To achieve investment objective, at least 80 percent of its net assets (plus any borrowings made for investment purposes) in debt tranches of collateralized loan obligations (CLOs) of any maturity or duration that are rated, at the time of purchase, AAA (or equivalent by a nationally recognized statistical rating organization (NRSRO)), which is the most senior level of debt tranche and considered to be investment grade. An NRSRO is a credit rating agency that issues credit ratings and is subject to regulatory oversight by the SEC. For purposes of the Funds investments, a CLO must be rated AAA (or equivalent) by at least one NRSRO, such as Standard and Poors Financial Services LLC (S&P), Fitch Ratings, Inc. (Fitch) or Moodys Investors Service, Inc. (Moodys), or, if unrated, determined by Reckoner Capital Management LLC, investment adviser to the Fund (the Adviser), to be of comparable quality. If a security receives different ratings from different NRSROs, the Fund will treat the security as being rated in the highest rating category received from an NRSRO. After purchase, a CLOs rating may decline below the minimum rating required by the Fund for purchase. In such cases, the Adviser will consider whether continuing to hold the CLO is in the best interest of the Fund.