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The Fund is a non-diversified, closed-end management investment company that is registered under the 1940 Act. The Fund was organized as a Delaware statutory trust on November 16, 2015 and has no operating history. The principal office of the Fund is located at 399 Park Avenue, 18th Floor, New York, New York 10022, and its telephone number is (212) 547-2600.

The Fund’s investment objective is to offer an attractive total return while maximizing current income and capital appreciation consistent with the preservation of capital. The Fund seeks to achieve its

investment objective by investing substantially all of its assets in the Master Fund.

The Master Fund is a non-diversified, closed-end management investment company that is registered under the 1940 Act. The Master Fund was organized as a Delaware statutory trust on July 23, 2015 and has no operating history. The principal office of the Master Fund is located at 399 Park Avenue, 18th Floor, New York, New York 10022, and its telephone number is (212) 547-2600.

The Master Fund has the same investment objective as the Fund. The Master Fund makes investments as described in this prospectus with the proceeds it receives from the sale of Master Fund shares to the Fund and any other investment company registered under the 1940 Act that has a principal investment strategy of investing substantially all of its assets in the Master Fund. All investments are made at the Master Fund level; therefore, the Fund’s investment results will correspond directly to the investment results of the Master Fund.

The Master Fund will seek to achieve its investment objective by investing globally across a variety of industries focusing on performing corporate credit asset classes. The Master Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in income-producing securities of both public and private U.S. and non-U.S. companies, including first and second lien loans and loan participations, subordinated debt, bonds and structured credits, including CLO debt and equity. Prior to raising significant capital, the Master Fund may make smaller investments due to liquidity constraints, with the expectation that investment sizes may increase as the Master Fund grows.

The Master Fund intends to invest globally, with an emphasis on North America and Europe under normal market conditions, although in certain situations the Master Fund may invest in securities of issuers domiciled elsewhere. There is no minimum or maximum limit on the amount of the Master Fund’s assets that may be invested in non-U.S. securities.

The Master Fund will focus on investment opportunities that it believes offer potentially strong risk-adjusted income and returns as compared to more traditional investment strategies under current and expected economic conditions. By focusing on these investment opportunities without respect to geographic constraints, the Master Fund believes it can create a portfolio that offers strong potential income and returns while limiting downside risk of the Master Fund. For a further discussion of the Master Fund’s principal investment strategies, see “Investment Objective, Opportunities and Strategies.” There can be no assurance that the Fund and the Master Fund will achieve their investment objectives.

The Master Fund intends to initially make investments through the Foreign Subsidiary, a Cayman exempted limited company that is a wholly owned subsidiary of the Master Fund. The Master Fund generally gains access to certain newly issued Regulation S securities through the Foreign Subsidiary. Regulation S securities are securities of U.S. and non-U.S. issuers that are issued to non-U.S. persons through offerings made pursuant to Regulation S of the Securities Act.

The Fund’s investment strategies and risks as described in this Registration Statement reflect the aggregate operations of the Master Fund and the Foreign Subsidiary. The Master Fund will comply with the provisions of the 1940 Act governing investment policies and capital structure and borrowings on an aggregate basis with the Foreign Subsidiary. The Foreign Subsidiary will comply with the provisions of Section 17 of the 1940 Act relating to affiliated transactions and with the requirements of the 1940 Act relating to the custody of a registered investment company’s assets.

The investment adviser to the Master Fund and the Fund is NSAM Adviser. NSAM Adviser oversees the management of the Master Fund’s and the Fund’s activities, including their investment strategies, investment goals, asset allocations, leverage limitations, reporting requirements and other guidelines in addition to general monitoring of the Master Fund and the Fund. See “The Adviser.” The Master Fund

and the Fund are each sub-advised by OZ Credit Management. OZ Credit Management, which has access to the global resources of the Och-Ziff platform, is responsible for the day-to-day identification, due diligence, recommendation, management and monitoring of investments for the Master Fund and the Fund, subject to the investment criteria determined and approved from time to time by NSAM Adviser in its sole discretion. See “The Sub-Adviser.” Ultimate responsibility for monitoring and overseeing the Master Fund’s and the Fund’s management and operation is vested in the individuals who serve on the Master Fund’s Board and the Board. The same individuals serve on the Board and the Master Fund’s Board. See “Management of the Fund and the Master Fund.”