Investing outside the U.S. — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because
of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war)
in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically.
These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies
of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency
blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these
securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the
U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may
be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes,
including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities
purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S may be heightened in connection with investments in emerging markets.
Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment
adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose
value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5. Certain investment techniques
Securities lending — The fund has entered into securities lending transactions in which the fund earns income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three
parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.
Securities lending transactions are entered into by the fund under a securities lending
agent agreement with the lending agent. The lending agent facilitates the exchange of securities between the fund and approved
borrowers, ensures that securities loans are properly coordinated and documented, marks-to-market the value of collateral daily, secures
additional collateral from a borrower if it falls below preset terms, and may reinvest cash collateral on behalf of the fund according to
agreed parameters. The lending agent provides indemnification to the fund against losses resulting from a borrower default. Although
risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss
of income or value if a borrower fails to return securities, collateral investments decline in value or the lending agent fails to
perform.
The borrower is required to post highly liquid assets, such as cash or U.S. government
securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions
paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have
the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities
to vote. A borrower is obligated to return loaned securities at the conclusion of a loan or, during the pendency of a loan, on demand
from the fund.
As of April 30, 2026, the fund did not have any securities out on loan.
6. Taxation and distributions
Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its
net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore,
no federal income tax provision is required.
As of and during the period ended April 30, 2026, the fund did not have a liability
for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax
expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.
The fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.
