Publications

Braver Wealth Management, LLC, an investment management firm with approximately $200 million AUM

First Reserve Infrastructure Funds, the equity infrastructure franchise of First Reserve with approximately $3.7 billion AUM

Trillium SA, a boutique independent asset management firm with approximately $2 billion AUM

Premier Asset Management, LLC, an investment advisory firm with approximately $550 million AUM

Crestwood Advisors, an investment advisory firm with approximately $587.5 million AUM

SkyBridge Capital, a fund-of-hedge funds managing firm with approximately $12 billion AUM

Credit Value Partners, LP, a boutique investment advisory firm with approximately $1.91 billion AUM

Triumph Capital Advisors, LLC, a credit investment firm with approximately $1.5 billion AUM

PineBridge Investments East Africa Limited, an asset managing firm with approximately $82.7 billion AUM

Lebenthal Holdings, LLC, an asset management firm with approximately $1.426 billion AUM

The Fund’s investment objective is to provide a high level of current income and total return. The Fund intends to liquidate and distribute substantially all of its net assets to shareholders on or before March 1, 2022. The Fund seeks to achieve its investment objective of providing a high level of current income and total return by investing in preferred securities and other income producing securities. The Fund will maintain a short to intermediate duration (including the effects of leverage) throughout its five-year term. The Fund’s overall strategy seeks to mitigate the risk of rising interest rates both by limiting overall portfolio duration, and by investing a portion of assets in securities that have features (such as fixed-to-floating coupons) that are expected to reduce the impact of rising interest rates, and whose value may consequently fall less in rising interest rate markets than otherwise similar securities without such features. The Fund’s portfolio will be actively managed as markets change and different opportunities arise to capitalize on the relative value opportunities of different instrument types, capital structure positions and related features, and to separately capitalize on the relative value opportunities of securities with different coupon structures.

Wells Fargo Securities, BofA Merrill Lynch and Nuveen Securities

The Fund’s investment objective is to seek to distribute a high level of current income and to earn a total return, based on the net asset value of the Fund’s common, that exceeds the return on the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index by 500 basis points (or 5.00%) on an annualized basis over the life of the Fund, under normal market conditions. Because the total return of the Fund described in the Trust’s investment objective is calculated based on NAV, it is measured after expenses.

In accordance with its Agreement and Declaration of Trust, the Fund will terminate at the close of business on February 28, 2022 (the “Termination Date”). The Board of Trustees of the Fund may terminate the Fund, without shareholder approval, prior to the Termination Date; however, the Board does not intend to terminate the Fund earlier than August 31, 2021. The Board may also, without shareholder approval, extend the Termination Date by up to six months to a date on or before August 31, 2022 (which date shall then become the Termination Date). The Board may, to the extent it deems appropriate and without shareholder approval, adopt a plan of liquidation at any time preceding the anticipated Termination Date, which plan of liquidation may set forth the terms and conditions for implementing the termination of the Fund’s existence, including the commencement of the winding down of its investment operations and the making of one or more liquidating distributions to
common shareholders prior to the Termination Date. The Fund is not a target term fund and thus
does not seek to return its initial public offering price of $10 per common share upon termination.
The final distribution of net assets upon termination may be more than, equal to or less than $10
per common share.

Morgan Stanley, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities