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Aberdeen India Fund, Inc.
11.75
-0.0697
14.85
13.71
-0.0768
11.62
14.93
10.77
14.23
-0.1018
-0.0051
43309222
12.64
14.85
18.31
17.87
16.29
23.47
22.99
-0.84
-2.21
-2.3
-1.64
-3.19
12.64
14.85
18.31
17.87
16.29
23.47
11.75
13.71
15.75
18.29
14.81
21.1
<span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Fund’s investment objective is long-term capital appreciation, which it seeks to achieve by investing primarily in the equity securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">of Indian companies.</span>
<div>
<div style="line-height:12.5pt;margin-top:11.0pt;text-align:left">
<div style="margin-top:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold">5. Capital</span></div>
</div>
<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The authorized capital of the Fund is 100 million shares of $0.001 par value per share of common stock. As of June 30, 2026, there were </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">43,309,222 shares of common stock issued and outstanding.</span></div>
</div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The following table shows the shares issued by the Fund as a part of a quarterly distribution to shareholders during the six-month period </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">ended June 30, 2026.</span><span style="color:#000000;font-family:Arial Narrow;font-size:1pt"> </span></div>
</div>
<div style="margin-top:0.0pt">
<table cellpadding="0" style="empty-cells:show;width:261pt;border-spacing:0px">
<tr style="height:14.5pt">
<td style="border-bottom:1pt solid #000000;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:197.45pt">
<div style="line-height:12pt;text-align:left">
<div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt">Payment Date</span></div>
</div>
</td>
<td style="border-bottom:1pt solid #000000;padding-bottom:2pt;padding-top:2pt;vertical-align:Bottom;width:63.55pt">
<div style="line-height:12pt;text-align:left">
<div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap"><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold">Shares Issued</span></div>
</div>
</td>
</tr>
<tr style="height:15pt">
<td style="background-color:#EFEFEF;padding-bottom:3.5pt;padding-top:2pt;vertical-align:Top;width:197.45pt">
<div style="line-height:11.5pt;text-align:left">
<div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0.0pt">March 31, 2026</span></div>
</div>
</td>
<td style="background-color:#EFEFEF;padding-bottom:3.5pt;padding-top:2pt;vertical-align:Bottom;width:63.55pt">
<div style="line-height:11.5pt;text-align:left">
<div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0.00pt">665,796</span></div>
</div>
</td>
</tr>
<tr style="height:11.5pt">
<td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Top;width:197.45pt">
<div style="line-height:11.5pt;text-align:left">
<div style="margin-left:6pt;margin-right:6pt;text-align:Left;white-space:nowrap"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0.0pt">June 30, 2026</span></div>
</div>
</td>
<td style="background-color:#EFEFEF;padding-bottom:1.75pt;padding-top:3.5pt;vertical-align:Bottom;width:63.55pt">
<div style="line-height:11.5pt;text-align:left">
<div style="margin-left:6pt;margin-right:6pt;text-align:Right;white-space:nowrap"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0.0pt">657,272</span></div>
</div>
</td>
</tr>
</table>
</div>
<div style="line-height:13.0pt;margin-top:9pt;text-align:justify">
<div style="margin-top:9pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Fund has a shelf registration statement on file with the SEC, initially effective on April 5, 2024, authorizing the Fund to issue up to $350,000,000 aggregate initial offering price of <span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">Common Stock</span></span>, preferred stock (“<span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">Preferred Stock</span></span>”), <span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">promissory notes (“Notes”)</span></span>, <span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">subscription rights</span></span> to purchase Common Stock (“Rights” and collectively with the Common Stock and Preferred Stock, “Securities”) in one or more offerings in amounts, at prices and on terms set forth in one or more supplements to the initial Prospectus (each a “Prospectus Supplement”). The offering costs associated with the Fund's shelf registration statement are approximately $205,972 of which $198,489 was charged to paid-in-capital upon the issuance of</span></div>
</div>
</div>
<div>
<div style="line-height:13.0pt;text-align:justify"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">associated shares. In addition, the Fund incurred $639,448 of offering costs in connection with the rights offering, which was charged to </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">paid-in-capital upon the issuance of the associated shares.</span></div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">On April 8, 2024, the Fund commenced a transferable rights offering to shareholders of record on April 18, 2024 (“Rights Offer”) which expired on May 14, 2024. Each record date stockholder received one right for each share of Common Stock held, which entitled such stockholder to purchase one new share of Common Stock of the Fund for every three rights held. The subscription price on the Expiration Date pursuant to the Rights Offer was $17.75 per common share of the Fund and was determined based upon 93% of the Fund's NAV per share of Common Stock at the close of trading on the NYSE on the Expiration Date. Rights holders exercised their rights to purchase 6,442,659 shares of Common Stock. The Fund received the proceeds of the Rights Offer, minus the dealer manager fee and other expenses of the Rights Offer, with the Fund's net proceeds totaling </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">$109,343,105.</span></div>
</div>
</div>
100000000
43309222
350000000
<span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">Common Stock</span></span>
<span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">Common Stock</span></span>
<span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">Preferred Stock</span></span>
<span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">Preferred Stock</span></span>
<span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">promissory notes (“Notes”)</span></span>
<span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">promissory notes (“Notes”)</span></span>
<span style="font-size:9.5pt;font-family:Arial"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">subscription rights</span></span>
2024-05-14
17.75
109343105
<div>
<div style="line-height:12.5pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold">7. Portfolio Investment Risks</span></div>
</div>
<div>
<div>
<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">a. Equity Securities Risk:</span></div>
</div>
<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry) or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline). Holders of common stock generally are subject to more risks than holders of preferred stock or debt securities because</span></div>
</div>
</div>
</div>
</div>
<div>
<div style="line-height:13.0pt;text-align:justify">
<span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">the right to repayment of common shareholders' claims is subordinated to that of preferred stock and debt securities upon the </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">bankruptcy of the issuer.</span>
<p style="margin:0pt"> </p>
</div>
<div>
<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">b. Focus Risk:</span></div>
</div>
<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Fund may have elements of risk not typically associated with investments in the United States due to focused investments in a limited number of countries or regions subject to foreign securities or currency risks. The Fund focuses its investments in India, which subjects the Fund to more volatility and greater risk of loss than geographically diverse funds. Such focused investments may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">to be more volatile than those of comparable U.S. securities.</span></div>
</div>
</div>
<div>
<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">c. Issuer Risk:</span></div>
</div>
<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. In an increasingly interconnected financial market, the adverse changes in the financial </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">conditions of one issuer may negatively affect other issuers.</span></div>
</div>
</div>
<div>
<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">d. Management Risk:</span></div>
</div>
<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Fund is subject to the risk that the Investment Manager may make poor security selections. The Investment Manager and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the Investment Manager may select securities that underperform the relevant market or other funds with similar </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">investment objectives and strategies.</span></div>
</div>
</div>
<div>
<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">e. Market Events Risk:</span></div>
</div>
<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, trading and tariff arrangements, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. Such events can negatively impact </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">the securities markets and cause the Fund to lose value.</span></div>
</div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Policy and legislative changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world</span></div>
</div>
</div>
</div>
<div> </div>
<div>
<div>
<div style="line-height:13.0pt;text-align:justify"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">have previously responded to serious economic disruptions with a </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">variety of significant fiscal and monetary policy changes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;line-height:13.0pt"> </span></div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries or sectors experiencing economic and financial difficulties, the value and liquidity of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">investments may be negatively affected by such events.</span></div>
</div>
</div>
<div>
<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">f. Mid-Cap Securities Risk:</span></div>
</div>
<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Securities of medium-sized companies tend to be more volatile and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">less liquid than securities of larger companies.</span></div>
</div>
</div>
<div>
<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">g. Non-U.S. Taxation Risk:</span></div>
</div>
<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Income, proceeds and gains received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">United States may reduce or eliminate such taxes.</span></div>
</div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">If, at the close of its taxable year, more than 50% of the value of the Fund’s total assets consists of securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder’s ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which may result in the shareholder’s not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If the Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund’s taxable income. Even if the Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">will not benefit from any such tax credit or deduction.</span></div>
</div>
</div>
<div>
<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">h. Risks Associated with Indian Markets:</span></div>
</div>
<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Indian securities markets are, among other things, substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisitions and dispositions of Indian securities involve special risks and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">considerations not present with respect to U.S. securities.</span></div>
</div>
</div>
<div style="display:none">
<div> </div>
</div>
</div>
<div> </div>
<div>
<div>
<div style="line-height:13.0pt;text-align:justify"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">India has undergone and may continue to undergo rapid change and lack the social, political and economic stability of more developed countries. The value of the Fund’s assets may be adversely affected by political, economic, social and religious factors, changes in Indian law or regulations and the status of India’s relations with other countries. In addition, the economy of India may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">self-sufficiency and balance of payments position.</span></div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on the Indian economy, which could affect private sector companies and the Fund, market conditions, and prices and yields of securities in </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">the Fund’s portfolio.</span></div>
</div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Economic growth in India is constrained by inadequate infrastructure, a cumbersome bureaucracy, corruption, labor market rigidities, regulatory and foreign investment controls, the “reservation” of key products for small-scale industries and high fiscal deficits. Changes in economic policies, or lack of movement toward economic liberalization, could negatively affect the general business and economic conditions in India, which could in turn affect the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">investments.</span></div>
</div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">There is also the possibility of nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including pandemic, war or terrorist attacks). All of these factors could adversely affect the economy of India, make the prices of Indian securities generally more volatile than the prices of securities of companies in developed </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">markets and increase the risk of loss to the Fund.</span></div>
</div>
</div>
<div>
<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">i. Sector Risk:</span></div>
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<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">sector than funds that invest more broadly.</span></div>
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<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">In particular, being invested heavily in the financial sector may make the Fund vulnerable to risks and pressures facing companies in that sector, such as regulatory, consolidation, interest rate changes and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">general economic conditions.</span></div>
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<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-style:italic;margin-left:0%">Financial Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt"> To the extent that the financial sector represents </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">a significant portion of the Fund's investments, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors,</span></div>
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<span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">frequent in this sector and have caused significant losses.</span>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">j. Small-Cap Securities Risk:</span></div>
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<div style="margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">they generally involve greater risk.</span></div>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">k. Valuation Risk:</span></div>
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<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The price that the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile</span></div>
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<span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lower than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">other third-party service providers.</span>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">a. Equity Securities Risk:</span></div>
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<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The stock or other security of a company may not perform as well as expected, and may decrease in value, because of factors related to the company (such as poorer than expected earnings or certain management decisions), to the industry in which the company is engaged (such as a reduction in the demand for products or services in a particular industry) or to the market as a whole (such as periods of market volatility or instability, or general and prolonged periods of economic decline). Holders of common stock generally are subject to more risks than holders of preferred stock or debt securities because</span></div>
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<span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">the right to repayment of common shareholders' claims is subordinated to that of preferred stock and debt securities upon the </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">bankruptcy of the issuer.</span>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">b. Focus Risk:</span></div>
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<div style="margin-top:1pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Fund may have elements of risk not typically associated with investments in the United States due to focused investments in a limited number of countries or regions subject to foreign securities or currency risks. The Fund focuses its investments in India, which subjects the Fund to more volatility and greater risk of loss than geographically diverse funds. Such focused investments may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">to be more volatile than those of comparable U.S. securities.</span></div>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">c. Issuer Risk:</span></div>
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<div style="margin-top:1pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The value of a security may decline for reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services. In an increasingly interconnected financial market, the adverse changes in the financial </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">conditions of one issuer may negatively affect other issuers.</span></div>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">d. Management Risk:</span></div>
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<div style="margin-top:1pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Fund is subject to the risk that the Investment Manager may make poor security selections. The Investment Manager and its portfolio managers apply their own investment techniques and risk analyses in making investment decisions for the Fund and there can be no guarantee that these decisions will achieve the desired results for the Fund. In addition, the Investment Manager may select securities that underperform the relevant market or other funds with similar </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">investment objectives and strategies.</span></div>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">e. Market Events Risk:</span></div>
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<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Markets are affected by numerous factors, including interest rates, the outlook for corporate profits, the health of the national and world economies, the fluctuation of other stock markets around the world, and financial, economic and other global market developments and disruptions, such as those arising from war, terrorism, market manipulation, government interventions, trading and tariff arrangements, defaults and shutdowns, political changes or diplomatic developments, public health emergencies and natural/environmental disasters. Such events can negatively impact </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">the securities markets and cause the Fund to lose value.</span></div>
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<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Policy and legislative changes in countries around the world are affecting many aspects of financial regulation, and governmental and quasi-governmental authorities and regulators throughout the world</span></div>
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<div style="line-height:13.0pt;text-align:justify"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">have previously responded to serious economic disruptions with a </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">variety of significant fiscal and monetary policy changes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;line-height:13.0pt"> </span></div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The impact of these changes on the markets, and the practical implications for market participants, may not be fully known for some time. In addition, economies and financial markets throughout the world are becoming increasingly interconnected. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to countries or sectors experiencing economic and financial difficulties, the value and liquidity of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">investments may be negatively affected by such events.</span></div>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">f. Mid-Cap Securities Risk:</span></div>
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<div style="margin-top:1pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Securities of medium-sized companies tend to be more volatile and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">less liquid than securities of larger companies.</span></div>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">g. Non-U.S. Taxation Risk:</span></div>
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<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Income, proceeds and gains received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries, which will reduce the return on those investments. Tax treaties between certain countries and the </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">United States may reduce or eliminate such taxes.</span></div>
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<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">If, at the close of its taxable year, more than 50% of the value of the Fund’s total assets consists of securities of foreign corporations, including for this purpose foreign governments, the Fund will be permitted to make an election under the Code that will allow shareholders a deduction or credit for foreign taxes paid by the Fund. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes. A shareholder’s ability to claim an offsetting foreign tax credit or deduction in respect of such foreign taxes is subject to certain limitations imposed by the Code, which may result in the shareholder’s not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. If the Fund does not qualify for or chooses not to make such an election, shareholders will not be entitled separately to claim a credit or deduction for U.S. federal income tax purposes with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund’s taxable income. Even if the Fund elects to pass through to its shareholders foreign tax credits or deductions, tax-exempt shareholders and those who invest in the Fund through tax-advantaged accounts such as IRAs </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">will not benefit from any such tax credit or deduction.</span></div>
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<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">h. Risks Associated with Indian Markets:</span></div>
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<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Indian securities markets are, among other things, substantially smaller, less developed, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisitions and dispositions of Indian securities involve special risks and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">considerations not present with respect to U.S. securities.</span></div>
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<div style="line-height:13.0pt;text-align:justify"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">India has undergone and may continue to undergo rapid change and lack the social, political and economic stability of more developed countries. The value of the Fund’s assets may be adversely affected by political, economic, social and religious factors, changes in Indian law or regulations and the status of India’s relations with other countries. In addition, the economy of India may differ favorably or unfavorably from the U.S. economy in such respects as the rate of growth of gross domestic product, the rate of inflation, capital reinvestment, resource </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">self-sufficiency and balance of payments position.</span></div>
<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The Indian government has exercised and continues to exercise significant influence over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on the Indian economy, which could affect private sector companies and the Fund, market conditions, and prices and yields of securities in </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">the Fund’s portfolio.</span></div>
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<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Economic growth in India is constrained by inadequate infrastructure, a cumbersome bureaucracy, corruption, labor market rigidities, regulatory and foreign investment controls, the “reservation” of key products for small-scale industries and high fiscal deficits. Changes in economic policies, or lack of movement toward economic liberalization, could negatively affect the general business and economic conditions in India, which could in turn affect the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">investments.</span></div>
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<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt;margin-bottom:11pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">There is also the possibility of nationalization, expropriation or confiscatory taxation, political changes, government regulation, social instability or diplomatic developments (including pandemic, war or terrorist attacks). All of these factors could adversely affect the economy of India, make the prices of Indian securities generally more volatile than the prices of securities of companies in developed </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">markets and increase the risk of loss to the Fund.</span></div>
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<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">i. Sector Risk:</span></div>
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<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">To the extent that the Fund has a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector, the Fund may be more vulnerable to unfavorable developments in that economic </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">sector than funds that invest more broadly.</span></div>
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<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">In particular, being invested heavily in the financial sector may make the Fund vulnerable to risks and pressures facing companies in that sector, such as regulatory, consolidation, interest rate changes and </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">general economic conditions.</span></div>
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<div style="line-height:13.0pt;margin-top:6.0pt;text-align:justify">
<div style="margin-top:6pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-style:italic;margin-left:0%">Financial Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt"> To the extent that the financial sector represents </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">a significant portion of the Fund's investments, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. Performance of companies in the financials sector may be adversely impacted by many factors,</span></div>
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<span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">including, among others, government regulations, economic conditions, credit rating downgrades, changes in interest rates, and decreased liquidity in credit markets. The impact of more stringent capital requirements, recent or future regulation of any individual financial company, or recent or future regulation of the financials sector as a whole cannot be predicted. In recent years, cyber attacks and technology malfunctions and failures have become increasingly </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">frequent in this sector and have caused significant losses.</span>
<p style="margin:0pt"> </p>
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<div style="line-height:11.0pt;margin-top:0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">j. Small-Cap Securities Risk:</span></div>
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<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:0pt;margin-bottom:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">Securities of smaller companies are usually less stable in price and less liquid than those of larger, more established companies. Therefore, </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">they generally involve greater risk.</span></div>
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<div style="line-height:11.0pt;margin-top:0.0pt;text-align:left">
<div style="margin-top:0pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;font-weight:bold">k. Valuation Risk:</span></div>
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<div style="line-height:13.0pt;margin-top:1.5pt;text-align:justify">
<div style="margin-top:1.5pt"><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">The price that the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile</span></div>
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<span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt;margin-left:0%">markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lower than expected gain upon the sale of the investment. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or </span><span style="color:#000000;font-family:Arial Narrow;font-size:9.5pt">other third-party service providers.</span>