For purposes of its industry concentration policy,
the Fund classifies issuers of portfolio securities at the industry sub-group level. Certain of the categories in the above Schedule of
Investments consist of multiple industry sub-groups or industries.
The United States, the European Union, the United Kingdom
and other countries have imposed sanctions on Russia, Russian companies, and Russian individuals in response to actions taken by Russia
in recent years, including its February 2022 invasion of Ukraine and subsequent activities. In turn Russia has imposed sanctions on Western
individuals, businesses and products, and the Russian central bank has taken actions that have effectively frozen investments by Western
entities, including the Fund, in Russian companies. Sanctions have adversely affected not only the Russian economy but also the economies
of many countries in Europe, including countries in Central and Eastern Europe, and the continuation of sanctions, or the imposition of
new sanctions, may have further adverse effects on the Russian and European economies. As a result of Russia’s invasion of Ukraine
and resulting dislocations, the Western sanctions and the retaliatory measures, the value and liquidity of the Fund’s portfolio
assets have been severely adversely affected, and its Russian investments (some of which are in companies that are subject to sanctions)
have been fair valued at zero since March 14, 2022 except Polymetal International PLC, an Anglo-Russian precious metals mining company
registered in the British Crown Dependency of Jersey. It is not known if the situation will improve.
War, terrorism, sanctions, economic uncertainty, trade
disputes, public health crises, natural disasters, climate change and related geopolitical events have led, and, in the future, may lead
to significant disruptions in U.S. and world economies and markets, which may lead to increased market volatility and may have significant
adverse effects on the Fund and its investments. In the case of the Fund, Russia’s invasion of Ukraine has materially adversely
affected, and may continue to materially adversely affect, the value and liquidity of the Fund’s portfolio. |