Hildene groups opportunities into five risk classifications:

• RISK CLASS I - senior claims that must pay timely interest in cash - may include assets that have been slightly downgraded from original AAA or AA rating
  
  
• RISK CLASS II - well-performing mezzanine tranches that have not been downgraded
  
  
• RISK CLASS III - performing tranches that are sensitive to credit issues due to structure or performance and which may suspend payments indefinitely
  
  
• RISK CLASS IV - non-performing tranches that are not making current payments but which are not at risk of imminent liquidation
  
  
• RISK CLASS V - non-performing tranches in which an Event of Default may be triggered and may be subject to liquidation