Carlyle Credit Income Fund Series A Pfd美股招股说明书(2025-10-27版)

7.375% Series D Preferred Shares due 2028 Liquidation Preference $25 per share Carlyle Credit Income Fund, or the “Fund,” is anon-diversified,closed-endmanagement investment company that has registered as an investmentcompany under the Investment Company Act of 1940, as amended, or the “1940Act.”Prior to July27, 2023, the Fund was known as Vertical CapitalIncome Fund. Investment Objective. The Fund’s primary investment objective is to generate current income, with a secondary objective to generate capitalappreciation. Principal Investment Strategies. We seek to achieve our investment objectives by investing primarily in equity and junior debt tranches ofcollateralized loan obligations, or “CLOs,” that are collateralized by a portfolio consisting primarily of below investment grade U.S. senior securedloans with a large number of distinct underlying borrowers across various industry sectors. We may also invest in other related securities andinstruments or other securities and instruments that our Adviser believes are consistent with our investment objectives, including senior debt tranchesof CLOs, loan accumulation facilities, or “LAFs,” and securities issued by other securitization vehicles, such as collateralized bond obligations, or“CBOs.” LAFs are short- to medium-term facilities often provided by the bank that will serve as the placement agent or arranger on a CLOtransaction. LAFs typically incur leverage between four and six times equity value prior to a CLO’s pricing. The CLO securities in which weprimarily seek to invest are unrated or rated below investment grade and are considered speculative with respect to timely payment of interest andrepayment of principal. Unrated and below investment grade securities are also sometimes referred to as “junk” securities. In addition, the CLOequity and junior debt securities in which we invest are highly leveraged (with CLO equity securities typically being leveraged ten times), whichmagnifies our risk of loss on such investments. See“Risk Factors —Risks Related to Our Investments — We may leverage our portfolio, whichwould magnify the potential for gain or loss on amounts invested and will increase the risk of investing in us”in the accompanying prospectus. Under normal circumstances, we invest at least 80% of the aggregate of the Fund’s net assets and borrowings for investment purposes in credit andcredit-related instruments. For purposes of this policy, the Fund considers credit and credit-related instruments to include, without limitation:(i)equity and debt tranches of CLOs, LAFs and securities issued by other securitization vehicles, such as CBOs; (ii)secured and unsecured floatingrate and fixed rate loans; (iii)investments in corporate debt obligations, including bonds, notes, debentures, commercial paper and other obligationsof corporations to pay interest and repay principal; (iv)debt issued by governments, their agencies, instrumentalities, and central banks;(v)commercial paper and short-term notes; (vi)convertible debt securities; (vii)certificates of deposit, bankers’ acceptances and time deposits; and(viii)other credit-related instruments. The Fund’s investments in derivatives, other investment companies, and other instruments designed to obtainindirect exposure to credit and credit-related instruments will be counted towards its 80% investment policy to the extent such instruments havesimilar economic characteristics to the investments included within that policy. Our 80% policy with respect to investments in credit and credit-related instruments is not fundamental and may be changed by our board of trusteeswithout shareholder approval. Shareholders will be provided with sixty (60)days’ notice in the manner prescribed by the SEC before making anychange to this policy. Investment Adviser. Our investment adviser is Carlyle Global Credit Investment Management L.L.C. (“CGCIM” or the “Adviser”). CGCIM isregistered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, asamended (the “Advisers Act”). CGCIM is a majority-owned subsidiary of Carlyle Investment Management L.L.C. (“CIM” and together withCGCIM, “Carlyle”). Securities Offered. We are offering 1,200,000 7.375% Series D Preferred Shares due 2028, or the “Series D Preferred Shares.” We are required toredeem all the outstanding Series D Preferred Shares on October 30, 2028, at a redemption price of $25 per share, or the “Liquidation Preference,”plus accumulated but unpaid dividends, if any, to, but excluding, the Mandatory Redemption Date (as defined below). At any time on or after October30, 2026, we may, at our sole option, redeem the outstanding Series D Preferred Shares at a redemption price per share equal to the LiquidationPreference plus accumulated but unpaid dividends, if any, to, but excluding, the Redemption Date. In addition, if we fail to maintain asset coverage(as defined in Section18(h) of the 1940 Act)