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        <ExplanationTxt>THE FUND HAS RECEIVED A DETERMINATION LETTER FROM THE INTERNAL REVENUE SERVICE DATED MAY 1, 1989, STATING THAT THE FUND IS TAX-EXEMPT UNDER THE PROVISIONS OF SECTION 501(C)(5) OF THE INTERNAL REVENUE CODE (THE "CODE"). THE FUND IS REQUIRED TO OPERATE IN CONFORMITY WITH THE CODE TO MAINTAIN ITS TAX-EXEMPT STATUS. THE FUND'S ADMINISTRATOR AND TRUSTEES BELIEVE THE FUND IS BEING OPERATED IN COMPLIANCE WITH THE APPLICABLE REQUIREMENTS OF THE CODE. THE FUND'S THREE MOST RECENT TAX YEARS (FISCAL 2016, 2017 AND 2018) ARE OPEN TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS TAKEN ON PREVIOUSLY FILED TAX RETURNS.</ExplanationTxt>
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