Income & Treasury Limited Duration Portfolio of Funds Series 82

Under normal circumstances, the trust will invest at least 80% of the value of its assets in a combination of common shares of closed-end investment companies (“Closed-End Funds”) that invest substantially all of their assets in various income-oriented securities of different asset classes and shares of an index tracking exchange-traded fund (“ETF”) that invests substantially all of its assets in short-term U.S. Treasury bonds. The sponsor selects certain Closed-End Funds for the trust that hold limited duration securities. In general, limited duration fixed-income securities may provide investors with lower interest rate sensitivity than longer duration securities. The duration of a bond is a measure of its price sensitivity to changes in interest rates based on the dollar weighted average term to maturity of its interest and principal cash flows. The sponsor seeks to select Closed-End Funds that hold securities that have limited durations, which for the trust means having durations of five years or less. However, certain Closed-End Funds held by the trust may hold securities that have durations greater than five years. The trust expects to have an average duration for the underlying funds (the Closed- End Funds and ETF in which the trust invests) of less than four years. By including Closed-End Funds that invest in limited duration fixed- income securities, the sponsor seeks to lower the overall volatility of the trust portfolio in most interest rate environments. In addition, to further dampen the trust’s duration sensitivity and lower the trust’s overall volatility, the dollar weighted average maturity of the ETF will be between one and three years. The dollar weighted average maturity of the Closed-End Funds will be between five to ten years.

The asset classes in which the Closed-End Funds invest may include, but are not limited to:

• U.S. government bonds;
• foreign government bonds, which may include government bonds issued by governments located in emerging markets;
• mortgage-backed bonds, which may include agency mortgage-backed bonds, non-agency mortgage-backed bonds and commercial mortgage-backed bonds;
• convertible bonds;
• preferred securities;
• corporate bonds;
• senior loans;
• high yield securities or “junk” bonds, which are considered to be primarily speculative with respect to the issuer’s ability to make principal and interest payments and
• international bonds, including bonds from issuers located in emerging markets.

Guggenheim Funds, through proprietary research and strategic alliances, will strive to select Closed-End Funds featuring the potential for current income, diversification and overall liquidity, along with the potential for capital appreciation to the extent practicable. The Closed-End Funds may invest in securities issued by companies with market capitalizations of any size. In addition, the Closed-End Funds may invest in fixed-income securities with fixed or floating interest rates.

As of the date of deposit, this trust will hold a significant amount of its assets in shares of Closed-End Funds that invest substantially all of their assets in various income-oriented securities of different asset classes, including senior loans and floating-rate securities, and an index tracking ETF that invests substantially all of its assets in U.S. Treasury bonds with remaining maturities between one and three years.

The sponsor has selected for the portfolio Closed-End Funds and an ETF believed to have the best potential to achieve the trust’s investment objective.

As of the trust’s initial date of deposit (the “Inception Date”), 100% of the trust’s portfolio is invested in a combination of shares of Closed-End Funds that invest substantially all of their assets in various income-oriented securities of different asset classes and an index tracking ETF that invests substantially all of its assets in short-term U.S. Treasury bonds.

When selecting Closed-End Funds for inclusion in this portfolio the sponsor looks at numerous factors. These factors include, but are not limited to:

• Investment Objective. The sponsor favors funds that have a clear investment objective in line with the trust’s objective and, based upon a review of publicly available information, appear to be maintaining it.
• Premium/Discount. The sponsor favors funds that are trading at a discount relative to their peers and relative to such fund’s average net asset value over a five year period.
• Consistent Dividend. The sponsor favors funds that have a history of paying a consistent and competitive dividend.
• Performance. The sponsor favors funds that have a history of strong performance (based on market price and net asset value) when compared to their peers and an applicable index.
• Duration. The sponsor considers the duration of the funds (with the sponsor favoring funds with a shorter duration) relative to their peers (the sponsor considers peer funds to be be closed- end funds that invest substantially in income-oriented securities) as well as the overall portfolio.

The sponsor will seek to select an ETF for inclusion in the trust portfolio that invests substantially all of its assets in short-term U.S. Treasury bonds (U.S. Treasury bonds with remaining maturities between one and three years) in an effort to dampen the trust’s duration sensitivity and lower the trust’s overall volatility. When selecting the ETF the sponsor looks at numerous factors. These factors include, but are not limited to: duration, maturity and coupon rate. As of the Inception Date, the ETF comprised approximately 20% of the trust’s 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. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and securities prices, which could negatively impact the value of the trust. Additionally, events such as war, terrorism, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may adversely affect the economy, various markets and issuers. For example, the ongoing conflicts in the Ukraine and Gaza, the outbreak of the coronavirus disease, and federal regulatory restrictions on U.S. corporate issuer investments in China and Russia have all recently affected issuers and markets. The complete economic impact of any such future event may be difficult or impossible to predict. 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.
• The trust includes an ETF. ETFs are investment pools that hold other securities. ETFs are subject to various risks, including management’s ability to meet the fund’s investment objective. Shares of ETFs may trade at a premium or discount from their net asset value in the secondary market. If the trust has to sell an ETF share when the share is trading at a discount, the trust will receive a price that is less than the ETF’s net asset value. This risk is separate and distinct from the risk that the net asset value of the ETF shares may decrease. The amount of such discount from net asset value is subject to change from time to time in response to various factors. The underlying ETF has management and operating expenses. Consequently, you will bear not only your share of the trust’s expenses, but also the expenses of the underlying ETF. By investing in an ETF, the trust incurs greater expenses than you would incur if you invested directly in the ETF.
• The ETF held by the trust invests in U.S. Treasury obligations. U.S. Treasury obligations are direct obligations of the United States which are backed by the full faith and credit of the United States. U.S. Treasury obligations are generally not affected by credit risk, but are subject to changes in market value resulting from changes in interest rates. The value of U.S. Treasury obligations will be adversely affected by decreases in bond prices and increases in interest rates.
• The trust is subject to an ETF’s index correlation risk. Index correlation risk is the risk that the performance of an ETF will vary from the actual performance of the fund’s target index, known as “tracking error.” This can happen due to fund expenses, transaction costs, market impact, corporate actions (such as ;mergers and spin-offs) and timing variances.
• 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.
• The ETF and 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 value of the fixed-income securities in the Closed-End Funds and ETF 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. In addition, the duration of a bond will also affect its price sensitivity to interest rate changes. For example, if a bond has a duration of 5 years and interest rates go up by 1%, it can be expected that the bond price will move down by 5%. The trust may be subject to greater risk of rising interest rates than would normally be the case due to the current economic environment and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.
• A Closed-End Fund, ETF or an issuer of securities held by a Closed-End Fund or ETF 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. Issuers may suspend dividends during the life of the trust. This may result in a reduction in the value of your units.
• The financial condition of a Closed- End Fund, ETF or an issuer of securities held by a Closed-End Fund or ETF 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 structured as floating-rate instruments. The yield on these securities will generally decline in a falling interest rate environment, causing the Closed-End Funds to experience a reduction in the income they receive from these securities. A sudden and significant increase in market interest rates may increase the risk of payment defaults and cause a decline in the value of these investments and the value of the Closed-End Funds held by the trust. Additionally, floating-rate instruments are generally illiquid.
  
  Many of the floating-rate securities in which a Closed-End Fund may invest are subject to rates that are tied to an interest rate. Historically, many floating-rate securities were tied to the London Interbank Offered Rate (“LIBOR”). Since June 30, 2023, LIBOR settings have ceased to be published on a representative basis. Certain replacement rates have been identified and other replacement rates could be adopted by market participants. It is not possible to predict the effect of any replacement rates. Any potential effects of the transition away from LIBOR on certain instruments in which a Closed- End Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Any effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Closed-End Fund holding floating-rate securities.
• Certain Closed-End Funds held by the trust invest in senior loans. Borrowers under senior loans may default on their obligations to pay principal or interest when due. This non-payment would result in a reduction of income to the applicable Closed-End Fund, a reduction in the value of the senior loan experiencing non-payment and a decrease in the net asset value of the Closed-End Fund. Although senior loans in which the Closed-End Funds invest may be secured by specific collateral, there can be no assurance that liquidation of collateral would satisfy the borrower’s obligation in the event of non-payment of scheduled principal or interest or that such collateral could be readily liquidated.
  
  Senior loans in which the Closed-End Funds invest:
  • generally are of below investment- grade or “junk” credit quality;
  • may be unrated at the time of investment;
  • may be floating rate instruments in which the interest rate payable on the obligations fluctuates on a periodic basis based upon changes in the base lending rate;
  • generally are not registered with the Securities and Exchange Commission (“SEC”) or any state securities commission; and
  • generally are not listed on any securities exchange.
  
  In addition, the amount of public information available on senior loans generally is less extensive than that available for other types of assets. The senior loans in which the Closed-End Funds invest generally are of below investment-grade or “junk” credit quality and therefore are speculative and are subject to greater market, credit and liquidity risks than investment-grade securities. Furthermore, senior loans are generally illiquid. Transactions in senior loans may take longer than seven days to settle which could affect the underlying Closed-End Funds’ ability to manage the liquidity of their portfolios.
  
  Certain senior loans in which a Closed- End Fund may invest are subject to rates that are tied to an interest rate. Historically, many senior loans were tied to the London Interbank Offered Rate (“LIBOR”). Since June 30, 2023, LIBOR settings have ceased to be published on a representative basis. Certain replacement rates have been identified and other replacement rates could be adopted by market participants. It is not possible to predict the effect of any replacement rates. Any potential effects of the transition away from LIBOR on certain instruments in which a Closed-End Fund invests can be difficult to ascertain, and they may vary depending on factors that include, but are not limited to: (i) existing fallback or termination provisions in individual contracts and (ii) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new products and instruments. Any effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Closed-End Fund holding senior loans.
• 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 primarily speculative with respect to the issuer’s ability to make principal and interest payments and may be more volatile than higher rated securities of similar maturity. Additionally, they are subject to greater market, credit and liquidity risks than investment-grade securities. Accordingly, the risk of non-payment 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 in falling rate environments.
• 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 and the ETF, 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 and the ETF uncertain and/or result in sudden and significant valuation increases or declines in its holdings.
• Share prices or distributions on the securities in the trust may decline during the life of the trust. There is no guarantee that share prices of the securities in the trust will not decline and that the issuers of the securities will declare distributions in the future and, if declared, whether they will remain at current levels or increase over time.
• Certain Closed-End Funds held by the trust may 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.
• The trust may be susceptible to potential risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the trust to lose proprietary information, suffer data corruption or lose operational capacity. Such events could cause the sponsor of the trust to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. In addition, cybersecurity breaches of the trust’s third-party service providers, or issuers in which the trust invests, can also subject the trust to many of the same risks associated with direct cybersecurity breaches.
• The trust is subject to risks arising from various operational factors and their service providers. Operational factors include, but not limited to, human error, processing and communication errors, errors of the trust’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. Additionally, the trust may be subject to the risk that a service provider may not be willing or able to perform their duties as required or contemplated by their agreements with the trust. Although the trust seeks to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.
• 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.