An investment in the Fund involves a high degree of risk, is considered speculative and illiquid, and is not suitable for all investors. No guarantee or representation is made that the Fund’s investment program, including, without limitation, its investment objectives, will be successful. Investors should consider the Fund as a supplement to an overall Investment program and should invest only if they are willing to undertake the risks involved, including the possible loss of all or a substantial portion of their investment. Below is a summary of some of the principal risks of investing in the Fund. For a more complete discussion of the risks of investing in the Fund, see " Principal Risk Factors" in the prospectus. Shareholders should consider carefully the following principal risks before investing in the Fund.

• Unlike most closed-end funds, the Fund's Shares will not be listed on any securities exchange;
• Although the Fund is required to, and has implemented a Share repurchase program, only a limited number of shares will be eligible for repurchase by the Fund. You should consider that you may not have access to the money you invest for an indefinite period of time;
• The Fund may be materially adversely affected by market, economic and political conditions globally and in the jurisdictions and sectors in which the Fund invests;
• The Fund's investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk, require a high level of analytical sophistication for successful investment, and require active monitoring;
• The Fund will invest a portion of its assets in debt and debt-related securities, which include unsecured loans. All debt or debt related securities are exposed to credit risk, including default risk. The Fund is exposed to risks associated with changes in interest rates. There is an inverse relationship between bond prices and interest rates; as interest rates rise, bond prices (and therefore the value of bond funds) fall. Likewise, as interest rates fall, bond prices and the value of bond funds rise;
• Most of the credit instruments in which the Fund invests will be rated below investment grade by rating agencies, and many will have no credit rating at all. Credit instruments that are rated below investment grade (i.e., “high yield” securities or “junk bonds”) involve additional risks, including higher risk of default and loss of principal;
• A significant portion of the Fund’s investments may be originated. The results of the Fund’s operations depend on several factors, including the availability of opportunities for the origination or acquisition of target investments, the level and volatility of interest rates, the availability of adequate short and long-term financing, conditions in the financial markets and economic conditions. Fund investments in non-performing and sub-performing loans may be subject to additional bankruptcy related risks and returns on such investments may not be realized for a considerable period of time. The Fund’s performance with respect to real estate lending will depend on the ability of its borrowers to repay their loans. In turn, the Fund’s borrowers are subject to local, regional, and national real estate market and economic conditions beyond their control and beyond the control of the Fund. Fund investments in asset-backed securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile. In addition, the underlying assets are subject to prepayments that shorten the securities’ weighted average maturity and may lower their return;
• The Fund's investments in preferred and convertible securities are subject to interest rate risk and credit risk, similar to fixed income securities, as well as equity market risk;
• The assets in the Life Sciences Finance segment are expected to be royalty streams or debt backed by royalty streams or revenue interests paid by small and middle-market life sciences businesses, which are highly speculative and involve a high degree of risk of credit loss;
• The valuation of securities or instruments that lack a central trading place (such as fixed-income securities or instruments) may carry greater risk than those that trade on an exchange;
• The Fund may invest a portion of its assets in real estate investment trusts (REITs), which are subject to risks associated with the direct ownership of real estate; interest rate risk, liquidity risk, and changes in property value, among others. The Fund may also invest a portion of its assets in business development companies (BDCs) or master limited partnerships (MLPs). BDCs are subject to additional risks, as they generally invest in less mature private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly traded companies. MLPs are subject to additional risks associated with the specific industry or industries in which the partnership invests as the MLP will be negatively impacted by economic events adversely impacting that industry. Additionally, the potential tax benefits from investing in MLPs depends on their continued treatment as partnerships for federal income tax purposes;
• Investment in private and small or middle-market companies involves a number of significant risks as there is generally little public information available about these companies. Such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns;
• Investments in foreign countries may be subject to the risks of adverse changes in foreign economic, political, regulatory, and other conditions as well as the risks related to the use of different financial standards;
• Fund performance is dependent upon the success of the Investment Adviser and the Sub-Advisers in implementing the Fund’s investment strategies in pursuit of its investment objective. The Investment Adviser will be dependent on information provided by the Sub-Advisers, which if inaccurate could adversely affect the Investment Adviser’s ability to manage the Fund’s investment portfolio in accordance with its investment objective;
• The Fund operates in a highly competitive market for investment opportunities. The Fund's financial condition and results of operations could be negatively affected if a significant investment fails to perform as expected. There are potential conflicts of interest relating to co-investing that could impact the Fund's investment returns;
• The Fund's ability to grow depends on its ability to raise capital. The Fund may borrow money, which magnifies the potential for gain or loss on amounts invested, subjects the Fund to certain covenants with which it must comply and may increase the risk of investing with the Fund;
• The Fund is non-diversified, which means that it may invest in the securities of relatively few issuers. Additionally, the Fund may at times invest more heavily in a particular sector. As a result, the Fund may be more susceptible to adverse economic or political occurrence affecting one or more of these issues or sectors and, therefore, may experience increased volatility;
• To qualify and remain eligible for the special tax treatment accorded to Registered Investment Companies (RICs) and their shareholders under the Code, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements, and failure to do so could result in the loss of RIC status;
• The Fund is a newly organized investment company with no operating or performance history investors can use to evaluate it.