PGF

About PGF

TheFund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index.ICEData Indices, LLC (the “Index Provider”) compiles and calculates the UnderlyingIndex, a market capitalization weighted index designed to track the performance of exchange-listed, fixed rate U.S. dollar denominatedpreferred securities, and securities that the Index Provider believes are functionally equivalent to preferred securities, issued in theU.S. domestic market by financial companies. The Index Provider considers financial companies to be banking, brokerage, finance, investmentand insurance companies. Securities that qualify for the Underlying Index must be listed on either The Nasdaq Stock Market (“Nasdaq”)or the New York Stock Exchange (“NYSE”) as their primary listing exchange. The Underlying Index only includes securities withno final maturity date (i.e., perpetuals) and whose payments are “qualified dividend income” (“QDI”) under theU.S. tax code. Further, the Underlying Index only includes securities that are rated at least B3 by Moody’s Investors Service (“Moody’s”)or B- by S&P Global Ratings (“S&P”), that have a minimum amount outstanding of $250 million, and that meet other minimumliquidity, trading volume and other requirements, as determined by the Index Provider.Ingeneral, preferred stock is a class of equity security that pays distributionsto preferred stockholders. Preferred stockholders have priority over common stockholders in the payment of specified dividends, such thatpreferred stockholders receive dividends before any dividends are paid to common stockholders. In addition, preferred stock takes precedenceover common stock in receiving proceeds from an issuer in the event of the issuer’s liquidation, but is generally junior to debt,including senior and subordinated debt. Although preferred stocks represent a partial ownership interest in a company, preferred stocksgenerally do not carry voting rights. Preferred stocks have economic characteristics similar to fixed-income securities; for example,preferred stocks generally pay dividends at a specified rate, which may be fixed or variable. The Underlying Index may include fixed-to-floatingrate preferred securities (securities that have an initial term with a fixed dividend rate and subsequently bear a floating dividend rate),provided that these securities are callable within the fixed rate period and are at least one day from the last call before transitioningfrom a fixed rate to a floating rate. Preferred stocks often have a liquidation value that equals the original purchase price of the stockat the time of issuance. TheUnderlying Index may include securities of large-, mid- and small-capitalizationcompanies. Asof June 30, 2023, the Underlying Index contained 104 constituentswith market capitalizations ranging from approximately $171 million to $1.8 billion.TheFund does not purchase all of the securities in the Underlying Index;instead, the Fund utilizes a “sampling” methodology to seek to achieve its investment objective.TheFund is “non-diversified” and therefore is not required to meet certaindiversification requirements under the Investment Company Act of 1940, as amended (the “1940 Act”).ConcentrationPolicy. TheFund will concentrate its investments (i.e., invest 25% or more of the value of its total assets) in securities of issuers in any oneindustry or group of industries only to the extent that the Underlying Index reflects a concentration in that industry or group of industries.The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries. As of April30, 2023, the Fund had significant exposure to the financials sector. The Fund’s portfolio holdings, and the extent to which itconcentrates its investments, are likely to change over time.