the credit facility matures no later than 60 days after the date of borrowing. The
Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15%
per annum. The commitment fee is included in other expenses in the Statement of Operations. This agreement expires annually in
October unless extended or renewed. Prior to the October 24, 2024 amendment and restatement, the Fund had access to a
revolving credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Citibank, N.A. and Wells Fargo Bank, N.A.
which permitted collective borrowings up to $900 million. Interest was charged to each participating fund based on its borrowings
at a rate equal to the higher of (i) the federal funds effective rate, (ii) the secured overnight financing rate plus 0.10%
and (iii) the overnight bank funding rate, plus 1.00% in each case.
The Fund had no borrowings during the six months ended January 31, 2025.
Note 9. Significant risks
Information technology sector risk
The Fund is vulnerable to the particular risks that may affect companies in the information
technology sector. Companies in the information technology sector are subject to certain risks, including the risk
that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete.
Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to
do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition
for market share and short product cycles due to an accelerated rate of technological developments. Such competitive
pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities
may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short
term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may
be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
The Fund may incur losses due to declines in the value of one or more securities in
which it invests. These declines may be due to factors affecting a particular issuer, or the result of, among other things,
political, regulatory, market, economic or social developments affecting the relevant market(s) more generally. In addition,
turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Fund’s ability to price or value hard-to-value assets in thinly traded and closed markets and could cause significant redemptions and operational challenges. Global economies and financial markets are
increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact
issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely
interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As
a result, local, regional or global events such as terrorism, war, other conflicts, natural disasters, disease/virus outbreaks
and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events – could have a significant negative impact on global economic and market conditions.
Shareholder concentration risk
At January 31, 2025, affiliated shareholders of record owned 79.3% of the outstanding
shares of the Fund in one or more accounts. Fund shares sold to or redeemed by concentrated accounts may have a significant
effect on the operations of the Fund. In the case of a large redemption, the Fund may be forced to sell investments
at inopportune times, including its liquid positions, which may result in Fund losses and the Fund holding a higher percentage
of less liquid positions. Large redemptions could result in decreased economies of scale and increased operating expenses
for non-redeeming Fund shareholders.
Note 10. Subsequent events
Management has evaluated the events and transactions that have occurred through the
date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional
disclosure.
