In November 2010, the Fund was named as defendant
and a putative member of the proposed defendant class
of shareholders in the case entitled Official Committee
of Unsecured Creditors (UCC) of the Tribune Company v.
FitzSimons, et al. as a result of its ownership of shares in
the Tribune Company (Tribune) in 2007 when Tribune
effected a leveraged buyout transaction (LBO) and was
converted to a privately held company. The UCC, which
has been replaced by a Litigation Trustee pursuant to
Tribune's plan of reorganization, seeks to recover
payments of the proceeds of the LBO. In June 2011, a
group of Tribune creditors filed multiple actions against
former Tribune shareholders involving state law
constructive fraudulent conveyance claims arising out of
the LBO (the "SLFC actions"). The Fund has been named
as a defendant in one of the SLFC actions filed in United
States District Court - District of Massachusetts by
Deutsche Bank Trust Co. Americas seeking to recover
the proceeds received in connection with the LBO from
former shareholders. The FitzSimons action and the SLFC
actions are now part of a multi-district litigation
proceeding in the Southern District of New York. The
value of the proceeds received by the Fund is
approximately $891,000 (equal to 0.08% of net assets at
December 31, 2020). The Fund cannot predict the
outcome of these proceedings or the effect, if any, on
the Fund's net asset value. The attorneys' fees and costs
related to these actions are expensed by the Fund as
incurred.