Blueprints® Tactical High Dividend Portfolio Series 8

The Trust utilizes three different quantitative strategies to determine the constituents of the final portfolio. Each strategy represents an approximately equal portion of the portfolio (or approximately 33% each). The portfolio is a blend of securities selected from the following strategies:

• Guggenheim ABC High Dividend (20 securities)

• Guggenheim Inflation Defense & Dividend Strategy (30 securities)

• Zacks Income Advantage Strategy (50 securities)

See “Investment Policies” in Part B of the prospectus for additional information.

In constructing the Trust’s portfolio, 100 securities were selected using the three fundamentally based quantitative strategies listed below.

Guggenheim ABC High Dividend Strategy:

Twenty securities were selected seven business days prior to the initial date of deposit (the “Security Selection Date”) based on the following rules-based criteria. Except as set forth herein, the investment strategy utilizes information provided by FactSet Research Systems, Inc.

1. Initial Universe: Start with an initial universe of securities that include all companies headquartered in Australia, Brazil or Canada which meet the following criteria as of the Security Selection Date:

• Security must be a common share or depositary receipt on any public securities exchange in the world.

• Security may not be a real estate investment fund, investment fund, exchange-traded fund, Trust or limited partnership.

• Market capitalization greater than $200 million. Market capitalization is determined by the closing price as of the Security Selection Date. If the security is not U.S. dollar-denominated, the currency rate used for the security is the closing price, with currency exchange rates provided by WM/Reuters when share price is non-U.S. dollar-denominated.

• Minimum liquidity of $1 million, however, American Depositary Receipts (“ADRs”) traded on either the New York Stock Exchange or NASDAQ Stock Market do not have to meet this liquidity minimum as long as the ADR’s reference foreign security does meet the minimum liquidity criteria based on that foreign security’s own trading volume. Liquidity is determined by the average 30 day trading volume in U.S. dollars and is calculated as the average of a 30 trading day look back from the Security Selection Date (i.e., trading volume in shares multiplied by the closing price for the day, with currency exchange rates provided by WM/Reuters when share price is non-U.S. dollar-denominated).

• For companies with multiple listings, only one security is included. Preference is given to an ADR traded on either the New York Stock Exchange or NASDAQ Stock Market, if available, or to the most liquid security, as determined by the above calculation, if the company is only traded on non-U.S. exchanges.

2. Rank on Fundamentals: Rank every company identified in the initial universe against other companies in the same sector, as determined by FactSet Industry Classification System, along each of the following reported financial metrics. Each ranking is determined as of the Security Selection Date using the most recently reported information and uses a scale of 1 through 10 (1 representing the highest scoring 10% in the sector and 10 representing the lowest scoring 10% in the sector):

• Return on assets as provided by FactSet Research Systems, Inc., and calculated as latest four quarters of reported operating income divided by the average of most recent reported total assets and year ago reported total assets.

• Earnings before interest and taxes for the latest four quarters divided by enterprise value, as provided by FactSet Research Systems, Inc. Enterprise value is determined by adding the equity market capitalization as of the most recent closing price with the total outstanding long term and short term debt as determined by the most recently available balance sheet, and then subtracting any cash and short term investments as determined by the most recently available balance sheet.

• Year-over-year growth in sales per share, as provided by FactSet Research Systems, Inc. Trailing year-over-year growth is the percentage change in sales per-share for the trailing 12 months versus the sales per-share from the prior 12 months. Sales per-share is the trailing 12 months of sales from the most recent trailing quarterly or semi-annual filings, whichever is most current, divided by the end of period reported count of common shares outstanding used to calculate basic earnings per share.

Each financial metric will create a separate score so that every company will have three scores. These three scores are averaged together to create one composite score for a company. This composite score is used to rank the companies in the next step in order to determine the sub-universe of securities.

3. Define Sub-Universe: Reduce the initial universe of securities to a sub-universe that meets the following requirements, with each requirement being applied independently to the initial universe from the other requirements in this step, as of the Security Selection Date:

• Exclude the lowest ranked 25% of securities from the initial universe determined by the average of the three financial rankings described in step 2.

• Exclude the 20% of the initial universe with the lowest trailing six month total return.

• Exclude any security that does not have a minimum one year of trading history for the company, as determined by the trading history on the exchange from which the security will be purchased or, for a ADR, by the trading history for the reference security on the exchange such security is principally traded.

• Exclude securities not listed on a U.S. (New York Stock Exchange or NASDAQ Stock Market), Australian (Australian Securities Exchange) or Canadian (Toronto Stock Exchange or TSX Venture Exchange) exchange.

• Exclude securities that have a pending cash or stock merger and acquisition or bankruptcy which will lead to delisting the security from the qualifying exchanges above. Such events will be determined by reviewing the announced merger and acquisition data from Bloomberg and if the announced date falls before the Security Selection Date, an announcement of an agreement to be acquired in whole for cash or stock from an acquiring company or bankruptcy filing will cause exclusion.

4. Selection: Select from the sub-universe the twenty top dividend yielding securities based on the “indicated dividend yield” as provided by Bloomberg L.P. (with higher rank given to larger market capitalization when yields are equal) and equally weight these securities as of the Security Selection Date. Selected securities must adhere to following portfolio limits as of the Security Selection Date:

• Six securities of companies headquartered in each of Australia, Brazil and Canada, along with the next two highest dividend yielding securities regardless of where the company is headquartered. In the event any country has less than six qualifying names in the sub-universe, then substitute securities are selected from the other countries equally. If there is an odd number of substitute securities needed, then the next highest yielding security will be chosen.

• Maximum 20% weight in any sector as of the Security Selection Date.

• Maximum one-third of the strategy in small-capitalization companies (less than $1 billion USD) as of the Security Selection Date.

• Maximum two-thirds of the strategy will consist of small-capitalization and mid-capitalization companies (less than $5 billion USD) as of the Security Selection Date.

Once an investment limitation has been reached, additional securities of that type will not be included in the Trust and the next highest yielding security will be used.

Guggenheim Inflation Defense & Dividend Strategy:

Thirty securities were selected seven business days prior to the initial date of deposit (the “Security Selection Date”) based on the following rules-based criteria. Except as set forth herein, the investment strategy utilizes information provided by FactSet Research Systems, Inc.

1. Initial Universe: Start with an initial global universe of securities which meet the following criteria as of the Security Selection Date:

• Security must be a common share or depositary receipt on any public securities exchange in the world.

• Security may not be an investment fund, exchange-traded fund, limited partnership or Trust (with the exception of Canadian Royalty Trusts).

• Market capitalization greater than $200 million. Market capitalization is determined by the closing price as of the Security Selection Date. If the security is not U.S. dollar-denominated, the currency rate used for the security is the closing price, with currency exchange rates provided by WM/Reuters when share price is non-U.S. dollar-denominated.

• Minimum liquidity of $0.6 million, however, American Depositary Receipts (“ADRs”) traded on either the New York Stock Exchange or NASDAQ Stock Market do not have to meet this liquidity minimum as long as the ADR’s reference foreign security does meet the minimum liquidity criteria based on that foreign security’s own trading volume. Liquidity is determined by the average 30 day trading volume in U.S. dollars and is calculated as the average of a 30 trading day look back from the Security Selection Date (i.e., trading volume in shares multiplied by the closing price for the day, with currency exchange rates provided by WM/Reuters when share price is non-U.S. dollar-denominated).

• For companies with multiple listings, only one security is included. Preference is given to an ADR traded on either the New York Stock Exchange or NASDAQ Stock Market, if available, or to the most liquid security, as determined by the above calculation, if the company is only traded on non- U.S. exchanges.

• Companies must be engaged in the following FactSet global industries/sectors (note the strategy “Sleeve” names, which are used to specify target weights in the selection strategy):

Sleeve Category                    FactSet Sectors / Industries Included
Agriculture                               Agricultural Chemicals
                                                Forest Products
Energy                                     Oil & Gas Production
                                                Integrated Oil
                                                Coal
Mining                                      Aluminum
                                                Other Metals/Minerals
Precious Metals                        Precious Metals, Gold

2. Rank on Fundamentals: Rank every company identified in the initial universe against other companies in the same industry Sleeve, as determined by FactSet Industry Classification System, along each of the following reported financial metrics. Each ranking is determined as of the Security Selection Date using the most recently reported information and uses a scale of 1 through 10 (1 representing the highest scoring 10% in the Sleeve, and 10 representing the lowest scoring 10% in the Sleeve):

• Return on assets as provided by FactSet Research Systems, Inc., and calculated as latest four quarters of reported operating income divided by the average of most recent reported total assets and year ago reported total assets.

• Earnings before interest and taxes for the latest four quarters divided by enterprise value, as provided by FactSet Research Systems, Inc. Enterprise value is determined by adding the equity market capitalization as of the most recent closing price with the total outstanding long term and short term debt as determined by the most recently available balance sheet, and then subtracting any cash and short term investments as determined by the most recently available balance sheet.

• Year-over-year growth in sales per share, as provided by FactSet Research Systems, Inc. Trailing year-over-year growth is the percentage change in sales per-share for the trailing 12 months versus the sales per-share from the prior 12 months. Sales per-share is the trailing 12 months of sales from the most recent trailing quarterly or semi-annual filings, whichever is most current, divided by the end of period reported count of common shares outstanding used to calculate basic earnings per share.

Each financial metric will create a separate score so that every company will have three scores. These three scores are averaged together to create one composite score for a company. This composite score is used to rank the companies in the next step in order to determine the sub-universe of securities.

3. Define Sub-Universe: Reduce the initial universe of securities to a sub-universe that meets the following requirements, with each requirement being applied independently to the initial universe from the other requirements in this step, as of the Security Selection Date:

• Exclude the lowest ranked 25% of securities from the initial universe determined by the average of the three financial rankings described in step 2.

• Exclude the 20% of the initial universe with the lowest trailing six month total return.

• Exclude any security that does not have a minimum one year of trading history for the company, as determined by the trading history on the exchange from which the security will be purchased or, for a ADR, by the trading history for the reference security on the exchange such security is principally traded.

• Exclude securities not listed on a public securities exchange in one of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Israel, Italy, Japan, Mexico, Netherlands, New Zealand, Norway, Philippines, Singapore, South Africa, Spain, Sri Lanka, Sweden, Switzerland, United Kingdom and United States.

• Exclude securities that have a pending cash or stock merger and acquisition or bankruptcy which will lead to delisting the security from the qualifying exchanges above. Such events will be determined by reviewing the announced merger and acquisition data from Bloomberg and if the announced date falls before the Security Selection Date, an announcement of an agreement to be acquired in whole for cash or stock from an acquiring company or bankruptcy filing will cause exclusion.

4. Selection: Select from the sub-universe the thirty top dividend yielding securities combined from the Sleeves (with higher rank given to larger market capitalization when yields are equal) based on the “indicated dividend yield” as provided by Bloomberg L.P. and equally weight these securities as of the Security Selection Date. Selected securities must adhere to following portfolio limits as of the Security Selection Date:

• Maximum one-third of the strategy in small-capitalization companies (less than $1 billion USD) as of the Security Selection Date.

• Maximum two-thirds of the strategy will consist of small-capitalization and mid-capitalization companies (less than $5 billion USD) as of the Security Selection Date.

• Target Sleeve weightings: a. Energy 40.00% b. Mining 23.33% c. Agriculture 20.00% d. Precious Metals 16.67%

• If there are not enough sub-universe securities in the Agriculture or Precious Metals Sleeves, then additional securities are selected from the Energy and Mining Sleeves. If an even number of substitute securities is needed, select the next highest yielding securities from the Energy and Mining Sleeves equally. If an odd number of substitute securities is needed, then (a) if applicable, select an even number of the next highest yielding securities from the Energy and Mining Sleeves equally, and then (b) select the next highest yielding security from the Energy and Mining Sleeves combined.

• If there are not enough sub-universe securities in the Energy or Mining Sleeves to achieve their target sleeve weightings, then equally adjust upward the weightings of all of the qualifying sub-universe securities in the Energy or Mining Sleeve in order to achieve the target sleeve weighting.

Once an investment limitation has been reached, additional securities of that type will not be included in the Trust and the next highest yielding security will be used.

Zacks Income Advantage Strategy:

The Zacks Income Advantage Strategy utilizes a quantitative selection process developed by Zacks Investment Management (“ZIM”).

The Zacks Income Advantage Strategy is divided into five different asset segments: common shares of closed-end investment companies (“Closed-End Funds”), common stocks/American Depositary Receipts (“ADRs”), master limited partnerships (“MLPs”), real estate investment Trusts (“REITs”) and stocks of oil and energy companies/royalty Trusts that, according to their most recent Form 10-K filing with the Securities and Exchange Commission, derive the largest percentage of their total revenues from the oil and energy sector (“Oil & Energy Companies/Royalty Trusts”). ZIM uses a proprietary research database to categorize companies. Examples of industries that fall into the oil and energy sector are: oil exploration, oil production, integrated oil services and oil drilling. The selection methodology for each asset segment is described below. The securities were selected eleven business days prior to the initial date of deposit (the “Security Selection Date”).

The security selection process begins by identifying an initial universe of all securities that trade on at least one public North American securities exchange as of the Security Selection Date. These securities include only closed-end funds, common stocks, ADRs, MLPs, REITs and royalty Trusts. From this initial universe, the Zacks Income Advantage Strategy is compiled using the following five quantitative sub-strategies:

Closed-End Fund Segment

• First, closed-end funds, as of the Security Selection Date, which meet all of the following criteria are eliminated: those that do not pay a dividend, that are not trading at a discount to NAV, that do not have a net asset value greater than $300 million and that have liquidity of less than $1 million (where liquidity is defined as share price times the most recent three-month trading volume as reported to Zacks Investment Research, Inc. by Sungard Reference Data Solutions, Inc.)

• Then, select the 7 closed-end funds with the highest dividend yield as of the Security Selection Date, where dividend yield is defined as a fund’s annual dividend (trailing 12 months dividend as reported by Morningstar) divided by its current market price. Add together each of the 7 closed-end funds’ dividend yields to determine the aggregate dividend yield (“Aggregate Dividend Yield”) of the Closed-End Fund Segment. Weight the 7 closed-end funds based on their individual contribution to the Aggregate Dividend Yield of the Closed-End Fund Segment. For example, if the Aggregate Dividend Yield of the Closed-End Fund Segment is 50%, a Closed-End Fund with a dividend yield of 3.5% will have a weighting equal to 7% (in other words, 3.5% divided by 50% equals 7% of the Aggregate Dividend Yield) of the Closed-End Fund Segment. The Closed-End Fund Segment will make up 10% of the Zacks Income Advantage Strategy.

Common Stock/ADR Segment

• First, eliminate common stocks/ADRs of Closed-End Funds, REITs, MLPs and royalty Trusts.

• Next, common stocks/ADRs, as of the Security Selection Date, which meet all of the following criteria are eliminated: those with market caps not among the largest 1,000, with payout ratios greater than 80% (where payout ratio, reported by Zacks Investment Research, is defined as a company’s most recent dividend per share divided by a company’s most recently reported earnings per share) and that have liquidity of less than $2 million (where liquidity is defined as share price times the most recent three-month trading volume as reported to Zacks Investment Research, Inc. by Sungard Reference Data Solutions, Inc.)

• Then, select the 20 common stocks/ADRs with the highest dividend yield as of the Security Selection Date and weight them based on their individual contribution to the Aggregate Dividend Yield generated by the Common Stock/ADR Segment, which will make up 30% of the Zacks Income Advantage Strategy.

MLP Segment

• First, MLPs, as of the Security Selection Date, which meet all of the following criteria are eliminated: those with a share price of less than $10 and that have liquidity of less than $3 million (where liquidity is defined as share price times the most recent three-month trading volume as reported to Zacks Investment Research, Inc. by Sungard Reference Data Solutions, Inc.)

• Next, eliminate the 10% of remaining MLPs with the highest short interest, where short interest is defined as the percentage of MLP shares outstanding that are held short as reported to the New York Stock Exchange or the Nasdaq Stock Market on the 15th day and last day of each month (the most recent reporting will be used).

• Then, select the 8 MLPs with the highest dividend yield as of the Security Selection Date and weight them based on their individual contribution to the Aggregate Dividend Yield generated by the MLP Segment, which will make up 17.5% of the Zacks Income Advantage Strategy.

REIT Segment

• First, REITs, as of the Security Selection Date, which meet all of the following criteria are eliminated: those with a share price of less than $10 and that have liquidity of less than $5 million (where liquidity is defined as share price times the most recent three-month trading volume as reported to Zacks Investment Research, Inc. by Sungard Reference Data Solutions, Inc.)

• Next, eliminate the 10% of the remaining REITs with the highest short interest, where short interest is defined as the percentage of REIT shares outstanding that are held short as reported to the New York Stock Exchange or Nasdaq Stock Market on the 15th day and last day of each month (the most recent reporting will be used).

• Then, select the 10 REITs with the highest dividend yield as of the Security Selection Date and weight them based on their individual contribution to the Aggregate Dividend Yield generated by the REIT Segment, which will make up 20% of the Zacks Income Advantage Strategy.

Oil & Energy Company/Royalty Trust Segment

• First, Oil & Energy Companies/Royalty Trusts, as of the Security Selection Date, which meet all of the following criteria are eliminated: those with a share price of less than $10 and that have liquidity of less than $3 million (where liquidity is defined as share price times the most recent three-month trading volume as reported to Zacks Investment Research, Inc. by Sungard Reference Data Solutions, Inc.)

• Next, select the 5 Oil & Energy Companies/Royalty Trusts with the highest dividend yield as of the Security Selection Date.

• Then, weight the 5 Oil & Energy Companies/Royalty Trusts based on their individual contribution to the Aggregate Dividend Yield of the Oil & Energy Company/Royalty Trust Segment, which will make up 22.5% of the Zacks Income Advantage Strategy.

Zacks Income Strategy Construction. The asset segments are combined to form the final Zacks Income Advantage Strategy. A final liquidity check is performed as follows: Any security eligible for inclusion in the Zacks Income Advantage Strategy with liquidity of less than the estimated total dollar value of the security as of the Security Selection Date will be removed from the strategy and replaced by the next highest ranked security in the same asset segment.

In the event that a security that has a pending cash or stock merger and acquisition or bankruptcy which will lead to delisting the security is chosen, that security will be removed and the next security in the list will be selected for inclusion in the portfolio. Such events will be determined by reviewing the announced merger and acquisition data from Bloomberg and if the announced date falls before the Security Selection Date, an announcement of an agreement to be acquired in whole for cash or stock from an acquiring company or bankruptcy filing will cause removal.

In the event that a non-MLP security is selected which is not treated as a corporation for U.S. tax purposes, that non-MLP security will be removed and the next security in the list will be selected for inclusion in the strategy.

Final Portfolio Construction

In the event that the same stock was selected by more than one of the three strategies, the sub-strategy which gave the stock the higher weighting in the final portfolio was left unchanged and the sub-strategy giving the stock the lower weighting in the final portfolio was replaced by the stock with the next highest rank within the relevant sub-strategy.

Please note that due to the fluctuating nature of security prices, the weighting of an individual security or sector in the Trust portfolio may change after the Security Selection Date.

Guggenheim Partners Investment Management, LLC

Guggenheim Partners Investment Management, LLC is a subsidiary of Guggenheim Partners, LLC and an affiliate of the Sponsor, which offers financial services expertise within its asset management, investment advisory, capital markets, institutional finance and merchant banking business lines. Clients consist of a mix of individuals, family offices, endowments, foundations, insurance companies, pension plans and other institutions that together have entrusted the firm with supervision of more than $100 billion in assets. A global diversified financial services firm, Guggenheim Partners, LLC office locations include New York, Chicago, Los Angeles, Miami, Boston, Philadelphia, St. Louis, Houston, London, Dublin, Geneva, Hong Kong, Singapore, Mumbai and Dubai.

The Sponsor is also a subsidiary of Guggenheim Partners, LLC. See “General Information” for additional information.

Zacks Investment Management

Zacks Investment Management, founded in 1992 as a wholly owned subsidiary of Zacks Investment Research, one of the largest providers of independent research in the U.S. ZIM has over $1.8 billion in assets under management for retail and institutional clients in separately managed accounts that employ proprietary quantitative models and three mutual funds which it markets through its wholesale division. ZIM manages equity and fixed income portfolios for clients using a unique combination of Zacks independent research and Zacks proprietary quantitative models. The Trust will pay a portfolio consulting fee to ZIM for its assistance in the selection of the Trust portfolio.

As with all investments, you may lose some or all of your investment in the Trust. No assurance can be given that the Trust’s investment objective will be achieved. The Trust also might not perform as well as you expect. This can happen for reasons such as these:

• Securities prices can be volatile. The value of your investment may fall over time. Market value fluctuates in response to various factors. These can include stock market movements, purchases or sales of securities by the Trust, government policies, litigation, and changes in interest rates, inflation, the financial condition of the securities’ issuer or even perceptions of the issuer. Units of the Trust are not deposits of any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

• Due to the current state of the economy, the value of the securities held by the Trust may be subject to steep declines or increased volatility due to changes in performance or perception of the issuers. Starting in December 2007, economic activity declined across all sectors of the economy, and the United States experienced increased unemployment. The economic crisis affected the global economy with European and Asian markets also suffering historic losses. Standard & Poor’s Rating Services lowered its long-term sovereign credit rating on the United States to “AA+” from “AAA,” which could lead to increased interest rates and volatility. Extraordinary steps have been taken by the governments of several leading countries to combat the economic crisis; however, the impact of these measures is not yet fully known and cannot be predicted.

• The Trust includes securities issued by companies in the energy sector. The Trust is concentrated in the energy sector. As a result, the factors that impact the energy sector will likely have a greater affect on this Trust than a more broadly diversified Trust. Some of the risks associated with the energy sector are listed below. Companies in the energy sector are subject to volatile fluctuations in price and supply of energy fuels, and can be impacted by international politics and conflicts, including the unrest in Iraq and hostilities in the Middle East, terrorist attacks, the success of exploration projects, reduced demand as a result of increases in energy efficiency and energy conservation, natural disasters, clean-up and litigation costs associated with environmental damage and extensive regulation.

• The Trust invests in securities of companies in the basic materials sector. Some of the risks associated with the basic materials sector are listed below. General risks of companies in the basic materials sector include the general state of the economy, consolidation, domestic and international politics and excess capacity. In addition, basic materials companies may also be significantly affected by volatility of commodity prices, import controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices.

• The Trust includes securities issued by companies involved with the production of certain commodities. Commodity companies include those companies involved in the production of building materials, aluminum, non-ferrous metals, precious metals and steel and other commodities, as well as companies that explore for, produce, refine, distribute or sell petroleum, gas products and other commodities. General risks of commodity companies include price and supply fluctuations, excess capacity, economic recession, government regulations and overall capital spending rates. Exposure to commodities markets may subject the Trust to greater volatility than other investments. Certain commodities may be produced in a limited number of countries and may be controlled by a small number of producers.

• The Trust includes Closed-End Funds. Closed-End Funds are actively managed investment companies that invest in various types of securities. Closed-End Funds issue common shares that are traded on a securities exchange. Closed- End Funds are subject to various risks, including management’s ability to meet the Closed-End Fund’s investment objective and to manage the Closed-End Fund’s portfolio during periods of market turmoil and as investors’ perceptions regarding Closed-End Funds or their underlying investments change. Closed-End Funds are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. Closed-End Funds may also employ the use of leverage which increases risk and volatility. Instability in the auction rate preferred shares market may affect the volatility of Closed-End Funds that use such instruments to provide leverage.

• The Closed-End Funds are subject to annual fees and expenses, including a management fee. Unitholders of the Trust will bear these fees in addition to the fees and expenses of the Trust. See “Fees and Expenses” for additional information.

• The Trust and certain Closed-End Funds held by the Trust invest in securities issued by small-capitalization and mid-capitalization companies. These securities customarily involve more investment risk than securities of large-capitalization companies. Small-capitalization and mid-capitalization companies may have limited product lines, markets or financial resources and may be more vulnerable to adverse general market or economic developments.

• Share prices or dividend rates on the securities in the Trust may decline during the life of the Trust. There is no guarantee that the issuers of the securities will declare dividends in the future and, if declared, whether they will remain at current levels or increase over time.

• The Trust and certain Closed-End Funds held by the Trust invest in ADRs, GDRs, U.S.-listed foreign securities and foreign securities listed on a foreign exchange. The Trust’s investment in ADRs, GDRs and foreign securities presents additional risk. ADRs and GDRs are issued by a bank or Trust company to evidence ownership of underlying securities issued by foreign corporations. Securities of foreign issuers present risks beyond those of domestic securities. More specifically, foreign risk is the risk that foreign securities will be more volatile than U.S. securities due to such factors as adverse economic, currency, political, social or regulatory developments in a country, including government seizure of assets, excessive taxation, limitations on the use or transfer of assets, the lack of liquidity or regulatory controls with respect to certain industries or differing legal and/or accounting standards.

• The Trust includes securities issued by companies headquartered in Canada. The Trust is concentrated in securities issued by companies headquartered in Canada. As a result, political, economic or social developments in this country may have a significant impact on the securities included in the Trust. See “Investment Risks” for additional information concerning the risks associated with an investment in securities issued by companies located in Canada.

• The Trust and certain Closed-End Funds held by the Trust invest in securities issued by companies headquartered or incorporated in countries considered to be emerging markets. Emerging markets are generally defined as countries with low per capita income in the initial stages of their industrialization cycles. Risks of investing in developing or emerging countries include the possibility of investment and trading limitations, liquidity concerns, delays and disruptions in settlement transactions, political uncertainties and dependence on international trade and development assistance. Companies headquartered in emerging market countries may be exposed to greater volatility and market risk.

• The Trust includes securities whose value may be dependent on currency exchange rates. The U.S. dollar value of these securities may vary with fluctuations in foreign exchange rates. Most foreign currencies have fluctuated widely in value against the U.S. dollar for various economic and political reasons such as the activity level of large international commercial banks, various central banks, speculators, hedge funds and other buyers and sellers of foreign currencies.

• Certain Closed-End Funds held by the Trust may invest in preferred securities. Preferred securities are typically subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and therefore will be subject to greater credit risk than those debt instruments.

• The value of the fixed-income securities in the Closed-End Funds will generally fall if interest rates, in general, rise. Typically, fixed-income securities with longer periods before maturity are more sensitive to interest rate changes.

• A Closed-End Fund or an issuer of securities held by a Closed-End Fund may be unwilling or unable to make principal payments and/or to declare distributions in the future, may call a security before its stated maturity, or may reduce the level of distributions declared. This may result in a reduction in the value of your units.

• The financial condition of a Closed- End Fund or an issuer of securities held by a Closed-End Fund may worsen, resulting in a reduction in the value of your units. This may occur at any point in time, including during the primary offering period.

• Certain Closed-End Funds held by the Trust invest in securities that are rated below investment-grade and are considered to be “junk” securities. Below investment-grade obligations are considered to be speculative and are subject to greater market and credit risks, and accordingly, the risk of nonpayment or default is higher than with investment-grade securities. In addition, such securities may be more sensitive to interest rate changes and more likely to receive early returns of principal.

• Certain Closed-End Funds held by the Trust may invest in securities that are rated as investment-grade by only one rating agency. As a result, such split-rated securities may have more speculative characteristics and are subject to a greater risk of default than securities rated as investment-grade by more than one rating agency.

• Economic conditions may lead to limited liquidity and greater volatility. The markets for fixed-income securities, such as those held by certain Closed-End Funds, may experience periods of illiquidity and volatility. General market uncertainty and consequent repricing risk have led to market imbalances of sellers and buyers, which in turn have resulted in significant valuation uncertainties in a variety of fixed-income securities. These conditions resulted, and in many cases continue to result in, greater volatility, less liquidity, widening credit spreads and a lack of price transparency, with many debt securities remaining illiquid and of uncertain value. These market conditions may make valuation of some of the securities held by a Closed-End Fund uncertain and/or result in sudden and significant valuation increases or declines in its holdings.

• The Trust invests in REITs. REITs may concentrate their investments in specific geographic areas or in specific property types, such as, hotels, shopping malls, residential complexes and office buildings. The value of the REITs and other real estate securities and the ability of such securities to distribute income may be adversely affected by several factors, including: rising interest rates; changes in the global and local economic climate and real estate conditions; perceptions of prospective tenants of the safety, convenience and attractiveness of the properties; the ability of the owner to provide adequate management, maintenance and insurance; increased competition from new properties; the impact of present or future environmental legislation and compliance with environmental laws; changes in real estate taxes and other operating expenses; adverse changes in governmental rules and fiscal policies; adverse changes in zoning laws; declines in the value of real estate; the downturn in the subprime mortgage lending market and the real estate markets in the United States; and other factors beyond the control of the issuer of the security.

• The Trust invests in MLPs. MLPs are limited partnerships or limited liability companies that are taxed as partnerships and whose interests (limited partnership units or limited liability company units) are traded on securities exchanges like shares of common stock. Currently, most MLPs operate in the energy, natural resources or real estate sectors. Investments in MLP interests are subject to the risks generally applicable to companies in the energy and natural resources sectors, including commodity pricing risk, supply and demand risk, depletion risk and exploration risk.

• The Trust may invest in companies that are considered to be passive foreign investment companies (“PFICs”). In general, PFICs are certain non-U.S. corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties or capital gains) or that hold at least 50% of their assets in investments producing such passive income. As a result of an investment in PFICs, the Trust could be subject to U.S. federal income tax and additional interest charges on gains and certain distributions with respect to those equity interests, even if all the income or gain is distributed to its unitholders in a timely manner. The Trust will not be able to pass through to its unitholders any credit or deduction for such taxes.

• Inflation may lead to a decrease in the value of assets or income from investments.

• The Sponsor does not actively manage the portfolio. The Trust will generally hold, and may, when creating additional units, continue to buy, the same securities even though a security’s outlook, market value or yield may have changed.

See “Investment Risks” in Part A of the prospectus and “Risk Factors” in Part B of the prospectus for additional information.