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Oversight Responsibilities

A director’s fundamental role is to provide oversight for the fund and its shareholders—not to be involved in the fund’s day-to-day management. In broad terms, the board oversees the management and operations of the fund on behalf of the fund’s shareholders. Directors also have significant and specific responsibilities under the federal securities laws. Among other things, directors oversee the performance of the fund, approve the agreement and fees paid to the investment adviser for its services, and oversee conflicts of interest as well as the fund’s compliance program (see the section titled Specific Regulatory Responsibilities, which covers specific responsibilities directors must fulfill).