p class="Text_flush_no-space" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-bottom:10pt;margin-top:0pt;"Under normal market conditions, the Fund pursues its investment objective by investing primarily in publicly traded closedspan class="nobreak"-end/span registered investment companies (“closedspan class="nobreak"-end/span funds” or “CEFs”) which are incomespan class="nobreak"-producing/span securities due to the CEFs’ underlying holdings, such as senior bank loans, corporate bonds and preferred/convertible equities which generate income. In addition, when, in the opinion of Robinson Capital Management, LLC (“Robinson” or the “Subspan class="nobreak"-Advisor/span”), the Fund’s subspan class="nobreak"-advisor/span, the risk/reward profile for CEF securities appears unfavorable, or when CEF price valuations are not attractive, the Fund may purchase shares of openspan class="nobreak"-end/span registered investment companies (“Mutual Funds”) or exchangespan class="nobreak"-traded/span funds (“ETFs”) that invest primarily in incomespan class="nobreak"-producing/span securities, or exchangespan class="nobreak"-traded/span notes (“ETNs”). ETNs are unsecured debt securities issued by a bank that are linked to the total return of a market index. The Fund may also invest in ETNs, ETFs or Mutual Funds as “placeholders” for asset classes in which the /pp class="Text_flush_no-space" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:0;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:0pt;"Subspan class="nobreak"-Advisor/span seeks to invest but has yet to identify attractive CEFs. The CEFs, ETFs and Mutual Funds in which the Fund invests invest primarily in below investment grade securities (also referred to as “junk bonds”), with an average rating of B+ to BB by Standard amp; Poor’s or B1 to Ba2 by Moody’s. The Fund does not require a minimum or maximum average maturity for the underlying holdings in the CEFs, ETFs or Mutual Funds in which the Fund invests. The ETNs in which the Fund may invest will primarily provide exposure to indices or asset classes in which the Fund would otherwise invest through CEFs, ETFs or Mutual Funds. To enhance the portfolio’s total return, the Fund may also invest in Special Purpose Acquisition Companies (“SPACs”) which, in the opinion of the Subspan class="nobreak"-Advisor/span, are trading at a discount to intrinsic value. SPACs are collective investment structures that pool funds in order to seek potential acquisition or merger opportunities, typically acquisitions of private companies. The Fund expects to invest in SPACs prior to announced mergers or acquisitions, as applicable. Although the size of the Fund’s total investments in SPACs will fluctuate based on market conditions and the views of the Subspan class="nobreak"-Advisor/span, the Fund generally does not intend to invest more than 45% of its net assets in SPACs. The Fund may invest in stock, warrants, and other securities of SPACs or similar special purpose entities. In addition, the Fund will implement tactical trading strategies, as described further below, to attempt to enhance the portfolio’s total return or to mitigate against certain risks. The Fund may utilize carefully weighted long and short ETFs, ETNs, options, futures and credit default swap positions to attempt to mitigate against equity, interest rate, credit, currency and volatility risks. Certain of the Fund’s investments including options, futures and short sales, will give rise for a form of leverage. In addition, the CEFs, Mutual Funds and ETFs in which the Fund invests may be leveraged as a result of borrowing or other investment techniques./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"The Subspan class="nobreak"-Advisor/span’s portfolio construction process involves using proprietary realspan class="nobreak"-time/span models to first analyze and rank potential investments to build expected return and risk profiles. The Subspan class="nobreak"-Advisor/span then uses value oriented analysis to weigh the costs and benefits of the potential investments, and quantify the potential investments’ exposure to various risks./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"The Subspan class="nobreak"-Advisor/span seeks to select CEFs that trade at discounts to the true market values of the CEFs underlying holdings by identifying quantifiable (or “rational”) factors that could contribute to a deviation between a CEF’s market capitalization (i.e., the aggregate market price of its total outstanding shares) and the true market value of the assets the CEF holds. Such factors include the CEFs’ historical performance, fund expenses, dividend distribution yield, unrealized capital gains, investor trading to harvest short term losses, cost and use of leverage, liquidity, and governance. The Subspan class="nobreak"-Advisor/span’s proprietary valuation model seeks to quantify each of these factors and adds them to (or if the factors have a negative impact, subtracts them from) a CEF’s underlying market value. The resulting valuation is what the Subspan class="nobreak"-Advisor/span considers the fair market value for the CEF. The calculated fair market value per fund share is then compared to the actual price at which the CEF’s shares are currently trading. The Subspan class="nobreak"-Advisor/span believes that any difference can be attributed to “irrational” explanations. If the Subspan class="nobreak"-Advisor/span’s determination of a CEF’s fair market value is greater than the CEF’s actual market price, the Subspan class="nobreak"-Advisor/span considers the difference to be the CEF’s discount. Conversely, if the Subspan class="nobreak"-Advisor/span’s determination of a CEF’s fair market value is lower than the actual market price, the Subspan class="nobreak"-Advisor/span considers the difference to be the CEF’s premium./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"The Subspan class="nobreak"-Advisor/span then analyzes the data according to its own proprietary model to determine a rating of the discount or premium. The analysis includes how under/overvalued a CEF is relative to its history, how under/overvalued a CEF is relative to other CEFs in the same asset class, how under/overvalued the asset class is relative to its history, and how under/overvalued the asset class is to other asset classes./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"The Subspan class="nobreak"-Advisor/span may utilize a number of tactical trading strategies to seek to unlock its estimate of the value of the premiums/discounts in the CEFs. The Subspan class="nobreak"-Advisor/span’s tactical trading strategies include rotating Fund portfolio holdings to the CEFs the Subspan class="nobreak"-Advisor/span believes are the most undervalued, short selling those CEFs that the Subspan class="nobreak"-Advisor/span believes are the most overvalued, opportunistic trading due to temporary price dislocations, participating in tender offers of CEF shares, arbitrage opportunities for CEF mergers, buying a CEF that the Subspan class="nobreak"-Advisor/span believes is undervalued and pairing it with a short position in another CEF, and taxspan class="nobreak"-related/span rebalancing trades./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-bottom:10pt;margin-top:13pt;"With regard to SPACs, the Subspan class="nobreak"-Advisor/span expects to focus on the common equity of SPACs that are trading at a discount, or below the Subspan class="nobreak"-Advisor/span’s calculated intrinsic value. The Subspan class="nobreak"-Advisor/span uses a proprietary model to analyze and rank SPACs. Factors considered include the historic performance of the SPAC management team, targeted industries for an /pp class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"acquisition, time remaining to complete a transaction, and value of the SPAC’s warrants, which are typically attached to the SPAC. The Subspan class="nobreak"-Advisor/span expects to engage in opportunistic trading of SPACs to take advantage of temporary price dislocations./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"The Subspan class="nobreak"-Advisor/span may invest Fund assets in long positions in ETNs, ETFs or Mutual Funds when in its opinion, CEF price valuations are not attractive, the risk/reward profile for CEFs appears unfavorable, or as “placeholders” for asset classes in which the Subspan class="nobreak"-Advisor/span seeks to invest but has yet to identify attractive CEFs. The Fund will invest in those ETFs, Mutual Funds, and/or ETNs that the Subspan class="nobreak"-Advisor/span believes offer the most attractive diversification and liquidity characteristics for the asset class. The analysis of ETNs requires additional credit analysis to assure the solvency of the issuer./p p class="Text_flush" style="margin:0;padding:0;border-width:0;font-family:AGaramond, serif;font-size:11pt;font-style:normal;font-variant:normal;font-weight:normal;margin-bottom:0;margin-left:0;margin-right:0;margin-top:13pt;orphans:2;page-break-after:auto;page-break-before:auto;text-align:justify;text-indent:0;widows:2;margin-top:13pt;"To attempt to hedge against equity, interest rate, credit, currency and volatility risks, the Subspan class="nobreak"-Advisor/span may seek opportunities arising from what it believes are distortions in the relative valuations of equity, debt and convertible securities. Individual asset classes may become over- or underspan class="nobreak"-valued/span relative to other asset classes over time. To execute this strategy, the Fund may buy one class of securities, while taking a short position in another class of securities. The Fund may utilize carefully weighted long and short ETFs, ETNs, options, futures and credit default swap positions in connection with this strategy./p