GLDUS128 Patrick Gerschel iCapital Advisors, LLC Form ADV Part 2A experience, skill or resources as the existing Sub-Adviser. General Economic and Market Conditions and Issuer Risk. Any investment in securities carries certain market risks. In addition to the factors discussed in the applicable Fund's PPM, investments by a Fund may decline in value for any number of reasons over which the Fund may have no control, including changes in the overall market for equity or equity-like securities and other general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, currency exchange rates and controls and national and international political circumstances (including wars and security operations). The value of a Fund may also decline as a result of factors pertaining to particular portfolio securities held by such Fund, such as perception or changes in the issuer's management, the market for the issuer's products or services, sources of supply. technological changes within the issuer's industry, the availability of additional capital and labor, general economic conditions, political conditions, and other similar conditions. All of these factors may affect the level and volatility of security prices and the liquidity and the value of the securities held by a Fund. Unexpected volatility or illiquidity could impair a Fund's profitability or result in it suffering losses. Equity Securities Risks. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities also include, among other things, preferred stocks, securities issued by investment companies including ETFs. interests in REITs. convertible stocks, equity interests in trusts, partnerships. joint ventures. limited liability companies and similar enterprises, warrants. and stock purchase rights. The values of equity securities, such as common stocks