether paid pursuant to a Rule 12b-1 plan or otherwise); acquired fund fees and expenses (as determined in accordance with SEC Form N-2); dividend expenses on short sales; expenditures which are capitalized in accordance with generally accepted accounting principles (GAAP); and extraordinary or nonroutine expenses, such as expenses incurred in connection with any merger or reorganization with, or the acquisition of all or substantially all of the assets of, another fund, redomiciling the Fund, litigation, potential litigation and indemnification expenses and expenses incurred in the initial registration and offering of Fund shares) exceed 2.00% of the Fund’s average daily net assets (the “Expense Limitation Agreement”). The Expense Limitation Agreement became effective upon the commencement of the Investment Manager’s management of the continuous investment program for the Fund (the “Effective Date”). The Expense Limitation Agreement shall terminate upon the earlier of the termination of the Investment Management Agreement or on the first anniversary date of the Effective Date. Under the Expense Limitation Agreement, the Investment Manager may recoup from the Fund amounts previously waived or reimbursed during the previous three years from the date of the waiver or reimbursement, provided that such amount paid to the Investment Manager will not cause the Fund’s total annual operating expenses to exceed (i) the expense limit in effect at the time the expense was paid or absorbed or (ii) the expense limit in effect at the time of recoupment.

Other Transaction Expenses [Abstract]

Annual Expenses [Table Text Block]

Shareholder Transaction Expenses (fees paid directly from your investment):


	Investor Class	Institutional Class	Supra Institutional Class
Sales Load(1)	None	None	None
Maximum Early Repurchase Fee (as a percentage of amount repurchased(2)	2.00%	2.00%	2.00%

Annual Fund Operating Expenses (as a percentage of net assets attributable to Shares):


	Investor Class	Institutional Class	Supra Institutional Class
Management Fees(3)	1.25%	1.25%	1.25%
Distribution and Shareholder Servicing Fee	0.75%	0.25%	None
Borrowing Expense(4)	0.00%	0.00%	0.00%
Other Expenses(5)	0.77%	0.77%	0.77%
Total Annual Fund Operating Expenses	2.77%	2.27%	2.02%
Expense Reimbursement(6)	(0.02)%	(0.02)%	(0.02)%
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement	2.75%	2.25%	2.00%

5.“Other Expenses” are based on estimated amounts during the first 12 months of operations, assuming the Fund raises $100 million of average net assets during that time.

“Other Expenses” includes 0.14% in capitalized expenditures related to organizational and offering costs, which are not expected to be recurring expenses of the Fund.

Other Annual Expenses [Abstract]

Expense Example [Table Text Block]

Example

The following example illustrates the expenses that you would pay on a $1,000 investment in the Shares, assuming a 5% annual return, assuming you hold your shares and assuming your shares are repurchased in full. The example assumes expenses remain as set forth above and includes the expense limitation for one year in each period. The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown.(1)

An investor would pay the following expenses on a $1,000 investment assuming a 5% return:


	1 Year	3 Years	5 Years	10 Years
Supra Institutional Class	$20	$63	$109	$235
Institutional Class	$23	$71	$121	$260
Investor Class	$28	$86	$146	$310

An investor would pay the following expenses, assuming your shares are repurchased at the end of each period:


	1 Year	3 Years	5 Years	10 Years
Supra Institutional Class	$20	$63	$109	$235
Institutional Class	$23	$71	$121	$260
Investor Class	$28	$86	$146	$310

1.The example assumes the estimated “Other Expenses” set forth in the Annual Fund Operating Expenses table are accurate, that the Total Annual Fund Operating Expenses (as described above) remain the same for all periods shown, and that all dividends and distributions are reinvested at NAV. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example.

Purpose of Fee Table , Note [Text Block]

Basis of Transaction Fees, Note [Text Block]

While neither the Fund nor the Distributor imposes an initial sales charge on Supra Institutional Class Shares, if you buy Supra Institutional Class Shares through certain financial intermediaries, they may directly charge you transaction or other fees in such amounts as they may determine. Please consult your financial intermediary for additional information.

Other Transaction Fees, Note [Text Block]

The Fund expects to leverage as part of its principal investment strategies long term. The Fund does not expect to engage in borrowing for investment purposes during its initial 12 months of operation.

Other Transaction Fees Basis, Note [Text Block]

Except to the extent the Board otherwise determines, any repurchase of Shares from a shareholder which were held for less than one year (on a first-in, first-out basis) will be subject to an “Early Repurchase Fee” equal to up to 2% of the net asset value of such repurchased Shares. If an Early Repurchase Fee is charged to a shareholder, the amount of such fee will be retained by the Fund.

Other Expenses, Note [Text Block]

“Other Expenses” are based on estimated amounts during the first 12 months of operations, assuming the Fund raises $100 million of average net assets during that time. “Other Expenses” includes 0.14% in capitalized expenditures related to organizational and offering costs, which are not expected to be recurring expenses of the Fund.

Management Fee not based on Net Assets, Note [Text Block]

Pursuant to an investment management agreement (the “Investment Management Agreement”), the Investment Manager receives an annual fee, payable monthly by the Fund, in an amount equal to 1.25% of the Fund’s average daily Managed Assets. “Managed Assets” under the Investment Management Agreement means the total value of all assets of the Fund (including any assets attributable to any leverage that is outstanding), less the amount equal to all accrued debts, liabilities and obligations of the Fund (excluding debts, liabilities and obligations representing financial leverage and the aggregate liquidation preference of any outstanding preferred shares). The management fee percentage calculation assumes that the Fund will not engage in leverage in its initial 12 months of operation.

General Description of Registrant [Abstract]

Investment Objectives and Practices [Text Block]

THE FUND’S INVESTMENT OBJECTIVE AND STRATEGIES

Investment Objective

The Fund seeks to provide total return primarily consisting of current income. There can be no assurance that the Fund will achieve its investment objective. The investment objective of the Fund is not a fundamental policy of the Fund and may be changed by the Board without the vote of a majority (as defined by the 1940 Act) of the Fund’s outstanding Shares.

Principal Investment Strategies

The Fund seeks to achieve its investment objective by investing primarily in aviation-related debt instruments and securities. Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowing for investment purposes, in securities and other investments in Aviation Assets. For purposes of the 80% policy, the Investment Manager considers “Aviation Assets” to include (i) debt secured by and/or used to finance commercial passenger and freighter aircraft and/or aircraft engines and/or other assets primarily used in the aviation industry; (ii) aviation-related corporate debt, including primary and secondary issuances of bonds, loans, securitized debt and trade claims, issued by entities or companies whose business or revenues relate substantially to the production, servicing, operation and use of commercial passenger and freighter aircraft and/or aircraft engines and the provision of passenger, cargo and aviation services, as reasonably determined by the Investment Manager; and (iii) corporate debt and equity securities of issuers whose revenues are primarily derived from, or whose assets are primarily used or invested in, the aviation industry, as reasonably determined by the Investment Manager. The Investment Manager considers the term primarily to mean at least 50% of an issuer’s revenues or assets, respectively.

To pursue its investment objective, the Fund may invest in debt secured by commercial passenger and freighter aircraft and/or aircraft engines including, but not limited to, asset-backed securities, collateralized loan obligations, direct loans and syndicated loans. The Fund also will invest in debt issued by special purpose vehicles that own, finance, and lease commercial passenger and freighter aircraft and/or aircraft engines, and such debt will be secured by the leased assets. The Fund will primarily invest in U.S. dollar (USD) denominated Aviation Assets.

The Fund may also invest in aviation-related corporate debt, including primary and secondary issuances of bonds, loans, securitized debt and trade claims, issued by entities or companies whose business or revenues relate substantially to the production, servicing, operation and use of commercial passenger and freighter aircraft and/or aircraft engines and the provision of passenger, cargo, and other aviation services.

The Fund may acquire (or under certain circumstances add to) an instrument of a company that is potentially facing liquidity or solvency issues, subsequently declares bankruptcy or otherwise engages in a bankruptcy-type reorganization.

The Fund may purchase assignments of or participations in, loans made to various issuers, including distressed loans. Such investments may include senior secured, junior secured and mezzanine loans and other secured and unsecured debt that has been originated on a primary basis or that trade on the secondary market. The Fund may invest in commercial loans originated by the Investment Manager.

The Fund may rely on short-term financings to acquire investments with long-term maturities. Certain of the Fund’s investments may be adjustable rate instruments in which interest rates vary over time, based upon changes in an objective index (e.g., SOFR) which generally reflect short-term interest rates. The interest rates on the Fund’s financings similarly vary with changes in an objective index but may adjust more frequently than the interest rates of the Fund’s investments.

The Fund may pursue its investment strategies directly or indirectly through investments in SPVs, intermediary holding companies or one or more Subsidiaries. Investments held through such entities will be consistent with the types of securities in which the Fund is permitted to invest directly.

Additional Investment Techniques

In addition, the Fund may invest in liquid floating rate instruments, including broadly syndicated corporate loans and bonds, floating rate ABS, CDOs, CLOs, and cash or cash equivalents, including U.S. government securities. For temporary defensive purposes, liquidity management, or in connection with implementing changes in its asset allocation, the Fund may hold a substantially higher amount of liquid investments, including cash and cash equivalents.

The Fund may invest in securities of other registered investment companies, including mutual funds, ETFs, and closed-end funds, and including investment companies for which the Investment Manager or an affiliate is an investment adviser, which have investment policies consistent with those of the Fund. Investments in other investment companies that, similar to the Fund, have a policy to invest at least 80% of their assets in the aviation industry or in any Aviation Assets are considered Aviation Assets for purposes of the Fund’s 80% Policy. To the extent that the Fund invests in derivatives or other instruments whose exposure is tied to Aviation Assets, such investments will be qualifying assets for purposes of the 80% Policy.

The Fund is permitted to change its investment objective or 80% Policy without a shareholder vote upon at least sixty days prior notice to shareholders provided the Fund conducts a repurchase offer to allow shareholders to redeem shares in advance of the policy change.

Portfolio Construction and Characteristics

The Fund expects, under normal circumstances, to allocate not more than 75% of its Managed Assets in Aviation-Backed Debt and not more than 45% of its Managed Assets in Leased Aircraft Assets. The allocation between these and other Aviation Assets may fluctuate significantly depending upon various factors, including market and economic conditions, availability of investment opportunities, and fund subscription and repurchase activity.

To the extent consistent with the liquidity requirements applicable to interval funds under Rule 23c-3 under the 1940 Act, the Fund may invest without limit in illiquid securities.

There are no minimum rating requirements for the Fund’s investments. Although the Investment Manager considers ratings assigned by ratings agencies in selecting investments, it relies principally on its own research and investment analysis. Individual holdings may be of any rating, including ratings below investment grade or of “junk” rating from Moody’s, Standard & Poor’s, or Fitch (below Baa3 or BBB-), or as deemed equivalent by the Investment Manager, but they may also be only privately rated or unrated without limitation. Below investment grade debt securities are typically referred to as “high yield” or “junk” bonds or securities.

Although the Fund will typically not purchase instruments that are already in default, though it may purchase stressed assets or assets issued in pursuit of a reorganization, the Fund may continue to hold investments after a default. There is no limit on the amount of defaulted securities or post-reorganization instruments the Fund may hold. Because the Fund may invest in below investment grade securities and instruments or unrated securities and instruments without limit, the Fund’s investments should be considered speculative.

The Fund’s Aviation Assets and other investments include bonds, notes, syndicated loans, private secured loans or ABS, and may include various direct or indirect exposure to equity. Investments may be unsecured or backed by receivables or other assets. ABS are securities created by the pooling of various income-generating assets (like aviation

leases or syndicated loans) and selling slices of those pooled cash flows to investors as bonds or notes, offering returns from the underlying payments. The process, called securitization, turns illiquid debts into more tradable securities, often structured into tranches with different risk/reward profiles. Such securities are often referred to as structured finance products. Syndicated loans (which may be commonly referred to as “floating rate loans”) are another form of financing for corporations and are typically (1) secured by specific collateral or assets of the issuer or borrower, (2) will have claims senior to those of other parties who hold unsecured instruments, and (3) will feature interest rates that adjust or “float” periodically (generally with reference to a base lending rate such as Secured Overnight Financing Rate (“SOFR”), plus a premium). The Investment Manager also considers the potential future liquidity of an issuer’s bonds, notes, or loans.

There is no limit on the duration or maturity of any security the Fund purchases; however, the Investment Manager generally targets Aviation Assets maturing in five to 15 years and may sell or harvest investments opportunistically before maturity. The longer a security’s duration, the more sensitive it will be to changes in interest rates. Aviation-Backed Debt may be fixed or floating rate, and typically matures in 10 years or less, though the weighted average life of any debt may be considerably shorter due to amortization payments. It is anticipated that in most parts of the investment cycle, most loans will amortize. Leased Aircraft Assets will typically mature in six to eight years but may be of any length. Holding periods typically span three to four years before assets are sold with leases attached.

Leased Aircraft Assets

The Fund invests in Leased Aircraft Assets secured by aircraft and engine types and models that the Investment Manager believes will remain in high demand by airlines globally. Typically, the Fund’s investments in Leased Aircraft Assets will be made through SPVs or other forms of aircraft-owning entities, which will borrow money for the purposes of such investments. Within its portfolio of Leased Aircraft Assets, the Fund will target an average lease rate factor in excess of 0.75% and will primarily invest in aircraft and engines that are less than ten years old at the time of investment. “Lease rate factor” is defined as the quotient of monthly lease rental revenue divided by the aircraft’s or engine’s purchase price.

The Fund will target Leased Aircraft Assets secured by aircraft and engines that are registered in a jurisdiction that has ratified the Cape Town Convention on International Interests in Mobile Equipment, an international treaty which created a uniform international legal framework that allows lenders and owners to register and enforce security interests in high-value mobile assets such as aircraft across different countries with such security interest being recognized locally in the various jurisdictions. The Fund may also invest in Leased Aircraft Assets that are registered in other jurisdictions if the Investment Manager has received legal advice that the relevant jurisdiction provides acceptable mechanisms for the SPV as owner and lessor of the Leased Aircraft Asset to repossess an aircraft or engine securing a defaulted debt obligation. In such scenario, if it is determined that the lease with the operator of the Leased Aircraft Asset cannot be satisfactorily restructured, the SPV can seek to enforce its security interest in the Leased Aircraft Asset and repossess, at which point the Leased Aircraft Asset can be leased to another operator or sold.

Aviation-Backed Debt

The Fund’s investments in Aviation-Backed Debt include debt secured on aircraft and engine types and models the Investment Manager believes will remain in high demand by airlines globally and which are therefore resalable or re-leasable. Aircraft, owned by both airlines and operating lessors, will be typically operated by Tier 1 and 2 global airlines. Tier 1 global airlines are defined as airlines that board more than 25 million passengers per year. Tier 2 global airlines are defined as airlines that board between 10 million and 25 million passengers per year.

The Fund’s investments in Aviation-Backed Debt include primarily senior secured instruments such as the most senior tranches of aviation-related ABS and enhanced equipment trust certificates, as well as private secured loans to airlines and/or leasing companies (“EETCs”). Typically, the Fund’s investments in Aviation-Backed Debt will be made through syndicated loans, private secured loans, ABS, CLOs, and instruments (including subordinated instruments) relating to warehouse arrangements for structured products, and any other similar instruments or structured finance products.

EETCs are typically issued by specially-created trusts established by airlines, the proceeds of which are used to purchase equipment, such as airplanes or other equipment, which in turn serve as collateral for the related issue of the EETCs. The equipment generally is leased by the airline, which makes rental payments to provide the projected cash flow for payments to EETC holders. Holders of EETCs must look to the collateral securing the certificates, typically

together with a guarantee provided by the lessee corporation or its parent company for the payment of lease obligations, in the case of default in the payment of principal and interest on the EETCs.

Upon acquisition, each Aviation-Backed Debt investment will have a loan-to-value ratio of no more than 80%. Loan-to-value ratio means the loan amount compared to the value of the assets or collateral securing the loan. A lower ratio indicates lower risk.

Other Investments

The Fund’s investments in the types of securities and other investments described in this Prospectus vary from time to time, and, at any time, the Fund may not be invested in all of the types of securities and other investments described in this Prospectus. The Fund may also invest in securities and other investments not described in this Prospectus.

Intermediary Vehicles and Subsidiaries

A substantial portion of the Fund’s Aviation-Backed Debt and Leased Assets are expected to be held through special purpose vehicles (SPVs) or other intermediary vehicles. Such entities are expected to be primarily organized as bankruptcy remote SPVs under the laws of Ireland that are designed to be taxed pursuant to Section 110 of the Irish Taxes Consolidation Act. Leased Assets may also be held through an Irish incorporated parent holding company owning one or more operating companies that engage in aircraft leasing and management of aircraft. To the extent that underlying Aviation Assets are those of US-based carriers, such assets may be held through US domiciled bankruptcy remote SPVs or LLCs. The Fund may hold all or a portion of the interests in such vehicles.

SPVs and other intermediary vehicles are subject to their own expenses including, but not limited to, organizational expenses, legal and auditing expense, collateral manager fees, and loan or lease servicing fees, fees and expenses in pursuing remedies upon the event of default of underlying loans, leases or other assets, and litigation expenses. Interests in SPVs are typically offered in private placements pursuant to exemptions from registration under the Securities Act of 1933 to institutional investors, high net worth investors and, in certain cases, registered investment companies and business development companies. The Fund may invest in unaffiliated SPVs sponsored and managed by third parties or in SPVs sponsored and managed by the Investment Manager.

The Fund will be subject to the risks of the underlying assets held by the SPVs as well as structural risks of SPVs or other intermediary vehicles including subordination as to interest and principal payments to higher ranking tranches of the SPV. See “Risk Factors—Structure of Investments Risk.”

Subsidiaries

The Fund may pursue its investment strategies either directly or indirectly through one or more subsidiaries (each, a “Subsidiary,” and together, the “Subsidiaries”). The Fund may form one or more wholly owned Subsidiaries in one or more jurisdictions when the Investment Manager determines it is desirable to do so for corporate, tax or other purposes including to facilitate compliance with the tests applicable to qualify as a regulated investment company under the Code. When formed for such tax purposes, such Subsidiaries are expected to be treated as a corporation for U.S. federal income tax purposes. The Fund will be the sole shareholder of any Subsidiary, and it is currently expected that shares of any Subsidiary will not be sold or offered to other investors.

The Subsidiaries will not be registered under the 1940 Act and will not be subject to all of the investor protections of the 1940 Act. In addition, changes in the laws of the United States and/or any jurisdiction in which a Subsidiary is formed could result in the inability of the Fund or the Subsidiaries to operate as described in this Prospectus and the SAI, and could adversely affect the Fund. The Board has oversight responsibility for the Fund’s investment activities, including the Fund’s investments in any Subsidiary, and the Fund’s role as the sole shareholder of any Subsidiary.

The assets of any Subsidiaries and the Fund’s assets taken as a whole, will be subject to the same investment restrictions and limitations, and the Subsidiary will be subject to the same compliance policies and procedures as the Fund. As a result, investments held through a Subsidiary will be considered in determining compliance with the investment policies and restrictions that apply to the management of the Fund, and, in particular, to the requirements

relating to portfolio leverage, affiliated transactions and the timing and method of the valuation of any Subsidiary’s portfolio investments.

Subsidiaries will comply with custody, governance and other regulatory provisions or interpretations of the SEC and their jurisdiction of organization as are in effect at the time of their formation. See “Subsidiaries” at p. 11 of the SAI. See also “Risk Factors—Subsidiary Risk.”

Leverage

The Fund may use leverage as and to the extent permitted by the 1940 Act. The Fund is permitted to obtain leverage using any form of financial leverage instruments, including funds borrowed from banks or other financial institutions, credit facilities, margin facilities, notes or preferred stock and leverage attributable to reverse repurchase agreements or similar transactions. The Fund is authorized to borrow money in connection with its investment activities, to satisfy repurchase requests from shareholders, and to otherwise provide the Fund with temporary liquidity. The Fund may enter into a revolving credit facility or other type of borrowing for the purpose of investment purchases and liquidity measures, subject to the limitations of the 1940 Act for borrowings. Such borrowings may be secured by all or a portion of the assets held by the Fund. Credit facilities or other borrowings are expected to include customary covenants that, among other things, limit the Fund’s ability to incur additional debt, change certain of its investment policies and engage in certain transactions, including mergers and consolidations, require asset coverage ratios in addition to those required by the 1940 Act, and have the effect of limiting the Fund’s ability to pay distributions in certain circumstances.

The Fund may choose to increase or decrease, or eliminate entirely, its use of leverage over time and from time to time based on the Investment Manager’s assessment of the yield curve environment, interest rate trends, market conditions and other factors. By using leverage, the Fund seeks to obtain a higher return for its shareholders than if the Fund did not use leverage. Leveraging is a speculative technique and there are special risks and costs involved. There can be no assurance that a leveraging strategy will be used or that it will be successful during any period in which it is employed.

Investment Process

First, the Investment Manager determines target asset allocations for the Fund, taking into account the attributes of the Fund’s pipeline of less liquid transactions and the Fund’s needs for more liquid holdings which could be used to satisfy investor requests for share repurchases. The Investment Manager makes the final allocation decision regarding the approximate percentage of the Fund that will be invested in each type of Aviation Asset and in each type of permitted liquid holding after comparing the potential risk and return posed by different investment opportunities across the credit quality, yield, and duration spectrum. The Investment Manager also considers the timing and reliability of settlement procedures for each type of fund investment to enable the Fund to manage cashflows.

The Investment Manager selects debt instruments for the Fund’s portfolio by integrating company-specific and transaction-specific quantitative and qualitative factors with its broader economic outlook. This process relies on bottom-up fundamental analysis, considering managerial strength, commitment to debt repayment, anticipated cash flow, debt maturity schedules, borrowing requirements, use of proceeds, asset coverage, and earnings prospects. The Investment Manager also assesses the issuer’s industry outlook and competitive position, alongside factors such as legislation, regulation, litigation, transparency, market perspective, and environmental, social, and governance (ESG) risks. The potential future liquidity of an issuer’s debt and the protections provided to lenders within the documentation governing bonds, syndicated loans, private secured loans, ABS, or structured product issuances are also evaluated to inform the Investment Manager’s security selection process.

In line with the Investment Manager’s commitment to fundamental, bottom-up credit analysis across the portfolio, when evaluating Aviation Assets, the Investment Manager considers the financial strength and creditworthiness of airlines or leasing companies, using both quantitative metrics (profitability, liquidity, leverage, coverage ratios) and qualitative assessments (business model, network quality, ownership support, operating jurisdiction). The Investment Manager also assesses aircraft type, age, liquidity, operator base, maintenance condition, historical and forecasted valuations, and expected depreciation. The Investment Manager reviews loan-to-value levels, amortization, covenants, collateral packages, security assignments, cash-flow waterfalls, and recourse provisions.

With respect to Leased Aircraft Assets, the Investment Manager will evaluate the credit risk associated with prospective operators/lessees and their respective ability to properly maintain the aircraft and comply with all the

provisions incorporated in the lease. In addition to the Investment Manager’s independent assessment of the lessee’s credit standing using public information, data provided by the operator, financial institutions, industry periodicals, trade references, and/or regulatory authorities, the Investment Manager will utilize, when it deems appropriate and practicable, credit and rating agency reports and/or research reports published by investment banks to get a better understanding of the operator’s financial condition and viability. On the basis of such review, the Investment Manager will assess the credit rating of the operator and weigh that credit evaluation against the asset risk, the lease rate, and the lease structure, in determining whether the operator meets the Investment Manager’s criteria.

The Investment Manager’s analysis is supported by proprietary credit models; monthly aircraft utilization and maintenance data; dedicated aircraft maintenance and surveillance software; and direct information flows from airlines, Original Equipment Manufacturers (“OEMs”) (e.g., Airbus, Boeing), Maintenance, Repair, and Overhaul servicers, banks, leasing companies, and introducers (legal firms, accountancies, corporate finance advisers). The Investment Manager maintains long-standing relationships with more than 100 airlines and 50 leasing companies, major OEMs, financial institutions, and global aviation banks, allowing it to source typically 10-15 transactions per month across the capital structure, including senior secured debt, SLBs, and acquisitions from leasing companies seeking liquidity or addressing balance sheet constraints.

When selecting investments, the Investment Manager considers contracted lease or debt cash flows; the strength of the underlying aircraft collateral (i.e., resalable, in-demand aircraft types such as A320neo or 737 MAX families); the attractiveness of risk-adjusted yield relative to credit, asset, and structural protections; the borrower’s financial strength; whether the investment is subject to the jurisdiction of courts likely to enforce lender claims in a timely fashion (or at all) in the event of nonpayment; the robustness of an aircraft’s maintenance and technical profiles; the visibility of a clear exit strategy (e.g., long remaining lease term or strong secondary market demand).

The Investment Manager actively monitors each investment and considers a variety of factors when exiting a position, including the sale of aircraft with three or more years of remaining lease term; maximizing exit proceeds; opportunistic secondary loan sales when spreads tighten or banks reduce exposure; early lease terminations and transitions to stronger airlines, where beneficial; and part-out sales where economically optimal late in an aircraft’s life.

The Fund is actively managed, and it may sell a holding when it has already met or no longer meets the Investment Manager’s expectations, no longer offers compelling relative value, shows deteriorating fundamentals, or if its fundamentals fall short of the Investment Manager’s expectations. While trading securities frequently may lead to high portfolio turnover, the corresponding adverse tax consequences of high portfolio turnover are not a primary consideration in the Investment Manager’s decisions. The Fund may also sell holdings as a result of a change in the top-down tactical asset allocation.

By applying a bottom-up fundamental analysis/evaluation of potential investment opportunities and existing investments, the Investment Manager seeks to reduce the risk of default by the issuers of the investments in the portfolio. Active turnover is anticipated, reflecting ongoing opportunities in the sale-leaseback (“SLB”) market, leasing-company asset sales, and secondary loan trading. SLBs are financial transactions in which one party sells an asset and simultaneously signs a long-term lease to retain use of the asset.

ESG Considerations

The Investment Manager incorporates ESG (Environmental, Social, and Governance) factors into the evaluation of investments in Aviation Assets when relevant, particularly through counterparty credit assessments (e.g., governance quality, litigation risk, operational safety, and jurisdictional factors). The Investment Manager also considers environmental characteristics related to aircraft efficiency, technology generation, and maintenance practices. The Investment Manager prioritizes fuel-efficient aircraft types that, in the Investment Manager’s view, will be in high demand and easily resold, which generally exhibit more stable valuations and lower environmental impact relative to older technology aircraft.

ESG issues are among many factors the Investment Manager considers in its credit evaluation processes in seeking to identify risks posed to investments and is not the exclusive basis for portfolio selection. The Investment Manager defines ESG factors as investment factors measured in non-financial terms (and not included on balance sheets) but which may be or become material to financial performance. The types of ESG factors that the Investment Manager believes can impact financial risks derive from, among other issues: changes to regulations, changes to consumer preferences, technology advancements, physical or transitional climate impacts, litigation risks, efficiency, brand value,

innovation, market disruption/obsolescence, respect for human rights, anti-corruption, anti-bribery matters, and social license to operate. An investment may be excluded or rejected where the Investment Manager believes those factors imply heightened risk or decreased liquidity of an investment and/or other negative financial impacts.

The Investment Manager believes that ESG risks can have a material impact on the profitability, liquidity, financial profile and reputation of an investment and consequently on its return. The Investment Manager considers the potential materiality of ESG risks alongside financial metrics as part of its research and investment process and assesses ESG issues and potential materiality on a case-by-case basis based on available ESG data and other relevant investment considerations.

To assess the potential financial implications of ESG risks, the Investment Manager may integrate ESG research into its bottom-up credit analysis, utilize third-party ESG data providers, and engage directly with issuers regarding their ESG-related practices. Third-party resources used by the Investment Manager include Sustainalytics for ESG risk management data and Institutional Shareholder Services (ISS) for climate-related data. The Investment Manager may consider information from credit rating agencies (e.g., Moody’s, Fitch, and S&P), collaborative industry groups, and non-governmental organizations (e.g., Science-based Targets Initiative (SBTi) and the Transition Pathways Initiative (TPI).)

As a result of this ESG-integrated approach, investments may be excluded or rejected if the Investment Manager believes ESG factors imply heightened risk or decreased liquidity of an investment and/or other negative financial impacts. The Fund does not operate as an ESG-themed strategy, and ESG considerations are applied in a risk-based, credit-integrated manner rather than as exclusionary or thematic screens. Investments do not have to satisfy any particular ESG criteria to be selected for inclusion in the portfolio and whether or not to exclude an investment based on ESG factors is a subjective determination.

Effects of Leverage [Text Block]

Use of Leverage

The Fund may use leverage in an effort to increase its returns, subject to the restrictions of the 1940 Act. The Fund is permitted to obtain leverage using any form of financial leverage instruments, including funds borrowed from banks or other financial institutions, credit facilities, margin facilities, notes or preferred stock and leverage attributable to reverse repurchase agreements or similar transactions. The Fund is authorized to borrow money in connection with its investment activities, to satisfy repurchase requests from Fund shareholders, and to otherwise provide the Fund with temporary liquidity. The Fund expects to engage in leverage through borrowings, reverse repurchase agreements or similar financing agreements.

Certain types of leverage the Fund may use may result in the Fund being subject to covenants relating to asset coverage and portfolio composition requirements. The Fund may be subject to certain restrictions on investments imposed by one or more lenders or by guidelines of one or more rating agencies, which may issue ratings for any short-term debt securities or preferred shares issued by the Fund. The terms of any borrowings or rating agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Investment Manager does not believe that these covenants or guidelines will impede it from managing the Fund’s portfolio in accordance with its investment objective and policies if the Fund were to utilize leverage.

With respect to senior securities representing indebtedness, other than temporary borrowings as defined under the 1940 Act, the Fund is required under current law to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of the Fund’s total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund’s outstanding senior securities representing indebtedness. With respect to senior securities that are stocks, the Fund is required under current law to have an asset coverage of at least 200%, as measured at the time of the issuance of any such shares of preferred stock and calculated as the ratio of the Fund’s total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding shares of preferred stock.

Effects of Leverage, Purpose [Text Block]

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Capital Stock [Table Text Block]

DESCRIPTION OF CAPITAL STRUCTURE AND SHARES

The following is a brief description of the capital structure of the Fund. This description does not purport to be complete and is subject to and qualified in its entirety by reference to the Declaration of Trust and the Fund’s Bylaws, as amended and restated through the date hereof (the “Bylaws”). The Declaration of Trust and Bylaws are on file with the SEC as an exhibit to the Fund’s registration statement, of which this Prospectus is a part.

The Fund is a statutory trust established under the laws of State of Delaware on January 12, 2026. The Declaration of Trust provides that the Trustees of the Fund may authorize separate classes of shares of beneficial interest.

The Declaration of Trust authorizes the issuance of an unlimited number of Shares. Shares will be issued with no par value per share. The fees and expenses for the Fund are set forth in “Summary of Fund Expenses,” above. See also “The Distributor and the Distribution and Shareholder Service Plan,” above.

Fund shareholders will be entitled to the payment of dividends and other distributions when, as and if declared by the Board. All Shares have equal rights to the payment of dividends and the distribution of assets upon liquidation. Shares will, when issued, be fully paid and non-assessable, and will have no preemptive rights, rights to cumulative voting or, unless authorized by the Trustees, conversion rights. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities, and refunding

agreements as they deem necessary for their protection, the Trustees may distribute the remaining assets of the Fund among the Fund’s shareholders.

The Fund does not intend to hold annual meetings of shareholders. If the Fund does hold a meeting of shareholders, Shares of the Fund entitle their holders to one vote for each share held and a proportionate fractional vote for each fractional share held.

Shares are not, and are not expected to be, listed for trading on any national securities exchange nor is there expected to be any secondary trading market in the Shares.