The

 

Trusts

 

may be exposed to additional risks when reinvesting collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may

be subject to mandatory and discretionary liquidity fees under certain circumstances.

 Each Trust may invest without limitation in illiquid or less investments or in which no secondary market is readily available or which are

otherwise illiquid, including private placement securities. A Trust may not be able to readily dispose of such investments at prices that approximate those at which a Trust could

sell such investments if they were more widely traded and, as a result of such illiquidity, a Trust may have to sell other investments or engage in borrowing transactions if

necessary to raise funds to meet its obligations. Limited liquidity also affect the market price of investments, thereby adversely affecting a Trust’s NAV and ability to make

dividend distributions. Privately issued debt securities are often of below grade quality, frequently are unrated and present many of the same risks as investing in

below investment grade public debt securities.

 

Each

 

Trust may be exposed to prepayment , which is the risk that may exercise their option to prepay principal earlier than scheduled during

periods of declining interest rates, which would force each

 

Trust to reinvest in lower yielding securities. Each

 

Trust

 

may also be exposed to reinvestment risk, which is the risk

that income from each

 

Trust’s portfolio will decline if each

 

Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are

below each

 

Trust portfolio’s current earnings rate.

 

A diversified portfolio, this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular

investment will have a material impact on the NAV of a fund. The investment concentrations within each

 

Trust’s portfolio are disclosed in its Schedule of Investments.

Certain

 

Trusts

 

invest a substantial amount of their assets in issuers located in a single country or a limited number of countries. When a fund concentrates its investments in

this manner, it assumes the risk that economic, regulatory, political and social conditions in those countries may have a significant impact on their investment performance and

could affect the income from, or the value or liquidity of, the Trust

’

s portfolio. Unanticipated or sudden political or social developments may cause uncertainty in the markets and

as a result adversely affect the Trust’s investments. Foreign issuers may not be subject to the same uniform accounting, auditing and financial reporting standards and

practices as used in the United States. Foreign securities markets may also be  more volatile and less liquid than U.S. securities and may be less subject to governmental

supervision not typically associated with investing in U.S. securities. Investment percentages in specific countries are presented in the Schedules of Investments.

The Trust is a non-diversified fund. the Trust may invest in securities of a number of issuers, it may be more

exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.

The purchase of common shares by the Trust pursuant to an Eligible Tender Offer will have the effect of increasing the proportionate interest in the Trust of non-tendering

common shareholders. All common shareholders remaining after an Eligible Tender Offer will be subject to any increased risks associated with the reduction in the Trust’s

assets resulting from payment for the tendered common shares, such as greater volatility due to decreased diversification and proportionately higher expenses. The reduced

assets of the Trust as a result of an Eligible Tender Offer may result in less investment flexibility for the Trust and may have an adverse effect on the Trust’s investment

performance. Such reduction in the Trust’s assets may also cause common shares of the Trust to become thinly traded or otherwise negatively impact secondary trading of

common shares. A reduction in assets, and the corresponding increase in the Trust’s expense ratio, could result in lower returns and put the Trust at a disadvantage relative

to its peers and potentially cause the Trust’s common shares to trade at a wider discount, or smaller premium, to NAV than they otherwise would. Furthermore, the portfolio of

the Trust following an Eligible Tender Offer could be significantly different and, therefore, common shareholders retaining an investment in the Trust could be subject to greater

risk. For example, the Trust may be required to sell its more liquid, higher quality portfolio investments to purchase common shares that are tendered in an Eligible Tender Offer,

which would leave a less liquid, lower quality portfolio for remaining shareholders. The prospects of an Eligible Tender Offer may attract arbitrageurs who would purchase the

common shares prior to the tender offer for the sole purpose of tendering those shares which could have the effect of exacerbating the risks described herein for shareholders

retaining an investment in the Trust following an Eligible Tender Offer.

An investment in the Trust’s shares is subject to investment risk, the possible loss of the entire amount that you

invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or

less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end

management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value

could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested,

even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks

will be magnified.

Stock markets are volatile. The price of equity securities based on changes in a financial condition and overall market and

economic conditions.

Common stocks represent equity ownership in a company. Stock are volatile. The price of common stock will fluctuate and can decline and

reduce the value of a portfolio investing in equities. The value of common stock purchased by the Trust could decline if the financial condition of the companies the Trust invests

in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries,

such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions

that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings,

changes in inflation, interest or currency rates or generally adverse investor sentiment.

Companies with small or mid-size capitalizations normally have more limited product lines, markets and financial

resources and will be dependent upon a more limited management group than larger capitalized companies. In addition, it is more difficult to get information on smaller

companies, which tend to be less well known, have shorter operating histories, do not have significant ownership by large investors and are followed by relatively few securities

analysts.

Preferred securities may pay fixed or adjustable rates of return. securities are subject issuer-specific and market risks applicable

generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds

and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s

financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.

The market of a security performs like that of a regular

debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not

be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer’s credit rating or the market’s perception of the

issuer’s creditworthiness. Since it derives a portion of its value from the common stock which it may converted, a convertible security is also subject to the same types

of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security. 

If the of the stock does not rise above the exercise price before the warrant

expires, the warrant generally expires without any value and the Trust will lose any amount it paid for the warrant. Thus, investments in warrants may involve substantially more

risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with

the price of the underlying stock.

Depositary are generally to the same risks as the foreign

securities that they evidence or into which they may be converted.  In addition to investment risks associated with the underlying issuer, depositary receipts expose the Trust

to additional risks associated with the non-uniform terms that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other

parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for depositary receipts.  The issuers of unsponsored depositary

receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers

and there may not be a correlation between such information and the market value of the depositary receipts. While depositary receipts provide an alternative to directly

purchasing underlying foreign securities in their respective markets and currencies, they continue to be subject to many of the risks associated with investing directly in foreign

securities, including political, economic, and currency risk.

Investments in REITs unique risks. REITs may have limited financial resources, may

trade less frequently and in limited volume, may engage in dilutive offerings of securities and may be more volatile than other securities. REIT issuers may also fail to maintain

their exemptions from investment company registration or fail to qualify for the “dividends paid deduction” under the Internal Revenue Code of 1986, as amended, which allows

REITs to reduce their corporate taxable income for dividends paid to their shareholders.

The common of a master limited (“MLP”) are listed and traded on U.S. securities

exchanges and their value fluctuates predominantly based on prevailing market conditions and the success of the MLP. Unlike owners of common stock of a corporation,

owners of common units have limited voting rights and have no ability to annually elect directors. In the event of liquidation, common units have preference over subordinated

units, but not over debt or preferred units, to the remaining assets of the MLP.

Canadian Trusts are exposed to of the same risks as energy and natural resources companies, such as

commodity pricing risk, supply and demand risk and depletion and exploration risk.

The Trust may invest in of companies IPOs.  Securities issued in IPOs have

no trading history, and information about the companies may be available for limited periods of time.  In addition, the prices of securities sold in IPOs may be highly volatile or

may decline shortly after the IPO.

The may invest in securities of smaller, less seasoned companies.

These investments may present greater opportunities for growth, but also involve greater risks than customarily are associated with investments in securities of more

established companies.  Some of the companies in which the Trust may invest may be start-up companies which may have insubstantial operational or earnings histories or

may have limited products, markets, financial resources or management depth.  Some may also be emerging companies at the research and development stage with no

products or technologies to market or approved for marketing.  Securities of emerging companies may lack an active secondary market and may be subject to more abrupt or

erratic price movements than securities of larger, more established companies or stock market averages in general.  Competitors of certain companies may have substantially

greater financial resources than many of the companies in which the Trust may invest.  Further, an unseasoned company is more at risk of loss in an adverse market due to

its lack of financial resources and ability to sustain itself for an extended period of time in such a market.

Under certain market conditions, growth investments performed during the later stages of economic expansion and value investments

have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used

by the Trust is out of favor, the Trust may underperform other equity funds that use different investment styles.

•

Interest Rate Risk

 — 

The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is

the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise.

Although bonds generally higher rates of interest than investment grade bonds, junk

bonds are high risk investments that are considered speculative and may cause income and principal losses for the Trust.

securities in which the may invest, including securities issued by certain

U.S. Government agencies and U.S. Government sponsored enterprises, are not guaranteed by the U.S. Government or supported by the full faith and credit of the

United States. In addition, circumstances could arise that could prevent the timely payment of interest or principal on U.S. Government obligations, such as reaching the

legislative “debt ceiling.” Such non-payment could result in losses to the Trust and substantial negative consequences for the U.S. economy and the global financial system.

Because securities of type in which the Trust may invest typically involve no credit

enhancement, their credit risk generally will be equivalent to that of the underlying instruments, index or reference obligation and will also be subject to counterparty risk. The

Trust may have the right to receive payments only from the structured security, and generally does not have direct rights against the issuer or the entity that sold the assets to

be securitized. In addition to the general risks associated with debt securities discussed herein, structured securities carry additional risks, including, but not limited to: the

possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and

the possibility that the structured securities are subordinate to other classes. The Trust is permitted to invest in a class of structured securities that is either subordinated or

unsubordinated to the right of payment of another class. Subordinated structured securities typically have higher yields and present greater risks than unsubordinated

structured securities. Structured securities are typically sold in private placement transactions, and there currently is no active trading market for structured securities.

Structured securities are based upon the movement of one or more factors, including currency exchange rates, interest rates, reference bonds and stock indices, and changes

in interest rates and impact of these factors may cause significant price fluctuations. Additionally, changes in the reference instrument or security may cause the interest rate

on the structured security to be reduced to zero. Certain issuers of such structured securities may be deemed to be “investment companies” as defined in the Investment

Company Act. As a result, the Trust’s investment in such securities may be limited by certain investment restrictions contained in the Investment Company Act.

•

Operational Risk

 — 

The use of derivatives includes the risk of potential operational issues, including documentation issues, settlement issues, systems failures,

inadequate controls and human error.

The may invest in forward currency exchange contracts. Forward foreign currency exchange

contracts do not eliminate movements in the value of non-U.S. currencies and securities but rather allow the Trust to establish a fixed rate of exchange for a future point in time.

This strategy can have the effect of reducing returns and minimizing opportunities for gain.

Emerging markets are riskier than more developed because they to develop unevenly and may never fully develop. Investments in

emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to

U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less liquidity than developed markets.

Investments in Chinese securities, including certain Kong-listed and U.S.-listed , are subject to risks specific to China. China

may be subject to considerable degrees of economic, political and social instability. Despite significant economic and market reforms in recent decades, the Chinese

government’s control over certain sectors and enterprises and significant regulation of investment and industry are still pervasive. Chinese companies are subject to the risk

that Chinese authorities can intervene in their operations and structure. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting

from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other countries, including

military conflicts in response to such events, may disrupt China’s economy and markets and result in a greater risk of currency fluctuations, currency non-convertibility, interest

rate fluctuations and higher inflation.

China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged to have participated in state-sponsored cyberattacks

against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including

purchasing restrictions, sanctions, export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese

issuers in which the Fund invests. Incidents involving China’s or the region’s security may adversely affect the Chinese economy and markets and the Fund’s investments. The

Chinese economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain diversification, the institution of additional tariffs or other

trade barriers (including as a result of heightened trade tensions or a trade war between China and the United States or in response to actual or alleged Chinese cyber activity)

or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy. Certain companies may be subject to economic

or trade restrictions (but not investment restrictions) imposed by the United States or other governments due to national security, human rights or other concerns of such

government. So long as these restrictions do not include restrictions on investments, the Fund may invest in such companies. Other economic challenges for China include

indebtedness, weak consumer demand, and an aging population. China continues to face pressure from its trading partners over its exporting of its excess industrial capacity

and overall approach to economic management.

Investing in eligible ETFs A-shares (“Stock Connect Securities”) through Stock Connect is subject to

trading, clearance, settlement and other procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to the Daily Quota, which may restrict the

Fund’s ability to invest in Stock Connect Securities through Stock Connect on a timely basis and could affect the Fund’s ability to effectively pursue its investment strategy.

Stock Connect will only operate on days when both the Chinese and Hong Kong markets are open for trading and when banking services are available in both markets on the

corresponding settlement days. Therefore, an investment in Stock Connect Securities through Stock Connect may subject the Fund to the risk of price fluctuations on days

when the Chinese markets are open, but Stock Connect is not trading.

From May 1, 2016, VAT applies to certain income derived by the Fund, including PRC sourced interest income on

non-government bonds and trading gains. There are however certain tax exemptions available, some temporary in nature, highlighted below. VAT exemptions currently apply

to capital gains from trading of QFII and RQFII products, A-Shares traded on the Stock Connects and debt securities traded in the China Interbank Bond Market.

The strategy of in a particular industry means that its performance will be closely

tied to the performance of a particular market segment. The Trust’s concentration in these companies may present more risks than if it were broadly diversified over numerous

industries and sectors of the economy. A downturn in these companies would have a larger impact on the Trust than on a mutual fund that does not concentrate in such

companies. At times, the performance of these companies will lag the performance of other industries or the broader market as a whole.

The Trust’s investments in and technology companies expose the Trust to special risks. For example, rapid

advances in science and technology might cause existing products to become obsolete, and the Trust’s returns could suffer to the extent it holds an affected company’s shares.

Companies in a number of science and technology industries are also subject to more government regulations and approval processes than many other industries. This fact

may affect a company’s overall profitability and cause its stock price to be more volatile. Earnings disappointments and intense competition for market share can result in sharp

price declines. Profitability of science and technology companies can be negatively impacted by aggressive pricing from competitors, research and development costs, and the

availability and prices of components. Additionally, science and technology companies are dependent upon consumer and business acceptance as new technologies evolve.

The investments in sciences companies are subject to a number of risks, including the

adverse impact of legislative actions and government regulations. These actions and regulations can affect the approval process for patents, medical devices and drugs, the

funding of research and medical care programs, and the operation and licensing of facilities and personnel. The goods and services of health sciences companies are subject

to risks of rapid technological change and obsolescence, product liability litigation, and intense price and other competitive pressures.

The market value of securities in energy sector may decline many , including, among others, changes in energy prices, energy

supply and demand, government regulations and energy conservation efforts. Energy companies can be significantly affected by the supply of, and demand for, specific

products (e.g., oil and natural gas) and services, exploration and production spending, government subsidization, world events and general economic conditions. In 2020, the

energy sector has experienced increased volatility. In particular, significant market volatility occurred and is continuing in the crude oil markets as well as the oil futures markets,

which resulted in the market price of the front month futures contract falling fell below zero for a period of time.

The Trust’s in energy and natural companies are especially affected by variations in the commodities

markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may lack the resources and the broad

business lines to weather hard times. Energy companies can be significantly affected by the supply of and demand for specific products and services, the supply of and

demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, world events and economic conditions. Natural resources

companies can be significantly affected by events relating to international political developments, energy conservation, the success of exploration projects, commodity prices,

and tax and government regulations.

Exposure to commodities markets may the Trust to greater volatility than investments in traditional securities.

The value of commodity-linked derivative investments may be affected by changes in overall market movements, commodity index volatility, changes in inflation, interest rates,

or factors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments.

Stocks of companies in commodities related industries, as energy or natural resources companies, are especially affected

by variations in the commodities markets (that may be due to market events, regulatory developments or other factors that the Trust cannot control) and these companies may

lack the resources and the broad business lines to weather hard times.

the utility change more rapidly than the rate the utility is permitted to charge its customers); costs associated with compliance with and changes in environmental and

other regulations; effects of economic slowdowns and surplus capacity; increased competition from other providers of utility services; inexperience with and potential

losses resulting from a developing deregulatory environment; costs associated with reduced availability of certain types of fuel; the effects of energy conservation

policies; effects of a national energy policy; technological innovations; potential impact of terrorist activities; the impact of natural or man-made disasters; regulation by

various governmental authorities, including the imposition of special tariffs; and changes in tax laws, regulatory policies and accounting standards.

: There can be no assurance a company identified as by the Manager will ultimately introduce a new product or service or that

such product or service may not be significantly delayed.

A decrease in the of natural gas, natural gas (“NGLs”), crude oil, coal or other energy commodities or a decrease in the

volume of such commodities available for transportation, mining, processing, storage or distribution may adversely impact the financial performance of energy and natural

resources companies. Production declines and volume decreases could be caused by various factors, including catastrophic events affecting production, depletion of

resources, labor difficulties, environmental proceedings, increased regulations, equipment failures and unexpected maintenance problems, import supply disruption,

increased competition from alternative energy sources or commodity prices. Alternatively, a sustained decline in demand for such commodities could also adversely affect the

financial performance of energy and natural resources companies. Factors which could lead to a decline in demand include economic recession or other adverse economic

conditions, higher fuel taxes or governmental regulations, increases in fuel economy, consumer shifts to the use of alternative fuel sources, changes in commodity prices, or

weather.

Many energy and resources companies either engaged in the production of natural gas, NGLs, crude oil, refined

petroleum products or coal, or are engaged in transporting, storing, distributing and processing these items on behalf of shippers. To maintain or grow their revenues, these

companies or their customers need to maintain or expand their reserves through exploration of new sources of supply, through the development of existing sources, through

acquisitions, or through long-term contracts to acquire reserves. The financial performance of energy and natural resources companies may be adversely affected if they, or

the companies to whom they provide the service, are unable to cost-effectively acquire additional reserves sufficient to replace the natural decline.

The operations and financial performance of and natural companies may be directly affected by energy commodity prices,

especially those energy and natural resources companies which own the underlying energy commodity. Commodity prices fluctuate for several reasons, including changes in

market and economic conditions, the impact of weather on demand, levels of domestic production and imported commodities, energy conservation, domestic and foreign

governmental regulation and taxation and the availability of local, intrastate and interstate transportation systems. Volatility of commodity prices, which may lead to a reduction

in production or supply, may also negatively impact the performance of energy and natural resources companies which are solely involved in the transportation, processing,

storing, distribution or marketing of commodities. Volatility of commodity prices may also make it more difficult for energy and natural resources companies to raise capital to

the extent the market perceives that their performance may be directly or indirectly tied to commodity prices.

repurchase agreements involve the sale of securities held by the

Trust with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse repurchase agreements involve the risk that the other party

may fail to return the securities in a timely manner or at all. Trust could lose money if it is unable to recover the securities and the value of the collateral held by the Trust,

including the value of the investments made with cash collateral, is less than the value of the securities. These events could also trigger adverse tax consequences for the

Trust. In addition, reverse repurchase agreements involve the risk that the interest income earned in the investment of the proceeds will be less than the interest expense.

rolls involve the risk that market value of the securities that the Trust is committed to buy may decline below

the price of the securities the Trust has sold. These transactions may involve leverage.

When-issued and delayed delivery securities and

forward commitments involve the risk that the security the Trust buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other

party to the transaction will not meet its obligation. If this occurs, the Trust may lose both the investment opportunity for the assets it set aside to pay for the security and any

gain in the security’s price.

Because short in securities that it not own exposes the Trust to the risks

associated with those securities, such short sales involve speculative exposure risk. The Trust will incur a loss as a result of a short sale if the price of the security increases

between the date of the short sale and the date on which the Trust replaces the security sold short.

If the other to a repurchase agreement or purchase and sale

contract defaults on its obligation under the agreement, the Trust may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails

to repurchase the security in either situation and the market value of the security declines, the Trust may lose money.

The Trust may invest limitation in illiquid or less liquid or investments in which no secondary market is readily available or which

are otherwise illiquid, including private placement securities. The Trust may not be able to readily dispose of such investments at prices that approximate those at which the

Trust could sell such investments if they were more widely traded and, as a result of such illiquidity, the Trust may have to sell other investments or engage in borrowing

transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Trust’s net asset

value and ability to make dividend distributions. The financial markets in , and certain segments of mortgage-related securities markets in particular, have in recent

years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and

substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of

such market dislocation may occur again at any time. Privately issued debt securities are often of below investment grade quality, frequently are unrated and present many of

the same risks as investing in below investment grade public debt securities.

By investing in the Subsidiary, Trust is indirectly exposed to the associated with the Subsidiary’s investments. The commodity-related

instruments held by the Subsidiary are generally similar to those that are permitted to be held by the Trust and are subject to the same risks that apply to similar investments

if held directly by the Trust (see “Commodities Related Investments Risk” above). There can be no assurance that the investment objective of the Subsidiary will be achieved.

The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted, is not subject to all the investor protections of the Investment Company Act.

However, the Trust wholly owns and controls the Subsidiary, and the Trust and the Subsidiary are both managed by the Manager, making it unlikely that the Subsidiary will take

action contrary to the interests of the Trust and its shareholders. The Board has oversight responsibility for the investment activities of the Trust, including its investment in the

Subsidiary, and the Trust’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same

compliance policies and procedures, as the Trust. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Trust and/or the

Subsidiary to operate as described and could adversely affect the Trust.

Trust may in securities lending. Securities lending involves the risk that the

Trust may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Trust could also lose money in the event of

a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse

tax consequences for the Trust.

changes in the U.S. economy, such as when the

U.S. economy weakens or when its financial markets decline, may have an adverse effect on the securities to which the Trust has exposure.

Market risk is the risk that one or markets in which the Trust will go down in value, including the possibility that the markets will

go down sharply and unpredictably. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not

specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry,

group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like

pandemics or epidemics, recessions, or other events could have a significant impact on the Trust and its investments. Selection risk is the risk that the securities selected by

Trust management will underperform the markets, the relevant indices or the securities selected by other funds with similar investment objectives and investment strategies.

This means you may lose money.

: Shareholder involving closed-end funds has been increasing. Shareholder activism can take many forms, including engaging

in public campaigns to demand that the Trust consider significant transactions such as a tender offer, merger or liquidation or to attempt to influence the Trust’s corporate

governance and/or management, commencing proxy contests to attempt to elect the activists’ representatives or others to the Trust’s Board of Trustees, or to seek other

actions such as a termination of the Trust’s investment advisory contract with its current investment manager or commencing litigation. If the Trust becomes the subject of

shareholder activism, then management and the Board may be required to divert significant resources and attention to respond to the activist and the Trust may incur

substantial costs defending against such activism if management and the Board determine that the activist’s demands are not in the best interest of the Trust. Further, the

Trust’s share price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any shareholder activism.

 

Each

 

Trust may be exposed to prepayment , which is the risk that may exercise their option to prepay principal earlier than scheduled during

periods of declining interest rates, which would force each

 

Trust to reinvest in lower yielding securities. Each

 

Trust

 

may also be exposed to reinvestment risk, which is the risk

that income from each

 

Trust’s portfolio will decline if each

 

Trust invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are

below each

 

Trust portfolio’s current earnings rate.

The Trust is a non-diversified fund. the Trust may invest in securities of a number of issuers, it may be more

exposed to the risks associated with and developments affecting an individual issuer than a fund that invests more widely.

An investment in the Trust’s shares is subject to investment risk, the possible loss of the entire amount that you

invest. As with any stock, the price of the Trust’s common shares will fluctuate with market conditions and other factors. If shares are sold, the price received may be more or

less than the original investment. Common shares are designed for long-term investors and the Trust should not be treated as a trading vehicle. Shares of closed-end

management investment companies frequently trade at a discount from their net asset value. This risk is separate and distinct from the risk that the Trust’s net asset value

could decrease as a result of its investment activities. At any point in time an investment in the Trust’s common shares may be worth less than the original amount invested,

even after taking into account distributions paid by the Trust. During periods in which the Trust may use leverage, the Trust’s investment, market discount and certain other risks

will be magnified.

Common stocks represent equity ownership in a company. Stock are volatile. The price of common stock will fluctuate and can decline and

reduce the value of a portfolio investing in equities. The value of common stock purchased by the Trust could decline if the financial condition of the companies the Trust invests

in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries,

such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, the value may decline due to general market conditions

that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings,

changes in inflation, interest or currency rates or generally adverse investor sentiment.

Preferred securities may pay fixed or adjustable rates of return. securities are subject issuer-specific and market risks applicable

generally to equity securities. In addition, a company’s preferred securities generally pay dividends only after the company makes required payments to holders of its bonds

and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt to actual or perceived changes in the company’s

financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies.