The Fund invests, under normal circumstances, at least 80 percent of its net assets (plus the amount of any borrowings for investment purposes) in private credit collateralized loan obligations (Private Credit CLOs) that, at the time of acquisition, are either rated AAA by at least one nationally recognized statistical rating organization (NRSRO), such as S&P Global Ratings (S&P), Fitch Ratings, Inc. (Fitch) or Moodys Investors Service, Inc. (Moodys), or, if unrated, determined by Seix Investment Advisors, a division of Virtus Fixed Income Advisers, LLC, the Funds sub-adviser, to be of comparable quality. After purchase, a Private Credit CLO may have its rating reduced below the minimum rating required by the Fund for purchase. In such cases, the Fund will consider whether to continue to hold the Private Credit CLO. The Fund may temporarily deviate from the 80 percent policy while deploying new capital as the result of cash creation or redemption activity, or during unusual market conditions, or highly unusual markets, such as a downgrade in the rating of one or more securities.