<SEC-DOCUMENT>0000949365-20-000358.txt : 20200825
<SEC-HEADER>0000949365-20-000358.hdr.sgml : 20200825
<ACCEPTANCE-DATETIME>20200825163621
ACCESSION NUMBER:		0000949365-20-000358
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200825
DATE AS OF CHANGE:		20200825
EFFECTIVENESS DATE:		20200825

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPLETON DRAGON FUND INC
		CENTRAL INDEX KEY:			0000919893
		IRS NUMBER:				650473580
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-08394
		FILM NUMBER:		201132684

	BUSINESS ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923
		BUSINESS PHONE:		9545277500

	MAIL ADDRESS:	
		STREET 1:		300 S.E. 2ND STREET
		CITY:			FORT LAUDERDALE
		STATE:			FL
		ZIP:			33301-1923
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>primary-document.htm
<TEXT>
<html><head></head><body><div style="position: relative;page: WordSection1">

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, DC 20549</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">FORM N-CSRS</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">CERTIFIED SHAREHOLDER REPORT
OF REGISTERED MANAGEMENT INVESTMENT COMPANIES</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Investment
Company Act file number <u>811-08394</u></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><u><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"><div style="text-decoration: none;display: inline;">&#160;</div></div></u></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><u><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Templeton Dragon Fund, Inc.</div></u></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">(Exact name of registrant as
specified in charter)</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><u><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"><div style="text-decoration: none;display: inline;">&#160;</div></div></u></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><u><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">300 S.E. 2<sup>nd</sup>
Street, Fort Lauderdale, FL 33301-1923</div></u></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">(Address of principal
executive offices) &#160;&#160;(Zip code)</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><u><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Craig S. Tyle, One Franklin Parkway, San Mateo, CA&#160; 94403-1906</div></u></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">(Name and address of agent
for service)</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Registrant's telephone
number, including area code: <u>(954) 527-7500</u>_</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Date
of fiscal year end: _<u>12/31</u>__</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Date
of reporting period: <u>&#160;6/30/20</u></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
1. Reports to Stockholders.</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAfIAAAA8CAYAAACdBDigAAAACXBIWXMAABcRAAAXEQHKJvM/AAABGElEQVR4Xu3VMRGAABADwZeGaCTgAykPDmi5mS02Vfqb3R0AoOnzAAD815zXfQAATfPOAgBNQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhQg4AYUIOAGFCDgBhswsAVH0eAID/egDQgUxKMkJuFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:29px;left:72px;position:absolute;top:98px;width:239px">
			<div style="width:4781px;height:540px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="color:#004a97;font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;text-transform:uppercase;position:absolute;top:170.44px;left:288px;letter-spacing:-0.26px;white-space:nowrap">Semiannual </div><div style="color:#004a97;font-family:Arial, Helvetica, sans-serif;font-size:160px;font-weight:bold;text-transform:uppercase;position:absolute;top:170.44px;left:1423.74px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:248px;left:100px;position:absolute;top:140px;width:334px">
			<div style="width:6698px;height:4676px;position:absolute;top:13.57px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">


			<div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:525px;font-weight:bold;text-transform:uppercase;position:absolute;top:-88.3px;left:0px;letter-spacing:-0.93px;white-space:nowrap">Templeton </div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:525px;font-weight:bold;text-transform:uppercase;position:absolute;top:-88.3px;left:3478.54px;white-space:nowrap">Dragon </div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:525px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:0px;white-space:nowrap">Fund, </div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:525px;font-weight:bold;text-transform:uppercase;position:absolute;top:611.7px;left:1803.4px;white-space:nowrap">Inc.</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2074.23px;left:0px;white-space:nowrap">June </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2074.23px;left:538.18px;white-space:nowrap">30, </div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:220px;position:absolute;top:2074.23px;left:905.14px;white-space:nowrap">2020</div></div>
		</div>
		<div style="background-color:transparent;height:9px;left:46px;position:absolute;top:454px;width:26px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAGwAAAAkCAYAAABsbd/MAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAeElEQVRoQ+3KMQ0AMAzAsOIbwcHdIORNpRz+PHPuyyIY4oIhLhjigiEuGOKCIS4Y4oIhLhjigiEuGOKCIS4Y4oIhLhjigiEuGOKCIS4Y4oIhLhjigiEuGOKCIS4Y4oIhLhjigiEuGOKCIS4Y4oIhLhjigiEuGKLyAWUge6W4W6oXAAAAAElFTkSuQmCC);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="background-color:transparent;height:26px;left:64px;position:absolute;top:454px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAABsCAYAAAACCxCZAAAACXBIWXMAAC4jAAAuIwF4pT92AAAA50lEQVRoQ83KMREAIAwAserDIHKLhN9yDNkyc+5+JYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcugZdAyaBm0DFoGLYOWQcuAPcl3e6V1/h7kAAAAAElFTkSuQmCC);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
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			<div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:0px;white-space:nowrap">Internet </div><div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:946.76px;white-space:nowrap">Delivery </div><div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:1947.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:2240.63px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:2893.71px;white-space:nowrap">Reports </div><div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:3867.19px;white-space:nowrap">Unless </div><div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:4716.56px;letter-spacing:-4.45px;white-space:nowrap">You </div><div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:5218.71px;white-space:nowrap">Request </div><div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:6232.27px;white-space:nowrap">Paper </div><div style="font-family:Arial, sans-serif;font-size:240px;font-weight:bold;position:absolute;top:-28.48px;left:6965.98px;white-space:nowrap">Copies</div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:-28.48px;left:7766.13px;white-space:nowrap">: </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:-28.48px;left:7899.49px;letter-spacing:-0.43px;white-space:nowrap">Effective </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:-28.48px;left:8882.23px;white-space:nowrap">January </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:-28.48px;left:9802.73px;white-space:nowrap">1, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:0px;white-space:nowrap">2021, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:667.27px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:987.42px;white-space:nowrap">permitted </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:2054.53px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:2374.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:2775px;white-space:nowrap">SEC, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:3401.84px;white-space:nowrap">paper </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:4082.34px;white-space:nowrap">copies </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:4842.77px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:5109.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:5509.92px;letter-spacing:-0.62px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:6292.62px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:7626.8px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:8440.43px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:8840.39px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:9174.02px;white-space:nowrap">longer </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:331.52px;left:9907.85px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:0px;white-space:nowrap">sent </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:520.31px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:840.47px;white-space:nowrap">mail, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:1413.87px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:2174.3px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:2627.93px;text-rendering:optimizeLegibility;white-space:nowrap">specifically </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:3855px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:4722.19px;white-space:nowrap">them </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:5322.42px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:5869.1px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:6269.41px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:6883.13px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:7163.2px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:7696.76px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:691.52px;left:8643.98px;letter-spacing:-1.27px;white-space:nowrap">intermediary. </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:0px;white-space:nowrap">Instead, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:920.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:1320.94px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:2134.57px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:2534.53px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:2868.16px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:3535.2px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:4549.22px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:4882.85px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:5083.01px;white-space:nowrap">website, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:6030.12px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:6497.23px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:6950.86px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:7350.82px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:7684.45px;text-rendering:optimizeLegibility;white-space:nowrap">notified </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:8525.04px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:8845.2px;white-space:nowrap">mail </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:9351.91px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1051.52px;left:9939.02px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:200.16px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:893.79px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:1133.79px;white-space:nowrap">posted </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:1921.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:2388.16px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:3375.47px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:3868.95px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:4069.1px;white-space:nowrap">website </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:4949.53px;white-space:nowrap">link </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:5376.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:5643.16px;white-space:nowrap">access </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:6456.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1411.52px;left:6857.11px;white-space:nowrap">report.</div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:0px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:200.04px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:653.67px;white-space:nowrap">already </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:1507.5px;white-space:nowrap">elected </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:2348.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:2614.92px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:3455.27px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:4789.45px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:5603.09px;letter-spacing:-1.11px;white-space:nowrap">electronically, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:7105.9px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:7559.53px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:7959.49px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:8359.8px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:8693.44px;letter-spacing:-0.48px;white-space:nowrap">affected </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:9609.73px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:1951.52px;left:9929.88px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:0px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:854.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:1321.17px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:1774.8px;white-space:nowrap">need </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:2375.39px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:2775.7px;white-space:nowrap">take </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:3296.02px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:3749.65px;white-space:nowrap">action. </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:4523.44px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:4723.48px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:5177.11px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:5764.22px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:6164.53px;white-space:nowrap">signed </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:6938.44px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:7272.07px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:7618.83px;white-space:nowrap">electronic </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:8712.66px;letter-spacing:-1.78px;white-space:nowrap">delivery, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2311.52px;left:9655.2px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:0px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:693.75px;white-space:nowrap">encourage </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:1894.69px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:2348.32px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:2615.16px;white-space:nowrap">join </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:3055.43px;white-space:nowrap">fellow </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:3735.7px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:5189.88px;white-space:nowrap">who </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:5696.84px;white-space:nowrap">have. </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:6346.29px;letter-spacing:-5.51px;white-space:nowrap">You </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:6817.97px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:7338.05px;white-space:nowrap">elect </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:7911.68px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:8178.52px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:2671.52px;left:9018.87px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:0px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:813.63px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:1280.74px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:1894.45px;white-space:nowrap">communications </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:3695.16px;white-space:nowrap">electronically </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:5149.1px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:5695.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:6096.09px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:6709.8px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:7029.96px;white-space:nowrap">calling </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:7777.03px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:8403.98px;white-space:nowrap">416-5585 </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:9484.92px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3031.52px;left:9765px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3391.52px;left:0px;white-space:nowrap">contacting </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3391.52px;left:1160.74px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3391.52px;left:1694.3px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3391.52px;left:2641.52px;letter-spacing:-1.37px;white-space:nowrap">intermediary.</div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:0px;letter-spacing:-5.51px;white-space:nowrap">You </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:471.68px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:991.76px;white-space:nowrap">elect </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:1565.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:1832.23px;white-space:nowrap">continue </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:2806.29px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:3073.13px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:3913.48px;white-space:nowrap">paper </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:4593.98px;white-space:nowrap">copies </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:5354.41px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:5621.25px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:5928.05px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:6461.6px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:7141.99px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:8476.17px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:3931.52px;left:9289.8px;white-space:nowrap">free </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:266.84px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:1067.34px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:1387.5px;white-space:nowrap">contacting </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:2548.24px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:3081.8px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:4029.02px;white-space:nowrap">intermediary </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:5416.17px;letter-spacing:-3.31px;white-space:nowrap">or, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:5749.69px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:5936.37px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:6390px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:7083.63px;white-space:nowrap">directly </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:7910.51px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:8403.98px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:8604.14px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4291.52px;left:9284.53px;white-space:nowrap">calling </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:0px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:626.95px;white-space:nowrap">416-5585 </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:1707.89px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:1974.73px;white-space:nowrap">let </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:2294.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:2695.2px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:3308.91px;white-space:nowrap">know </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:3935.86px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:4202.7px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:4736.25px;white-space:nowrap">request. </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:5665.78px;letter-spacing:-4.41px;white-space:nowrap">Your </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:6217.38px;white-space:nowrap">election </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:7111.29px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:7378.13px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:8218.48px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:9032.11px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:9285.59px;white-space:nowrap">paper </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:4651.52px;left:9966.09px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:5011.52px;left:0px;white-space:nowrap">apply </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:5011.52px;left:640.43px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:5011.52px;left:907.27px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:5011.52px;left:1214.06px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:240px;position:absolute;top:5011.52px;left:1867.85px;white-space:nowrap">held </div><div style="font-family:Arial, 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			<div style="font-family:Arial, sans-serif;font-size:360px;position:absolute;top:-42.71px;left:0px;white-space:nowrap">Contents</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:595.69px;left:0px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:595.69px;left:1060.31px;white-space:nowrap">Report</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:0px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:880.49px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:1520.86px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:2031.15px;white-space:nowrap">Inc. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:866.2px;left:2446.19px;letter-spacing:59.6px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:851.69px;left:4759.89px;white-space:nowrap">2</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:0px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:1080.44px;white-space:nowrap">Summary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1122.2px;left:1975.77px;letter-spacing:59.23px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1107.69px;left:4759.89px;white-space:nowrap">5</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:0px;white-space:nowrap">Important </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:810.35px;white-space:nowrap">Notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:1370.57px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:1570.69px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1378.2px;left:2728.45px;letter-spacing:59.91px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1363.69px;left:4759.89px;white-space:nowrap">7</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:0px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:1100.74px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:1871.1px;white-space:nowrap">Highlights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:2711.51px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1619.69px;left:3061.85px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1835.69px;left:0px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1835.69px;left:870.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1835.69px;left:1070.6px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1850.2px;left:2163.94px;letter-spacing:59.36px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1835.69px;left:4759.89px;white-space:nowrap">8</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:0px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:1100.74px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:1871.1px;white-space:nowrap">Statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2106.2px;left:2916.62px;letter-spacing:60.19px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2091.69px;left:4659.79px;white-space:nowrap">13</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:0px;white-space:nowrap">Notes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:520.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:720.35px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:1821.09px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:2591.46px;white-space:nowrap">Statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2362.2px;left:3575.21px;letter-spacing:61.99px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2347.69px;left:4659.79px;white-space:nowrap">16</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:0px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:610.49px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:1300.87px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:1501px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2618.2px;left:2634.36px;letter-spacing:59.8px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2603.69px;left:4659.79px;white-space:nowrap">24</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:0px;white-space:nowrap">Dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:750.41px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:1900.9px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:2251.23px;white-space:nowrap">Cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:2721.45px;white-space:nowrap">Purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2859.69px;left:3531.88px;white-space:nowrap">Plan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:2874.2px;left:3951.54px;letter-spacing:64.92px;white-space:nowrap">......</div><div style="font-family:Arial, 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			<div style="width:10080px;height:13896px;position:absolute;top:8.62px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">
































			<div style="font-family:Arial, Helvetica, sans-serif;font-size:325px;font-weight:bold;text-transform:uppercase;position:absolute;top:-53.52px;left:0px;letter-spacing:-0.51px;white-space:nowrap">SEMIANNUAL </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:325px;font-weight:bold;text-transform:uppercase;position:absolute;top:-53.52px;left:2271.48px;white-space:nowrap">REPORT</div><div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:795.07px;left:0px;letter-spacing:-4.21px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:795.07px;left:1858.81px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:795.07px;left:3210.7px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:380px;position:absolute;top:795.07px;left:4287.99px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1526.01px;left:0px;white-space:nowrap">Dear </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1526.01px;left:440.16px;white-space:nowrap">Shareholder: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2016.01px;left:0px;white-space:nowrap">This </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2016.01px;left:390.06px;white-space:nowrap">semiannual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2016.01px;left:1360.63px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2016.01px;left:1880.86px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2016.01px;left:2137.68px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2016.01px;left:3018.16px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2016.01px;left:3658.54px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2016.01px;left:4168.83px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2266.01px;left:0px;white-space:nowrap">covers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2266.01px;left:580.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2266.01px;left:880.4px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2266.01px;left:1430.77px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2266.01px;left:1981.32px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2266.01px;left:2421.65px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2266.01px;left:2721.88px;white-space:nowrap">2020.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2842.27px;left:0px;letter-spacing:-4.77px;white-space:nowrap">Your </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2842.27px;left:597.57px;letter-spacing:-0.67px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2842.27px;left:1445.49px;white-space:nowrap">Goal </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2842.27px;left:2066.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2842.27px;left:2572.96px;white-space:nowrap">Main </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:2842.27px;left:3208.74px;white-space:nowrap">Investments</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3217.61px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3217.61px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3217.61px;left:820.46px;white-space:nowrap">seeks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3217.61px;left:1340.68px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3217.61px;left:2150.95px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3217.61px;left:2721.27px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3217.61px;left:3751.96px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3217.61px;left:3992.08px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:0px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:200.13px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:630.35px;white-space:nowrap">45% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:1040.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:1240.75px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:1470.76px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:1861px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:2431.23px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:2621.34px;white-space:nowrap">equity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:3151.67px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:3961.93px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3467.61px;left:4162.06px;white-space:nowrap">&#8220;China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3717.61px;left:0px;white-space:nowrap">companies.&#8221;</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6325.56px;left:0px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6325.56px;left:1560.63px;white-space:nowrap">Overview</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6700.9px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6700.9px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6700.9px;left:820.46px;white-space:nowrap">posted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6700.9px;left:1410.91px;white-space:nowrap">cumulative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6700.9px;left:2321.28px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6700.9px;left:2711.51px;white-space:nowrap">returns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6700.9px;left:3321.74px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6700.9px;left:3521.87px;white-space:nowrap">+3.75% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6700.9px;left:4187.37px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:600.12px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:1040.27px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:1540.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:1890.62px;letter-spacing:-1.67px;white-space:nowrap">+11.00% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:2642.87px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:2832.98px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:3133.21px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:3613.45px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6950.9px;left:4093.77px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:560.3px;white-space:nowrap">six </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:830.3px;white-space:nowrap">months </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:1470.59px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:1980.97px;letter-spacing:-1.24px;white-space:nowrap">review. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:2587.94px;letter-spacing:-4.13px;white-space:nowrap">You </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:2941.7px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:3281.92px;text-rendering:optimizeLegibility;white-space:nowrap">find </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:3622.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7200.9px;left:3922.38px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7450.9px;left:0px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7450.9px;left:810.26px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7450.9px;left:1870.75px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7450.9px;left:2271.09px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7450.9px;left:2461.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7450.9px;left:2761.44px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7450.9px;left:3841.88px;white-space:nowrap">Summary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7700.9px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7700.9px;left:250.22px;white-space:nowrap">page </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7700.9px;left:700.66px;white-space:nowrap">5</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7700.9px;left:800.77px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8130.9px;left:0px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8130.9px;left:1080.44px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8130.9px;left:1480.78px;white-space:nowrap">represent </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8130.9px;left:2291.22px;white-space:nowrap">past </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8130.9px;left:2681.46px;white-space:nowrap">performance, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8130.9px;left:3791.95px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8130.9px;left:4302.16px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8380.9px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8380.9px;left:300.23px;white-space:nowrap">guarantee </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8380.9px;left:1160.95px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8380.9px;left:1671.24px;white-space:nowrap">results. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8380.9px;left:2301.42px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8380.9px;left:3231.83px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8380.9px;left:3752.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8380.9px;left:4102.38px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:0px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:480.32px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:780.29px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:1560.76px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:1911.09px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:2251.32px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:2641.38px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:3081.71px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:3231.83px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:3622.15px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:3832.21px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8630.9px;left:4202.31px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8880.9px;left:0px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8880.9px;left:340.22px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8880.9px;left:660.32px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8880.9px;left:1060.49px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8880.9px;left:1700.77px;white-space:nowrap">Current </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8880.9px;left:2350.99px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8880.9px;left:3411.47px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8880.9px;left:3801.53px;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:8880.9px;left:4251.71px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9130.9px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">figures </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:9130.9px;left:590.27px;white-space:nowrap">shown.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:9707.16px;left:0px;white-space:nowrap">Economic </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:9707.16px;left:1213.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:9707.16px;left:1719.83px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:9707.16px;left:2586.67px;white-space:nowrap">Overview</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10082.5px;left:0px;letter-spacing:-0.41px;white-space:nowrap">China&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10082.5px;left:647.05px;white-space:nowrap">economy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10082.5px;left:1427.43px;white-space:nowrap">contracted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10082.5px;left:2317.94px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10082.5px;left:2508.05px;letter-spacing:-0.46px;white-space:nowrap">2020&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10082.5px;left:3085.22px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10082.5px;left:3425.19px;white-space:nowrap">quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10082.5px;left:4045.52px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10082.5px;left:4305.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10332.5px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10332.5px;left:339.96px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10332.5px;left:730.02px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10332.5px;left:980.24px;white-space:nowrap">record, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10332.5px;left:1590.47px;text-rendering:optimizeLegibility;white-space:nowrap">reflecting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10332.5px;left:2370.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10332.5px;left:2671.08px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10332.5px;left:3521.51px;white-space:nowrap">disruption </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10582.5px;left:0px;white-space:nowrap">caused </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10582.5px;left:630.44px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10582.5px;left:870.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10582.5px;left:1170.79px;white-space:nowrap">novel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10582.5px;left:1651.11px;white-space:nowrap">coronavirus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10582.5px;left:2631.53px;white-space:nowrap">(COVID-19) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10582.5px;left:3631.64px;white-space:nowrap">pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10832.5px;left:0px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10832.5px;left:410.19px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10832.5px;left:710.42px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10832.5px;left:1710.97px;white-space:nowrap">shut </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10832.5px;left:2101.2px;white-space:nowrap">down </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10832.5px;left:2581.52px;white-space:nowrap">nonessential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10832.5px;left:3642.28px;white-space:nowrap">businesses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10832.5px;left:4592.81px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11082.5px;left:0px;white-space:nowrap">nearly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11082.5px;left:540.26px;white-space:nowrap">two </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11082.5px;left:870.38px;white-space:nowrap">months. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11082.5px;left:1557.42px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11082.5px;left:1917.6px;white-space:nowrap">shutdown </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11082.5px;left:2738.14px;white-space:nowrap">hit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11082.5px;left:2978.26px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11082.5px;left:3228.49px;white-space:nowrap">economy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11082.5px;left:4008.87px;white-space:nowrap">already </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11332.5px;left:0px;white-space:nowrap">impacted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11332.5px;left:780.38px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11332.5px;left:1020.5px;white-space:nowrap">slowing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11332.5px;left:1670.8px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11332.5px;left:2201.22px;white-space:nowrap">demand </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11332.5px;left:2901.71px;white-space:nowrap">exacerbated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11332.5px;left:3942.42px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11332.5px;left:4182.54px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">conflict </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:610.22px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:980.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:1280.57px;white-space:nowrap">U.S., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:1730.65px;white-space:nowrap">though </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:2331.21px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:2851.52px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:3191.75px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:3642.19px;white-space:nowrap">able </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:4032.51px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11582.5px;left:4232.64px;white-space:nowrap">loosen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11832.5px;left:0px;white-space:nowrap">restrictions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11832.5px;left:920.21px;white-space:nowrap">earlier </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11832.5px;left:1470.41px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11832.5px;left:1870.75px;white-space:nowrap">many </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11832.5px;left:2360.92px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11832.5px;left:2821.2px;white-space:nowrap">countries. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11832.5px;left:3651.59px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11832.5px;left:4131.91px;letter-spacing:-0.46px;white-space:nowrap">Kong&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12082.5px;left:0px;white-space:nowrap">year-on-year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12082.5px;left:1070.42px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12082.5px;left:1660.69px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12082.5px;left:2020.87px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12082.5px;left:2401.08px;white-space:nowrap">contracted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12082.5px;left:3291.59px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12082.5px;left:3481.7px;letter-spacing:-0.46px;white-space:nowrap">2020&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12082.5px;left:4058.88px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12332.5px;left:0px;letter-spacing:-1.1px;white-space:nowrap">quarter, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12332.5px;left:660.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12332.5px;left:960.64px;white-space:nowrap">third </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12332.5px;left:1360.81px;white-space:nowrap">consecutive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12332.5px;left:2361.36px;white-space:nowrap">quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12332.5px;left:2981.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12332.5px;left:3181.82px;white-space:nowrap">negative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12332.5px;left:3912.36px;white-space:nowrap">growth. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:5220px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:5700.32px;letter-spacing:-0.46px;white-space:nowrap">Kong&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:6297.45px;white-space:nowrap">economy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:7077.83px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:7418.06px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:7798.27px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:8248.71px;white-space:nowrap">hurt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:8608.89px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:8849px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1560.01px;left:9149.24px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1810.01px;left:5220px;letter-spacing:-0.25px;white-space:nowrap">government&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1810.01px;left:6347.29px;letter-spacing:-0.41px;white-space:nowrap">efforts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1810.01px;left:6894.23px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1810.01px;left:7094.36px;white-space:nowrap">reduce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1810.01px;left:7694.74px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1810.01px;left:8175.06px;letter-spacing:-0.46px;white-space:nowrap">Kong&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1810.01px;left:8772.19px;white-space:nowrap">autonomy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1810.01px;left:9612.69px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2060.01px;left:5220px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2060.01px;left:5950.37px;white-space:nowrap">anti-government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2060.01px;left:7301.07px;white-space:nowrap">protests. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2060.01px;left:8038.13px;letter-spacing:-2.58px;white-space:nowrap">Taiwan&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2060.01px;left:8775.18px;white-space:nowrap">year-on-year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:5220px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:5810.27px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:6170.45px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:6540.56px;white-space:nowrap">positive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:7200.88px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:7501.11px;white-space:nowrap">slowed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:8111.43px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:8461.76px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:8661.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:8962.12px;letter-spacing:-0.41px;white-space:nowrap">effects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2310.01px;left:9539.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2560.01px;left:5220px;white-space:nowrap">decreased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2560.01px;left:6110.6px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2560.01px;left:6641.02px;white-space:nowrap">demand </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2560.01px;left:7341.5px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2560.01px;left:7591.73px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2560.01px;left:7821.74px;white-space:nowrap">export-dependent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2560.01px;left:9282.83px;letter-spacing:-1.67px;white-space:nowrap">economy.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:5220px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:5800.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:6100.49px;white-space:nowrap">six </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:6370.49px;white-space:nowrap">months </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:7010.77px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:7521.15px;letter-spacing:-1.24px;white-space:nowrap">review, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:8131.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:8431.61px;letter-spacing:-0.36px;white-space:nowrap">People&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:9168.84px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2990.01px;left:9629.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:5220px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:5740.31px;white-space:nowrap">cut </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:6030.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:6330.67px;white-space:nowrap">benchmark </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:7271.1px;white-space:nowrap">loan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:7661.43px;white-space:nowrap">prime </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:8161.52px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:8521.7px;white-space:nowrap">once. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:9012.04px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3240.01px;left:9492.36px;letter-spacing:-0.46px;white-space:nowrap">Kong&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3490.01px;left:5220px;white-space:nowrap">central </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3490.01px;left:5810.27px;white-space:nowrap">bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3490.01px;left:6250.61px;white-space:nowrap">followed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3490.01px;left:6961.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3490.01px;left:7261.26px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3490.01px;left:7661.34px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3490.01px;left:8321.66px;letter-spacing:-0.33px;white-space:nowrap">Reserve&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3490.01px;left:9168.66px;white-space:nowrap">lead </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3490.01px;left:9558.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3740.01px;left:5220px;white-space:nowrap">cut </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3740.01px;left:5510.13px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3740.01px;left:5740.14px;white-space:nowrap">benchmark </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3740.01px;left:6680.57px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3740.01px;left:7320.85px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3740.01px;left:7681.03px;white-space:nowrap">twice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3740.01px;left:8141.13px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3740.01px;left:8691.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3740.01px;left:8991.74px;white-space:nowrap">period. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3990.01px;left:5220px;letter-spacing:-2.58px;white-space:nowrap">Taiwan&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3990.01px;left:5957.05px;white-space:nowrap">central </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3990.01px;left:6547.32px;white-space:nowrap">bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3990.01px;left:6987.66px;white-space:nowrap">lowered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3990.01px;left:7668.02px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3990.01px;left:7898.03px;white-space:nowrap">benchmark </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3990.01px;left:8838.46px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3990.01px;left:9478.74px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3990.01px;left:9838.92px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4240.01px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4240.01px;left:5520.23px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4240.01px;left:5860.2px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4240.01px;left:6250.25px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4240.01px;left:6440.36px;white-space:nowrap">four </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4240.01px;left:6800.54px;white-space:nowrap">years.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4670.01px;left:5220px;white-space:nowrap">Greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4670.01px;left:5880.23px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4670.01px;left:6400.55px;white-space:nowrap">stocks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4670.01px;left:6960.67px;white-space:nowrap">rose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4670.01px;left:7360.84px;white-space:nowrap">slightly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4670.01px;left:7961.04px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4670.01px;left:8511.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4670.01px;left:8811.65px;white-space:nowrap">six-month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4920.01px;left:5220px;white-space:nowrap">period, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4920.01px;left:5820.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4920.01px;left:6010.49px;white-space:nowrap">contrast </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4920.01px;left:6700.78px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4920.01px;left:6900.91px;white-space:nowrap">many </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4920.01px;left:7391.07px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4920.01px;left:8191.49px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4920.01px;left:8791.61px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4920.01px;left:9141.94px;white-space:nowrap">developed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5170.01px;left:5220px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5170.01px;left:5820.12px;white-space:nowrap">equities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5170.01px;left:6540.56px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5170.01px;left:7250.98px;white-space:nowrap">equities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5170.01px;left:7921.41px;white-space:nowrap">rose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5170.01px;left:8321.57px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5170.01px;left:8871.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5170.01px;left:9172.18px;white-space:nowrap">period, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5170.01px;left:9772.56px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5420.01px;left:5220px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5420.01px;left:5990.27px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5420.01px;left:6430.43px;white-space:nowrap">reassured </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5420.01px;left:7280.86px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5420.01px;left:7520.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5420.01px;left:7821.21px;letter-spacing:-0.25px;white-space:nowrap">government&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5420.01px;left:8948.5px;white-space:nowrap">aggressive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5670.01px;left:5220px;white-space:nowrap">actions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5670.01px;left:5840.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5670.01px;left:6040.46px;white-space:nowrap">contain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5670.01px;left:6670.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5670.01px;left:6971.13px;white-space:nowrap">spread </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5670.01px;left:7571.51px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5670.01px;left:7771.64px;white-space:nowrap">COVID-19 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5670.01px;left:8651.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5670.01px;left:9002.2px;white-space:nowrap">encouraging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5920.01px;left:5220px;white-space:nowrap">second-quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5920.01px;left:6480.7px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5920.01px;left:6931.14px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5920.01px;left:7751.51px;white-space:nowrap">data. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5920.01px;left:8201.87px;white-space:nowrap">Equities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5920.01px;left:8892.25px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5920.01px;left:9082.35px;white-space:nowrap">export-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6170.01px;left:5220px;white-space:nowrap">oriented </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6170.01px;left:5917.24px;letter-spacing:-2.85px;white-space:nowrap">Taiwan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6170.01px;left:6527.55px;white-space:nowrap">declined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6170.01px;left:7248.08px;letter-spacing:-1.34px;white-space:nowrap">slightly, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6170.01px;left:7884.93px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6170.01px;left:8255.04px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6170.01px;left:8815.25px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6170.01px;left:9385.4px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6170.01px;left:9735.73px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6420.01px;left:5220px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6420.01px;left:5370.12px;white-space:nowrap">second-quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6420.01px;left:6630.82px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6420.01px;left:7571.25px;white-space:nowrap">technology </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6420.01px;left:8491.9px;white-space:nowrap">(IT) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6420.01px;left:8821.76px;white-space:nowrap">sector </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6420.01px;left:9361.93px;white-space:nowrap">rally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6670.01px;left:5220px;white-space:nowrap">supported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6670.01px;left:6070.61px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6670.01px;left:6310.72px;white-space:nowrap">successful </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6670.01px;left:7201.05px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6670.01px;left:8201.6px;letter-spacing:-0.41px;white-space:nowrap">efforts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6670.01px;left:8748.54px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6670.01px;left:8948.67px;white-space:nowrap">contain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6920.01px;left:5220px;white-space:nowrap">COVID-19. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6920.01px;left:6150.23px;white-space:nowrap">Stimulus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6920.01px;left:6890.45px;white-space:nowrap">measures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6920.01px;left:7730.77px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6920.01px;left:7920.88px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6920.01px;left:8441.19px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6920.01px;left:8788.27px;letter-spacing:-2.85px;white-space:nowrap">Taiwan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6920.01px;left:9398.58px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7170.01px;left:5220px;white-space:nowrap">supported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7170.01px;left:6070.61px;white-space:nowrap">Greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7170.01px;left:6730.84px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7170.01px;left:7251.15px;white-space:nowrap">stocks, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7170.01px;left:7861.29px;white-space:nowrap">while </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7170.01px;left:8321.48px;white-space:nowrap">protests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7170.01px;left:9011.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7170.01px;left:9201.88px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7420.01px;left:5220px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7420.01px;left:5690.39px;white-space:nowrap">hurt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7420.01px;left:6050.57px;white-space:nowrap">investor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7420.01px;left:6730.84px;white-space:nowrap">sentiment. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:5220px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:5420.13px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:5750.24px;white-space:nowrap">environment, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:6840.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:7141.03px;white-space:nowrap">MSCI </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:7641.04px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:8161.35px;white-space:nowrap">Index </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:8651.69px;white-space:nowrap">posted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:9242.14px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7850.01px;left:9392.26px;white-space:nowrap">+0.44% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:5220px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:5610.23px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:6130.46px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:6390.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:6690.76px;white-space:nowrap">six </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:6960.76px;white-space:nowrap">months </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:7601.04px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:8151.59px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:8591.92px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8100.01px;left:8892.16px;white-space:nowrap">2020.</div><div style="font-family:Arial, sans-serif;font-size:104.9px;position:absolute;top:8103.62px;left:9342.6px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8350.01px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8350.01px;left:5580.18px;white-space:nowrap">MSCI </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8350.01px;left:6080.19px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8350.01px;left:6590.57px;white-space:nowrap">All </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8350.01px;left:6840.62px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8350.01px;left:7460.95px;white-space:nowrap">Index, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8350.01px;left:8001.3px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8350.01px;left:8511.5px;white-space:nowrap">measures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8350.01px;left:9351.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8600.01px;left:5220px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8600.01px;left:6280.49px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8600.01px;left:6480.62px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8600.01px;left:7000.93px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8600.01px;left:7501.2px;white-space:nowrap">classes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8600.01px;left:8151.42px;white-space:nowrap">listed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8600.01px;left:8621.63px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8600.01px;left:8811.74px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8600.01px;left:9292.06px;white-space:nowrap">Kong, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.01px;left:5220px;white-space:nowrap">Shanghai, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.01px;left:6080.71px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.01px;left:6941.43px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.01px;left:7291.76px;white-space:nowrap">outside </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.01px;left:7922.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.01px;left:8122.32px;white-space:nowrap">China, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.01px;left:8692.65px;white-space:nowrap">posted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.01px;left:9283.1px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8850.01px;left:9433.21px;letter-spacing:-1.91px;white-space:nowrap">+4.11% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9100.01px;left:5220px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9100.01px;left:5610.23px;white-space:nowrap">return.</div><div style="font-family:Arial, sans-serif;font-size:104.9px;position:absolute;top:9103.62px;left:6130.46px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:9676.27px;left:5220px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:9676.27px;left:6563.93px;white-space:nowrap">Strategy</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10051.61px;left:5220px;white-space:nowrap">Our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10051.61px;left:5570.07px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10051.61px;left:6490.46px;white-space:nowrap">strategy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10051.61px;left:7180.75px;white-space:nowrap">employs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10051.61px;left:7901.02px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10051.61px;left:8051.13px;white-space:nowrap">fundamental, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10051.61px;left:9141.86px;white-space:nowrap">value-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10301.61px;left:5220px;white-space:nowrap">oriented, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10301.61px;left:5970.5px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10301.61px;left:6780.76px;white-space:nowrap">approach. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10301.61px;left:7631.37px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10301.61px;left:7831.49px;white-space:nowrap">selecting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10301.61px;left:8591.92px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10301.61px;left:9512.4px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10551.61px;left:5220px;white-space:nowrap">investment, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10551.61px;left:6190.4px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10551.61px;left:6470.51px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10551.61px;left:6770.48px;white-space:nowrap">consider </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10551.61px;left:7500.85px;white-space:nowrap">overall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10551.61px;left:8081.1px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10551.61px;left:8671.38px;white-space:nowrap">prospects, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10801.61px;left:5220px;white-space:nowrap">competitive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10801.61px;left:6180.38px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10801.61px;left:6940.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10801.61px;left:7130.92px;white-space:nowrap">export </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10801.61px;left:7681.2px;white-space:nowrap">markets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10801.61px;left:8421.33px;white-space:nowrap">technologies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11051.61px;left:5220px;white-space:nowrap">research </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11051.61px;left:5970.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11051.61px;left:6320.65px;white-space:nowrap">development, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11051.61px;left:7451.37px;letter-spacing:-0.95px;white-space:nowrap">productivity, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11051.61px;left:8448.4px;white-space:nowrap">labor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11051.61px;left:8898.66px;white-space:nowrap">costs, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11051.61px;left:9418.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11051.61px;left:9769.13px;white-space:nowrap">raw </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11301.61px;left:5220px;white-space:nowrap">material </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11301.61px;left:5910.21px;white-space:nowrap">costs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11301.61px;left:6380.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11301.61px;left:6730.66px;white-space:nowrap">sources. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11301.61px;left:7451.02px;white-space:nowrap">Additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11301.61px;left:8291.6px;white-space:nowrap">considerations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11301.61px;left:9502.29px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11551.61px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">profit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11551.61px;left:5670.18px;white-space:nowrap">margins, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11551.61px;left:6410.39px;white-space:nowrap">returns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11551.61px;left:7020.62px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11551.61px;left:7270.84px;white-space:nowrap">investment, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11551.61px;left:8241.24px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11551.61px;left:8811.56px;white-space:nowrap">resources, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11801.61px;left:5220px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11801.61px;left:6220.55px;white-space:nowrap">regulation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11801.61px;left:7111.14px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11801.61px;left:8211.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11801.61px;left:8562.13px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11801.61px;left:9022.41px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11801.61px;left:9612.6px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12051.61px;left:5220px;white-space:nowrap">comparison </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12051.61px;left:6200.42px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12051.61px;left:6400.55px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12051.61px;left:6860.83px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12051.61px;left:7781.31px;white-space:nowrap">around </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12051.61px;left:8391.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12051.61px;left:8692.03px;white-space:nowrap">world </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12051.61px;left:9172.18px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12051.61px;left:9522.42px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12301.61px;left:5220px;white-space:nowrap">believe </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12301.61px;left:5840.42px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12301.61px;left:6150.59px;white-space:nowrap">comparable.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4147.47px;left:0px;white-space:nowrap">Geographic </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4147.47px;left:1108.55px;white-space:nowrap">Composition</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4345.35px;left:0px;white-space:nowrap">6/30/20</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4633.84px;left:3927.5px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4633.84px;left:4114.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4633.84px;left:4309.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4825.84px;left:3858.91px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4825.84px;left:4155.23px;white-space:nowrap">Assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.78px;left:0px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5167.78px;left:4226.33px;white-space:nowrap">94.0%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.26px;left:0px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.26px;left:426.95px;white-space:nowrap">Kong</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5428.26px;left:4315.31px;white-space:nowrap">2.3%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5688.75px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Taiwan</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5688.75px;left:4315.31px;white-space:nowrap">1.3%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5949.23px;left:0px;letter-spacing:-1.61px;white-space:nowrap">Short-Term </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5949.23px;left:835.7px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5949.23px;left:1742.73px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5949.23px;left:1893.91px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5949.23px;left:2338.52px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5949.23px;left:2623.13px;white-space:nowrap">Assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5949.23px;left:4315.31px;white-space:nowrap">2.4%</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:158.59px;left:0px;white-space:nowrap">1. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:158.59px;left:145.94px;white-space:nowrap">Source: </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:158.59px;left:634.61px;letter-spacing:-0.6px;white-space:nowrap">Morningstar.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:262.58px;white-space:nowrap">indexes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:751.33px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:977.42px;white-space:nowrap">unmanaged </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:1706.95px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:1962.34px;white-space:nowrap">include </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:2414.61px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:3202.27px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:3348.2px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:3596.25px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:4055.7px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:4208.83px;white-space:nowrap">distributions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:4979.69px;white-space:nowrap">They </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:5307.89px;white-space:nowrap">do </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:5490.31px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:5709.22px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:6103.05px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:6351.09px;white-space:nowrap">fees, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:6672.11px;white-space:nowrap">expenses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:7270.31px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:7423.44px;white-space:nowrap">sales </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:7766.25px;white-space:nowrap">charges. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:8306.02px;white-space:nowrap">One </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:8590.55px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:9021.02px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:9400.31px;white-space:nowrap">directly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:379.39px;left:9852.42px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:0px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:182.42px;white-space:nowrap">index, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:569.06px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:824.45px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:1006.88px;white-space:nowrap">index </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:1357.03px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:1488.28px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:1707.19px;white-space:nowrap">representative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:2575.16px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:2721.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:2940px;letter-spacing:-0.32px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:571.39px;left:3368.05px;white-space:nowrap">portfolio.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:763.39px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:763.39px;left:269.92px;letter-spacing:-0.19px;white-space:nowrap">www.franklintempletondatasources.com </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:763.39px;left:2618.2px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:763.39px;left:2807.81px;white-space:nowrap">additional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:763.39px;left:3406.02px;white-space:nowrap">data </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:763.39px;left:3697.89px;white-space:nowrap">provider </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:763.39px;left:4208.36px;white-space:nowrap">information.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:269.77px;white-space:nowrap">dollar </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:663.52px;white-space:nowrap">value, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:1072.03px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:1589.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:1749.92px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:2209.45px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:2377.11px;white-space:nowrap">principal </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:2960.47px;white-space:nowrap">amount, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:3507.19px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:3776.95px;white-space:nowrap">names </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:4229.14px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:4389.45px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:4571.88px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:5140.31px;white-space:nowrap">holdings </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:5723.52px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:5956.95px;white-space:nowrap">listed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:6336.17px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:6489.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:6722.58px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:7184.38px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:8051.88px;white-space:nowrap">Statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:8722.58px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:8882.89px;white-space:nowrap">Investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:972.19px;left:9685px;white-space:nowrap">(SOI).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1180.99px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1180.99px;left:269.77px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1180.99px;left:1137.27px;white-space:nowrap">SOI </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1180.99px;left:1399.84px;white-space:nowrap">begins </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1180.99px;left:1859.22px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1180.99px;left:2056.02px;white-space:nowrap">page </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1183.42px;left:2398.75px;white-space:nowrap">9</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1180.99px;left:2487.73px;white-space:nowrap">.</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:350.07px;white-space:nowrap">approach </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1150.66px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1350.79px;white-space:nowrap">selecting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2111.22px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3121.61px;white-space:nowrap">emphasizes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">fundamental, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1090.72px;white-space:nowrap">company-by-company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2911.46px;white-space:nowrap">analysis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3611.78px;white-space:nowrap">(rather </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4191.94px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">broader </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:670.43px;white-space:nowrap">analyses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1430.86px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1630.99px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2281.2px;white-space:nowrap">industries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3101.57px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3311.63px;white-space:nowrap">sectors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3941.81px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4141.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">economy), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:890.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1090.46px;white-space:nowrap">construct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1870.75px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2120.98px;white-space:nowrap">&#8220;action </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2711.25px;white-space:nowrap">list&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3041.19px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3451.2px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3961.41px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4241.51px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:310.17px;white-space:nowrap">buy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:650.39px;white-space:nowrap">decisions. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1490.89px;white-space:nowrap">Although </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2251.49px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2531.6px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2831.57px;white-space:nowrap">consider </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3561.94px;white-space:nowrap">historical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4322.2px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">measures, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:890.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1190.57px;white-space:nowrap">primary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1840.61px;white-space:nowrap">factor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2340.79px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2530.9px;white-space:nowrap">selecting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3291.33px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4101.59px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:920.39px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1160.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1460.74px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1921.03px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2221px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2471.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2771.46px;letter-spacing:-0.33px;white-space:nowrap">company&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3678.57px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:4288.8px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:630.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:830.39px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1060.4px;white-space:nowrap">long-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1870.66px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2611.14px;white-space:nowrap">potential.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:7249.45px;left:0px;letter-spacing:0.5px;white-space:nowrap">Manager&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:7249.45px;left:1291.11px;white-space:nowrap">Discussion</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:0px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:580.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:880.49px;white-space:nowrap">six </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:1150.49px;white-space:nowrap">months </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:1790.77px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:2301.15px;letter-spacing:-1.24px;white-space:nowrap">review, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:2911.38px;white-space:nowrap">key </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:3241.49px;white-space:nowrap">contributors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:4231.93px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7624.78px;left:4432.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7874.78px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7874.78px;left:587.02px;white-space:nowrap">absolute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7874.78px;left:1317.57px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7874.78px;left:2378.06px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7874.78px;left:3095.33px;letter-spacing:-2.49px;white-space:nowrap">Tencent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7874.78px;left:3775.78px;white-space:nowrap">Holdings, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8124.78px;left:0px;white-space:nowrap">JD.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8124.78px;left:660.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8124.78px;left:1010.39px;white-space:nowrap">Innovent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8124.78px;left:1750.96px;white-space:nowrap">Biologics.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:0px;letter-spacing:-2.49px;white-space:nowrap">Tencent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:680.45px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:860.45px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:1210.78px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:1410.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:1711.14px;white-space:nowrap">largest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:2301.42px;white-space:nowrap">internet </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:2951.81px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:3661.96px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8554.78px;left:4582.44px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8804.78px;left:0px;white-space:nowrap">China. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8804.78px;left:567.07px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8804.78px;left:927.25px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8804.78px;left:1707.63px;white-space:nowrap">provides </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8804.78px;left:2438px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8804.78px;left:2968.42px;white-space:nowrap">gaming, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8804.78px;left:3658.8px;white-space:nowrap">social </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8804.78px;left:4169px;white-space:nowrap">network, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9054.78px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9054.78px;left:710.42px;white-space:nowrap">technology </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9054.78px;left:1631.07px;text-rendering:optimizeLegibility;white-space:nowrap">(fintech), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9054.78px;left:2381.31px;white-space:nowrap">cloud </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9054.78px;left:2861.63px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9054.78px;left:3211.96px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9054.78px;left:3672.25px;white-space:nowrap">entertainment-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9304.78px;left:0px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9304.78px;left:600.38px;white-space:nowrap">services. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9304.78px;left:1360.55px;white-space:nowrap">Expectations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9304.78px;left:2441.16px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9304.78px;left:2791.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9304.78px;left:3091.64px;white-space:nowrap">COVID-19 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9304.78px;left:3971.87px;white-space:nowrap">pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9554.78px;left:0px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9554.78px;left:520.31px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9554.78px;left:960.64px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9554.78px;left:1110.76px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9554.78px;left:1980.88px;white-space:nowrap">negative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9554.78px;left:2711.43px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9554.78px;left:3291.59px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9554.78px;left:3538.56px;letter-spacing:-2.32px;white-space:nowrap">Tencent&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:0px;white-space:nowrap">advertising, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:970.49px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:1800.88px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:2151.21px;white-space:nowrap">cloud </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:2631.53px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:3341.69px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:3581.81px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:3731.92px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:4222.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9804.78px;left:4422.22px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:0px;white-space:nowrap">decline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:620.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:810.53px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:1570.96px;white-space:nowrap">activities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:2311.17px;white-space:nowrap">caused </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:2941.61px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:3171.62px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:3671.89px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:4112.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10054.78px;left:4312.18px;white-space:nowrap">reach </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10304.78px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10304.78px;left:150.12px;white-space:nowrap">period-low </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10304.78px;left:1030.52px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10304.78px;left:1220.63px;white-space:nowrap">March </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10304.78px;left:1770.73px;white-space:nowrap">2020. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10304.78px;left:2271.18px;white-space:nowrap">Its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10304.78px;left:2511.21px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10304.78px;left:3011.48px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10304.78px;left:3451.64px;white-space:nowrap">subsequently </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:0px;white-space:nowrap">rose, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:449.87px;letter-spacing:-1.1px;white-space:nowrap">however, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:1220.02px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:1570.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:1769.87px;white-space:nowrap">investor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:2449.84px;white-space:nowrap">expectations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:3510.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:3710.03px;white-space:nowrap">solid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:4129.93px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10554.78px;left:4719.9px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10804.78px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10804.78px;left:300.23px;white-space:nowrap">mobile </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10804.78px;left:880.49px;white-space:nowrap">gaming </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10804.78px;left:1520.86px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10804.78px;left:1871.19px;text-rendering:optimizeLegibility;white-space:nowrap">fintech </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10804.78px;left:2451.53px;white-space:nowrap">businesses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10804.78px;left:3448.83px;letter-spacing:-2.49px;white-space:nowrap">Tencent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10804.78px;left:4129.28px;white-space:nowrap">reported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11054.78px;left:0px;white-space:nowrap">above-consensus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11054.78px;left:1460.92px;text-rendering:optimizeLegibility;white-space:nowrap">first-quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11054.78px;left:2431.14px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11054.78px;left:2881.58px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11054.78px;left:3692.02px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11054.78px;left:4272.19px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11304.78px;left:0px;white-space:nowrap">double-digit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11304.78px;left:980.68px;white-space:nowrap">percentage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11304.78px;left:1931.4px;white-space:nowrap">revenue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11304.78px;left:2631.88px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11304.78px;left:2982.22px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11304.78px;left:3722.7px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:0px;white-space:nowrap">driven </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:540.26px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:780.38px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:930.5px;white-space:nowrap">robust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:1480.78px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:2071.05px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:2261.16px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:2791.58px;white-space:nowrap">gaming </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:3431.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11554.78px;left:3782.29px;white-space:nowrap">better-than-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11804.78px;left:0px;white-space:nowrap">expected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11804.78px;left:780.56px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11804.78px;left:1841.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11804.78px;left:2031.15px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11804.78px;left:2261.16px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11804.78px;left:2791.58px;white-space:nowrap">advertising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11804.78px;left:3712.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11804.78px;left:4062.39px;text-rendering:optimizeLegibility;white-space:nowrap">fintech </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12054.78px;left:0px;white-space:nowrap">operations. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12054.78px;left:940.61px;white-space:nowrap">Expectations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12054.78px;left:2021.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12054.78px;left:2221.35px;white-space:nowrap">continued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12054.78px;left:3052px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12054.78px;left:3642.28px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12054.78px;left:3832.38px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12054.78px;left:4062.39px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12304.78px;left:0px;white-space:nowrap">gaming </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12304.78px;left:640.37px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12304.78px;left:990.7px;white-space:nowrap">improved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12304.78px;left:1781.02px;white-space:nowrap">monetization </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12304.78px;left:2851.61px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12304.78px;left:3041.72px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12304.78px;left:3271.73px;white-space:nowrap">social </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12304.78px;left:3781.93px;white-space:nowrap">media </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12554.78px;left:0px;white-space:nowrap">application </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12554.78px;left:910.63px;letter-spacing:-0.46px;white-space:nowrap">WeChat </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12554.78px;left:1607.61px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12554.78px;left:2177.84px;white-space:nowrap">supported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12554.78px;left:3028.45px;white-space:nowrap">sentiment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12554.78px;left:3858.84px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12554.78px;left:4048.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12554.78px;left:4349.18px;white-space:nowrap">stock.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">JD.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5880.06px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6060.06px;white-space:nowrap">among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6660.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6960.67px;white-space:nowrap">largest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7550.95px;white-space:nowrap">e-commerce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8601.15px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5410.11px;white-space:nowrap">China. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5970.5px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6230.57px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6580.9px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6781.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7081.26px;letter-spacing:-0.33px;white-space:nowrap">country&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7848.28px;white-space:nowrap">largest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8438.55px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8968.97px;white-space:nowrap">retailers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">JD.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5880.06px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6220.28px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6470.51px;white-space:nowrap">extensive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7280.95px;white-space:nowrap">product </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7931.34px;letter-spacing:-0.36px;white-space:nowrap">offering </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8578.48px;white-space:nowrap">ranging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9228.96px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9638.96px;white-space:nowrap">fresh </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">food </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5620.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5970.67px;white-space:nowrap">apparel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6621.15px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6821.28px;white-space:nowrap">electronics </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7731.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8081.98px;white-space:nowrap">cosmetics. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8982.16px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9602.49px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">JD.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5880.06px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6660.53px;white-space:nowrap">remained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7460.95px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7711.17px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7961.4px;white-space:nowrap">upward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8601.77px;white-space:nowrap">trend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9062.05px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9462.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9762.45px;white-space:nowrap">six-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5770.28px;white-space:nowrap">period, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6370.66px;white-space:nowrap">supported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7221.27px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7461.39px;white-space:nowrap">resilient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8131.64px;white-space:nowrap">operations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9072.25px;white-space:nowrap">successful </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">penetration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6170.71px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6510.94px;white-space:nowrap">lower-tier </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7301.07px;white-space:nowrap">cities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7761.18px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8111.51px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8261.63px;white-space:nowrap">solid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8681.84px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9272.11px;white-space:nowrap">outlook. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;white-space:nowrap">Exceeding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6110.6px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6710.71px;white-space:nowrap">expectations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7821.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8121.62px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8902px;white-space:nowrap">reported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">strong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5770.28px;text-rendering:optimizeLegibility;white-space:nowrap">first-quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6740.51px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7190.95px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8001.39px;white-space:nowrap">results, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8631.56px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9392.08px;white-space:nowrap">double-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">digit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5600.21px;white-space:nowrap">percentage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6550.93px;white-space:nowrap">revenue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7251.42px;white-space:nowrap">growth, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7891.7px;white-space:nowrap">driven </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8431.96px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8672.08px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8902.09px;letter-spacing:-0.33px;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5220px;white-space:nowrap">supply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:5790.32px;white-space:nowrap">chain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:6270.64px;white-space:nowrap">management, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:7421.31px;text-rendering:optimizeLegibility;white-space:nowrap">diversified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8281.67px;white-space:nowrap">product </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:8932.06px;letter-spacing:-0.33px;white-space:nowrap">offerings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:9669.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5220px;white-space:nowrap">superior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:5920.31px;white-space:nowrap">logistics </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:6610.52px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7320.67px;white-space:nowrap">amid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:7760.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:8061.06px;white-space:nowrap">COVID-19 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:8941.29px;white-space:nowrap">pandemic. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5220px;white-space:nowrap">Strong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:5800.34px;white-space:nowrap">investor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:6480.62px;white-space:nowrap">demand </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:7181.1px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:7441.17px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:7671.18px;white-space:nowrap">secondary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:8551.67px;white-space:nowrap">listing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:9061.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:9251.98px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:5220px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:5690.39px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:6260.63px;white-space:nowrap">drove </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:6760.9px;white-space:nowrap">investor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:7441.17px;text-rendering:optimizeLegibility;white-space:nowrap">confidence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:8361.83px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:8551.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:8852.17px;white-space:nowrap">stock.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">Innovent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5960.57px;white-space:nowrap">Biologics </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6730.93px;white-space:nowrap">develops </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7501.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7851.8px;white-space:nowrap">manufactures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;white-space:nowrap">biopharmaceutical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6730.84px;white-space:nowrap">products </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7471.23px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7731.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8031.53px;white-space:nowrap">treatment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8841.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9042.01px;letter-spacing:-1.34px;white-space:nowrap">oncology, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;letter-spacing:-0.89px;white-space:nowrap">ophthalmology, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6477.45px;white-space:nowrap">autoimmune, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7568px;white-space:nowrap">cardiovascular </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8778.52px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9128.85px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5220px;white-space:nowrap">diseases. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6030.44px;white-space:nowrap">Health </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6600.76px;white-space:nowrap">care </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7000.93px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7921.41px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8361.56px;white-space:nowrap">among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8961.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:9262.18px;white-space:nowrap">strongest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5220px;white-space:nowrap">stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5690.13px;white-space:nowrap">performers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6610.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6800.45px;white-space:nowrap">China, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7370.77px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7610.89px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8211.01px;white-space:nowrap">sentiment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:9041.4px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:9411.5px;white-space:nowrap">boosted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5460.12px;white-space:nowrap">strong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6010.4px;white-space:nowrap">investor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6690.67px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7330.96px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7521.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7821.3px;white-space:nowrap">sector </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8361.47px;white-space:nowrap">amid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8801.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9101.87px;white-space:nowrap">COVID-19 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5220px;white-space:nowrap">pandemic. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6100.49px;white-space:nowrap">Innovent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6841.05px;letter-spacing:-0.61px;white-space:nowrap">Biologics&#8217; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7644.73px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8145px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8585.16px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:9045.26px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5220px;white-space:nowrap">doubled </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5910.64px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6310.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6611.04px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7371.47px;white-space:nowrap">period, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7971.86px;white-space:nowrap">driven </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8512.12px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8752.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:9052.47px;white-space:nowrap">addition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5420.13px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5570.24px;white-space:nowrap">key </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5900.36px;white-space:nowrap">cancer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6490.63px;white-space:nowrap">drug </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6900.91px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7091.02px;letter-spacing:-0.41px;white-space:nowrap">China&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7738.07px;white-space:nowrap">National </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8448.49px;white-space:nowrap">Reimbursement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5220px;white-space:nowrap">Drug </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5660.16px;white-space:nowrap">List, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6040.28px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6550.49px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6830.6px;white-space:nowrap">believe </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7451.02px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7931.34px;white-space:nowrap">boost </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8421.68px;white-space:nowrap">demand </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:9122.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5220px;white-space:nowrap">improve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5910.21px;letter-spacing:-0.23px;white-space:nowrap">affordability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6877.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7077.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7377.8px;white-space:nowrap">drug; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7838.09px;white-space:nowrap">strong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:8388.37px;white-space:nowrap">execution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:9208.92px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:9409.04px;white-space:nowrap">clinical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:5220px;white-space:nowrap">trials </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:5650.05px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:5840.16px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6070.17px;white-space:nowrap">pipeline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6740.68px;white-space:nowrap">products; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:7531.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:7881.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8181.65px;white-space:nowrap">announcement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:9422.58px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:5220px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:5370.12px;white-space:nowrap">collaboration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6440.8px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6810.91px;white-space:nowrap">Roche </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7381.23px;white-space:nowrap">(not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7741.41px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7891.52px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:8351.81px;white-space:nowrap">holding) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:9042.28px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:9232.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:5220px;white-space:nowrap">development </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:6300.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:6500.83px;white-space:nowrap">cellular </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:7121.07px;white-space:nowrap">therapies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:7911.56px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:8261.89px;text-rendering:optimizeLegibility;white-space:nowrap">bispecific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:9052.21px;white-space:nowrap">antibodies.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5220px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5420.13px;white-space:nowrap">contrast, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6160.43px;white-space:nowrap">key </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6490.55px;white-space:nowrap">detractors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7340.89px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7750.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8051.13px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8638.15px;white-space:nowrap">absolute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5220px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6280.49px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6997.76px;letter-spacing:-2.85px;white-space:nowrap">Taiwan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7608.08px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8858.67px;white-space:nowrap">Manufacturing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5220px;white-space:nowrap">(TSMC), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5939.91px;letter-spacing:-2.48px;white-space:nowrap">AIA </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6270.12px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6820.4px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7170.73px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7691.04px;white-space:nowrap">Life </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8031.27px;white-space:nowrap">Insurance. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:5220px;white-space:nowrap">TSMC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:5779.95px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:5959.95px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:6310.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:6510.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:6810.64px;letter-spacing:-0.41px;white-space:nowrap">world&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:7417.53px;white-space:nowrap">leading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:8048.06px;white-space:nowrap">semiconductor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:9268.59px;white-space:nowrap">makers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:5570.33px;white-space:nowrap">counts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:6150.67px;white-space:nowrap">major </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:6650.77px;white-space:nowrap">technology </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:7571.43px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:8491.9px;white-space:nowrap">among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:9092.29px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:9322.29px;white-space:nowrap">clients. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:5220px;white-space:nowrap">Its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:5460.03px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:5960.3px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:6400.46px;white-space:nowrap">reached </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:7100.95px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:7251.06px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:7631.28px;white-space:nowrap">high </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:8021.6px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:8211.71px;white-space:nowrap">January </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:8902.09px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:9352.53px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:5220px;white-space:nowrap">correcting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:6060.32px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:6300.44px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:7070.71px;white-space:nowrap">grew </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:7510.87px;white-space:nowrap">concerned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:8401.46px;white-space:nowrap">about </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:8901.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:9202.15px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:5720.36px;white-space:nowrap">COVID-19 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:6600.59px;white-space:nowrap">pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:7431.06px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:7681.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:7981.52px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:8511.94px;white-space:nowrap">supply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:9082.27px;white-space:nowrap">chain. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:5220px;white-space:nowrap">Although </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:5977.35px;letter-spacing:-0.46px;white-space:nowrap">TSMC&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6664.04px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7164.32px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7604.47px;white-space:nowrap">rebounded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8515.28px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8705.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:9005.63px;white-space:nowrap">latter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:9455.8px;white-space:nowrap">part </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:9815.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:5520.23px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6280.66px;white-space:nowrap">period, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6881.04px;white-space:nowrap">supported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7731.65px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7968.52px;letter-spacing:-0.46px;white-space:nowrap">TSMC&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:8655.21px;white-space:nowrap">solid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:9075.41px;text-rendering:optimizeLegibility;white-space:nowrap">first-quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5220px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5670.44px;white-space:nowrap">revenue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6370.93px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6721.26px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7461.74px;white-space:nowrap">growth, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8102.02px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8692.29px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:9132.45px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:9522.77px;white-space:nowrap">back </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5460.12px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5610.23px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:6180.47px;white-space:nowrap">tightening </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7011.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7211.25px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7611.33px;white-space:nowrap">restrictions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8531.54px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8781.77px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:9011.78px;white-space:nowrap">customer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5220px;white-space:nowrap">Huawei </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5870.3px;white-space:nowrap">(not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6230.48px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6380.6px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6840.88px;white-space:nowrap">holding), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7581.36px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8091.56px;white-space:nowrap">prohibit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8731.93px;white-space:nowrap">semiconductor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5220px;white-space:nowrap">makers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5860.11px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6210.35px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6550.58px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6950.65px;white-space:nowrap">technology </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7871.31px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8281.32px;white-space:nowrap">selling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8841.62px;white-space:nowrap">products </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:9582.01px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5220px;white-space:nowrap">Huawei </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5870.3px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6490.63px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6890.71px;white-space:nowrap">government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7891.26px;white-space:nowrap">permission.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:5220px;letter-spacing:-2.48px;white-space:nowrap">AIA </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:5550.21px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:5730.21px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:5880.32px;white-space:nowrap">leading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:6510.85px;white-space:nowrap">pan-Asian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:7371.39px;white-space:nowrap">life </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:7651.49px;white-space:nowrap">insurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:8481.97px;white-space:nowrap">group </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:8992.35px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:9362.46px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:9512.58px;white-space:nowrap">strong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:5220px;white-space:nowrap">presence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:6010.49px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:6200.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:6490.9px;text-rendering:optimizeLegibility;white-space:nowrap">Asia-Pacific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:7481.16px;white-space:nowrap">region. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:8078.29px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:8438.47px;text-rendering:optimizeLegibility;white-space:nowrap">firm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:8788.36px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:9168.57px;white-space:nowrap">provides </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:5220px;white-space:nowrap">retirement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:6078.66px;white-space:nowrap">planning, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:6857.69px;white-space:nowrap">accident </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:7576.51px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:7925.23px;white-space:nowrap">health </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:8464.05px;white-space:nowrap">insurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:9292.92px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:9531.42px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:9889.89px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:5220px;white-space:nowrap">wealth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:5790.32px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:6890.98px;white-space:nowrap">products. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:7671.45px;letter-spacing:-2.77px;white-space:nowrap">AIA&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:8124.96px;white-space:nowrap">2019 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:8575.4px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:9385.84px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:5220px;white-space:nowrap">disappointed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:6290.86px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:7061.13px;white-space:nowrap">amid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:7501.29px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:7651.41px;white-space:nowrap">challenging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:8612.14px;white-space:nowrap">environment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:9652.68px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:5220px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:5700.32px;white-space:nowrap">Kong, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:6220.72px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:6370.84px;white-space:nowrap">key </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:6700.96px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:7301.07px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:7551.21px;white-space:nowrap">AIA. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:7931.43px;letter-spacing:-0.95px;white-space:nowrap">Additionally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:8938.65px;white-space:nowrap">operational </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2158.5px;left:0px;letter-spacing:-3.53px;white-space:nowrap">Top </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2158.5px;left:386.87px;white-space:nowrap">10 </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2158.5px;left:650.99px;white-space:nowrap">Holdings</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2356.39px;left:0px;white-space:nowrap">6/30/20</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2644.87px;left:0px;white-space:nowrap">Company</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;font-weight:bold;position:absolute;top:2836.87px;left:0px;white-space:nowrap">Industry</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;font-weight:bold;position:absolute;top:2836.87px;left:631.17px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;font-weight:bold;position:absolute;top:2836.87px;left:720.08px;white-space:nowrap">Country</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2644.87px;left:4099.05px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2644.87px;left:4285.77px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2644.87px;left:4525.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2836.87px;left:4074.91px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2836.87px;left:4371.23px;white-space:nowrap">Assets</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:3081.97px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:3081.97px;left:4884.88px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3162.92px;left:0px;letter-spacing:-2.22px;white-space:nowrap">Tencent </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3162.92px;left:604.84px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3162.92px;left:1271.88px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3162.92px;left:4454.2px;letter-spacing:-2.37px;white-space:nowrap">11.5%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3321.4px;left:0px;white-space:nowrap">Interactive </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3321.4px;left:782.58px;white-space:nowrap">Media </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3321.4px;left:1262.81px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3321.4px;left:1413.98px;white-space:nowrap">Services, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3321.4px;left:2116.41px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3537.88px;left:0px;white-space:nowrap">Alibaba </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3537.88px;left:578.2px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3537.88px;left:1067.34px;white-space:nowrap">Holding </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3537.88px;left:1654.38px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3537.88px;left:4531.31px;white-space:nowrap">9.4%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3696.37px;left:0px;white-space:nowrap">Internet </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3696.37px;left:587.03px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3696.37px;left:738.2px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3696.37px;left:1200.47px;white-space:nowrap">Marketing </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3696.37px;left:1947.42px;white-space:nowrap">Retail, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:3696.37px;left:2445.39px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3912.85px;left:0px;white-space:nowrap">JD.com, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3912.85px;left:631.17px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3912.85px;left:4531.31px;white-space:nowrap">3.4%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4071.34px;left:0px;white-space:nowrap">Internet </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4071.34px;left:587.03px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4071.34px;left:738.2px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4071.34px;left:1200.47px;white-space:nowrap">Marketing </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4071.34px;left:1947.42px;white-space:nowrap">Retail, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4071.34px;left:2445.39px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4287.82px;left:0px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4287.82px;left:462.5px;white-space:nowrap">Merchants </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4287.82px;left:1253.91px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4287.82px;left:1663.05px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4287.82px;left:1956.48px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4287.82px;left:4531.31px;white-space:nowrap">3.2%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4446.31px;left:0px;white-space:nowrap">Banks, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4446.31px;left:533.59px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4662.79px;left:0px;letter-spacing:-4.14px;white-space:nowrap">ANTA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4662.79px;left:450.47px;white-space:nowrap">Sports </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4662.79px;left:957.34px;white-space:nowrap">Products </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4662.79px;left:1633.2px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4662.79px;left:4531.31px;white-space:nowrap">3.0%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4821.27px;left:0px;letter-spacing:-1.47px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4821.27px;left:619.53px;white-space:nowrap">Apparel </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4821.27px;left:1215.47px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4821.27px;left:1366.64px;white-space:nowrap">Luxury </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4821.27px;left:1891.33px;white-space:nowrap">Goods, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:4821.27px;left:2451.64px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5037.76px;left:0px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5037.76px;left:364.53px;white-space:nowrap">Oriental </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5037.76px;left:969.22px;white-space:nowrap">Education </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5037.76px;left:1725.31px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5037.76px;left:1873.59px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5037.76px;left:2727.5px;white-space:nowrap">Group, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5229.76px;left:144px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5229.76px;left:4531.31px;white-space:nowrap">2.8%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5388.24px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5388.24px;left:791.33px;white-space:nowrap">Consumer </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5388.24px;left:1573.83px;white-space:nowrap">Services, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5388.24px;left:2276.25px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5604.73px;left:0px;letter-spacing:-0.58px;white-space:nowrap">Wuxi </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5604.73px;left:397.11px;white-space:nowrap">Biologics </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5604.73px;left:1081.88px;white-space:nowrap">Cayman, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5604.73px;left:1766.56px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5604.73px;left:4531.31px;white-space:nowrap">2.6%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5763.21px;left:0px;white-space:nowrap">Life </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5763.21px;left:302.42px;white-space:nowrap">Sciences </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5763.21px;left:996.09px;letter-spacing:-2.45px;white-space:nowrap">Tools </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5763.21px;left:1417.11px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5763.21px;left:1568.28px;white-space:nowrap">Services, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:5763.21px;left:2270.7px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5979.7px;left:0px;white-space:nowrap">Meituan </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5979.7px;left:613.67px;white-space:nowrap">Dianping</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5979.7px;left:4531.31px;white-space:nowrap">2.5%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6138.18px;left:0px;white-space:nowrap">Internet </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6138.18px;left:587.03px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6138.18px;left:738.2px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6138.18px;left:1200.47px;white-space:nowrap">Marketing </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6138.18px;left:1947.42px;white-space:nowrap">Retail, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6138.18px;left:2445.39px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6354.67px;left:0px;white-space:nowrap">GSX </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6354.67px;left:379.45px;letter-spacing:-1.97px;white-space:nowrap">Techedu, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6354.67px;left:1073.28px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6354.67px;left:4531.31px;white-space:nowrap">2.1%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6513.15px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6513.15px;left:791.33px;white-space:nowrap">Consumer </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6513.15px;left:1573.83px;white-space:nowrap">Services, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6513.15px;left:2276.25px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6729.63px;left:0px;white-space:nowrap">Innovent </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6729.63px;left:658.28px;white-space:nowrap">Biologics, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6729.63px;left:1387.5px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6729.63px;left:4531.31px;white-space:nowrap">2.1%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-style:italic;position:absolute;top:6888.12px;left:0px;letter-spacing:-0.79px;white-space:nowrap">Biotechnology, </div><div style="font-family:Arial, 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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:400.34px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:660.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:960.64px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1300.61px;white-space:nowrap">quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1920.94px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2121.06px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2571.5px;white-space:nowrap">remained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3371.92px;white-space:nowrap">weak </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3842.14px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4212.25px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:760.43px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1240.75px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1430.86px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1911.18px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2381.57px;white-space:nowrap">recording </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3181.99px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3332.11px;white-space:nowrap">double-digit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">percentage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:950.71px;white-space:nowrap">decline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1571.13px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1811.25px;white-space:nowrap">border </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2381.57px;white-space:nowrap">closures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3101.84px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3471.94px;white-space:nowrap">mainland </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:520.31px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:870.64px;white-space:nowrap">visa </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1240.75px;white-space:nowrap">suspensions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2291.4px;white-space:nowrap">amid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2731.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3031.79px;white-space:nowrap">COVID-19 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3912.01px;white-space:nowrap">pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">prohibited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:840.59px;white-space:nowrap">face-to-face </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1841.04px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2311.26px;white-space:nowrap">meetings. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3141.65px;white-space:nowrap">Its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3381.68px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4021.96px;letter-spacing:-1.1px;white-space:nowrap">however, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">rebounded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:910.81px;white-space:nowrap">late </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1251.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1441.14px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1741.38px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2291.75px;white-space:nowrap">amid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2731.9px;white-space:nowrap">expectations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3792.57px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3992.7px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4142.81px;white-space:nowrap">recovery </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:190.11px;white-space:nowrap">operations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1080.7px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1320.82px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2241.3px;white-space:nowrap">reopened </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3052px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3402.33px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3642.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3942.69px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">expanded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:840.76px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1070.77px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1831.2px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2021.31px;white-space:nowrap">mainland </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2801.78px;white-space:nowrap">China.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:520.31px;white-space:nowrap">Life </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:860.54px;white-space:nowrap">Insurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1701.04px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1881.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2181.27px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2781.39px;white-space:nowrap">leader </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3331.76px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3521.87px;white-space:nowrap">life </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3801.97px;white-space:nowrap">insurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:190.11px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:710.42px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1060.75px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1210.87px;white-space:nowrap">major </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1710.97px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2591.46px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2781.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3081.8px;letter-spacing:-0.33px;white-space:nowrap">country&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3848.82px;white-space:nowrap">accident </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:350.33px;white-space:nowrap">health </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:890.77px;white-space:nowrap">insurance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1721.25px;letter-spacing:-1.34px;white-space:nowrap">industry. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2434.92px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2795.1px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3575.48px;white-space:nowrap">reported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:4295.92px;white-space:nowrap">2019 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:0px;white-space:nowrap">corporate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:810.44px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1390.61px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1740.85px;white-space:nowrap">featured </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2451.36px;white-space:nowrap">strong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3001.64px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3591.91px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3782.02px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:4082.26px;text-rendering:optimizeLegibility;white-space:nowrap">profit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;white-space:nowrap">driven </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:540.26px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:780.38px;white-space:nowrap">solid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1200.59px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2120.98px;white-space:nowrap">returns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2731.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3081.53px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3231.65px;white-space:nowrap">one-time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3981.97px;white-space:nowrap">favorable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:290.13px;white-space:nowrap">policy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:800.33px;white-space:nowrap">gain. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1240.66px;letter-spacing:-1.1px;white-space:nowrap">However, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2041px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2631.27px;white-space:nowrap">fell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2911.38px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3311.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3611.78px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3951.74px;white-space:nowrap">quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:200.13px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:700.58px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:940.69px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1710.97px;white-space:nowrap">worried </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2351.16px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2701.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3001.64px;white-space:nowrap">COVID-19 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3881.87px;white-space:nowrap">pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:0px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:479.96px;letter-spacing:0px;white-space:nowrap">negatively </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1340.13px;text-rendering:optimizeLegibility;white-space:nowrap">influence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2110.3px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2339.95px;letter-spacing:0px;white-space:nowrap">business, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3150.03px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3659.87px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:4179.81px;white-space:nowrap">normally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:0px;white-space:nowrap">involve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:610.31px;white-space:nowrap">face-to-face </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1610.77px;white-space:nowrap">meetings. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2441.16px;white-space:nowrap">Growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3071.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3261.45px;text-rendering:optimizeLegibility;white-space:nowrap">first-quarter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:0px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:380.21px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1140.64px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1670.98px;letter-spacing:-1.1px;white-space:nowrap">however, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2441.43px;white-space:nowrap">surprised </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3231.74px;white-space:nowrap">investors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:4052.02px;white-space:nowrap">while </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:0px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:1100.65px;white-space:nowrap">expectations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2161.32px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2511.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2811.8px;white-space:nowrap">pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:3642.28px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:4162.59px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:150.12px;white-space:nowrap">short-term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1020.23px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1600.4px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1850.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2150.86px;letter-spacing:-0.33px;white-space:nowrap">company&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3057.98px;white-space:nowrap">operations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3948.57px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:0px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:570.23px;white-space:nowrap">relief </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:1010.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:1210.52px;white-space:nowrap">investors. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2030.8px;white-space:nowrap">Strong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2611.14px;white-space:nowrap">sentiment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3441.53px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3631.64px;letter-spacing:-0.41px;white-space:nowrap">China&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:0px;white-space:nowrap">A-share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:680.27px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1330.4px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2090.92px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2611.23px;letter-spacing:-0.46px;white-space:nowrap">Life&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3068.26px;white-space:nowrap">A-share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3748.54px;white-space:nowrap">listing, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:4308.75px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:0px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:380.21px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:530.33px;white-space:nowrap">key </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:860.45px;white-space:nowrap">catalyst </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1520.68px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1780.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:2080.99px;letter-spacing:-0.33px;white-space:nowrap">company&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:2988.11px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:3468.43px;white-space:nowrap">Kong-listed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:0px;white-space:nowrap">H-share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:690.21px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:1130.36px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2190.85px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2380.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2681.19px;white-space:nowrap">latter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3131.37px;white-space:nowrap">part </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3491.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3691.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3991.9px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:0px;white-space:nowrap">period.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:500.36px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:830.48px;white-space:nowrap">six </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1100.48px;white-space:nowrap">months, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1790.77px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2070.88px;white-space:nowrap">increased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2901.36px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3911.75px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:4101.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">consumer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:840.32px;letter-spacing:-0.89px;white-space:nowrap">discretionary, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1947.39px;white-space:nowrap">health </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2487.83px;white-space:nowrap">care </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2888px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3238.33px;white-space:nowrap">real </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3588.49px;white-space:nowrap">estate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:4128.84px;white-space:nowrap">sectors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:0px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:350.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:550.46px;white-space:nowrap">fundamentals </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1681.17px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1961.28px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2891.87px;white-space:nowrap">attractive. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3722.17px;white-space:nowrap">Our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:4072.24px;white-space:nowrap">search </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:260.07px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1270.46px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1550.57px;white-space:nowrap">believed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2271.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2471.22px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2721.45px;white-space:nowrap">undervalued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3762.25px;white-space:nowrap">led </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:4052.46px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:4252.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:0px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:690.38px;white-space:nowrap">addition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1370.92px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1571.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1871.28px;white-space:nowrap">aforementioned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3172.15px;white-space:nowrap">JD.com; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3882.22px;white-space:nowrap">GSX </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:0px;letter-spacing:-2.22px;white-space:nowrap">Techedu, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:780.56px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:930.67px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1641.09px;white-space:nowrap">technology-driven </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3111.94px;white-space:nowrap">education </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3942.6px;white-space:nowrap">company; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:350.33px;white-space:nowrap">Meituan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1040.71px;white-space:nowrap">Dianping, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1851.24px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2001.36px;white-space:nowrap">web-based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2931.94px;white-space:nowrap">shopping </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3712.59px;white-space:nowrap">platform </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:260.07px;white-space:nowrap">local </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:680.27px;white-space:nowrap">consumer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1520.6px;white-space:nowrap">products </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:2260.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:2611.32px;white-space:nowrap">retail </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3051.47px;white-space:nowrap">services. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3811.64px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:4128.4px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:0px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:550.55px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:750.67px;white-space:nowrap">existing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:1411px;white-space:nowrap">holdings, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2181.53px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2611.76px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2851.88px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:3372.19px;white-space:nowrap">Merchants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:4262.52px;white-space:nowrap">Bank, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:150.12px;white-space:nowrap">commercial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1120.25px;white-space:nowrap">bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1560.59px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1750.69px;white-space:nowrap">China; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2321.02px;white-space:nowrap">Shimao </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2981.34px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3531.62px;white-space:nowrap">Holdings, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:4332.04px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:0px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:710.42px;white-space:nowrap">real </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1060.58px;white-space:nowrap">estate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1600.93px;white-space:nowrap">group; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2161.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2511.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2811.88px;white-space:nowrap">aforementioned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:4112.75px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:0px;white-space:nowrap">Life </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:340.22px;white-space:nowrap">Insurance.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:200.13px;white-space:nowrap">contrast, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:940.43px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1220.54px;white-space:nowrap">reduced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:1921.03px;white-space:nowrap">exposures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2801.51px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:2998.39px;letter-spacing:-2.85px;white-space:nowrap">Taiwan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3608.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:3959.03px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:4439.36px;white-space:nowrap">Kong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:200.13px;white-space:nowrap">focus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:680.36px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:930.59px;white-space:nowrap">opportunities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2011.29px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2201.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:2501.63px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3212.05px;white-space:nowrap">market. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:3862.18px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:4062.3px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:4562.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:0px;white-space:nowrap">sectors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:680.19px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:960.29px;white-space:nowrap">reduced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:1660.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:1961.02px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:2548.04px;white-space:nowrap">holdings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3268.56px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3458.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:3758.91px;text-rendering:optimizeLegibility;white-space:nowrap">financials, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:0px;white-space:nowrap">consumer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:840.32px;white-space:nowrap">staples </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:1460.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:1810.99px;letter-spacing:-1.08px;white-space:nowrap">IT </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:2017.71px;white-space:nowrap">sectors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:2647.88px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:2998.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:3198.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:3498.57px;white-space:nowrap">availability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:4378.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:0px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:920.39px;white-space:nowrap">opportunities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:2001.09px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:2281.2px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:3211.79px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:3671.89px;white-space:nowrap">attractive. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:4502.2px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:0px;white-space:nowrap">trimmed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:700.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:1000.28px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:1587.3px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:2597.7px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:2787.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:3088.04px;white-space:nowrap">domestic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:3848.38px;white-space:nowrap">A-share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:0px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:650.13px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:1160.33px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:1600.49px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:1990.81px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:2651.31px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:2901.53px;letter-spacing:-0.36px;white-space:nowrap">offshore </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:3598.68px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:3999.02px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:4349.27px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:0px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:800.6px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:1040.71px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:1350.88px;white-space:nowrap">team </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:1801.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:2151.39px;white-space:nowrap">dedicated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:2982.04px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:3182.17px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:4192.56px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:0px;letter-spacing:-0.41px;white-space:nowrap">China&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:647.05px;white-space:nowrap">domestic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:1407.39px;white-space:nowrap">A-share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:2087.67px;white-space:nowrap">market. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:2737.79px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:3054.55px;white-space:nowrap">reduced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:3755.04px;white-space:nowrap">holdings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:190.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:490.34px;white-space:nowrap">aforementioned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:1787.96px;white-space:nowrap">TSMC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:2347.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:2688.31px;letter-spacing:-2.48px;white-space:nowrap">AIA </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:3018.52px;white-space:nowrap">Group, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:3618.81px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:3858.93px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:240.12px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:950.54px;white-space:nowrap">commercial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:1920.67px;white-space:nowrap">bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:2361.01px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:2881.32px;white-space:nowrap">Construction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:3941.81px;white-space:nowrap">Bank. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">Furthermore, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6310.28px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6590.39px;white-space:nowrap">closed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7160.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7460.95px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8047.97px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8808.4px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8998.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9298.74px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">Kong-listed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6170.54px;white-space:nowrap">H </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6350.54px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6940.81px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7140.94px;white-space:nowrap">Industrial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7921.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8271.65px;white-space:nowrap">Commercial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9281.78px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9742.06px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">China, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5790.32px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6030.44px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6390.53px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6630.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6820.75px;white-space:nowrap">Uni-President </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7961.22px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8481.53px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9231.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9582.28px;white-space:nowrap">Dairy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">Farm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5689.95px;white-space:nowrap">International </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6730.66px;white-space:nowrap">Holdings.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5220px;white-space:nowrap">Thank </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5770.28px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6110.51px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6370.58px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6770.74px;white-space:nowrap">continued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:7601.4px;white-space:nowrap">participation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8621.98px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:8808.84px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5220px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5860.37px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6370.66px;letter-spacing:-1.08px;white-space:nowrap">We </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6687.42px;white-space:nowrap">look </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7067.64px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7717.85px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7917.98px;white-space:nowrap">serving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8548.24px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8948.41px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6140.39px;white-space:nowrap">needs.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:5220px;letter-spacing:-1.34px;white-space:nowrap">Sincerely,</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:5220px;white-space:nowrap">Michael </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:5890.25px;white-space:nowrap">Lai, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:6230.48px;letter-spacing:-6.62px;white-space:nowrap">CFA</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5220px;white-space:nowrap">Lead </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5670.44px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6380.77px;white-space:nowrap">Manager</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:5220px;white-space:nowrap">Erik </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3198.64px;left:5580px;white-space:nowrap">Mok</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:5220px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3448.64px;left:5930.33px;white-space:nowrap">Manager</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:5580.18px;white-space:nowrap">foregoing </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:6380.77px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:7321.2px;text-rendering:optimizeLegibility;white-space:nowrap">reflects </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:7951.38px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:8261.54px;white-space:nowrap">analysis, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:3968.64px;left:9011.87px;white-space:nowrap">opinions </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:5570.33px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:6260.71px;white-space:nowrap">holdings </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:6981.24px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:7221.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:7421.48px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:7861.82px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:8162.05px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:8662.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:8962.73px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4218.64px;left:9313.07px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:5520.23px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:6280.66px;white-space:nowrap">period. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:6881.04px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:7241.22px;white-space:nowrap">way </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:7611.33px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:7891.44px;white-space:nowrap">implement </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:8771.75px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4468.64px;left:9081.91px;white-space:nowrap">main </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:5220px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:6140.39px;white-space:nowrap">strategies </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:6970.78px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:7321.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:7621.35px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:8351.72px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4718.64px;left:9042.1px;white-space:nowrap">holdings </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:5610.06px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:6250.61px;white-space:nowrap">depending </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:7141.46px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:7391.69px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:7981.88px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:8412.1px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:8652.22px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4968.64px;left:9252.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:5220px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:6040.37px;white-space:nowrap">conditions. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:6950.92px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:7501.2px;white-space:nowrap">opinions </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:8221.73px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:8611.79px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:8912.02px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:9162.25px;white-space:nowrap">relied </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5218.64px;left:9652.5px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:5220px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:5460.12px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:6380.51px;white-space:nowrap">advice </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:6950.83px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:7160.89px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:7411.11px;white-space:nowrap">offer </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:7821.3px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:8081.37px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:8231.48px;white-space:nowrap">particular </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:9021.8px;letter-spacing:-1.34px;white-space:nowrap">security. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5468.64px;left:9728.61px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:5220px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:6160.43px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:6340.43px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:6640.66px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:6790.78px;white-space:nowrap">complete </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:7571.16px;white-space:nowrap">analysis </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:8271.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:8471.6px;white-space:nowrap">every </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:8961.77px;white-space:nowrap">aspect </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:9542.11px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5718.64px;left:9742.24px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:5220px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:5870.13px;letter-spacing:-1.48px;white-space:nowrap">country, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:6547.06px;letter-spacing:-1.34px;white-space:nowrap">industry, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:7263.98px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:7934.15px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:8144.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:8444.44px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:8954.74px;white-space:nowrap">Statements </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:5968.64px;left:9915.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:5220px;white-space:nowrap">fact </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:5560.14px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:5870.3px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:6280.31px;white-space:nowrap">sources </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:6960.59px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:7891.17px;white-space:nowrap">reliable, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:8571.53px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:8871.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6218.64px;left:9172px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:5220px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:5980.43px;white-space:nowrap">makes </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:6560.6px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:6810.82px;white-space:nowrap">representation </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:8011.58px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:8221.64px;white-space:nowrap">warranty </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:8961.86px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:9201.97px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6468.64px;left:9402.1px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:5220px;white-space:nowrap">completeness </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:6380.6px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:6590.65px;letter-spacing:-1.34px;white-space:nowrap">accuracy. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:7390.9px;white-space:nowrap">Although </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:8151.5px;white-space:nowrap">historical </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6718.64px;left:8911.76px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:5220px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:5400px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:5650.22px;white-space:nowrap">guarantee </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:6510.94px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:6711.06px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:7221.36px;white-space:nowrap">results, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:7851.53px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:6968.64px;left:8341.88px;white-space:nowrap">insights </div><div style="font-family:Arial, 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		<div style="background-image:url(data:image/png;base64,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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;letter-spacing:-3.33px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:430.22px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:950.45px;text-rendering:optimizeLegibility;white-space:nowrap">reflects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1580.63px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2661.06px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2861.19px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3161.43px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3748.45px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4558.97px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4909.31px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5479.63px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5869.95px;white-space:nowrap">distributions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6930.44px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7070.45px;letter-spacing:-2.67px;white-space:nowrap">any, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7447.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7797.66px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8137.88px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9018.46px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9498.78px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">losses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:606.97px;letter-spacing:-3.33px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1037.2px;white-space:nowrap">returns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1647.42px;white-space:nowrap">do </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1897.65px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2197.88px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2738.06px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3078.28px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3548.5px;white-space:nowrap">charges </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4238.88px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4629.2px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4829.33px;white-space:nowrap">inception </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5599.86px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5809.92px;white-space:nowrap">brokerage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6670.46px;white-space:nowrap">commissions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7760.65px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8150.98px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8401.2px;white-space:nowrap">secondary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9281.69px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">purchases. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:927.25px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1287.42px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2347.91px;white-space:nowrap">table </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2788.24px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3228.57px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3528.81px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4068.98px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4409.21px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4889.44px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5239.69px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5389.8px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6390.44px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6910.75px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7250.98px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7501.2px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7961.48px;white-space:nowrap">dividends, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8822.02px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9392.34px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">distributions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1060.49px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1200.5px;letter-spacing:-2.67px;white-space:nowrap">any, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1577.37px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1787.43px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2127.66px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2808.02px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3288.34px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3538.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3838.8px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4219.01px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4419.14px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4879.42px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5516.46px;letter-spacing:-3.3px;white-space:nowrap">Your </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5930.16px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6650.68px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7280.95px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7580.92px;white-space:nowrap">vary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7970.98px;white-space:nowrap">depending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8861.84px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9112.06px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:210.06px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:850.34px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1240.66px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1480.78px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2291.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2481.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2781.39px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3368.41px;white-space:nowrap">portfolio, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4108.8px;white-space:nowrap">adjusted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4839.35px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5099.41px;white-space:nowrap">operating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5900.01px;white-space:nowrap">expenses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6770.57px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7380.88px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7771.2px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8781.68px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9091.85px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9392.08px;text-rendering:optimizeLegibility;white-space:nowrap">profits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:680.36px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1090.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1390.61px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1770.82px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1970.95px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2661.33px;white-space:nowrap">securities.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:0px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:1560.63px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:1907.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:2196.54px;white-space:nowrap">6/30/20</div><div style="font-family:Arial, sans-serif;font-size:151.6px;position:absolute;top:1810.13px;left:3064.01px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:0px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:1080.44px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:1480.78px;white-space:nowrap">represent </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:2291.22px;white-space:nowrap">past </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:2681.46px;white-space:nowrap">performance, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:3791.95px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:4302.16px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:4742.49px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:5042.72px;white-space:nowrap">guarantee </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:5903.44px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:6413.73px;white-space:nowrap">results. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:7043.91px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:7974.32px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:8494.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:8844.87px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4337.6px;left:9565.22px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:299.97px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:1080.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:1430.77px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:1771px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:2161.05px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:2601.39px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:2751.5px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:3141.83px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:3351.88px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:3721.99px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:4202.31px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:4542.54px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:4862.64px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:5262.8px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:5903.09px;white-space:nowrap">Current </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:6553.3px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:7613.79px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:8003.85px;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:8454.02px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:8864.03px;text-rendering:optimizeLegibility;white-space:nowrap">figures </div><div style="font-family:Arial, sans-serif;font-size:180px;font-style:italic;position:absolute;top:4587.6px;left:9454.31px;white-space:nowrap">shown.</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:4244.47px;white-space:nowrap">Cumulative </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:5151.34px;letter-spacing:-1.98px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:5566.11px;white-space:nowrap">Return</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2218.87px;left:6081.65px;white-space:nowrap">2</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:7384.55px;letter-spacing:-0.74px;white-space:nowrap">Average </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:8048.62px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:8635.26px;letter-spacing:-1.98px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2215.66px;left:9050.02px;white-space:nowrap">Return</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2218.87px;left:9565.57px;white-space:nowrap">2</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:4468.84px;white-space:nowrap">Based </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:4993.53px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:4811.18px;letter-spacing:-3.96px;white-space:nowrap">NAV</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:5137.12px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:6052.84px;white-space:nowrap">Based </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:6577.53px;white-space:nowrap">on</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:5769.48px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:6338.7px;white-space:nowrap">price</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:6721.12px;white-space:nowrap">4</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:7780.84px;white-space:nowrap">Based </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:8305.53px;white-space:nowrap">on</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:8123.18px;letter-spacing:-3.96px;white-space:nowrap">NAV</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:8449.12px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:9364.84px;white-space:nowrap">Based </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2476.14px;left:9889.53px;white-space:nowrap">on</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:9081.48px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2668.14px;left:9650.7px;white-space:nowrap">price</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:2671.36px;left:10033.12px;white-space:nowrap">4</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:0px;white-space:nowrap">6-Month</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:4564.78px;letter-spacing:-1.7px;white-space:nowrap">+11.00%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:6225.89px;white-space:nowrap">+3.75%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:7876.78px;letter-spacing:-1.7px;white-space:nowrap">+11.00%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3146.09px;left:9537.89px;white-space:nowrap">+3.75%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:0px;letter-spacing:-2.45px;white-space:nowrap">1-Year</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:4552.91px;white-space:nowrap">+23.00%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:6136.91px;white-space:nowrap">+17.05%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:7864.91px;white-space:nowrap">+23.00%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3406.57px;left:9448.91px;white-space:nowrap">+17.05%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:0px;letter-spacing:-2.45px;white-space:nowrap">5-Year</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:4552.91px;white-space:nowrap">+39.23%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:6136.91px;white-space:nowrap">+48.26%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:7953.89px;white-space:nowrap">+6.84%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3667.05px;left:9537.89px;white-space:nowrap">+8.19%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:0px;letter-spacing:-2.1px;white-space:nowrap">10-Year</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:4475.8px;letter-spacing:-1.48px;white-space:nowrap">+118.22%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:6047.92px;white-space:nowrap">+130.35%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:7953.89px;white-space:nowrap">+8.12%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3927.54px;left:9537.89px;white-space:nowrap">+8.70%</div></div>
		</div>
		<div style="height:13px;left:54px;position:absolute;top:712px;width:504px">
			<div style="width:10085px;height:116px;position:absolute;top:4.05px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:269.92px;white-space:nowrap">page </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:612.66px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:823.98px;white-space:nowrap">6 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:933.44px;white-space:nowrap">Performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:1771.95px;white-space:nowrap">Summary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:2406.33px;white-space:nowrap">footnotes.</div></div>
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</div></div><div data-page="" style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px"><div style="position:absolute;top:0px;left:0px;width:594px;height:774px">
		<div style="height:50px;left:36px;position:absolute;top:32px;width:504px">
			<div style="width:10080px;height:912px;position:absolute;top:3.86px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.57px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.29px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1652.36px;letter-spacing:10px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2161.55px;letter-spacing:9px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:11px;white-space:nowrap">Performance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:1200.8px;letter-spacing:9.64px;white-space:nowrap">Summary</div></div>
		</div>
		<div style="background-color:transparent;height:1px;left:36px;position:absolute;top:744px;width:504px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMElEQVR4Xu3KIREAMAwAsVdb/xImoaw3EBCWqgEAAAAAAAAA+MwaAAAAAAAAAABOPTnTicuMWE6aAAAAAElFTkSuQmCC);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:17px;left:36px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">6</div></div>
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		<div style="background-color:transparent;height:13px;left:66px;position:absolute;top:745px;width:1px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:17px;left:405px;position:absolute;top:744px;width:135px">
			<div style="width:2700px;height:254px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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		<div style="height:17px;left:80px;position:absolute;top:744px;width:324px">
			<div style="width:6492px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:13px;left:72px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:654px;left:36px;position:absolute;top:78px;width:504px">
			<div style="width:10080px;height:12984px;position:absolute;top:4.05px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">








			<div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:0px;white-space:nowrap">All </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:204.14px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:1006.25px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:1494.92px;white-space:nowrap">risks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:1874.3px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:2493.98px;white-space:nowrap">possible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:3062.81px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:3361.88px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:3522.19px;white-space:nowrap">principal. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:4142.03px;white-space:nowrap">Special </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:4638.05px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:4980.94px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:5214.38px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:5929.14px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:6228.05px;white-space:nowrap">foreign </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:6709.14px;white-space:nowrap">investing, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:7358.13px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:7977.81px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:8568.52px;letter-spacing:-0.8px;white-space:nowrap">volatility, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:-21.41px;left:9164.22px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:0px;white-space:nowrap">instability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:648.98px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:918.75px;white-space:nowrap">political </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:1451.09px;white-space:nowrap">developments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:2369.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:2530.16px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:3157.19px;white-space:nowrap">where </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:3572.89px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:3806.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:4163.28px;white-space:nowrap">invests. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:4688.44px;white-space:nowrap">Emerging </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:5330px;white-space:nowrap">markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:5869.69px;white-space:nowrap">involve </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:6358.36px;white-space:nowrap">heightened </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:7094.69px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:7437.58px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:7904.3px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:8064.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:8297.89px;white-space:nowrap">same </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:8669.92px;white-space:nowrap">factors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:9180.31px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:158.59px;left:9333.44px;white-space:nowrap">addition </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:160.31px;white-space:nowrap">those </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:546.72px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:1261.48px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:1560.39px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:1881.17px;white-space:nowrap">relatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:2486.64px;white-space:nowrap">small </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:2858.67px;white-space:nowrap">size </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:3143.2px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:3412.97px;white-space:nowrap">lesser </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:3828.83px;letter-spacing:-0.87px;white-space:nowrap">liquidity. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:4395.23px;white-space:nowrap">There </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:4788.98px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:5022.42px;white-space:nowrap">special </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:5503.91px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:5846.8px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:6561.56px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:6860.47px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:7662.58px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:7815.7px;white-space:nowrap">China, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:8253.13px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:8624.77px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:8996.41px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:9266.17px;letter-spacing:-1.2px;white-space:nowrap">Taiwan, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:338.59px;left:9774.38px;white-space:nowrap">in-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:0px;white-space:nowrap">cluding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:503.05px;white-space:nowrap">exposure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:1122.89px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:1283.2px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:1873.91px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:2690.39px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:2982.27px;letter-spacing:-0.87px;white-space:nowrap">liquidity, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:3548.67px;white-space:nowrap">expropriation, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:4460px;text-rendering:optimizeLegibility;white-space:nowrap">confiscatory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:5276.64px;white-space:nowrap">taxation, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:5852.66px;white-space:nowrap">international </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:6676.48px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:7033.75px;white-space:nowrap">tensions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:7609.77px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:8273.13px;white-space:nowrap">tariffs, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:8710.55px;white-space:nowrap">embargoes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:9447.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:518.59px;left:9716.8px;white-space:nowrap">trade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:0px;white-space:nowrap">wars), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:415.7px;white-space:nowrap">nationalization </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:1370.78px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:1640.55px;white-space:nowrap">exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:2282.34px;white-space:nowrap">control </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:2763.44px;white-space:nowrap">regulations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:3507.11px;white-space:nowrap">(including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:4170.47px;white-space:nowrap">currency </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:4761.17px;white-space:nowrap">blockage), </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:5446.64px;text-rendering:optimizeLegibility;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:5993.36px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:6263.13px;white-space:nowrap">rapid </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:6620.39px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:7400.39px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:7553.52px;text-rendering:optimizeLegibility;white-space:nowrap">inflation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:8100.23px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:8370px;white-space:nowrap">interest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:8880.39px;white-space:nowrap">rates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:9266.95px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:9449.38px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:698.59px;left:9609.69px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:0px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:262.58px;white-space:nowrap">negatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:940.86px;white-space:nowrap">impact </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:1400.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:1633.52px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:2027.11px;white-space:nowrap">Recent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:2501.02px;white-space:nowrap">events, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:2989.69px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:3332.42px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:3514.84px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:3748.13px;white-space:nowrap">coronavirus </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:4535.63px;white-space:nowrap">outbreak, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:5162.66px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:5498.2px;white-space:nowrap">caused, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:6023.36px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:6293.13px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:6592.19px;white-space:nowrap">continue </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:7175.39px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:7335.7px;white-space:nowrap">cause, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:7780.7px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:8524.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:8794.14px;white-space:nowrap">volatility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:9362.97px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:878.59px;left:9516.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:0px;white-space:nowrap">Chinese </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:546.88px;letter-spacing:-1.07px;white-space:nowrap">economy, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:1186.25px;white-space:nowrap">especially </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:1850.16px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:2003.28px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:2236.56px;white-space:nowrap">travel, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:2659.61px;white-space:nowrap">leisure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:3119.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:3388.91px;white-space:nowrap">retail </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:3738.98px;white-space:nowrap">sectors. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:4278.67px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:4431.8px;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:5015px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:5817.11px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:5970.23px;letter-spacing:-1.37px;white-space:nowrap">Taiwan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:6441.95px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:6828.36px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:7017.97px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:7659.92px;white-space:nowrap">affected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:8199.45px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:8389.06px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:8578.67px;white-space:nowrap">political </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:9111.02px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1058.59px;left:9380.78px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:0px;white-space:nowrap">relationship </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:780.16px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:1079.06px;white-space:nowrap">China. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:1516.48px;white-space:nowrap">Because </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:2092.66px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:2325.94px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:2683.05px;white-space:nowrap">invests </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:3171.72px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:3361.33px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:3806.33px;white-space:nowrap">primarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:4397.03px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:4550.16px;white-space:nowrap">companies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:5272.11px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:5425.23px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:5534.69px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:6059.84px;white-space:nowrap">region, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:6533.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:6767.03px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:7124.14px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:7270.08px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:7765.94px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:7926.25px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:8407.5px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:8750.39px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:8910.7px;white-space:nowrap">adverse </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1238.59px;left:9443.2px;white-space:nowrap">develop-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:0px;white-space:nowrap">ments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:422.89px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:576.02px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:852.97px;white-space:nowrap">region </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:1290.39px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:1727.81px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:1961.09px;white-space:nowrap">surrounding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:2770.16px;white-space:nowrap">regions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:3280.55px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:3593.98px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:3703.44px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:4024.06px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:4301.02px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:4446.95px;white-space:nowrap">more </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:4804.22px;white-space:nowrap">broadly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:5314.61px;text-rendering:optimizeLegibility;white-space:nowrap">diversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:6007.42px;letter-spacing:-0.6px;white-space:nowrap">geographically. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:6996.88px;white-space:nowrap">Political, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:7573.05px;white-space:nowrap">social </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:7981.56px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:8149.22px;white-space:nowrap">economic </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:8798.2px;white-space:nowrap">disruptions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:9549.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1418.59px;left:9702.19px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:0px;white-space:nowrap">region, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:473.91px;white-space:nowrap">even </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:809.45px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:962.58px;white-space:nowrap">countries </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:1589.61px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:1742.73px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:2151.09px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:2384.38px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:2741.48px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:2887.42px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:3127.89px;white-space:nowrap">invested, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:3733.2px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:4032.27px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:4674.22px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:5060.63px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:5293.91px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:5665.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:5826.25px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:6475.39px;white-space:nowrap">held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:6781.64px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:6971.25px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:7204.53px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:7593.36px;white-space:nowrap">Also, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:7950.63px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:8133.05px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:8242.5px;text-rendering:optimizeLegibility;white-space:nowrap">nondiversified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1598.59px;left:9175.78px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:0px;white-space:nowrap">company </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:612.5px;white-space:nowrap">investing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:1225px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:1378.13px;white-space:nowrap">&#8220;China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:1844.69px;white-space:nowrap">companies,&#8221; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:2668.75px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:2902.03px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:3259.14px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:3558.2px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:3973.91px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:4127.03px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:4236.48px;white-space:nowrap">relatively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:4841.95px;white-space:nowrap">small </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:5213.98px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:5731.56px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:5891.88px;white-space:nowrap">issuers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:6387.89px;white-space:nowrap">and, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:6694.14px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:6876.56px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:6986.02px;white-space:nowrap">result, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:7416.25px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:7605.86px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:8101.72px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:8262.03px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:8371.48px;white-space:nowrap">greater </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:8852.73px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:9122.66px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:9282.97px;white-space:nowrap">loss </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1778.59px;left:9582.03px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:0px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:503.2px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:663.52px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:853.13px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:1421.56px;white-space:nowrap">securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:2107.19px;white-space:nowrap">Unexpected </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:2887.34px;white-space:nowrap">events </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:3339.53px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:3609.3px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:3930.08px;white-space:nowrap">aftermaths, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:4673.75px;white-space:nowrap">such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:5016.48px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:5198.91px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:5432.19px;white-space:nowrap">spread </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:5898.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:6059.22px;white-space:nowrap">deadly </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:6511.41px;white-space:nowrap">diseases; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:7146.02px;white-space:nowrap">natural, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:7656.41px;white-space:nowrap">environmental </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:8589.69px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:8757.34px;white-space:nowrap">man-made </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:1958.59px;left:9450px;white-space:nowrap">disasters; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:605.11px;white-space:nowrap">political </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:1137.24px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:1304.69px;white-space:nowrap">social </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:1713px;white-space:nowrap">disruptions; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:2507.32px;white-space:nowrap">terrorism </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:3119.54px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:3389.1px;white-space:nowrap">war; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:3695.14px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:3964.7px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:4328.94px;white-space:nowrap">tragedies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:4948.58px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:5116.03px;letter-spacing:0px;white-space:nowrap">catastrophes, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:6005.43px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:6267.8px;white-space:nowrap">cause </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:6676.11px;white-space:nowrap">investor </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:7222.78px;white-space:nowrap">fear </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:7499.68px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:7769.24px;white-space:nowrap">panic, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:8184.74px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:8592.89px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:8855.26px;white-space:nowrap">adversely </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:9497px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2138.59px;left:9883.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:0px;white-space:nowrap">economies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:721.95px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:882.27px;white-space:nowrap">many </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:1261.48px;white-space:nowrap">companies, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:2019.92px;white-space:nowrap">sectors, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:2559.61px;white-space:nowrap">nations, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:3099.14px;white-space:nowrap">regions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:3609.53px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:3879.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:4112.58px;white-space:nowrap">market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:4579.3px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:4732.42px;white-space:nowrap">general, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:5272.11px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:5425.23px;white-space:nowrap">ways </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:5782.73px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:6059.69px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:6526.25px;white-space:nowrap">necessarily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:7277.66px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:7467.27px;white-space:nowrap">foreseen. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:8087.11px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:8356.88px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:8713.98px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:8859.92px;white-space:nowrap">actively </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2318.59px;left:9377.89px;white-space:nowrap">managed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:0px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:240.47px;white-space:nowrap">there </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:597.73px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:743.67px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:940.47px;white-space:nowrap">guarantee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:1603.98px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:1880.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:2114.22px;white-space:nowrap">manager&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:2807.03px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:3536.17px;white-space:nowrap">decisions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:4177.97px;white-space:nowrap">will </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:4426.02px;white-space:nowrap">produce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:4980.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:5213.36px;white-space:nowrap">desired </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2498.59px;left:5716.56px;white-space:nowrap">results.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:269.77px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:626.88px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:925.94px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:1341.64px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:1494.77px;white-space:nowrap">eligible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:1983.44px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:2379.61px;letter-spacing:-2.38px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:2506.02px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:2965.55px;white-space:nowrap">(&#8220;Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:3468.59px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:4029.84px;white-space:nowrap">Securities&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:4802.81px;white-space:nowrap">listed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:5182.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:5451.8px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:5889.22px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:6086.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:6319.3px;white-space:nowrap">Shanghai </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:6946.33px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:7340.08px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:7996.41px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:8528.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2858.59px;left:8761.64px;white-space:nowrap">Shanghai-Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:0px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:371.64px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:765.39px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:1326.64px;white-space:nowrap">program, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:1931.72px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:2114.14px;white-space:nowrap">well </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:2398.67px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:2581.09px;white-space:nowrap">eligible </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:3069.77px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:3465.94px;letter-spacing:-2.38px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:3592.34px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:4051.88px;white-space:nowrap">listed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:4431.09px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:4700.86px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:5138.28px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:5335.08px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:5568.36px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:6224.53px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:6618.28px;white-space:nowrap">Exchange </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:7274.61px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:7806.56px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:8039.84px;white-space:nowrap">Shenzhen-Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:9074.84px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3038.59px;left:9446.48px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:0px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:561.25px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:1129.84px;letter-spacing:-0.64px;white-space:nowrap">(collectively, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:1944.45px;white-space:nowrap">&#8220;Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:2403.83px;white-space:nowrap">Connect&#8221;) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:3074.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:3344.14px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:3643.2px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:4058.91px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:4212.03px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:4612.97px;white-space:nowrap">Interbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:5240px;white-space:nowrap">bonds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:5670.08px;white-space:nowrap">traded </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:6107.5px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:6304.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:6537.58px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:6938.52px;white-space:nowrap">Interbank </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:7565.55px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:7937.19px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3218.59px;left:8396.56px;white-space:nowrap">(&#8220;CIBM&#8221;) 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style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3398.59px;left:1253.67px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3398.59px;left:1625.31px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3398.59px;left:2186.56px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3398.59px;left:2755.16px;white-space:nowrap">(&#8220;Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3398.59px;left:3236.09px;white-space:nowrap">Connect&#8221;).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:0px;letter-spacing:-0.9px;white-space:nowrap">Trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:510.39px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:1042.34px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:1436.09px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:1997.34px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:2143.28px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:2639.14px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:2799.45px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:2908.91px;white-space:nowrap">number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:3426.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:3586.8px;white-space:nowrap">restrictions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:4337.81px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:4614.77px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:4913.83px;white-space:nowrap">affect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:5300.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:5533.52px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:5995.31px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:6797.42px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:7067.19px;white-space:nowrap">returns. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:7592.11px;white-space:nowrap">For </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:7839.92px;white-space:nowrap">example, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:8438.05px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:9057.89px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3758.59px;left:9211.02px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:0px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:561.25px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:1224.92px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:1458.36px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:2071.02px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:2566.88px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:2727.19px;white-space:nowrap">Chinese </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:3274.06px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:3923.2px;white-space:nowrap">regulations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:4666.88px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:4936.64px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:5169.92px;white-space:nowrap">listing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:5592.81px;white-space:nowrap">rules </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:5942.89px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:6103.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:6336.48px;white-space:nowrap">respective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:7022.11px;white-space:nowrap">Exchange, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:7714.92px;white-space:nowrap">among </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:8181.48px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:8545.94px;white-space:nowrap">restrictions. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:9333.44px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3938.59px;left:9486.56px;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:0px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:393.75px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:955px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:1618.67px;white-space:nowrap">generally </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:2231.33px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:2530.39px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:2770.86px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:2960.47px;white-space:nowrap">sold, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:3303.2px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:4003.2px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:4170.86px;white-space:nowrap">otherwise </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:4819.84px;white-space:nowrap">transferred </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:5548.91px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:5913.36px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:6226.8px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:6758.75px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:7152.5px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:7713.75px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:7866.88px;white-space:nowrap">accordance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:8632.66px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:8931.56px;white-space:nowrap">applicable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4118.59px;left:9609.84px;white-space:nowrap">rules. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:0px;white-space:nowrap">While </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:386.41px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:780.16px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:1341.41px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:1487.34px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:1727.81px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:2223.67px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:2383.98px;white-space:nowrap">individual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:3032.97px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:3762.11px;white-space:nowrap">quotas, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:4265.16px;white-space:nowrap">daily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:4600.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:4870.47px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:5533.98px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:6263.13px;white-space:nowrap">quotas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:6729.69px;white-space:nowrap">apply </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:7108.91px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:7269.22px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:7451.64px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:7845.39px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:8406.64px;white-space:nowrap">participants, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:9223.28px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4298.59px;left:9631.64px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:0px;white-space:nowrap">restrict </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:481.25px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:648.91px;white-space:nowrap">preclude </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:1232.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:1465.55px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:1927.34px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:2343.05px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:2503.36px;white-space:nowrap">invest </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:2919.06px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:3072.19px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:3465.94px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:4027.19px;white-space:nowrap">Securities. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:4727.34px;letter-spacing:-0.9px;white-space:nowrap">Trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:5237.73px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:5390.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:5624.14px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:6017.89px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:6579.14px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:7147.73px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:7293.67px;white-space:nowrap">subject </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:7789.53px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:7949.84px;white-space:nowrap">trading, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:8467.42px;white-space:nowrap">clearance </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:9109.38px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4478.59px;left:9379.14px;white-space:nowrap">settle-</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:0px;white-space:nowrap">ment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:349.92px;white-space:nowrap">procedures </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:1100.94px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:1377.89px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:1611.33px;white-space:nowrap">untested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:2194.53px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:2347.66px;white-space:nowrap">China, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:2785.08px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:3193.44px;white-space:nowrap">could </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:3579.84px;white-space:nowrap">pose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:3922.58px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:4265.47px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:4425.78px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:4659.06px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:5052.66px;letter-spacing:-1.07px;white-space:nowrap">Finally, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:5531.72px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:5765px;white-space:nowrap">withholding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:6537.66px;white-space:nowrap">tax </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:6763.75px;white-space:nowrap">treatment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:7397.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:7558.28px;white-space:nowrap">dividends </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:8207.27px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:8477.03px;white-space:nowrap">capital </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:8929.22px;white-space:nowrap">gains </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:9308.44px;white-space:nowrap">payable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4658.59px;left:9833.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:0px;white-space:nowrap">overseas </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:605.47px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:1225.31px;white-space:nowrap">currently </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:1823.2px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:1969.14px;white-space:nowrap">unsettled. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:2625.31px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:2778.44px;white-space:nowrap">China, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:3215.86px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:3449.14px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:3820.78px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:4192.42px;white-space:nowrap">Monetary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:4807.34px;white-space:nowrap">Authority </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:5426.8px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:5915.23px;white-space:nowrap">Money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:6367.27px;white-space:nowrap">Markets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:6899.61px;white-space:nowrap">Unit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:7191.09px;white-space:nowrap">holds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:7577.5px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:7949.14px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:8510.39px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:9159.53px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:9356.33px;white-space:nowrap">behalf </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4838.59px;left:9779.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:0px;white-space:nowrap">ultimate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:539.53px;white-space:nowrap">investors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:1159.38px;white-space:nowrap">(such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:1545.78px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:1728.2px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:1961.48px;white-space:nowrap">Fund) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:2362.27px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:2515.39px;white-space:nowrap">accounts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:3127.89px;white-space:nowrap">maintained </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:3857.03px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:4155.94px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:4265.39px;white-space:nowrap">China-based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:5089.22px;white-space:nowrap">custodian </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:5745.39px;white-space:nowrap">(either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:6182.81px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:6416.09px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:6817.03px;white-space:nowrap">Central </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:7305.47px;white-space:nowrap">Depository </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:8027.19px;white-space:nowrap">&amp; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:8158.36px;white-space:nowrap">Clearing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:8719.77px;white-space:nowrap">Co. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:8967.58px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:9135.23px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5018.59px;left:9368.52px;white-space:nowrap">Shanghai </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:0px;white-space:nowrap">Clearing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:561.41px;white-space:nowrap">House). </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:1078.98px;white-space:nowrap">This </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:1385.23px;white-space:nowrap">recordkeeping </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:2325.86px;white-space:nowrap">system </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:2814.53px;white-space:nowrap">subjects </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:3383.36px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:3616.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:3973.75px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:4134.06px;white-space:nowrap">various </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:4637.27px;white-space:nowrap">risks, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:5016.64px;white-space:nowrap">including </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:5636.33px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:5869.61px;white-space:nowrap">risk </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:6139.53px;white-space:nowrap">that </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:6416.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:6649.77px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:7006.88px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:7305.94px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:7641.48px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:7750.94px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:8210.31px;white-space:nowrap">ability </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:8626.02px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:8786.33px;white-space:nowrap">enforce </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5198.59px;left:9296.72px;white-space:nowrap">rights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:182.42px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:291.88px;white-space:nowrap">bondholder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:1049.92px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:1319.69px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:1552.97px;white-space:nowrap">risks </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:1895.86px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:2056.17px;white-space:nowrap">settlement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:2748.83px;white-space:nowrap">delays </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:3193.83px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:3463.59px;white-space:nowrap">counterparty </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:4301.95px;white-space:nowrap">default </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:4768.52px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:4928.83px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:5162.11px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:5533.75px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:5905.39px;white-space:nowrap">sub-custodian. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:6875px;white-space:nowrap">In </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:7028.13px;white-space:nowrap">addition, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:7611.33px;white-space:nowrap">enforcing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:8245.55px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:8478.83px;white-space:nowrap">ownership </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:9171.48px;white-space:nowrap">rights </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:9572.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5378.59px;left:9732.73px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">beneficial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:641.8px;white-space:nowrap">holder </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:1079.22px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:1239.53px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:1611.17px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:2172.42px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:2821.56px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:2967.5px;white-space:nowrap">untested </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:3550.7px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:3820.47px;white-space:nowrap">courts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:4257.89px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:4411.02px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:4811.95px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:5147.5px;white-space:nowrap">limited </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:5606.88px;white-space:nowrap">experience </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:6328.98px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:6482.11px;white-space:nowrap">applying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:7058.13px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:7291.41px;white-space:nowrap">concept </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:7830.94px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:7991.25px;text-rendering:optimizeLegibility;white-space:nowrap">beneficial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:8633.05px;white-space:nowrap">ownership. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5558.59px;left:9362.19px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:0px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:561.25px;white-space:nowrap">uses </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:896.8px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:1130.08px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:1611.17px;white-space:nowrap">infrastructure </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:2500.55px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:2660.86px;white-space:nowrap">both </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:2981.48px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:3353.13px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:3724.77px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:3994.53px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:4395.47px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:4665.23px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:4811.17px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:5051.64px;white-space:nowrap">available </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:5642.58px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:5839.38px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:6320.47px;white-space:nowrap">holidays </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:6889.3px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:7042.42px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:7414.06px;white-space:nowrap">Kong. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:7817.42px;white-space:nowrap">As </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:8021.56px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:8131.02px;white-space:nowrap">result, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:8561.25px;white-space:nowrap">prices </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:8984.3px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5738.59px;left:9144.61px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:0px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:700px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:1231.95px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:1603.59px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:2164.84px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:2463.91px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:3047.11px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:3200.23px;white-space:nowrap">times </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:3579.45px;white-space:nowrap">when </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:3951.33px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:4060.78px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:4417.89px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:4563.83px;white-space:nowrap">unable </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:5023.2px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:5183.52px;white-space:nowrap">add </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:5453.28px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:5613.59px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:5781.25px;white-space:nowrap">exit </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:6043.83px;white-space:nowrap">its </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:6233.44px;white-space:nowrap">position. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:6816.64px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:7480.31px;white-space:nowrap">offered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:7961.41px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:8493.36px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:8865px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:9426.25px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5918.59px;left:9725.31px;white-space:nowrap">lose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:320.78px;white-space:nowrap">eligibility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:926.09px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:1137.42px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:1618.52px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:2150.47px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:2383.75px;white-space:nowrap">program </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:2952.34px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:3105.47px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:3368.05px;white-space:nowrap">time. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:3710.78px;white-space:nowrap">If </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:3827.42px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:4199.06px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:4760.31px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:5409.45px;white-space:nowrap">lose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:5708.52px;white-space:nowrap">their </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:6029.3px;white-space:nowrap">eligibility </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:6634.61px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:6845.94px;white-space:nowrap">trading </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:7327.03px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:7858.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:8092.27px;white-space:nowrap">program, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:8697.34px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:9003.59px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:9302.66px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:9492.27px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6098.59px;left:9798.52px;white-space:nowrap">but </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6278.59px;left:0px;white-space:nowrap">can </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6278.59px;left:262.58px;white-space:nowrap">no </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6278.59px;left:459.38px;white-space:nowrap">longer </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6278.59px;left:896.8px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6278.59px;left:1086.41px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6278.59px;left:1786.41px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6278.59px;left:2318.36px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6278.59px;left:2690px;white-space:nowrap">Connect.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:269.77px;white-space:nowrap">application </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:998.91px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:1268.67px;white-space:nowrap">interpretation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:2150.7px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:2311.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:2544.3px;white-space:nowrap">laws </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:2865.31px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:3135.08px;white-space:nowrap">regulations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:3878.75px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:4039.06px;white-space:nowrap">Hong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:4410.7px;white-space:nowrap">Kong </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:4782.34px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:5052.11px;white-space:nowrap">China, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:5489.53px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:5759.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:5992.58px;white-space:nowrap">rules, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:6379.14px;white-space:nowrap">policies </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:6904.3px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:7071.95px;white-space:nowrap">guidelines </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:7757.42px;white-space:nowrap">published </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:8413.59px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:8581.25px;white-space:nowrap">applied </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:9077.11px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6638.59px;left:9266.72px;white-space:nowrap">relevant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:0px;white-space:nowrap">regulators </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:678.05px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:947.81px;white-space:nowrap">exchanges </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:1662.58px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:1815.7px;white-space:nowrap">respect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:2318.91px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:2479.22px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:2712.5px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:3106.25px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:3667.5px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:3937.27px;white-space:nowrap">Bond </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:4308.91px;white-space:nowrap">Connect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:4870.16px;white-space:nowrap">programs, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:5548.2px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:5781.64px;white-space:nowrap">uncertain, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:6445.16px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:6714.92px;white-space:nowrap">they </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:7021.17px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:7320.23px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:7655.78px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:7765.23px;white-space:nowrap">detrimental </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:8508.91px;white-space:nowrap">effect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:8895.31px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:9092.11px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6818.59px;left:9325.39px;letter-spacing:-0.68px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6998.59px;left:0px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6998.59px;left:802.11px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:6998.59px;left:1071.88px;white-space:nowrap">returns.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:0px;white-space:nowrap">1. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:143.67px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:406.25px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:741.8px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:989.84px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:1099.3px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:1318.2px;white-space:nowrap">waiver </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:1733.75px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:2397.58px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:2667.34px;white-space:nowrap">any </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:2915.39px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:3586.41px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:3725px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:3834.45px;white-space:nowrap">Franklin </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:4335.31px;letter-spacing:-1.45px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:4977.19px;white-space:nowrap">money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:5407.5px;white-space:nowrap">fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:5699.38px;white-space:nowrap">and/or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:6107.89px;white-space:nowrap">other </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:6443.44px;white-space:nowrap">Franklin </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:6944.3px;letter-spacing:-1.45px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:7586.17px;white-space:nowrap">fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:7914.53px;white-space:nowrap">contractually </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:8687.66px;white-space:nowrap">guaranteed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7370.59px;left:9388.05px;white-space:nowrap">through </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:0px;white-space:nowrap">2/28/21. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:510.78px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:846.33px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:1517.34px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:1940.31px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:2334.14px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:2553.05px;white-space:nowrap">fee </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:2771.95px;white-space:nowrap">waiver; </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:3223.98px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:3676.17px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:3916.88px;white-space:nowrap">reduction, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:4529.61px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:4748.52px;white-space:nowrap">results </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:5171.48px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:5550.7px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:5871.72px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7562.59px;left:6200.08px;letter-spacing:-1.2px;white-space:nowrap">lower.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:0px;white-space:nowrap">2. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:143.67px;letter-spacing:-2.42px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:457.34px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:836.56px;white-space:nowrap">calculations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:1558.67px;white-space:nowrap">represent </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:2149.45px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:2368.36px;white-space:nowrap">cumulative </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:3032.03px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:3287.42px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:3798.05px;white-space:nowrap">annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:4228.52px;white-space:nowrap">changes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:4761.09px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:4899.69px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:5249.84px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:5395.78px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:5578.2px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:6249.22px;white-space:nowrap">over </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:6540.94px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:6759.84px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:7226.64px;white-space:nowrap">indicated. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:7824.84px;white-space:nowrap">Return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:8255.08px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:8444.69px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:8714.53px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:9006.41px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:9261.8px;letter-spacing:-1.2px;white-space:nowrap">year, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:9582.81px;white-space:nowrap">if </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7754.59px;left:9684.92px;letter-spacing:-1.92px;white-space:nowrap">any, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7946.59px;left:0px;white-space:nowrap">has </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7946.59px;left:248.05px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7946.59px;left:466.95px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7946.59px;left:795.31px;white-space:nowrap">annualized.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:0px;white-space:nowrap">3. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:138.75px;white-space:nowrap">Assumes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:714.84px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:1502.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:1648.44px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:2385.08px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:2779.06px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:2961.48px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:3180.39px;white-space:nowrap">asset </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8138.59px;left:3530.55px;white-space:nowrap">value.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:0px;white-space:nowrap">4. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:138.75px;white-space:nowrap">Assumes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:714.84px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:1502.5px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:1648.44px;white-space:nowrap">distributions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:2385.08px;white-space:nowrap">based </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:2779.06px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:2961.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:3180.39px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:3705.63px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:4493.28px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:4748.67px;white-space:nowrap">cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:5062.34px;white-space:nowrap">purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:8330.59px;left:5638.59px;white-space:nowrap">plan.</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:0px;white-space:nowrap">Important </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1329.26px;white-space:nowrap">Notice </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2248.07px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2576.43px;white-space:nowrap">Shareholders</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:0px;white-space:nowrap">Share </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:580.85px;white-space:nowrap">Repurchase </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:1721.32px;white-space:nowrap">Program</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:235.92px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:235.92px;left:360.18px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:235.92px;left:947.2px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:235.92px;left:1477.53px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:235.92px;left:1817.75px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:235.92px;left:2618.35px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:235.92px;left:2868.57px;white-space:nowrap">open-market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:235.92px;left:3929.06px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:485.92px;left:0px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:485.92px;left:950.54px;white-space:nowrap">program </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:485.92px;left:1670.8px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:485.92px;left:2181.01px;white-space:nowrap">includes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:485.92px;left:2891.43px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:485.92px;left:3141.65px;white-space:nowrap">initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:485.92px;left:3601.85px;white-space:nowrap">authorization </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:560.3px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:1020.59px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:1220.71px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:2171.25px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:2421.47px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:2621.6px;white-space:nowrap">10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:3031.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:3232px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:735.92px;left:3462.01px;white-space:nowrap">outstanding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:0px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:590.27px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:780.38px;white-space:nowrap">open-market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:1840.87px;white-space:nowrap">transactions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:2911.38px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:3151.49px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:3511.58px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:3751.7px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:4001.92px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:985.92px;left:4202.05px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1235.92px;left:0px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1235.92px;left:820.63px;white-space:nowrap">10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1235.92px;left:1230.91px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1235.92px;left:1431.04px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1235.92px;left:1661.04px;white-space:nowrap">outstanding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1235.92px;left:2641.82px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1235.92px;left:3282.1px;white-space:nowrap">above </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1235.92px;left:3822.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1235.92px;left:4172.87px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1485.92px;left:0px;white-space:nowrap">addition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1485.92px;left:680.54px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1485.92px;left:880.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1485.92px;left:1180.9px;white-space:nowrap">initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1485.92px;left:1641.09px;white-space:nowrap">10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1485.92px;left:2051.37px;white-space:nowrap">previously </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1485.92px;left:2911.73px;white-space:nowrap">authorized. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1485.92px;left:3849.08px;white-space:nowrap">This </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1735.92px;left:0px;white-space:nowrap">authorization </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1735.92px;left:1080.7px;white-space:nowrap">remains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1735.92px;left:1770.91px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1735.92px;left:1961.02px;letter-spacing:-0.46px;white-space:nowrap">effect.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2165.92px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2165.92px;left:360.18px;white-space:nowrap">timing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2165.92px;left:890.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2165.92px;left:1240.66px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2165.92px;left:1891.05px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2165.92px;left:2091.18px;white-space:nowrap">repurchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2165.92px;left:3131.72px;white-space:nowrap">continue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2165.92px;left:3862.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2165.92px;left:4062.39px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2415.92px;left:0px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2415.92px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2415.92px;left:500.36px;white-space:nowrap">discretion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2415.92px;left:1320.73px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2415.92px;left:1520.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2415.92px;left:1821.09px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2415.92px;left:2741.48px;letter-spacing:-1.1px;white-space:nowrap">manager, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2415.92px;left:3541.99px;white-space:nowrap">taking </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2415.92px;left:4072.32px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2665.92px;left:0px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2665.92px;left:680.45px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2665.92px;left:1310.71px;white-space:nowrap">factors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2665.92px;left:1950.91px;white-space:nowrap">including, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2665.92px;left:2761.44px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2665.92px;left:3061.67px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2665.92px;left:3361.9px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2665.92px;left:3932.05px;white-space:nowrap">to, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2665.92px;left:4182.19px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2915.92px;left:0px;white-space:nowrap">level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2915.92px;left:420.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2915.92px;left:620.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2915.92px;left:920.57px;white-space:nowrap">discount, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2915.92px;left:1691.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2915.92px;left:1991.25px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2915.92px;left:2578.27px;white-space:nowrap">performance, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2915.92px;left:3688.77px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3165.92px;left:0px;white-space:nowrap">holdings, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3165.92px;left:770.54px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3165.92px;left:1491.06px;letter-spacing:-1.48px;white-space:nowrap">history, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3165.92px;left:2107.88px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3165.92px;left:2708px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3165.92px;left:3618.54px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3165.92px;left:4048.77px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3415.92px;left:0px;white-space:nowrap">hand, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3415.92px;left:500.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3415.92px;left:800.68px;white-space:nowrap">availability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3415.92px;left:1681.08px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3415.92px;left:1881.21px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3415.92px;left:2341.49px;white-space:nowrap">attractive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3415.92px;left:3121.79px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3415.92px;left:4132.18px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3665.92px;left:0px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3665.92px;left:690.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3665.92px;left:990.62px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3665.92px;left:1370.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3665.92px;left:1570.96px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3665.92px;left:2161.23px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3665.92px;left:2851.61px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3665.92px;left:3661.88px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3665.92px;left:4182.19px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3915.92px;left:0px;white-space:nowrap">undesirable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3915.92px;left:980.68px;white-space:nowrap">because </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3915.92px;left:1711.23px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3915.92px;left:1911.36px;white-space:nowrap">liquidity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3915.92px;left:2561.66px;white-space:nowrap">concerns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3915.92px;left:3342.04px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3915.92px;left:3552.1px;white-space:nowrap">because </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3915.92px;left:4282.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4165.92px;left:0px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4165.92px;left:380.21px;white-space:nowrap">might </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4165.92px;left:870.38px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4165.92px;left:1490.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4165.92px;left:1790.95px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4165.92px;left:2251.23px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4165.92px;left:2451.36px;white-space:nowrap">adverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4165.92px;left:3141.74px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4165.92px;left:3431.87px;white-space:nowrap">consequences. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4415.92px;left:0px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4415.92px;left:360.18px;white-space:nowrap">repurchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4415.92px;left:1400.71px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4415.92px;left:1921.03px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4415.92px;left:2171.25px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4415.92px;left:2671.52px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4415.92px;left:2921.75px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4415.92px;left:3071.87px;white-space:nowrap">national </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4415.92px;left:3752.4px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4665.92px;left:0px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4665.92px;left:830.65px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4665.92px;left:1030.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4665.92px;left:1331.02px;white-space:nowrap">prevailing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4665.92px;left:2151.47px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4665.92px;left:2751.59px;white-space:nowrap">price, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4665.92px;left:3241.76px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4665.92px;left:3862.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4665.92px;left:4062.22px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4915.92px;left:0px;white-space:nowrap">requirements, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4915.92px;left:1150.49px;white-space:nowrap">federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4915.92px;left:1750.87px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4915.92px;left:2561.13px;white-space:nowrap">laws </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4915.92px;left:2971.23px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4915.92px;left:3321.56px;white-space:nowrap">rules </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4915.92px;left:3761.72px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4915.92px;left:4111.96px;white-space:nowrap">restrict </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5165.92px;left:0px;white-space:nowrap">repurchases, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5165.92px;left:1090.55px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5165.92px;left:1440.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5165.92px;left:1741.11px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5165.92px;left:2241.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5165.92px;left:2441.25px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5165.92px;left:2781.47px;white-space:nowrap">outstanding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5165.92px;left:3762.25px;white-space:nowrap">leverage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5165.92px;left:4502.72px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:0px;white-space:nowrap">borrowing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:840.41px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:1040.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:1340.77px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:1851.06px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:2001.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:2351.43px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:2831.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:3131.98px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5415.92px;left:3719px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5665.92px;left:0px;white-space:nowrap">10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5665.92px;left:410.27px;white-space:nowrap">threshold </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5665.92px;left:1200.76px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5665.92px;left:1380.76px;white-space:nowrap">reached, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5665.92px;left:2131.26px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5665.92px;left:2381.48px;white-space:nowrap">further </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5665.92px;left:2951.72px;white-space:nowrap">repurchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5665.92px;left:3992.26px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5665.92px;left:4472.58px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5915.92px;left:0px;white-space:nowrap">completed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5915.92px;left:880.49px;white-space:nowrap">until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5915.92px;left:1260.7px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5915.92px;left:2151.3px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5915.92px;left:2391.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5915.92px;left:2691.65px;white-space:nowrap">Board. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5915.92px;left:3271.99px;white-space:nowrap">Until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5915.92px;left:3682.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5915.92px;left:3982.32px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6165.92px;left:0px;white-space:nowrap">10% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6165.92px;left:410.27px;white-space:nowrap">threshold </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6165.92px;left:1200.76px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6165.92px;left:1380.76px;white-space:nowrap">reached, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6165.92px;left:2131.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6165.92px;left:2591.54px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6165.92px;left:3692.2px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6165.92px;left:3992.17px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6415.92px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6415.92px;left:300.23px;text-rendering:optimizeLegibility;white-space:nowrap">flexibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6415.92px;left:1030.43px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6415.92px;left:1230.56px;white-space:nowrap">commence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6415.92px;left:2160.88px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6415.92px;left:2661.15px;white-space:nowrap">repurchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6415.92px;left:3701.69px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6415.92px;left:3841.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6415.92px;left:4192.03px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:0px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:140.01px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:320.01px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:1270.55px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:1470.67px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:1720.9px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:2681.54px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:2871.65px;white-space:nowrap">light </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:3251.87px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6665.92px;left:3451.99px;white-space:nowrap">prevailing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6915.92px;left:0px;white-space:nowrap">circumstances. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6915.92px;left:1247.08px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6915.92px;left:1607.26px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6915.92px;left:2107.53px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6915.92px;left:3058.07px;white-space:nowrap">program </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6915.92px;left:3778.33px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6915.92px;left:3958.33px;white-space:nowrap">intended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.92px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.92px;left:200.13px;text-rendering:optimizeLegibility;white-space:nowrap">benefit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.92px;left:790.58px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.92px;left:1881.21px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.92px;left:2121.33px;white-space:nowrap">enabling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.92px;left:2851.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.92px;left:3152.2px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.92px;left:3612.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7165.92px;left:3812.61px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:0px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:590.27px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:790.4px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:940.52px;white-space:nowrap">discount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:1660.96px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:1861.08px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:2161.32px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:2641.55px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:3171.88px;white-space:nowrap">thereby </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7415.92px;left:3822.28px;white-space:nowrap">increasing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7665.92px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7665.92px;left:300.23px;white-space:nowrap">proportionate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7665.92px;left:1411px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7665.92px;left:2051.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7665.92px;left:2251.41px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7665.92px;left:2691.74px;white-space:nowrap">remaining </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7665.92px;left:3532.15px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7665.92px;left:4532.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7915.92px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7915.92px;left:300.23px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8345.92px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8345.92px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8345.92px;left:500.36px;white-space:nowrap">Notes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8345.92px;left:1020.59px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8345.92px;left:1220.71px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8345.92px;left:2321.46px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8345.92px;left:3091.82px;white-space:nowrap">Statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8345.92px;left:4052.29px;white-space:nowrap">section, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8595.92px;left:0px;white-space:nowrap">please </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8595.92px;left:580.43px;white-space:nowrap">see </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8595.92px;left:920.65px;white-space:nowrap">note </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8595.92px;left:1321px;white-space:nowrap">2 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8595.92px;left:1471.11px;white-space:nowrap">(Capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8595.92px;left:2141.37px;white-space:nowrap">Stock) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8595.92px;left:2701.49px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8595.92px;left:2961.56px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8595.92px;left:3782.2px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8845.92px;left:0px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8845.92px;left:810.53px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8845.92px;left:1400.8px;white-space:nowrap">repurchased.</div></div>
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				<div style="background-color:transparent;height:13px;transform:translate(0.000px,0.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1px;position:absolute;top:65px;left:1196px">

				<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4423.05px;white-space:nowrap">consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5196.33px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5714.22px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:17px;left:36px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">8</div></div>
		</div>
		<div style="background-color:transparent;height:13px;left:66px;position:absolute;top:745px;width:1px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:13px;left:72px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="background-image:url(data:image/png;base64,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			<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:629.02px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:3317.32px;white-space:nowrap">Six </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:3601.93px;white-space:nowrap">Months </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:3290.6px;white-space:nowrap">Ended </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:3823.96px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:3432.59px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:3699.47px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:3308.53px;white-space:nowrap">(unaudited)</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:6221.72px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:6604.3px;white-space:nowrap">Ended </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7137.66px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7955.86px;white-space:nowrap">31,</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:4718.03px;white-space:nowrap">2019</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:5870.03px;white-space:nowrap">2018</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:7022.03px;white-space:nowrap">2017</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:8174.03px;white-space:nowrap">2016</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:629.02px;left:9326.03px;white-space:nowrap">2015</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:941.96px;left:0px;white-space:nowrap">Per </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:941.96px;left:302.42px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:941.96px;left:773.83px;white-space:nowrap">operating </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:941.96px;left:1547.19px;white-space:nowrap">performance</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1144.44px;left:0px;white-space:nowrap">(for </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1144.44px;left:284.45px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1144.44px;left:417.89px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1144.44px;left:862.58px;white-space:nowrap">outstanding </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1144.44px;left:1734.38px;white-space:nowrap">throughout </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1144.44px;left:2543.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1336.44px;left:144px;white-space:nowrap">period)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:293.44px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:720.31px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:1191.72px;white-space:nowrap">beginning </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:1930.16px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:2108.05px;white-space:nowrap">period</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:2615.57px;letter-spacing:56.24px;white-space:nowrap">.....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:3830.62px;white-space:nowrap">$21.81</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:4982.62px;white-space:nowrap">$19.01</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:6134.62px;white-space:nowrap">$24.53</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:7286.62px;white-space:nowrap">$19.05</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:8438.63px;white-space:nowrap">$20.51</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1538.92px;left:9590.63px;white-space:nowrap">$26.35</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.41px;left:0px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.41px;left:569.14px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.41px;left:933.59px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1741.41px;left:1751.72px;white-space:nowrap">operations:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:437.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:1255.56px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1947.1px;left:1771.34px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:1868.26px;letter-spacing:51.76px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:4008.59px;white-space:nowrap">0.01</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:5160.59px;white-space:nowrap">0.19</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:6260.72px;white-space:nowrap">0.32</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1947.1px;left:6572.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:7464.59px;white-space:nowrap">0.19</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:8616.59px;white-space:nowrap">0.27</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1943.89px;left:9768.59px;white-space:nowrap">0.30</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:437.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:1042.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:1353.61px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:2136.34px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:2563.3px;white-space:nowrap">(losses)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:4008.59px;white-space:nowrap">2.39</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:5160.59px;white-space:nowrap">4.70</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:6206.03px;white-space:nowrap">(3.76)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:7464.59px;white-space:nowrap">6.98</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:8510.03px;white-space:nowrap">(0.06)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2146.38px;left:9662.03px;white-space:nowrap">(2.16)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:382.42px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:746.88px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:1565px;white-space:nowrap">operations</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:2335.33px;letter-spacing:53.51px;white-space:nowrap">........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:4008.59px;white-space:nowrap">2.40</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:5160.59px;white-space:nowrap">4.89</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:6206.03px;white-space:nowrap">(3.44)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:7464.59px;white-space:nowrap">7.17</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:8616.59px;white-space:nowrap">0.21</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2377.86px;left:9662.03px;white-space:nowrap">(1.86)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2609.35px;left:0px;white-space:nowrap">Less </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2609.35px;left:382.42px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2609.35px;left:1280.63px;white-space:nowrap">from:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:437.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:1255.56px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:1774.85px;letter-spacing:51.56px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:4160px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:5054.03px;white-space:nowrap">(0.30)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:6206.03px;white-space:nowrap">(0.21)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:7358.03px;white-space:nowrap">(0.34)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:8510.03px;white-space:nowrap">(0.29)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2811.83px;left:9662.03px;white-space:nowrap">(0.49)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:437.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:1042.2px;white-space:nowrap">gains</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:1494.61px;letter-spacing:51.1px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:4160px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:5054.03px;white-space:nowrap">(1.79)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:6206.03px;white-space:nowrap">(1.90)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:7358.03px;white-space:nowrap">(1.37)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:8510.03px;white-space:nowrap">(1.41)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3014.32px;left:9662.03px;white-space:nowrap">(3.52)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.8px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.8px;left:382.42px;white-space:nowrap">distributions</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.8px;left:1307.78px;letter-spacing:50.88px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.8px;left:4160px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.8px;left:5054.03px;white-space:nowrap">(2.09)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.8px;left:6217.91px;letter-spacing:-1.98px;white-space:nowrap">(2.11)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.8px;left:7358.03px;white-space:nowrap">(1.71)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.8px;left:8510.03px;white-space:nowrap">(1.70)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3245.8px;left:9662.03px;white-space:nowrap">(4.01)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.28px;left:144px;white-space:nowrap">Repurchase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.28px;left:1051.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.28px;left:1229.08px;white-space:nowrap">shares</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.28px;left:4160px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.28px;left:5239.44px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3480.49px;left:5425.36px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.28px;left:6312.59px;white-space:nowrap">0.03</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.28px;left:7464.59px;white-space:nowrap">0.02</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.28px;left:8616.59px;white-space:nowrap">0.03</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3477.28px;left:9768.59px;white-space:nowrap">0.03</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:293.44px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:720.31px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:1191.72px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:1503.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:1681.02px;white-space:nowrap">period</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:2148.5px;letter-spacing:52.6px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:3830.62px;white-space:nowrap">$24.21</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:4982.62px;white-space:nowrap">$21.81</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:6134.62px;white-space:nowrap">$19.01</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:7286.62px;white-space:nowrap">$24.53</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:8438.63px;white-space:nowrap">$19.05</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3708.77px;left:9590.63px;white-space:nowrap">$20.51</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:0px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:533.44px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:1004.84px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:1316.25px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:1494.14px;white-space:nowrap">period</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3972.46px;left:1938.91px;white-space:nowrap">d</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:2055.09px;letter-spacing:52.27px;white-space:nowrap">...........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:3830.62px;white-space:nowrap">$20.18</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:4982.62px;white-space:nowrap">$19.45</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:6134.62px;white-space:nowrap">$17.00</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:7286.62px;white-space:nowrap">$21.51</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:8438.63px;white-space:nowrap">$16.38</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3969.25px;left:9590.63px;white-space:nowrap">$17.81</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.19px;left:0px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.19px;left:382.42px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.19px;left:844.84px;white-space:nowrap">(based </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.19px;left:1378.52px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.19px;left:1600.94px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.19px;left:2134.38px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4288.19px;left:2561.33px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:0px;white-space:nowrap">share)</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4483.4px;left:453.52px;white-space:nowrap">e</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:560.48px;letter-spacing:50.31px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:3866.33px;white-space:nowrap">3.75%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:4929.34px;white-space:nowrap">27.55%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:5986.66px;letter-spacing:-1.48px;white-space:nowrap">(11.87)%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:7233.34px;white-space:nowrap">42.06%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:8474.33px;white-space:nowrap">1.03%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4480.19px;left:9519.77px;white-space:nowrap">(8.63)%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4770.13px;left:0px;white-space:nowrap">Ratios </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4770.13px;left:533.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4770.13px;left:728.91px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4770.13px;left:1378.28px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4770.13px;left:1662.73px;white-space:nowrap">assets</div><div style="font-family:Arial, sans-serif;font-size:93.3px;font-weight:bold;position:absolute;top:4773.34px;left:2160.94px;white-space:nowrap">f</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.62px;left:0px;white-space:nowrap">Expenses </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.62px;left:747.11px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.62px;left:1245.23px;white-space:nowrap">waiver </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.62px;left:1752.03px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.62px;left:2063.44px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4972.62px;left:2801.56px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.62px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.62px;left:653.89px;letter-spacing:50.36px;white-space:nowrap">..........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.62px;left:3866.33px;white-space:nowrap">1.35%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.62px;left:5018.33px;white-space:nowrap">1.35%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.62px;left:6170.33px;white-space:nowrap">1.33%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.62px;left:7322.33px;white-space:nowrap">1.36%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.62px;left:8474.33px;white-space:nowrap">1.35%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5164.62px;left:9626.33px;white-space:nowrap">1.36%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.1px;left:0px;white-space:nowrap">Expenses </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.1px;left:747.11px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.1px;left:1013.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.1px;left:1191.88px;white-space:nowrap">waiver </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.1px;left:1698.67px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.1px;left:2010.08px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5367.1px;left:2748.2px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:653.89px;letter-spacing:50.36px;white-space:nowrap">..........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:3866.33px;white-space:nowrap">1.34%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:5018.33px;white-space:nowrap">1.34%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:6118.45px;white-space:nowrap">1.33%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5562.31px;left:6572.12px;white-space:nowrap">g </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:7244.53px;white-space:nowrap">1.35%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5562.31px;left:7724.12px;white-space:nowrap">h</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:8344.66px;white-space:nowrap">1.35%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5562.31px;left:8798.33px;white-space:nowrap">g,h </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5559.1px;left:9574.45px;white-space:nowrap">1.36%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5562.31px;left:10028.12px;white-space:nowrap">g</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:293.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:1111.56px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:1681.44px;letter-spacing:51.39px;white-space:nowrap">...............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:3866.33px;white-space:nowrap">0.07%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:5018.33px;white-space:nowrap">0.88%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:6118.45px;white-space:nowrap">1.34%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5764.8px;left:6572.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:7322.33px;white-space:nowrap">0.84%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:8474.33px;white-space:nowrap">1.35%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5761.59px;left:9626.33px;white-space:nowrap">1.15%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6051.53px;left:0px;white-space:nowrap">Supplemental </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6051.53px;left:1093.52px;white-space:nowrap">data</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:293.44px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:844.77px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:1156.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:1334.06px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:1823.28px;letter-spacing:-0.41px;white-space:nowrap">(000&#8217;s)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:2335.33px;letter-spacing:53.51px;white-space:nowrap">........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:3652.66px;white-space:nowrap">$818,326</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:4804.66px;white-space:nowrap">$737,427</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:5956.66px;white-space:nowrap">$643,788</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:7108.66px;white-space:nowrap">$837,967</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:8260.66px;white-space:nowrap">$654,805</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6254.01px;left:9412.66px;white-space:nowrap">$713,772</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:0px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:631.41px;white-space:nowrap">turnover </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:1262.81px;white-space:nowrap">rate</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:1588.02px;letter-spacing:51.24px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:3777.34px;white-space:nowrap">30.19%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:4929.34px;white-space:nowrap">36.70%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:6081.34px;white-space:nowrap">14.06%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:7233.34px;white-space:nowrap">50.93%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:8364.62px;white-space:nowrap">46.85%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6459.71px;left:8907.28px;white-space:nowrap">i </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6456.5px;left:9516.62px;white-space:nowrap">71.98%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6459.71px;left:10059.28px;white-space:nowrap">i</div></div>
		</div>
		<div style="height:102px;left:36px;position:absolute;top:623px;width:503px">
			<div style="width:10080px;height:1942px;position:absolute;top:1.86px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">





			<div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:22.81px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:18.59px;left:42.54px;white-space:nowrap">Based</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:18.59px;left:451.06px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:18.59px;left:633.48px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:18.59px;left:1144.1px;white-space:nowrap">daily </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:18.59px;left:1450.43px;white-space:nowrap">shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:18.59px;left:1880.74px;white-space:nowrap">outstanding.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:219.3px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:42.54px;white-space:nowrap">Net</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:283.17px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:954.18px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:1413.63px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:1639.73px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:2004.42px;white-space:nowrap">includes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:2522.31px;white-space:nowrap">approximately </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:3375.59px;white-space:nowrap">$0.07 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:3740.43px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:3966.52px;white-space:nowrap">share </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:4331.21px;white-space:nowrap">related </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:4768.87px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:4914.81px;letter-spacing:0px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:5374.26px;white-space:nowrap">received </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:5906.68px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:6045.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:6264.18px;white-space:nowrap">form </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:6563.09px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:6709.02px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:6818.48px;white-space:nowrap">special </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:7263.4px;white-space:nowrap">dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:7788.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:7927.23px;white-space:nowrap">connection </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:8598.4px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:8868.17px;white-space:nowrap">certain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:215.08px;left:9298.48px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:0px;white-space:nowrap">holdings. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:561.72px;white-space:nowrap">Excluding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:1167.11px;white-space:nowrap">this </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:1407.81px;white-space:nowrap">amount, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:1918.44px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:2137.34px;white-space:nowrap">ratio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:2429.06px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:2575px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:2793.91px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:3464.92px;white-space:nowrap">income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:3924.38px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:4070.31px;white-space:nowrap">average </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:4580.94px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:4799.84px;white-space:nowrap">assets </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:5215.63px;white-space:nowrap">would </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:5594.84px;white-space:nowrap">have </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:5915.86px;white-space:nowrap">been </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:407.08px;left:6244.22px;white-space:nowrap">1.05%.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:603.3px;left:0px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:599.08px;left:38.26px;white-space:nowrap">Amount</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:599.08px;left:526.93px;white-space:nowrap">rounds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:599.08px;left:964.59px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:599.08px;left:1110.52px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:599.08px;left:1380.37px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:599.08px;left:1672.24px;white-space:nowrap">$0.01 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:599.08px;left:2037.09px;white-space:nowrap">per </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:599.08px;left:2263.18px;white-space:nowrap">share.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:795.3px;left:0px;white-space:nowrap">d</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:42.54px;white-space:nowrap">Based</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:451.06px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:633.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:852.38px;white-space:nowrap">last </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:1093.09px;white-space:nowrap">sale </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:1370.27px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:1552.7px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:1771.6px;white-space:nowrap">New </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:2068.17px;letter-spacing:-2.41px;white-space:nowrap">York </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:2362.38px;white-space:nowrap">Stock </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:791.08px;left:2727.07px;white-space:nowrap">Exchange.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:991.78px;left:0px;white-space:nowrap">e</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:42.54px;letter-spacing:-2.91px;white-space:nowrap">Total</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:356.21px;white-space:nowrap">return </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:735.43px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:866.68px;white-space:nowrap">not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:1085.59px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:1756.76px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:1946.37px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:2413.17px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:2683.01px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:2974.88px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:987.56px;left:3230.27px;letter-spacing:-1.44px;white-space:nowrap">year.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1188.27px;left:0px;white-space:nowrap">f</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1184.05px;left:21.27px;white-space:nowrap">Ratios</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1184.05px;left:429.63px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1184.05px;left:655.72px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1184.05px;left:1326.9px;white-space:nowrap">for </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1184.05px;left:1516.5px;white-space:nowrap">periods </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1184.05px;left:1983.3px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1184.05px;left:2253.15px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1184.05px;left:2545.02px;white-space:nowrap">one </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1184.05px;left:2800.41px;letter-spacing:-1.44px;white-space:nowrap">year.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1384.75px;left:0px;white-space:nowrap">g</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:42.54px;text-rendering:optimizeLegibility;white-space:nowrap">Benefit</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:487.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:633.48px;white-space:nowrap">waiver </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:1049.02px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:1304.42px;white-space:nowrap">payments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:1909.81px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:2084.88px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:2602.77px;white-space:nowrap">rounds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:3040.43px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:3186.37px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:3456.21px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1380.53px;left:3748.09px;white-space:nowrap">0.01%.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1576.75px;left:0px;white-space:nowrap">h</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1572.53px;left:42.54px;text-rendering:optimizeLegibility;white-space:nowrap">Benefit</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1572.53px;left:487.54px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1572.53px;left:633.48px;white-space:nowrap">expense </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1572.53px;left:1166.06px;white-space:nowrap">reduction </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1572.53px;left:1742.31px;white-space:nowrap">rounds </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1572.53px;left:2179.96px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1572.53px;left:2325.9px;white-space:nowrap">less </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1572.53px;left:2595.74px;white-space:nowrap">than </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1572.53px;left:2887.62px;white-space:nowrap">0.01%.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:1768.75px;left:0px;white-space:nowrap">i</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:16.99px;white-space:nowrap">Excludes</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:585.9px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:804.8px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:1154.96px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:1300.9px;white-space:nowrap">portfolio </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:1804.18px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:2394.88px;white-space:nowrap">associated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:3058.71px;white-space:nowrap">with </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:3328.47px;white-space:nowrap">intercompany </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:1764.53px;left:4152.61px;white-space:nowrap">transactions.</div></div>
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				<div style="background-color:transparent;height:13px;transform:translate(0.000px,0.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1px;position:absolute;top:65px;left:7986px">

				<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2799.62px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3062.2px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3944.78px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4302.28px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4528.37px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4710.79px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5177.59px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5440.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5586.11px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5943.61px;white-space:nowrap">consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6716.89px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:7234.78px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:17px;left:522px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:644.15px;white-space:nowrap">9</div></div>
		</div>
		<div style="background-color:transparent;height:13px;left:527px;position:absolute;top:745px;width:1px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:13px;left:514px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="background-image:url(data:image/png;base64,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			<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:432px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:6010.72px;white-space:nowrap">Country</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7530.33px;white-space:nowrap">Shares</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:8451.51px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:234.11px;left:432px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:307.31px;left:432px;white-space:nowrap">Common </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:307.31px;left:1354.17px;white-space:nowrap">Stocks </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:307.31px;left:2065.59px;white-space:nowrap">97.6% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:432px;white-space:nowrap">Air </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:698.72px;white-space:nowrap">Freight </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:1285.36px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:1445.36px;white-space:nowrap">Logistics </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:2192.16px;white-space:nowrap">0.7%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:751.92px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:432px;white-space:nowrap">SF </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:680.91px;white-space:nowrap">Holding </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:1267.94px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:1561.38px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:1908.33px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:2020.02px;letter-spacing:51.4px;white-space:nowrap">..................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:7485.64px;white-space:nowrap">747,800</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:9279.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:9368.2px;white-space:nowrap">5,799,825</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1047.04px;left:432px;white-space:nowrap">Banks </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1047.04px;left:956.69px;white-space:nowrap">5.2%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1246.73px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1243.52px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1243.52px;left:894.5px;white-space:nowrap">Construction </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1243.52px;left:1837.16px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1243.52px;left:2246.3px;white-space:nowrap">Corp., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1243.52px;left:2717.63px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1243.52px;left:2860.74px;letter-spacing:52.28px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1243.52px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1243.52px;left:7352.2px;white-space:nowrap">3,875,500</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1243.52px;left:9368.2px;white-space:nowrap">3,469,187</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1440px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1440px;left:894.5px;white-space:nowrap">Construction </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1440px;left:1837.16px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1440px;left:2246.3px;white-space:nowrap">Corp., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1440px;left:2726.45px;white-space:nowrap">H</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1440px;left:2860.74px;letter-spacing:52.28px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1440px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1440px;left:7352.2px;white-space:nowrap">6,359,272</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1440px;left:9368.2px;white-space:nowrap">5,172,491</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1639.7px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:894.5px;white-space:nowrap">Merchants </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:1685.91px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:2095.05px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:2388.48px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:2735.44px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:2860.74px;letter-spacing:52.28px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:7352.2px;white-space:nowrap">1,724,246</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1636.49px;left:9368.2px;white-space:nowrap">8,264,854</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:894.5px;white-space:nowrap">Merchants </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:1685.91px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:2095.05px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:2388.48px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:2744.27px;white-space:nowrap">H</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:2860.74px;letter-spacing:52.28px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:7352.2px;white-space:nowrap">3,850,500</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1832.97px;left:9279.22px;white-space:nowrap">17,843,654</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2032.67px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:432px;white-space:nowrap">Industrial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:1125.67px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:1276.84px;white-space:nowrap">Commercial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:2174.73px;white-space:nowrap">Bank </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:2583.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:2761.77px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:3224.27px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:3571.22px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:3701.46px;letter-spacing:54.15px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:7263.22px;white-space:nowrap">10,741,918</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2029.46px;left:9368.2px;white-space:nowrap">7,584,627</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2313.22px;left:9279.22px;white-space:nowrap">42,334,813</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2611.55px;left:432px;white-space:nowrap">Beverages </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2611.55px;left:1285.91px;white-space:nowrap">1.9%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:894.5px;white-space:nowrap">Resources </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:1703.72px;white-space:nowrap">Beer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:2086.14px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:2753.17px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:3046.61px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:3327.81px;letter-spacing:53.11px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:7352.2px;white-space:nowrap">1,082,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2808.03px;left:9368.2px;white-space:nowrap">6,039,686</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3007.73px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3004.52px;left:432px;white-space:nowrap">Kweichow </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3004.52px;left:1196.77px;white-space:nowrap">Moutai </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3004.52px;left:1721.45px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3004.52px;left:2014.89px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3004.52px;left:2361.84px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3004.52px;left:2487.09px;letter-spacing:51.82px;white-space:nowrap">.............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3004.52px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3004.52px;left:7574.63px;white-space:nowrap">46,445</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3004.52px;left:9368.2px;white-space:nowrap">9,656,866</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3288.28px;left:9279.22px;white-space:nowrap">15,696,552</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3586.61px;left:432px;white-space:nowrap">Biotechnology </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3586.61px;left:1587.55px;white-space:nowrap">4.1%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3786.3px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.09px;left:432px;white-space:nowrap">BeiGene </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.09px;left:1099.11px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.09px;left:1366.13px;letter-spacing:50.98px;white-space:nowrap">.........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.09px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.09px;left:7485.64px;white-space:nowrap">585,700</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3783.09px;left:9368.2px;white-space:nowrap">8,616,595</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3982.79px;left:307.57px;white-space:nowrap">b,c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3979.58px;left:432px;white-space:nowrap">I-Mab, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3979.58px;left:921.06px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3979.58px;left:1272.72px;letter-spacing:50.94px;white-space:nowrap">..........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3979.58px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3979.58px;left:7574.63px;white-space:nowrap">18,922</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3979.58px;left:9501.64px;white-space:nowrap">566,903</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4179.27px;left:224.53px;white-space:nowrap">b,d,e</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:432px;white-space:nowrap">InnoCare </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:1134.66px;white-space:nowrap">Pharma </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:1739.34px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:2095.13px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:2557.7px;white-space:nowrap">Reg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:2895.67px;white-space:nowrap">S</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:3047.57px;letter-spacing:52.57px;white-space:nowrap">.......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:7352.2px;white-space:nowrap">2,028,400</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4176.06px;left:9368.2px;white-space:nowrap">3,854,148</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4375.75px;left:224.53px;white-space:nowrap">b,d,e</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:432px;white-space:nowrap">Innovent </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:1090.28px;white-space:nowrap">Biologics, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:1819.5px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:2166.3px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:2628.88px;white-space:nowrap">Reg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:2966.84px;white-space:nowrap">S</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:3140.98px;letter-spacing:52.73px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:7352.2px;white-space:nowrap">2,356,900</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4372.54px;left:9279.22px;white-space:nowrap">17,541,582</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4572.24px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4569.03px;left:432px;white-space:nowrap">Jinyu </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4569.03px;left:849.97px;letter-spacing:-1.18px;white-space:nowrap">Bio-Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4569.03px;left:1988.41px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4569.03px;left:2281.84px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4569.03px;left:2628.8px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4569.03px;left:2767.33px;letter-spacing:52.15px;white-space:nowrap">..........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4569.03px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4569.03px;left:7485.64px;white-space:nowrap">806,700</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4569.03px;left:9368.2px;white-space:nowrap">3,184,645</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4852.79px;left:9279.22px;white-space:nowrap">33,763,873</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5151.12px;left:432px;white-space:nowrap">Chemicals </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5151.12px;left:1276.84px;white-space:nowrap">1.8%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5350.81px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:432px;white-space:nowrap">Jiangsu </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:1025.05px;letter-spacing:-1.32px;white-space:nowrap">Yangnong </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:1787.23px;white-space:nowrap">Chemical </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:2498.56px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:2792px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:3138.95px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:3327.81px;letter-spacing:53.11px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:7485.64px;white-space:nowrap">277,900</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5347.6px;left:9368.2px;white-space:nowrap">3,257,948</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5547.3px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:432px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:1197.08px;white-space:nowrap">Capchem </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:1923.41px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:2777.31px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:3070.75px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:3417.7px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:3515.59px;letter-spacing:53.57px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:7352.2px;white-space:nowrap">1,218,410</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5544.09px;left:9368.2px;white-space:nowrap">9,549,228</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5743.78px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:432px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:1197.08px;white-space:nowrap">Senior </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:1701.14px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:2555.05px;white-space:nowrap">Material </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:3168.56px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:3462px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:3808.95px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:3981.7px;letter-spacing:55.34px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:7485.64px;white-space:nowrap">685,853</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5740.57px;left:9368.2px;white-space:nowrap">1,814,252</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6024.34px;left:9279.22px;white-space:nowrap">14,621,428</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6322.66px;left:432px;white-space:nowrap">Commercial </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6322.66px;left:1392.39px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6322.66px;left:2095.2px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6322.66px;left:2255.2px;white-space:nowrap">Supplies </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6322.66px;left:2966.45px;white-space:nowrap">2.4%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6522.36px;left:302.33px;white-space:nowrap">d,e</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:432px;white-space:nowrap">A-Living </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:1054.5px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:1712.47px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:2005.91px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:2361.69px;white-space:nowrap">H, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:2566.14px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:3028.72px;white-space:nowrap">Reg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:3366.69px;white-space:nowrap">S</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:3514.63px;letter-spacing:53.57px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:7352.2px;white-space:nowrap">2,861,500</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6519.15px;left:9279.22px;white-space:nowrap">14,542,545</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6718.84px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:432px;white-space:nowrap">Beijing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:956.77px;white-space:nowrap">Originwater </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:1816.38px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:2670.28px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:2963.72px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:3310.67px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:3421.22px;letter-spacing:53.33px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:7352.2px;white-space:nowrap">4,295,700</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6715.63px;left:9368.2px;white-space:nowrap">4,955,829</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6999.39px;left:9279.22px;white-space:nowrap">19,498,374</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7297.72px;left:432px;white-space:nowrap">Construction </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7297.72px;left:1471.92px;white-space:nowrap">Materials </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7297.72px;left:2210.05px;white-space:nowrap">2.7%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:432px;white-space:nowrap">Anhui </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:885.67px;white-space:nowrap">Conch </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:1392.63px;white-space:nowrap">Cement </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:1997.31px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:2290.75px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:2646.53px;white-space:nowrap">H</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:2767.33px;letter-spacing:52.15px;white-space:nowrap">..........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:7352.2px;white-space:nowrap">1,615,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7494.2px;left:9279.22px;white-space:nowrap">10,943,412</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7693.9px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:432px;white-space:nowrap">Beijing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:956.77px;white-space:nowrap">Oriental </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:1558.56px;letter-spacing:-1.26px;white-space:nowrap">Yuhong </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:2145.83px;letter-spacing:-0.54px;white-space:nowrap">Waterproof </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:2972.86px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:3826.77px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:4120.2px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:4467.16px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:4635.59px;letter-spacing:62.79px;white-space:nowrap">......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:7352.2px;white-space:nowrap">1,876,200</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7690.69px;left:9279.22px;white-space:nowrap">10,833,703</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7974.45px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">21,777,115</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8272.78px;left:432px;white-space:nowrap">Containers </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8272.78px;left:1312.16px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8272.78px;left:1472.16px;white-space:nowrap">Packaging </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8272.78px;left:2316.92px;white-space:nowrap">1.5%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8472.47px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:432px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:1194.19px;letter-spacing:-0.58px;white-space:nowrap">YUTO </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:1680.2px;white-space:nowrap">Packaging </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:2468.95px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:3322.86px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:3616.3px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:3963.25px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:4075.11px;letter-spacing:55.87px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:7352.2px;white-space:nowrap">1,457,700</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8469.26px;left:9368.2px;white-space:nowrap">5,700,850</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8668.96px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:432px;white-space:nowrap">Zhejiang </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:1090.2px;white-space:nowrap">Jiemei </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:1597px;white-space:nowrap">Electronic </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:2343.95px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:2492.23px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:3346.14px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:3639.58px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:3986.53px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:4168.52px;letter-spacing:56.5px;white-space:nowrap">...........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:7352.2px;white-space:nowrap">1,581,200</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8665.75px;left:9368.2px;white-space:nowrap">6,746,563</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8949.51px;left:9279.22px;white-space:nowrap">12,447,413</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9247.84px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9247.84px;left:1294.58px;white-space:nowrap">Consumer </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9247.84px;left:2130.28px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9247.84px;left:2833.09px;white-space:nowrap">4.8%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9447.53px;left:307.57px;white-space:nowrap">b,c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9444.32px;left:432px;white-space:nowrap">GSX </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9444.32px;left:811.45px;letter-spacing:-1.97px;white-space:nowrap">Techedu, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9444.32px;left:1505.28px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9444.32px;left:1843.25px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9444.32px;left:2206.85px;letter-spacing:51.55px;white-space:nowrap">................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9444.32px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9444.32px;left:7485.64px;white-space:nowrap">279,862</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9444.32px;left:9279.22px;white-space:nowrap">16,788,921</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9644.02px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:432px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:796.53px;white-space:nowrap">Oriental </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:1401.22px;white-space:nowrap">Education </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:2157.31px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:2305.59px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:3159.5px;white-space:nowrap">Group, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:3693.09px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:4031.06px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:4448.76px;letter-spacing:59.33px;white-space:nowrap">........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:7485.64px;white-space:nowrap">174,693</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9640.81px;left:9279.22px;white-space:nowrap">22,750,270</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9924.57px;left:9279.22px;white-space:nowrap">39,539,191</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10222.9px;left:432px;white-space:nowrap">Electrical </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10222.9px;left:1188.02px;white-space:nowrap">Equipment </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10222.9px;left:2059.11px;white-space:nowrap">1.3%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10422.59px;left:302.33px;white-space:nowrap">a,b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10419.38px;left:432px;white-space:nowrap">Hongfa </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10419.38px;left:989.5px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10419.38px;left:1843.41px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10419.38px;left:2136.84px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10419.38px;left:2483.8px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10419.38px;left:2581.69px;letter-spacing:51.92px;white-space:nowrap">............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10419.38px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10419.38px;left:7352.2px;white-space:nowrap">1,238,435</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10419.38px;left:9368.2px;white-space:nowrap">7,059,060</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10619.07px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.86px;left:432px;white-space:nowrap">Sunwoda </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.86px;left:1143.64px;white-space:nowrap">Electronic </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.86px;left:1890.59px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.86px;left:2184.03px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.86px;left:2530.98px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.86px;left:2673.91px;letter-spacing:52.03px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.86px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.86px;left:7352.2px;white-space:nowrap">1,334,600</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10615.86px;left:9368.2px;white-space:nowrap">3,596,165</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10899.63px;left:9279.22px;white-space:nowrap">10,655,225</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11197.95px;left:432px;white-space:nowrap">Electronic </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11197.95px;left:1250.05px;white-space:nowrap">Equipment, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11197.95px;left:2165.59px;white-space:nowrap">Instruments </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11197.95px;left:3125.75px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11197.95px;left:3285.75px;white-space:nowrap">Components </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11197.95px;left:4307.94px;white-space:nowrap">3.9%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11394.44px;left:432px;white-space:nowrap">Flytech </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11394.44px;left:989.27px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11394.44px;left:1843.17px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11394.44px;left:2136.61px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11394.44px;left:2487.09px;letter-spacing:51.82px;white-space:nowrap">.............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11394.44px;left:6125.95px;letter-spacing:-2.96px;white-space:nowrap">Taiwan</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11394.44px;left:7485.64px;white-space:nowrap">405,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11394.44px;left:9501.64px;white-space:nowrap">980,178</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11594.13px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:432px;white-space:nowrap">Hangzhou </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:1205.91px;white-space:nowrap">Hikvision </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:1890.52px;white-space:nowrap">Digital </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:2376.69px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:3230.59px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:3524.03px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:3870.98px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:3981.7px;letter-spacing:55.34px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:7485.64px;white-space:nowrap">556,800</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11590.92px;left:9368.2px;white-space:nowrap">2,408,689</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11790.62px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:432px;white-space:nowrap">Luxshare </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:1134.66px;white-space:nowrap">Precision </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:1837.16px;white-space:nowrap">Industry </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:2450.75px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:2744.19px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:3091.14px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:3234.39px;letter-spacing:52.91px;white-space:nowrap">.....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:7352.2px;white-space:nowrap">1,360,238</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:9368.2px;white-space:nowrap">9,957,349</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11987.1px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:432px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:1197.08px;white-space:nowrap">Kinwong </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:1855.28px;white-space:nowrap">Electronic </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:2602.23px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:2895.67px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:3242.63px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:3421.22px;letter-spacing:53.33px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:7485.64px;white-space:nowrap">840,364</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11983.89px;left:9368.2px;white-space:nowrap">4,201,901</div></div>
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				<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4423.05px;white-space:nowrap">consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5196.33px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5714.22px;white-space:nowrap">statements.</div></div>
		</div>
		<div style="height:17px;left:36px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">10</div></div>
		</div>
		<div style="background-color:transparent;height:13px;left:66px;position:absolute;top:745px;width:1px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:13px;left:72px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="background-image:url(data:image/png;base64,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			<div style="width:10080px;height:12258px;position:absolute;top:1.32px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">








































































































































































































			<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:432px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:6010.72px;white-space:nowrap">Country</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7530.33px;white-space:nowrap">Shares</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:8451.51px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:234.11px;left:432px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:307.31px;left:432px;white-space:nowrap">Common </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:307.31px;left:1354.17px;white-space:nowrap">Stocks </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:341.18px;left:2065.59px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:432px;white-space:nowrap">Electronic </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:1250.05px;white-space:nowrap">Equipment, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:2165.59px;white-space:nowrap">Instruments </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:3125.75px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:3285.75px;white-space:nowrap">Components </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:552.23px;left:4307.94px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:432px;white-space:nowrap">Sunny </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:930.13px;white-space:nowrap">Optical </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:1469.66px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:2323.56px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:2812.7px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:3106.14px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:3421.22px;letter-spacing:53.33px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:7485.64px;white-space:nowrap">437,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:9279.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:9368.2px;white-space:nowrap">7,033,246</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:948.41px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:432px;letter-spacing:-0.48px;white-space:nowrap">Wuhan </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:980.52px;white-space:nowrap">Raycus </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:1558.48px;white-space:nowrap">Fiber </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:1967.47px;white-space:nowrap">Laser </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:2409.27px;letter-spacing:-1.36px;white-space:nowrap">Technologies </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:3387.7px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:3681.14px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:4028.09px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:4168.52px;letter-spacing:56.5px;white-space:nowrap">...........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:7485.64px;white-space:nowrap">202,700</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:9368.2px;white-space:nowrap">3,132,889</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1144.89px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:432px;white-space:nowrap">WUS </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:849.73px;white-space:nowrap">Printed </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:1401.14px;white-space:nowrap">Circuit </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:1898.95px;white-space:nowrap">Kunshan </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:2575.05px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:2868.48px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:3215.44px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:3327.81px;letter-spacing:53.11px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:7352.2px;white-space:nowrap">1,185,070</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1141.68px;left:9368.2px;white-space:nowrap">4,212,100</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1425.44px;left:9279.22px;white-space:nowrap">31,926,352</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1723.77px;left:432px;white-space:nowrap">Entertainment </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1723.77px;left:1552.16px;white-space:nowrap">0.8%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1923.46px;left:385.36px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1920.25px;left:432px;white-space:nowrap">NetEase</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1920.25px;left:1045.67px;white-space:nowrap">, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1920.25px;left:1134.58px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1920.25px;left:1459.54px;letter-spacing:51.03px;white-space:nowrap">........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1920.25px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1920.25px;left:7485.64px;white-space:nowrap">382,400</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1920.25px;left:9368.2px;white-space:nowrap">6,591,615</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2218.58px;left:432px;white-space:nowrap">Food </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2218.58px;left:867.39px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2218.58px;left:1027.39px;white-space:nowrap">Staples </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2218.58px;left:1640.98px;white-space:nowrap">Retailing </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2218.58px;left:2361.06px;white-space:nowrap">0.8%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2418.27px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:432px;white-space:nowrap">Laobaixing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:1250.44px;white-space:nowrap">Pharmacy </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:2015.13px;white-space:nowrap">Chain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:2477.63px;white-space:nowrap">JSC, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:2859.97px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:3047.57px;letter-spacing:52.57px;white-space:nowrap">.......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:7485.64px;white-space:nowrap">468,900</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:9368.2px;white-space:nowrap">6,645,759</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2713.39px;left:432px;white-space:nowrap">Food </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2713.39px;left:867.39px;white-space:nowrap">Products </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2713.39px;left:1605.28px;white-space:nowrap">1.5%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2913.08px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:432px;white-space:nowrap">Inner </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:841.14px;white-space:nowrap">Mongolia </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:1532px;letter-spacing:-1.19px;white-space:nowrap">Yili </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:1783.88px;white-space:nowrap">Industrial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:2477.55px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:2966.69px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:3260.13px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:3607.08px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:3794.87px;letter-spacing:54.49px;white-space:nowrap">...............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:7485.64px;white-space:nowrap">946,500</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2909.87px;left:9368.2px;white-space:nowrap">4,184,383</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3109.57px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:432px;white-space:nowrap">Jonjee </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:947.94px;letter-spacing:-2.22px;white-space:nowrap">Hi-Tech </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:1534.73px;white-space:nowrap">Industrial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:2219.58px;white-space:nowrap">And </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:2548.72px;white-space:nowrap">Commercial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:3446.61px;white-space:nowrap">Holding </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:4033.64px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:4327.08px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:4674.03px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:4822.42px;letter-spacing:69.7px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:7485.64px;white-space:nowrap">971,300</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3106.36px;left:9368.2px;white-space:nowrap">8,063,878</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3390.12px;left:9279.22px;white-space:nowrap">12,248,261</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3688.45px;left:432px;white-space:nowrap">Health </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3688.45px;left:965.44px;white-space:nowrap">Care </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3688.45px;left:1365.67px;white-space:nowrap">Equipment </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3688.45px;left:2236.77px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3688.45px;left:2396.77px;white-space:nowrap">Supplies </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3688.45px;left:3108.02px;white-space:nowrap">1.0%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:3888.14px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3884.93px;left:432px;white-space:nowrap">Autobio </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3884.93px;left:1019.11px;white-space:nowrap">Diagnostics </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3884.93px;left:1890.59px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3884.93px;left:2184.03px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3884.93px;left:2530.98px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3884.93px;left:2673.91px;letter-spacing:52.03px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3884.93px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3884.93px;left:7485.64px;white-space:nowrap">121,300</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3884.93px;left:9368.2px;white-space:nowrap">2,789,069</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4084.63px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:432px;white-space:nowrap">Shanghai </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:1152.63px;white-space:nowrap">Kinetic </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:1677.31px;white-space:nowrap">Medical </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:2273.09px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:2566.53px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:2913.48px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:3047.57px;letter-spacing:52.57px;white-space:nowrap">.......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:7485.64px;white-space:nowrap">937,300</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4081.42px;left:9368.2px;white-space:nowrap">3,861,877</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4281.11px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:432px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:1197.08px;white-space:nowrap">Mindray </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:1810.59px;white-space:nowrap">Bio-Medical </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:2690.91px;white-space:nowrap">Electronics </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:3517.86px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:3811.3px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:4158.25px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:4261.94px;letter-spacing:57.26px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:7574.63px;white-space:nowrap">45,900</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4277.9px;left:9368.2px;white-space:nowrap">1,986,084</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4561.67px;left:9368.2px;white-space:nowrap">8,637,030</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4859.99px;left:432px;white-space:nowrap">Health </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4859.99px;left:965.44px;white-space:nowrap">Care </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4859.99px;left:1365.67px;white-space:nowrap">Providers </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4859.99px;left:2148.25px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4859.99px;left:2308.25px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4859.99px;left:3011.06px;white-space:nowrap">0.8%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5059.69px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:432px;white-space:nowrap">Meinian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:1036.77px;white-space:nowrap">Onehealth </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:1819.58px;white-space:nowrap">Healthcare </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:2637.78px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:3304.81px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:3598.25px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:3945.2px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:4075.11px;letter-spacing:55.87px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:7364.08px;letter-spacing:-1.32px;white-space:nowrap">2,118,139</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5056.47px;left:9368.2px;white-space:nowrap">4,337,579</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.96px;left:432px;white-space:nowrap">Sinopharm </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.96px;left:1250.2px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.96px;left:1739.34px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.96px;left:2032.78px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.96px;left:2388.56px;white-space:nowrap">H</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.96px;left:2580.5px;letter-spacing:51.92px;white-space:nowrap">............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.96px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.96px;left:7485.64px;white-space:nowrap">898,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5252.96px;left:9368.2px;white-space:nowrap">2,308,705</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5536.72px;left:9368.2px;white-space:nowrap">6,646,284</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5835.05px;left:432px;white-space:nowrap">Hotels, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5835.05px;left:1009.89px;white-space:nowrap">Restaurants </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5835.05px;left:1979.11px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5835.05px;left:2139.11px;white-space:nowrap">Leisure </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5835.05px;left:2752.7px;white-space:nowrap">1.5%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:6034.74px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:432px;white-space:nowrap">Songcheng </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:1286.06px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:2246.45px;white-space:nowrap">Development </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:3233.64px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:3527.08px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:3874.03px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:3981.7px;letter-spacing:55.34px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:7352.2px;white-space:nowrap">1,942,700</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6031.53px;left:9368.2px;white-space:nowrap">4,776,778</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6228.02px;left:432px;letter-spacing:-2.21px;white-space:nowrap">Yum </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6228.02px;left:796.61px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6228.02px;left:1259.11px;white-space:nowrap">Holdings, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6228.02px;left:1970.59px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6228.02px;left:2300.26px;letter-spacing:51.64px;white-space:nowrap">...............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6228.02px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6228.02px;left:7485.64px;white-space:nowrap">155,335</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6228.02px;left:9368.2px;white-space:nowrap">7,466,954</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6511.78px;left:9279.22px;white-space:nowrap">12,243,732</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6810.11px;left:432px;white-space:nowrap">Household </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6810.11px;left:1303.09px;white-space:nowrap">Durables </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6810.11px;left:2032.23px;white-space:nowrap">2.1%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7009.8px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:432px;white-space:nowrap">Gree </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:832.16px;white-space:nowrap">Electric </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:1392.31px;white-space:nowrap">Appliances, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:2263.95px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:2566.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:2744.19px;white-space:nowrap">Zhuhai, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:3313.48px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:3421.22px;letter-spacing:53.33px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:7485.64px;white-space:nowrap">189,176</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7006.59px;left:9368.2px;white-space:nowrap">1,521,225</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7206.29px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7203.08px;left:432px;white-space:nowrap">Midea </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7203.08px;left:912.23px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7203.08px;left:1401.38px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7203.08px;left:1694.81px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7203.08px;left:2041.77px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7203.08px;left:2206.85px;letter-spacing:51.55px;white-space:nowrap">................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7203.08px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7203.08px;left:7352.2px;white-space:nowrap">1,169,916</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7203.08px;left:9368.2px;white-space:nowrap">9,930,186</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7402.77px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:432px;white-space:nowrap">Suofeiya </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:1099.11px;white-space:nowrap">Home </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:1570.36px;white-space:nowrap">Collection </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:2317.39px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:2610.83px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:2957.78px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:3140.98px;letter-spacing:52.73px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:7352.2px;white-space:nowrap">1,730,400</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:9368.2px;white-space:nowrap">5,946,139</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7683.33px;left:9279.22px;white-space:nowrap">17,397,550</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7981.65px;left:432px;white-space:nowrap">Insurance </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7981.65px;left:1232.31px;white-space:nowrap">4.7%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.13px;left:432px;letter-spacing:-2.21px;white-space:nowrap">AIA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.13px;left:725.52px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.13px;left:1214.66px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.13px;left:1552.96px;letter-spacing:51.09px;white-space:nowrap">.......................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.13px;left:5823.38px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.13px;left:6250.33px;white-space:nowrap">Kong</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.13px;left:7352.2px;white-space:nowrap">1,414,034</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8178.13px;left:9279.22px;white-space:nowrap">13,231,886</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8377.83px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:894.5px;white-space:nowrap">Life </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:1196.92px;white-space:nowrap">Insurance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:1944.03px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:2237.47px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:2593.25px;white-space:nowrap">H</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:2767.33px;letter-spacing:52.15px;white-space:nowrap">..........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:7352.2px;white-space:nowrap">7,345,966</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8374.62px;left:9279.22px;white-space:nowrap">14,822,327</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8574.31px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:432px;white-space:nowrap">Ping </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:787.86px;white-space:nowrap">An </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:1028.02px;white-space:nowrap">Insurance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:1775.13px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:2264.27px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:2557.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:2735.59px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:3198.09px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:3545.05px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:3701.46px;letter-spacing:54.15px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:7485.64px;white-space:nowrap">689,150</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8571.1px;left:9368.2px;white-space:nowrap">6,983,379</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:432px;white-space:nowrap">Ping </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:787.86px;white-space:nowrap">An </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:1028.02px;white-space:nowrap">Insurance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:1775.13px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:2264.27px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:2557.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:2735.59px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:3198.09px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:3553.88px;white-space:nowrap">H</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:3701.46px;letter-spacing:54.15px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:7485.64px;white-space:nowrap">332,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8767.59px;left:9368.2px;white-space:nowrap">3,309,684</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9051.35px;left:9279.22px;white-space:nowrap">38,347,276</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9349.68px;left:432px;white-space:nowrap">Interactive </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9349.68px;left:1276.84px;white-space:nowrap">Media </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9349.68px;left:1774.73px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9349.68px;left:1934.73px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9349.68px;left:2637.55px;white-space:nowrap">13.0%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:9549.37px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.16px;left:432px;white-space:nowrap">Baidu, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.16px;left:930.13px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.16px;left:1268.09px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.16px;left:1646.37px;letter-spacing:51.14px;white-space:nowrap">......................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.16px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.16px;left:7485.64px;white-space:nowrap">101,427</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9546.16px;left:9279.22px;white-space:nowrap">12,160,083</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.65px;left:432px;letter-spacing:-2.22px;white-space:nowrap">Tencent </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.65px;left:1036.84px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.65px;left:1703.88px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.65px;left:2020.02px;letter-spacing:51.4px;white-space:nowrap">..................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.65px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.65px;left:7352.2px;white-space:nowrap">1,465,200</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9742.65px;left:9279.22px;white-space:nowrap">93,886,353</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10026.41px;left:9190.23px;white-space:nowrap">106,046,436</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10324.74px;left:432px;white-space:nowrap">Internet </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10324.74px;left:1063.17px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10324.74px;left:1223.17px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10324.74px;left:1721.14px;white-space:nowrap">Marketing </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10324.74px;left:2521.3px;white-space:nowrap">Retail </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10324.74px;left:3001.45px;white-space:nowrap">19.2%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10524.43px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10521.22px;left:432px;white-space:nowrap">Alibaba </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10521.22px;left:1010.2px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10521.22px;left:1499.34px;white-space:nowrap">Holding </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10521.22px;left:2086.38px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10521.22px;left:2433.33px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10521.22px;left:2860.74px;letter-spacing:52.28px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10521.22px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10521.22px;left:7485.64px;white-space:nowrap">357,078</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10521.22px;left:9279.22px;white-space:nowrap">77,021,725</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10720.92px;left:307.57px;white-space:nowrap">b,c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.71px;left:432px;white-space:nowrap">Baozun, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.71px;left:1063.56px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.71px;left:1401.53px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.71px;left:1739.78px;letter-spacing:51.2px;white-space:nowrap">.....................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.71px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.71px;left:7485.64px;white-space:nowrap">377,058</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10717.71px;left:9279.22px;white-space:nowrap">14,497,880</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10917.4px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10914.19px;left:432px;white-space:nowrap">JD.com, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10914.19px;left:1063.17px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10914.19px;left:1401.14px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10914.19px;left:1739.78px;letter-spacing:51.2px;white-space:nowrap">.....................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10914.19px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10914.19px;left:7485.64px;white-space:nowrap">467,131</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10914.19px;left:9302.97px;letter-spacing:-2.37px;white-space:nowrap">28,111,943</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11113.88px;left:302.33px;white-space:nowrap">b,e</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11110.67px;left:432px;white-space:nowrap">Meituan </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11110.67px;left:1045.67px;white-space:nowrap">Dianping, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11110.67px;left:1766.14px;white-space:nowrap">B, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11110.67px;left:1961.77px;white-space:nowrap">Reg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11110.67px;left:2299.73px;white-space:nowrap">S</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11110.67px;left:2487.09px;letter-spacing:51.82px;white-space:nowrap">.............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11110.67px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11110.67px;left:7485.64px;white-space:nowrap">923,051</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11110.67px;left:9279.22px;white-space:nowrap">20,626,712</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11310.37px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11307.16px;left:432px;letter-spacing:-0.66px;white-space:nowrap">Trip.com </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11307.16px;left:1092.78px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11307.16px;left:1581.92px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11307.16px;left:1928.88px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11307.16px;left:2300.26px;letter-spacing:51.64px;white-space:nowrap">...............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11307.16px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11307.16px;left:7485.64px;white-space:nowrap">145,300</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11307.16px;left:9368.2px;white-space:nowrap">3,766,176</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11506.85px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11503.64px;left:432px;letter-spacing:-0.36px;white-space:nowrap">Vipshop </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11503.64px;left:1051.77px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11503.64px;left:1718.8px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11503.64px;left:2065.75px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11503.64px;left:2487.09px;letter-spacing:51.82px;white-space:nowrap">.............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11503.64px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11503.64px;left:7485.64px;white-space:nowrap">654,013</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11503.64px;left:9279.22px;white-space:nowrap">13,021,399</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11787.41px;left:9190.23px;white-space:nowrap">157,045,835</div></div>
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				<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2799.62px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3062.2px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3944.78px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4302.28px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4528.37px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4710.79px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5177.59px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5440.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5586.11px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5943.61px;white-space:nowrap">consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6716.89px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:7234.78px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:17px;left:522px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:580.79px;letter-spacing:-4.8px;white-space:nowrap">11</div></div>
		</div>
		<div style="background-color:transparent;height:13px;left:527px;position:absolute;top:745px;width:1px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:13px;left:514px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAAUDCAYAAABvckO4AAAACXBIWXMAABcRAAAXEQHKJvM/AAAgAElEQVR4XuzbsW3lVhRF0SlFpfxSVIrKeKFK+Z3JdAX7GBjQQ3sFi9EOT3IfwF8/Pz+/AAAAAH6HDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALD6dc75eqDvoQEA/hu+h4b/p++hgX/qe2j+NN9DA7f5dX1+AAAAAH6Hvx8a8jXiD/Q9NADAf8P30PD/9D008E99D82f5nto4Db5bwUAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAA80znndfmCO+UwAQAAeKbjoYF/QQ4TAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAeKZzztflB+6UwwQAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAIBnOud8XF5wpxwmAAAAz3QdfZ+XN9wphwkAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAPBM55yPywvulMMEAADgma6j7/PyhjvlMAEAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAIBnOud8Xt5wpxwmAAAAz3QdfR+XF9wphwkAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAIBnOud8XF5wpxwmAAAAz3QdfZ+XN9wphwkAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADPdM75vLzhTjlMAAAAnuk6+j4uL7hTDhMAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAOCZzjmflzfcKYcJAADAM11H38flBXfKYQIAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAIBnOud8XF5wpxwmAAAAz3QdfZ+XN9wphwkAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAA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			<div style="width:10080px;height:12269px;position:absolute;top:1.32px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">













































































































































































			<div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:432px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:6010.72px;white-space:nowrap">Country</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:7530.33px;white-space:nowrap">Shares</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:88.75px;left:8451.51px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:21.02px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:234.11px;left:432px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:307.31px;left:432px;white-space:nowrap">Common </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:307.31px;left:1354.17px;white-space:nowrap">Stocks </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:341.18px;left:2065.59px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:432px;white-space:nowrap">IT </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:618.64px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:552.23px;left:1321.45px;white-space:nowrap">2.1%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:751.92px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:432px;white-space:nowrap">GDS </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:823.17px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:1490.2px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:1837.16px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:2206.85px;letter-spacing:51.55px;white-space:nowrap">................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:7485.64px;white-space:nowrap">197,446</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:9190.23px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:748.71px;left:9279.22px;white-space:nowrap">15,728,548</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:432px;letter-spacing:-0.59px;white-space:nowrap">TravelSky </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:1178.88px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:2032.78px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:2388.56px;white-space:nowrap">H</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:2580.5px;letter-spacing:51.92px;white-space:nowrap">............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:7485.64px;white-space:nowrap">864,059</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:945.2px;left:9368.2px;white-space:nowrap">1,529,837</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1228.96px;left:9279.22px;white-space:nowrap">17,258,385</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1527.29px;left:432px;white-space:nowrap">Life </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1527.29px;left:760.91px;white-space:nowrap">Sciences </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1527.29px;left:1499.19px;letter-spacing:-1.98px;white-space:nowrap">Tools </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1527.29px;left:1958.41px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1527.29px;left:2118.41px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1527.29px;left:2821.22px;white-space:nowrap">2.6%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1726.98px;left:224.53px;white-space:nowrap">b,d,e</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:432px;letter-spacing:-0.58px;white-space:nowrap">Wuxi </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:829.11px;white-space:nowrap">Biologics </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:1513.88px;white-space:nowrap">Cayman, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:2198.56px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:2545.36px;white-space:nowrap">144A, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:3007.94px;white-space:nowrap">Reg </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:3345.91px;white-space:nowrap">S</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:3514.63px;letter-spacing:53.57px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:7352.2px;white-space:nowrap">1,172,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1723.77px;left:9279.22px;white-space:nowrap">21,512,643</div><div style="font-family:Arial, sans-serif;font-size:5.8px;position:absolute;top:1938.25px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2022.09px;left:432px;white-space:nowrap">Machinery </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2022.09px;left:1267.86px;white-space:nowrap">1.7%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:2221.79px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:432px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:1197.08px;white-space:nowrap">Inovance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:1888.02px;letter-spacing:-1.61px;white-space:nowrap">Technology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:2741.92px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:3035.36px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:3382.31px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:3514.63px;letter-spacing:53.57px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:7485.64px;white-space:nowrap">822,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2218.58px;left:9368.2px;white-space:nowrap">4,437,046</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:432px;letter-spacing:-0.36px;white-space:nowrap">Weichai </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:1042.63px;white-space:nowrap">Power </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:1540.59px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:1834.03px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:2189.81px;white-space:nowrap">H</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:2393.68px;letter-spacing:51.73px;white-space:nowrap">..............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:7352.2px;white-space:nowrap">5,124,940</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2415.06px;left:9368.2px;white-space:nowrap">9,655,986</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2698.83px;left:9279.22px;white-space:nowrap">14,093,032</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2997.15px;left:432px;white-space:nowrap">Oil, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2997.15px;left:734.27px;white-space:nowrap">Gas </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2997.15px;left:1081.14px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2997.15px;left:1241.14px;white-space:nowrap">Consumable </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2997.15px;left:2245.75px;white-space:nowrap">Fuels </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2997.15px;left:2708.09px;white-space:nowrap">0.9%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.64px;left:432px;white-space:nowrap">CNOOC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.64px;left:1072px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.64px;left:1366.13px;letter-spacing:50.98px;white-space:nowrap">.........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.64px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.64px;left:7352.2px;white-space:nowrap">6,414,800</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3193.64px;left:9368.2px;white-space:nowrap">7,199,464</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3491.96px;left:432px;white-space:nowrap">Paper </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3491.96px;left:921.14px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3491.96px;left:1081.14px;white-space:nowrap">Forest </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3491.96px;left:1614.58px;white-space:nowrap">Products </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3491.96px;left:2352.47px;white-space:nowrap">0.7%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:432px;white-space:nowrap">Nine </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:805.52px;white-space:nowrap">Dragons </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:1454.73px;white-space:nowrap">Paper </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:1926.14px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:2593.17px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:2860.74px;letter-spacing:52.28px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:5823.38px;white-space:nowrap">Hong </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:6250.33px;white-space:nowrap">Kong</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:7352.2px;white-space:nowrap">5,898,401</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3688.45px;left:9368.2px;white-space:nowrap">5,392,865</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3986.77px;left:432px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3986.77px;left:1748.25px;white-space:nowrap">2.5%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4183.26px;left:432px;white-space:nowrap">CSPC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4183.26px;left:920.98px;white-space:nowrap">Pharmaceutical </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4183.26px;left:2068.17px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4183.26px;left:2557.31px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4183.26px;left:2860.74px;letter-spacing:52.28px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4183.26px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4183.26px;left:7352.2px;white-space:nowrap">6,033,600</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4183.26px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,426,883</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:4382.95px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:432px;white-space:nowrap">Jiangsu </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:1027.94px;white-space:nowrap">Hengrui </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:1632.7px;white-space:nowrap">Medicine </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:2317.47px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:2610.91px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:2957.86px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:3140.98px;letter-spacing:52.73px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:7485.64px;white-space:nowrap">690,360</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4379.74px;left:9368.2px;white-space:nowrap">9,033,323</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4663.51px;left:9279.22px;white-space:nowrap">20,460,206</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4961.83px;left:432px;white-space:nowrap">Real </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4961.83px;left:814.42px;white-space:nowrap">Estate </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4961.83px;left:1339.11px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4961.83px;left:2361.53px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4961.83px;left:2521.53px;white-space:nowrap">Development </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4961.83px;left:3570.67px;white-space:nowrap">4.9%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5161.53px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:894.5px;white-space:nowrap">Merchants </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:1685.91px;white-space:nowrap">Shekou </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:2273.02px;white-space:nowrap">Industrial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:2966.69px;white-space:nowrap">Zone </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:3375.83px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:4042.86px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:4336.3px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:4683.25px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:4822.42px;letter-spacing:69.7px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:7485.64px;white-space:nowrap">600,658</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5158.32px;left:9368.2px;white-space:nowrap">1,403,415</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:894.5px;white-space:nowrap">Overseas </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:1623.64px;white-space:nowrap">Land </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:2024.03px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:2175.2px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:3002.23px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:3327.81px;letter-spacing:53.11px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:7352.2px;white-space:nowrap">2,170,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5354.8px;left:9368.2px;white-space:nowrap">6,625,917</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.28px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.28px;left:894.5px;white-space:nowrap">Resources </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.28px;left:1703.72px;white-space:nowrap">Land </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.28px;left:2104.11px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.28px;left:2393.68px;letter-spacing:51.73px;white-space:nowrap">..............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.28px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.28px;left:7352.2px;white-space:nowrap">2,682,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5551.28px;left:9279.22px;white-space:nowrap">10,251,062</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5750.98px;left:380.12px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.77px;left:432px;white-space:nowrap">KWG </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.77px;left:858.64px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.77px;left:1347.78px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.77px;left:2014.81px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.77px;left:2300.26px;letter-spacing:51.64px;white-space:nowrap">...............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.77px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.77px;left:7352.2px;white-space:nowrap">2,557,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.77px;left:9368.2px;white-space:nowrap">4,344,467</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:5947.46px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:432px;white-space:nowrap">Poly </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:787.7px;white-space:nowrap">Developments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:1854.89px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:2166.3px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:2833.33px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:3322.47px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:3615.91px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:3962.86px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:4075.11px;letter-spacing:55.87px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:7352.2px;white-space:nowrap">2,617,200</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5944.25px;left:9368.2px;white-space:nowrap">5,493,739</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.74px;left:432px;white-space:nowrap">Shimao </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.74px;left:1018.95px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.74px;left:1508.09px;white-space:nowrap">Holdings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.74px;left:2175.13px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.74px;left:2487.09px;letter-spacing:51.82px;white-space:nowrap">.............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.74px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.74px;left:7352.2px;white-space:nowrap">2,775,900</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6140.74px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,867,635</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6424.5px;left:9279.22px;white-space:nowrap">39,986,235</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6722.83px;left:432px;white-space:nowrap">Semiconductors </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6722.83px;left:1730.05px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6722.83px;left:1890.05px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6722.83px;left:3099.11px;white-space:nowrap">Equipment </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6722.83px;left:3970.2px;white-space:nowrap">1.4%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.31px;left:432px;letter-spacing:-2.53px;white-space:nowrap">Taiwan </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.31px;left:974.5px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.31px;left:2086.14px;white-space:nowrap">Manufacturing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.31px;left:3144.5px;white-space:nowrap">Co. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.31px;left:3437.94px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.31px;left:3794.87px;letter-spacing:54.49px;white-space:nowrap">...............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.31px;left:6125.95px;letter-spacing:-2.96px;white-space:nowrap">Taiwan</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.31px;left:7485.64px;white-space:nowrap">900,953</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6919.31px;left:9368.2px;white-space:nowrap">9,649,710</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7119.01px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.8px;left:432px;white-space:nowrap">Will </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.8px;left:734.11px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.8px;left:1845.75px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.8px;left:2192.7px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.8px;left:2300.26px;letter-spacing:51.64px;white-space:nowrap">...............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.8px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.8px;left:7574.63px;white-space:nowrap">75,200</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7115.8px;left:9368.2px;white-space:nowrap">2,166,821</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7399.56px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,816,531</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7697.89px;left:432px;white-space:nowrap">Software </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7697.89px;left:1152.16px;white-space:nowrap">0.4%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:7897.58px;left:380.12px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7894.37px;left:432px;white-space:nowrap">Hundsun </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7894.37px;left:1114.03px;letter-spacing:-1.27px;white-space:nowrap">Technologies, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7894.37px;left:2136.92px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7894.37px;left:2474.89px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7894.37px;left:2580.5px;letter-spacing:51.92px;white-space:nowrap">............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7894.37px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7894.37px;left:7485.64px;white-space:nowrap">194,700</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7894.37px;left:9368.2px;white-space:nowrap">2,983,632</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8192.7px;left:432px;white-space:nowrap">Specialty </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8192.7px;left:1179.03px;white-space:nowrap">Retail </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8192.7px;left:1659.19px;white-space:nowrap">1.4%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:8392.39px;left:302.33px;white-space:nowrap">a,b</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:891.61px;letter-spacing:-2.22px;white-space:nowrap">Tourism </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:1496.14px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:1985.28px;white-space:nowrap">Duty </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:2358.72px;white-space:nowrap">Free </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:2732.16px;white-space:nowrap">Corp. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:3167.86px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:3514.81px;letter-spacing:-8.83px;white-space:nowrap">A</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:3701.46px;letter-spacing:54.15px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:7497.52px;letter-spacing:-1.7px;white-space:nowrap">511,500</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8389.18px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,223,844</div><div style="font-family:Arial, sans-serif;font-size:5.8px;position:absolute;top:8603.66px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8687.5px;left:432px;letter-spacing:-1.19px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8687.5px;left:1098.95px;white-space:nowrap">Apparel </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8687.5px;left:1739.11px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8687.5px;left:1899.11px;white-space:nowrap">Luxury </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8687.5px;left:2477px;white-space:nowrap">Goods </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8687.5px;left:3028.09px;white-space:nowrap">2.9%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8883.99px;left:432px;letter-spacing:-4.14px;white-space:nowrap">ANTA </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8883.99px;left:882.47px;white-space:nowrap">Sports </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8883.99px;left:1389.34px;white-space:nowrap">Products </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8883.99px;left:2065.2px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8883.99px;left:2393.68px;letter-spacing:51.73px;white-space:nowrap">..............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8883.99px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8883.99px;left:7352.2px;white-space:nowrap">2,720,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8883.99px;left:9279.22px;white-space:nowrap">24,199,899</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9182.31px;left:432px;letter-spacing:-0.16px;white-space:nowrap">Wireless </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9182.31px;left:1133.17px;letter-spacing:-0.66px;white-space:nowrap">Telecommunication </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9182.31px;left:2668.25px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9182.31px;left:3371.06px;white-space:nowrap">0.4%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9378.8px;left:432px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9378.8px;left:894.5px;white-space:nowrap">Mobile </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9378.8px;left:1410.28px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9378.8px;left:1739.78px;letter-spacing:51.2px;white-space:nowrap">.....................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9378.8px;left:6205.95px;white-space:nowrap">China</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9378.8px;left:7485.64px;white-space:nowrap">437,000</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9378.8px;left:9368.2px;white-space:nowrap">2,950,631</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9657.82px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9657.82px;left:950.46px;white-space:nowrap">Common </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9657.82px;left:1872.63px;white-space:nowrap">Stocks </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9657.82px;left:2584.05px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9657.82px;left:3150.65px;white-space:nowrap">$529,800,559)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9657.82px;left:4510.09px;letter-spacing:50.84px;white-space:nowrap">.....................................</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9691.68px;left:9190.23px;white-space:nowrap">798,987,306</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10263.2px;left:432px;white-space:nowrap">Short </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10263.2px;left:1009.73px;letter-spacing:-2.97px;white-space:nowrap">Term </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10263.2px;left:1539.52px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10263.2px;left:2762.18px;white-space:nowrap">3.7%</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:10593.29px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:10593.29px;left:432px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10525.56px;left:6010.72px;white-space:nowrap">Country</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10525.56px;left:7530.33px;white-space:nowrap">Shares</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:80px;position:absolute;top:10593.29px;left:8451.51px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10525.56px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:10738.65px;left:432px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10811.85px;left:432px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10811.85px;left:1120.96px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10811.85px;left:1821.26px;white-space:nowrap">Funds </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:10811.85px;left:2476.73px;white-space:nowrap">1.7%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:11045.42px;left:328.29px;white-space:nowrap">f,g</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:432px;white-space:nowrap">Institutional </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:1285.83px;white-space:nowrap">Fiduciary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:1976.45px;letter-spacing:-1.48px;white-space:nowrap">Trus</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:2290.52px;white-space:nowrap">t </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:2379.42px;white-space:nowrap">- </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:2477.16px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:3001.84px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:3535.28px;white-space:nowrap">Portfolio, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:4211.14px;white-space:nowrap">0</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:4300.13px;white-space:nowrap">%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:4448.76px;letter-spacing:59.33px;white-space:nowrap">........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:5663.45px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:6170.41px;white-space:nowrap">States</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:7191.22px;letter-spacing:0px;white-space:nowrap">13,770,965</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11042.21px;left:9279.22px;white-space:nowrap">13,770,965</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11321.22px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11321.22px;left:950.46px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11321.22px;left:1639.42px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11321.22px;left:2339.71px;white-space:nowrap">Funds </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11321.22px;left:2995.18px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11321.22px;left:3561.79px;white-space:nowrap">$13,770,965)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11321.22px;left:4823.79px;letter-spacing:51px;white-space:nowrap">..................................</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:11355.09px;left:9279.22px;white-space:nowrap">13,770,965</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4423.05px;white-space:nowrap">consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5196.33px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5714.22px;white-space:nowrap">statements.</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">12</div></div>
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		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3919.95px;left:0px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3919.95px;left:262.73px;white-space:nowrap">Abbreviations </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3919.95px;left:1094.22px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3919.95px;left:1276.64px;white-space:nowrap">page </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3919.95px;left:1605px;white-space:nowrap">23.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:16.27px;left:432px;white-space:nowrap">Short </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:16.27px;left:1009.73px;letter-spacing:-2.97px;white-space:nowrap">Term </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:16.27px;left:1539.52px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:50.14px;left:2762.18px;white-space:nowrap">(continued)</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:397.16px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:397.16px;left:432px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:278.62px;left:6010.72px;white-space:nowrap">Country</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:278.62px;left:7530.33px;white-space:nowrap">Shares</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:160px;position:absolute;top:278.62px;left:8407.02px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:278.62px;left:9661.95px;letter-spacing:-1.77px;white-space:nowrap">Value</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:491.72px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:491.72px;left:432px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:491.72px;left:6612.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:491.72px;left:8052.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;position:absolute;top:491.72px;left:8484.88px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:20px;font-weight:bold;position:absolute;top:491.72px;left:10068.88px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:572.88px;left:380.12px;white-space:nowrap">h</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:564.92px;left:432px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:564.92px;left:1654.66px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:564.92px;left:2154.66px;white-space:nowrap">Cash </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:564.92px;left:2699.29px;white-space:nowrap">Collateral </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:564.92px;left:3666.28px;white-space:nowrap">Received </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:564.92px;left:4600.16px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:804.92px;left:432px;white-space:nowrap">Loaned </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:804.92px;left:1198.7px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:804.92px;left:2210.32px;white-space:nowrap">2.0%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1049.83px;left:432px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1049.83px;left:983.17px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1049.83px;left:1543.41px;white-space:nowrap">Funds </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1049.83px;left:2067.78px;white-space:nowrap">2.0%</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:1249.53px;left:328.29px;white-space:nowrap">f,g</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:432px;white-space:nowrap">Institutional </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:1285.83px;white-space:nowrap">Fiduciary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:1976.45px;letter-spacing:-1.48px;white-space:nowrap">Trus</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:2290.52px;white-space:nowrap">t </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:2379.42px;white-space:nowrap">- </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:2477.16px;white-space:nowrap">Money </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:3001.84px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:3535.28px;white-space:nowrap">Portfolio, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:4211.14px;white-space:nowrap">0</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:4300.13px;white-space:nowrap">%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:4448.76px;letter-spacing:59.33px;white-space:nowrap">........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:5663.45px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:6170.41px;white-space:nowrap">States</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:7191.22px;letter-spacing:0px;white-space:nowrap">16,668,648</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:9190.23px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1246.32px;left:9279.22px;white-space:nowrap">16,668,648</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:950.46px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:2173.11px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:2673.11px;white-space:nowrap">Cash </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:3217.74px;white-space:nowrap">Collateral </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:4184.73px;white-space:nowrap">Received </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:5118.62px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:5440.79px;white-space:nowrap">Loaned </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:6207.49px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1525.33px;left:7219.11px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1765.33px;left:432px;white-space:nowrap">$16,668,648)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1765.33px;left:1686.8px;letter-spacing:50.06px;white-space:nowrap">................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1799.2px;left:9279.22px;white-space:nowrap">16,668,648</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2370.72px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2370.72px;left:950.46px;white-space:nowrap">Short </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2370.72px;left:1528.19px;letter-spacing:-2.97px;white-space:nowrap">Term </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2370.72px;left:2057.98px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2370.72px;left:3280.63px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2370.72px;left:3847.23px;white-space:nowrap">$30,439,613</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2370.72px;left:4959.44px;white-space:nowrap">)</div><div style="font-family:Arial, sans-serif;font-size:200px;position:absolute;top:2370.72px;left:5032.92px;letter-spacing:51.12px;white-space:nowrap">................................</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2404.59px;left:9279.22px;white-space:nowrap">30,439,613</div><div style="color:#ffffff;font-family:Arial, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2800.71px;left:10074.44px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2865.45px;left:432px;letter-spacing:-2.47px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2865.45px;left:950.46px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2865.45px;left:2173.11px;white-space:nowrap">(Cost </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2865.45px;left:2739.71px;white-space:nowrap">$560,240,172) </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2865.45px;left:4085.32px;white-space:nowrap">101.3%</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:2865.45px;left:4823.79px;letter-spacing:51px;white-space:nowrap">..................................</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2899.32px;left:9101.25px;white-space:nowrap">$829,426,919</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3091.05px;left:432px;white-space:nowrap">Other </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3091.05px;left:1013.54px;white-space:nowrap">Assets, </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3091.05px;left:1780.63px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3091.05px;left:2225.46px;white-space:nowrap">Liabilities </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3091.05px;left:3203.48px;white-space:nowrap">(1.3)%</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3091.05px;left:3882.69px;letter-spacing:50.58px;white-space:nowrap">...........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3124.92px;left:9181.48px;letter-spacing:-0.74px;white-space:nowrap">(11,088,629)</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3411.22px;left:432px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3411.22px;left:802.41px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3411.22px;left:1513.93px;white-space:nowrap">100.0%</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:3411.22px;left:2209.63px;letter-spacing:50.15px;white-space:nowrap">...........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3445.09px;left:9101.25px;white-space:nowrap">$818,338,290</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4590.65px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:42.54px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:305.12px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:793.71px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:924.96px;white-space:nowrap">owned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:1348.01px;white-space:nowrap">by </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:1520.82px;letter-spacing:-1.45px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:2162.7px;white-space:nowrap">China </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:2541.92px;white-space:nowrap">Opportunities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:3358.87px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:3730.9px;white-space:nowrap">Ltd., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:4022.77px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:4132.23px;white-space:nowrap">wholly-owned </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:4963.48px;letter-spacing:0px;white-space:nowrap">subsidiary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:5590.67px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:5736.6px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:5955.51px;white-space:nowrap">Fund. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:6327.54px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:6597.46px;white-space:nowrap">Note </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4586.43px;left:6911.06px;white-space:nowrap">1(c).</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4787.13px;left:0px;white-space:nowrap">b</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4782.91px;left:42.54px;white-space:nowrap">Non-income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4782.91px;left:786.29px;white-space:nowrap">producing.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:4983.62px;left:0px;white-space:nowrap">c</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:38.26px;letter-spacing:-3.59px;white-space:nowrap">A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:155.06px;white-space:nowrap">portion </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:592.71px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:745.84px;white-space:nowrap">all </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:913.57px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:1059.51px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:1278.42px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:1767.01px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:1898.26px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:2080.68px;white-space:nowrap">loan </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:2365.21px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:2511.15px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:2832.17px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4979.4px;left:3051.07px;white-space:nowrap">2020.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5180.1px;left:0px;white-space:nowrap">d</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:42.54px;white-space:nowrap">Security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:553.01px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:822.77px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:1471.99px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:2019.1px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:2165.04px;white-space:nowrap">Rule </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:2471.29px;letter-spacing:-1.44px;white-space:nowrap">144A </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:2806.99px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:3179.02px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:3397.93px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:4003.32px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:4229.42px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:4375.35px;white-space:nowrap">1933 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:4703.71px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:4959.1px;letter-spacing:0px;white-space:nowrap">may </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:5243.48px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:5425.9px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:5703.09px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:5841.68px;white-space:nowrap">transactions </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:6585.67px;white-space:nowrap">exempt </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:7052.46px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:7351.37px;white-space:nowrap">registration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:8036.92px;white-space:nowrap">only </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:8314.1px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:8460.04px;text-rendering:optimizeLegibility;white-space:nowrap">qualified </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:8985.27px;white-space:nowrap">institutional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5175.88px;left:9678.24px;white-space:nowrap">buyers </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:153.13px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:291.72px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:401.17px;white-space:nowrap">public </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:780.47px;letter-spacing:-0.25px;white-space:nowrap">offering </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:1252.34px;white-space:nowrap">registered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:1872.27px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:2244.3px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:2463.2px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:3068.59px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:3294.69px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:3440.63px;white-space:nowrap">1933. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:3798.28px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:3958.75px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:4279.77px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:4498.67px;white-space:nowrap">2020, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:4863.52px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:5082.42px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:5709.84px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:6060px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:6205.94px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:6563.44px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:7154.14px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:7423.91px;white-space:nowrap">$57,450,918, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:8226.56px;white-space:nowrap">representing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:8992.42px;white-space:nowrap">7.0% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:9327.97px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5367.88px;left:9473.91px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5559.88px;left:0px;white-space:nowrap">assets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:5760.59px;left:0px;white-space:nowrap">e</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:42.54px;white-space:nowrap">Security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:553.01px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:822.77px;white-space:nowrap">purchased </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:1471.99px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:2019.1px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:2165.04px;white-space:nowrap">Regulation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:2828.79px;white-space:nowrap">S </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:2952.77px;white-space:nowrap">under </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:3324.81px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:3543.71px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:4149.1px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:4375.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:4521.13px;white-space:nowrap">1933, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:4885.98px;letter-spacing:0px;white-space:nowrap">which </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:5257.85px;white-space:nowrap">exempts </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:5790.27px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:6089.18px;white-space:nowrap">registration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:6774.73px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:7365.43px;letter-spacing:-0.28px;white-space:nowrap">offered </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:7808.17px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:8063.56px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:8340.74px;white-space:nowrap">outside </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:8800.35px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:8946.29px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:9165.2px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5756.37px;left:9580.9px;white-space:nowrap">States. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:0px;white-space:nowrap">Such </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:335.55px;white-space:nowrap">a </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:445px;white-space:nowrap">security </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:933.59px;white-space:nowrap">cannot </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:1364.06px;white-space:nowrap">be </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:1546.48px;white-space:nowrap">sold </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:1823.67px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:1962.27px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:2181.17px;white-space:nowrap">United </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:2596.88px;white-space:nowrap">States </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:3005.39px;white-space:nowrap">without </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:3457.58px;white-space:nowrap">either </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:3822.27px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:4004.69px;letter-spacing:-0.23px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:4527.66px;white-space:nowrap">registration </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:5213.2px;white-space:nowrap">statement </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:5825.94px;text-rendering:optimizeLegibility;white-space:nowrap">filed </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:6103.13px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:6650.23px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:6796.17px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:7015.08px;white-space:nowrap">Securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:7620.47px;white-space:nowrap">Act </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:7846.56px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:7992.5px;white-space:nowrap">1933, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:8357.34px;white-space:nowrap">or </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:8510.47px;white-space:nowrap">pursuant </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:9057.58px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:9203.52px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5948.37px;left:9385.94px;white-space:nowrap">exemption </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:0px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:298.91px;white-space:nowrap">registration. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:1013.75px;white-space:nowrap">At </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:1174.22px;white-space:nowrap">June </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:1495.23px;white-space:nowrap">30, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:1714.14px;white-space:nowrap">2020, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:2078.98px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:2297.89px;white-space:nowrap">aggregate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:2925.31px;white-space:nowrap">value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:3275.47px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:3421.41px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:3778.91px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:4369.61px;white-space:nowrap">was </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:4639.38px;white-space:nowrap">$78,077,630, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:5442.03px;white-space:nowrap">representing </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:6207.89px;white-space:nowrap">9.5% </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:6543.44px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:6689.38px;white-space:nowrap">net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6140.37px;left:6908.28px;white-space:nowrap">assets.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6341.07px;left:0px;white-space:nowrap">f</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:21.27px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:291.19px;white-space:nowrap">Note </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:604.79px;white-space:nowrap">3(c) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:867.21px;white-space:nowrap">regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:1457.99px;white-space:nowrap">investments </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:2194.63px;white-space:nowrap">in </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:2333.22px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:2858.46px;white-space:nowrap">management </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:3660.8px;white-space:nowrap">investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6336.85px;left:4331.82px;white-space:nowrap">companies.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6537.56px;left:0px;white-space:nowrap">g</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:42.54px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:305.12px;white-space:nowrap">rate </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:567.7px;white-space:nowrap">shown </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:983.4px;white-space:nowrap">is </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:1114.65px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:1333.56px;white-space:nowrap">annualized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:2004.73px;white-space:nowrap">seven-day </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:2646.6px;letter-spacing:-0.23px;white-space:nowrap">effective </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:3169.57px;white-space:nowrap">yield </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:3475.9px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:3621.84px;white-space:nowrap">period </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6533.34px;left:4023.01px;white-space:nowrap">end.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:93.3px;position:absolute;top:6729.56px;left:0px;white-space:nowrap">h</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6725.34px;left:42.54px;white-space:nowrap">See </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6725.34px;left:312.46px;white-space:nowrap">Note </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6725.34px;left:626.06px;white-space:nowrap">1(d) </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6725.34px;left:895.82px;white-space:nowrap">regarding </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6725.34px;left:1486.6px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6725.34px;left:2077.31px;white-space:nowrap">on </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6725.34px;left:2259.73px;white-space:nowrap">loan.</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:7620.11px;letter-spacing:10.57px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:8576.2px;letter-spacing:10.29px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9272.47px;letter-spacing:10px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9781.66px;letter-spacing:9px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7054.44px;letter-spacing:10.34px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1589.96px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2847.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3122.03px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3974.52px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4480.56px;white-space:nowrap">Liabilities</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:0px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:440.33px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:740.57px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1191.01px;white-space:nowrap">(unaudited)</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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				<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2799.62px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3062.2px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3944.78px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4302.28px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4528.37px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4710.79px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5177.59px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5440.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5586.11px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5943.61px;white-space:nowrap">consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6716.89px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:7234.78px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9282.97px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9040.16px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9644.61px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:9804.38px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:746.96px;left:0px;white-space:nowrap">Assets:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:144px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1051.03px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1220.02px;white-space:nowrap">securities:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:288px;white-space:nowrap">Cost </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:661.44px;white-space:nowrap">- </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:759.17px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:1604.09px;white-space:nowrap">issuers</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:9101.25px;white-space:nowrap">$529,800,559</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:288px;white-space:nowrap">Cost </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:661.44px;white-space:nowrap">- </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:759.17px;white-space:nowrap">Non-controlled </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:1844.17px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2475.58px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2911.28px;white-space:nowrap">3c)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:3176.05px;letter-spacing:49.67px;white-space:nowrap">........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:9279.22px;white-space:nowrap">30,439,613</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:288px;letter-spacing:-1.98px;white-space:nowrap">Value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:729.8px;white-space:nowrap">- </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:827.53px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:1672.45px;white-space:nowrap">issuers </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:2268.16px;white-space:nowrap">(Includes </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:2961.83px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:3682.06px;white-space:nowrap">loaned </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:4206.98px;white-space:nowrap">$19,294,247)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:5231.13px;letter-spacing:50.13px;white-space:nowrap">..................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1638.35px;left:9101.25px;white-space:nowrap">$798,987,306</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:288px;letter-spacing:-1.98px;white-space:nowrap">Value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:729.8px;white-space:nowrap">- </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:827.53px;white-space:nowrap">Non-controlled </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:1912.53px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:2543.94px;white-space:nowrap">(No</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:2801.75px;white-space:nowrap">t</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:2846.2px;white-space:nowrap">e </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:2979.64px;white-space:nowrap">3c)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:3269.46px;letter-spacing:49.68px;white-space:nowrap">.......................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1840.83px;left:9279.22px;white-space:nowrap">30,439,613</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:144px;white-space:nowrap">Cash</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:560.48px;letter-spacing:49.43px;white-space:nowrap">....................................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2043.32px;left:9368.2px;white-space:nowrap">9,732,498</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2245.8px;left:144px;white-space:nowrap">Receivables:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:288px;white-space:nowrap">Dividends</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:1027.54px;letter-spacing:49.46px;white-space:nowrap">...............................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2448.29px;left:9368.2px;white-space:nowrap">1,596,706</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:958.42px;white-space:nowrap">assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2679.77px;left:9190.23px;white-space:nowrap">840,756,123</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2911.26px;left:0px;white-space:nowrap">Liabilities:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3113.74px;left:144px;white-space:nowrap">Payables:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:288px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:1115.03px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:1835.27px;white-space:nowrap">purchased</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:2615.57px;letter-spacing:49.6px;white-space:nowrap">..............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3316.22px;left:9368.2px;white-space:nowrap">4,734,125</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3518.71px;left:288px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3518.71px;left:1266.36px;white-space:nowrap">fees</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3518.71px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3518.71px;left:9501.64px;white-space:nowrap">799,968</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:144px;white-space:nowrap">Payable </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:766.66px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:1167.05px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:1629.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:1807.36px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:2527.59px;white-space:nowrap">loaned</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:3082.63px;letter-spacing:49.66px;white-space:nowrap">.........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3721.19px;left:9279.22px;white-space:nowrap">16,668,648</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:144px;white-space:nowrap">Accrued </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:775.41px;white-space:nowrap">expenses </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:1504.78px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:1816.19px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:2225.33px;white-space:nowrap">liabilities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:2895.81px;letter-spacing:49.64px;white-space:nowrap">...........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3923.68px;left:9501.64px;white-space:nowrap">215,092</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4155.16px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4155.16px;left:958.42px;white-space:nowrap">liabilities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4155.16px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4155.16px;left:9279.22px;white-space:nowrap">22,417,833</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4415.65px;left:864px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4415.65px;left:1157.44px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4415.65px;left:1708.77px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4415.65px;left:1886.66px;white-space:nowrap">value</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4415.65px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4415.65px;left:9101.25px;white-space:nowrap">$818,338,290</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4821.59px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4821.59px;left:293.44px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4821.59px;left:800.31px;white-space:nowrap">consist </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4821.59px;left:1342.73px;white-space:nowrap">of:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5053.07px;left:144px;white-space:nowrap">Paid-in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5053.07px;left:686.5px;white-space:nowrap">capital</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5053.07px;left:1214.37px;letter-spacing:49.48px;white-space:nowrap">.............................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5053.07px;left:9101.25px;white-space:nowrap">$361,443,666</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5255.56px;left:144px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5255.56px;left:526.42px;white-space:nowrap">distributable </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5255.56px;left:1433.61px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5255.56px;left:2091.81px;white-space:nowrap">(losses)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5255.56px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5255.56px;left:9190.23px;white-space:nowrap">456,894,624</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5487.04px;left:864px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5487.04px;left:1157.44px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5487.04px;left:1708.77px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5487.04px;left:1886.66px;white-space:nowrap">value</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5487.04px;left:2335.33px;letter-spacing:49.57px;white-space:nowrap">.................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5487.04px;left:9101.25px;white-space:nowrap">$818,338,290</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.52px;left:144px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.52px;left:695.41px;white-space:nowrap">outstanding</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.52px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5747.52px;left:9279.22px;white-space:nowrap">33,804,143</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.01px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.01px;left:437.44px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.01px;left:864.31px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.01px;left:1291.27px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.01px;left:1566.97px;white-space:nowrap">share</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.01px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6008.01px;left:9590.63px;white-space:nowrap">$24.21</div></div>
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			<div style="width:10080px;height:421px;position:absolute;top:3.86px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.57px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.29px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1652.36px;letter-spacing:10px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2161.55px;letter-spacing:9px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10.34px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:1217.95px;letter-spacing:10.32px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:2054.83px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1589.96px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2847.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3136.38px;white-space:nowrap">Operations</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:560.3px;white-space:nowrap">six </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:830.3px;white-space:nowrap">months </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1470.59px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2021.13px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2461.46px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2761.7px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:3212.14px;white-space:nowrap">(unaudited)</div></div>
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			<div style="width:2700px;height:254px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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			<div style="width:9164px;height:259px;position:absolute;top:5.75px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

				<div style="background-color:transparent;height:13px;transform:translate(0.000px,0.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1px;position:absolute;top:65px;left:1196px">

				<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1279.06px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1541.64px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2424.22px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2781.72px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3007.81px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3190.23px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3657.03px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3919.61px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4065.55px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4423.05px;white-space:nowrap">consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5196.33px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5714.22px;white-space:nowrap">statements.</div></div>
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		<div style="height:17px;left:36px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">14</div></div>
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		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:13px;left:72px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div 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			<div style="width:10080px;height:12258px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">































































			<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9282.97px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9040.16px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:245.02px;left:9644.61px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:437.02px;left:9804.38px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:746.96px;left:0px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:746.96px;left:827.03px;white-space:nowrap">income:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:144px;white-space:nowrap">Dividends: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:935.48px;white-space:nowrap">(net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1255.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1433.53px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:1967.2px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:2394.08px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:949.44px;left:2571.97px;white-space:nowrap">$377,502)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:288px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:1132.92px;white-space:nowrap">issuers</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1151.92px;left:9279.22px;white-space:nowrap">$4,927,360</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:288px;white-space:nowrap">Non-controlled </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:1373px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2004.41px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2440.11px;white-space:nowrap">3c)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1354.41px;left:9590.63px;white-space:nowrap">54,277</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1556.89px;left:144px;white-space:nowrap">Interest: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:288px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:1132.92px;white-space:nowrap">issuers</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1759.38px;left:9590.63px;white-space:nowrap">55,245</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:144px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:713.14px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:1077.59px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1961.86px;left:1797.83px;white-space:nowrap">loaned:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2164.35px;left:288px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2164.35px;left:1132.92px;white-space:nowrap">entities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2164.35px;left:1684.33px;white-space:nowrap">(net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2164.35px;left:2004.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2164.35px;left:2182.38px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2164.35px;left:2529.25px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2164.35px;left:2840.66px;white-space:nowrap">rebates)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2164.35px;left:3456.29px;letter-spacing:49.71px;white-space:nowrap">.....................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2164.35px;left:9590.63px;white-space:nowrap">70,660</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.83px;left:288px;white-space:nowrap">Non-controlled </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.83px;left:1373px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.83px;left:2004.41px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.83px;left:2440.11px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.83px;left:2529.09px;white-space:nowrap">c</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.83px;left:2609.09px;white-space:nowrap">)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.83px;left:2708.98px;letter-spacing:49.61px;white-space:nowrap">.............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2366.83px;left:9590.63px;white-space:nowrap">10,490</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2598.32px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2598.32px;left:814.42px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2598.32px;left:1632.55px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2598.32px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2598.32px;left:9380.08px;letter-spacing:-1.32px;white-space:nowrap">5,118,032</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2829.8px;left:0px;white-space:nowrap">Expenses:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:144px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:1122.36px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:1469.23px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:1904.94px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:1993.92px;white-space:nowrap">a</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:2082.91px;white-space:nowrap">)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:2148.5px;letter-spacing:49.55px;white-space:nowrap">...................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3032.28px;left:9368.2px;white-space:nowrap">4,527,308</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:144px;letter-spacing:-0.66px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:778.22px;white-space:nowrap">agent </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:1223.06px;white-space:nowrap">fees</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3234.77px;left:9590.63px;white-space:nowrap">37,863</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:144px;white-space:nowrap">Custodian </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:908.92px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1255.8px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1691.5px;white-space:nowrap">4</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1780.48px;white-space:nowrap">)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3437.25px;left:9501.64px;white-space:nowrap">128,544</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:144px;white-space:nowrap">Reports </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:748.69px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:926.58px;white-space:nowrap">shareholders</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3639.74px;left:9590.63px;white-space:nowrap">26,870</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:144px;white-space:nowrap">Registration </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:1042.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:1353.61px;text-rendering:optimizeLegibility;white-space:nowrap">filing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:1727.13px;white-space:nowrap">fees</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:2055.09px;letter-spacing:49.55px;white-space:nowrap">....................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3842.22px;left:9590.63px;white-space:nowrap">18,643</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:144px;white-space:nowrap">Professional </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:1068.92px;white-space:nowrap">fees</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:1401.2px;letter-spacing:49.49px;white-space:nowrap">...........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4044.71px;left:9590.63px;white-space:nowrap">75,724</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:144px;white-space:nowrap">Directors&#39; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:859.08px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:1205.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:1517.36px;white-space:nowrap">expenses</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4247.19px;left:9590.63px;white-space:nowrap">59,075</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:144px;white-space:nowrap">Other</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:560.48px;letter-spacing:49.43px;white-space:nowrap">....................................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4449.67px;left:9590.63px;white-space:nowrap">17,402</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:432px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:814.42px;white-space:nowrap">expenses</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4652.16px;left:9368.2px;white-space:nowrap">4,891,429</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.64px;left:432px;white-space:nowrap">Expenses </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.64px;left:1179.11px;white-space:nowrap">waived/paid </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.64px;left:2068.56px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.64px;left:2282px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.64px;left:2913.41px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.64px;left:3349.11px;white-space:nowrap">3c)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.64px;left:3643.11px;letter-spacing:49.74px;white-space:nowrap">...................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4854.64px;left:9484.06px;white-space:nowrap">(37,120)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5086.13px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5086.13px;left:869.44px;white-space:nowrap">expenses</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5086.13px;left:1588.02px;letter-spacing:49.51px;white-space:nowrap">.........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5086.13px;left:9368.2px;white-space:nowrap">4,854,309</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5346.61px;left:720px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5346.61px;left:1013.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5346.61px;left:1831.56px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5346.61px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5346.61px;left:9501.64px;white-space:nowrap">263,723</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.1px;left:0px;white-space:nowrap">Realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.1px;left:667.03px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.1px;left:978.44px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.1px;left:1761.17px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5607.1px;left:2188.13px;white-space:nowrap">(losses):</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5867.58px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5867.58px;left:437.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5867.58px;left:1042.2px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5867.58px;left:1389.16px;white-space:nowrap">(loss) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5867.58px;left:1824.7px;white-space:nowrap">from:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6099.07px;left:288px;white-space:nowrap">Investments:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:1276.92px;white-space:nowrap">issuers</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6301.55px;left:9190.23px;white-space:nowrap">100,263,049</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:288px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:874.95px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:1532.92px;white-space:nowrap">transactions</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:2428.74px;letter-spacing:49.58px;white-space:nowrap">................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6504.03px;left:9395.08px;white-space:nowrap">(405,798)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6735.52px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6735.52px;left:869.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6735.52px;left:1474.2px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6735.52px;left:1821.16px;white-space:nowrap">(loss)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6735.52px;left:2241.91px;letter-spacing:49.56px;white-space:nowrap">..................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6735.52px;left:9190.23px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6735.52px;left:9279.22px;white-space:nowrap">99,857,251</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:144px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:437.44px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:1006.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:1175.8px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:1958.53px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:2874.7px;white-space:nowrap">(depreciation) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6967px;left:3897.44px;white-space:nowrap">on:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7169.49px;left:288px;white-space:nowrap">Investments:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Unaffiliated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:1276.92px;white-space:nowrap">issuers</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:1868.26px;letter-spacing:49.53px;white-space:nowrap">......................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7371.97px;left:9172.66px;white-space:nowrap">(19,232,064)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:288px;letter-spacing:-0.49px;white-space:nowrap">Translation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:1118px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:1295.89px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:1705.03px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:2211.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:2523.31px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:3172.45px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:4142.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:4311.05px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:4844.72px;white-space:nowrap">currencies</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:5604.79px;letter-spacing:50.29px;white-space:nowrap">..............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7574.46px;left:9590.63px;white-space:nowrap">21,912</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:869.44px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:1438.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:1607.8px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:2390.53px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:3306.7px;white-space:nowrap">(depreciation)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:4297px;letter-spacing:49.87px;white-space:nowrap">............................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7805.94px;left:9172.66px;white-space:nowrap">(19,210,152)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8066.42px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8066.42px;left:293.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8066.42px;left:898.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8066.42px;left:1209.61px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8066.42px;left:1992.34px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8066.42px;left:2339.3px;white-space:nowrap">(loss)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8066.42px;left:2802.39px;letter-spacing:49.62px;white-space:nowrap">............................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8066.42px;left:9279.22px;white-space:nowrap">80,647,099</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:293.44px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:942.66px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:1751.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:1920.86px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:2187.73px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:2694.61px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:3343.83px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:3708.28px;white-space:nowrap">operations</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:4483.83px;letter-spacing:49.91px;white-space:nowrap">..........................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8326.91px;left:9190.23px;white-space:nowrap">$80,910,822</div></div>
		</div>


</div></div><div data-page="" style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px"><div style="position:absolute;top:0px;left:0px;width:594px;height:774px">
		<div style="height:26px;left:54px;position:absolute;top:32px;width:504px">
			<div style="width:10080px;height:432px;position:absolute;top:3.86px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:7620.11px;letter-spacing:10.57px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:8576.2px;letter-spacing:10.29px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9272.47px;letter-spacing:10px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9781.66px;letter-spacing:9px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7054.44px;letter-spacing:10.34px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:8272.39px;letter-spacing:10.32px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:9109.27px;letter-spacing:8.88px;white-space:nowrap">Statements</div></div>
		</div>
		<div style="height:40px;left:54px;position:absolute;top:78px;width:504px">
			<div style="width:10080px;height:702px;position:absolute;top:4.61px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1589.96px;white-space:nowrap">Statements </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2977.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:3266.38px;white-space:nowrap">Changes </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4379.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:4653.97px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:5116.46px;white-space:nowrap">Assets</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:560.3px;white-space:nowrap">six </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:830.3px;white-space:nowrap">months </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:1470.59px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2021.13px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2461.46px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:2761.7px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:333.68px;left:3212.14px;white-space:nowrap">(unaudited)</div></div>
		</div>
		<div style="background-color:transparent;height:1px;left:54px;position:absolute;top:744px;width:504px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMElEQVR4Xu3KIREAMAwAsVdb/xImoaw3EBCWqgEAAAAAAAAA+MwaAAAAAAAAAABOPTnTicuMWE6aAAAAAElFTkSuQmCC);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:17px;left:54px;position:absolute;top:744px;width:135px">
			<div style="width:2700px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
		</div>
		<div style="height:30px;left:54px;position:absolute;top:739px;width:459px">
			<div style="width:9192px;height:259px;position:absolute;top:5.75px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

				<div style="background-color:transparent;height:13px;transform:translate(0.000px,0.000px) rotate(0.000deg) skew(0.000deg) scale(20.000,20.000);transform-origin:0% 0%;width:1px;position:absolute;top:65px;left:7986px">

				<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:2799.62px;white-space:nowrap">The </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3062.2px;white-space:nowrap">accompanying </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:3944.78px;white-space:nowrap">notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4302.28px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4528.37px;white-space:nowrap">an </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4710.79px;white-space:nowrap">integral </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5177.59px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5440.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5586.11px;white-space:nowrap">these </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5943.61px;white-space:nowrap">consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6716.89px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:7234.78px;white-space:nowrap">statements.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8069.08px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:8798.45px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:17px;left:522px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">15</div></div>
		</div>
		<div style="background-color:transparent;height:13px;left:527px;position:absolute;top:745px;width:1px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:13px;left:514px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div 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			<div style="width:10080px;height:12258px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

































			<div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:7251.3px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:8092.78px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:8697.23px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:53.02px;left:9177.08px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:6965.28px;white-space:nowrap">Six </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:7249.89px;white-space:nowrap">Months </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:313.5px;left:7863.09px;white-space:nowrap">Ended</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:7311.3px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:7729.19px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:7996.06px;white-space:nowrap">2020</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:697.5px;left:7463.25px;white-space:nowrap">(Unaudited)</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:9208.52px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:505.5px;left:9591.09px;white-space:nowrap">Ended</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:697.5px;left:8638.98px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:697.5px;left:9457.19px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:697.5px;left:9724.06px;white-space:nowrap">2019</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1007.44px;left:0px;white-space:nowrap">Increase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1007.44px;left:658.13px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1007.44px;left:1467.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1007.44px;left:1636.33px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1007.44px;left:1903.2px;white-space:nowrap">assets:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1209.92px;left:144px;white-space:nowrap">Operations:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1412.41px;left:288px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1412.41px;left:581.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1412.41px;left:1399.56px;white-space:nowrap">income</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1412.41px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1412.41px;left:7684.66px;white-space:nowrap">$263,723</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1412.41px;left:9279.22px;white-space:nowrap">$6,343,302</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1614.89px;left:288px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1614.89px;left:581.44px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1614.89px;left:1186.2px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1614.89px;left:1533.16px;white-space:nowrap">(loss)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1614.89px;left:1961.68px;letter-spacing:49.7px;white-space:nowrap">.................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1614.89px;left:7551.22px;white-space:nowrap">99,857,251</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1614.89px;left:9190.23px;white-space:nowrap">105,183,281</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1817.38px;left:288px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1817.38px;left:581.44px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1817.38px;left:1150.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1817.38px;left:1319.8px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1817.38px;left:2102.53px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1817.38px;left:3018.7px;white-space:nowrap">(depreciation)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1817.38px;left:4016.76px;letter-spacing:50.3px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1817.38px;left:7444.66px;white-space:nowrap">(19,210,152)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:1817.38px;left:9279.22px;white-space:nowrap">53,978,230</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:869.44px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:1518.66px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:2327.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:2496.86px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:2763.73px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:3270.61px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:3919.83px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:4284.28px;white-space:nowrap">operations</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:5044.31px;letter-spacing:51.22px;white-space:nowrap">................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:7551.22px;white-space:nowrap">80,910,822</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2048.86px;left:9190.23px;white-space:nowrap">165,504,813</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2280.35px;left:144px;white-space:nowrap">Distributions </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2280.35px;left:1068.77px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2280.35px;left:1246.66px;white-space:nowrap">shareholders</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2280.35px;left:2241.91px;letter-spacing:49.75px;white-space:nowrap">..............................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2280.35px;left:8192px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2280.35px;left:9184.53px;letter-spacing:-0.99px;white-space:nowrap">(70,711,506)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:144px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:686.5px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:1131.19px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:2038.3px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:2402.75px;white-space:nowrap">- </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:2500.48px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:3345.41px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:3523.3px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:4047.98px;white-space:nowrap">(Note </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:4483.69px;white-space:nowrap">2</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:4572.67px;white-space:nowrap">)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:4670.66px;letter-spacing:50.77px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:8192px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2564.29px;left:9261.64px;white-space:nowrap">(1,153,430)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2848.23px;left:576px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2848.23px;left:869.44px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2848.23px;left:1518.66px;white-space:nowrap">(decrease) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2848.23px;left:2327.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2848.23px;left:2496.86px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2848.23px;left:2763.73px;white-space:nowrap">assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2848.23px;left:3269.46px;letter-spacing:49.99px;white-space:nowrap">...................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2848.23px;left:7551.22px;white-space:nowrap">80,910,822</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2848.23px;left:9279.22px;white-space:nowrap">93,639,877</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3050.71px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3050.71px;left:293.44px;white-space:nowrap">assets:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3253.2px;left:144px;white-space:nowrap">Beginning </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3253.2px;left:900.17px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3253.2px;left:1078.06px;white-space:nowrap">period</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3253.2px;left:1588.02px;letter-spacing:49.64px;white-space:nowrap">.....................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3253.2px;left:7462.23px;white-space:nowrap">737,427,468</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3253.2px;left:9190.23px;white-space:nowrap">643,787,591</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3484.68px;left:144px;white-space:nowrap">End </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3484.68px;left:473.14px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3484.68px;left:651.03px;white-space:nowrap">period</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3484.68px;left:1120.96px;letter-spacing:49.58px;white-space:nowrap">..........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3484.68px;left:7373.25px;white-space:nowrap">$818,338,290</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3484.68px;left:9101.25px;white-space:nowrap">$737,427,468</div></div>
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			<div style="width:10080px;height:866px;position:absolute;top:7.44px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

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			<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:880.49px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1520.86px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2031.15px;white-space:nowrap">Inc.&#160;(Fund) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2951.46px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3131.46px;white-space:nowrap">registered&#160;under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:300.23px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1230.64px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2041.08px;white-space:nowrap">Act </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2351.16px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2551.29px;white-space:nowrap">1940 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3001.73px;white-space:nowrap">(1940 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3502.18px;white-space:nowrap">Act) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3872.2px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4112.31px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">closed-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:930.59px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2031.24px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2951.63px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3732.01px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4082.34px;white-space:nowrap">applies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:300.23px;white-space:nowrap">specialized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:1240.75px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2161.41px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:2511.74px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:3272.17px;white-space:nowrap">guidance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:4052.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:4242.92px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:0px;white-space:nowrap">Generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:810.44px;white-space:nowrap">Accepted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:1601.02px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:2541.62px;white-space:nowrap">Principles </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:3371.92px;white-space:nowrap">(U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344px;left:3831.94px;white-space:nowrap">GAAP). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:360.18px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:1110.59px;white-space:nowrap">summarizes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:2130.73px;white-space:nowrap">the&#160;Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:3015.62px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:3866.04px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024px;left:0px;white-space:nowrap">policies.&#160;</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2527.54px;left:0px;white-space:nowrap">a. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2527.54px;left:211.25px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2527.54px;left:1087.58px;white-space:nowrap">Instrument </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:2527.54px;left:2122.1px;letter-spacing:-1.05px;white-space:nowrap">Valuation&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2858px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2858px;left:360.18px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2858px;left:947.2px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2858px;left:1957.59px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2858px;left:2147.7px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2858px;left:2858.12px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2858px;left:3838.45px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2858px;left:4148.61px;white-space:nowrap">carried </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:0px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:200.13px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:500.19px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:980.51px;letter-spacing:-1.91px;white-space:nowrap">daily. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:1437.36px;white-space:nowrap">Fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:1797.36px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:2277.69px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:2457.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:2757.92px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:3198.08px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:3548.32px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3108px;left:4068.63px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:0px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:730.37px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:930.5px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:1250.6px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:1500.82px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:1981.05px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:2191.11px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:2581.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:2781.56px;white-space:nowrap">transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:3441.8px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:3591.91px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:4182.1px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3358px;left:4372.21px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3608px;left:0px;white-space:nowrap">orderly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3608px;left:600.21px;white-space:nowrap">transaction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3608px;left:1530.7px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3608px;left:2261.25px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3608px;left:2861.37px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3608px;left:3831.86px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3608px;left:4082.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:0px;white-space:nowrap">measurement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:1150.49px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:1597.59px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:1957.76px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:2418.05px;white-space:nowrap">calculates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:3268.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:3568.71px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3858px;left:3868.95px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:0px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:480.32px;letter-spacing:-2.23px;white-space:nowrap">(NAV) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:1006.96px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:1317.13px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:1817.4px;white-space:nowrap">each&#160;business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:3018.16px;white-space:nowrap">day&#160;as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:3598.51px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:3798.63px;white-space:nowrap">4 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4108px;left:3948.75px;white-space:nowrap">p.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:0px;white-space:nowrap">Eastern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:670.34px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1060.4px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1270.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:1570.69px;white-space:nowrap">regularly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:2311px;white-space:nowrap">scheduled </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:3181.64px;white-space:nowrap">close </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:3651.86px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:3851.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4358px;left:4152.22px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:0px;letter-spacing:-3.3px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:403.59px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:903.78px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:1754.38px;white-space:nowrap">(NYSE), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:2464.45px;white-space:nowrap">whichever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:3324.81px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:3504.81px;letter-spacing:-1.1px;white-space:nowrap">earlier. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4608px;left:4095.09px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:0px;white-space:nowrap">compliance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:960.47px;white-space:nowrap">policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:1610.77px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:1961.1px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:2911.64px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:3712.24px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:3952.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4858px;left:4252.59px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:0px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:530.33px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:730.46px;white-space:nowrap">Directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:1500.56px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:1860.73px;white-space:nowrap">Board), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:2501.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:2801.25px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:3385.9px;white-space:nowrap">administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5108px;left:4476.27px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:0px;white-space:nowrap">responsibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:1090.46px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:1350.53px;white-space:nowrap">oversight </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:2130.91px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:2331.04px;white-space:nowrap">valuation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:3151.58px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5358px;left:3912.1px;white-space:nowrap">leading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:300.23px;white-space:nowrap">cross-functional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:1610.77px;letter-spacing:-1.34px;white-space:nowrap">Valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:2398.01px;white-space:nowrap">Committee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:3318.22px;white-space:nowrap">(VC). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:3784.92px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5608px;left:4145.1px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:0px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:390.06px;white-space:nowrap">utilize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:900.26px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:1941.24px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:2521.49px;white-space:nowrap">services, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:3281.66px;white-space:nowrap">quotations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5858px;left:4162.32px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:810.26px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:1160.6px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:1871.02px;white-space:nowrap">instrument </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:2761.35px;white-space:nowrap">dealers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:3451.73px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:3802.06px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6108px;left:4262.34px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:0px;white-space:nowrap">sources </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:680.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:880.4px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:1730.83px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6358px;left:2030.89px;white-space:nowrap">value.&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:0px;white-space:nowrap">Equity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:550.28px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:1360.55px;white-space:nowrap">listed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:1830.76px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:2080.99px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:2331.21px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:3161.87px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:3371.92px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:3622.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6788px;left:3922.38px;white-space:nowrap">NASDAQ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:0px;white-space:nowrap">National </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:710.42px;white-space:nowrap">Market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:1310.54px;white-space:nowrap">System </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:1960.66px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:2270.83px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:2851.26px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:3051.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:3351.62px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:3681.74px;white-space:nowrap">quoted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7038px;left:4282.29px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7288px;left:0px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7288px;left:440.16px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7288px;left:650.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7288px;left:950.45px;text-rendering:optimizeLegibility;white-space:nowrap">official </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7288px;left:1510.66px;white-space:nowrap">closing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7288px;left:2120.98px;white-space:nowrap">price&#160;of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7288px;left:2761.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7288px;left:3061.49px;letter-spacing:-2.67px;white-space:nowrap">day, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7288px;left:3438.37px;letter-spacing:-0.95px;white-space:nowrap">respectively. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:0px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:660.32px;white-space:nowrap">equity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:1190.65px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:2000.92px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:2311.08px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:2891.51px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:3131.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:3331.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:3631.99px;white-space:nowrap">close </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:4102.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7538px;left:4302.33px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:250.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:550.46px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:1150.84px;white-space:nowrap">stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:1620.97px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:2451.62px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:2701.85px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:3212.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:3512.29px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7788px;left:4182.45px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:0px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:730.02px;white-space:nowrap">traded, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:1340.42px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:1550.48px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:1790.6px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:1990.72px;white-space:nowrap">4 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:2140.84px;white-space:nowrap">p.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:2540.92px;white-space:nowrap">Eastern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:3211.26px;white-space:nowrap">time. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:3648.08px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:4008.25px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8038px;left:4488.57px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:0px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:400.34px;white-space:nowrap">converted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:1240.84px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:1581.06px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:1811.07px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:2211.15px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:2701.41px;white-space:nowrap">equivalent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:3572.05px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:3772.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8288px;left:4072.41px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:0px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:830.65px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:1190.83px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:1380.94px;letter-spacing:-0.46px;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:1867.94px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:2068.07px;white-space:nowrap">4 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:2218.18px;white-space:nowrap">p.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:2618.26px;white-space:nowrap">Eastern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:3288.6px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:3678.66px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:3928.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8538px;left:4229.12px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:0px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:350.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:650.48px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:1130.8px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:1330.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:1631.16px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:2301.33px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:2481.33px;white-space:nowrap">determined. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8788px;left:3481.88px;white-space:nowrap">Over-the-counter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:0px;white-space:nowrap">(OTC) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:549.84px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:1360.11px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:1670.27px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:2250.7px;white-space:nowrap">within </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:2760.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:3061.14px;white-space:nowrap">range </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:3571.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:3771.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9038px;left:4071.88px;white-space:nowrap">most </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:0px;white-space:nowrap">recent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:550.28px;white-space:nowrap">quoted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:1150.84px;white-space:nowrap">bid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:1441.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:1791.39px;white-space:nowrap">ask </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:2121.5px;white-space:nowrap">prices. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:2701.67px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:3541.99px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9288px;left:3892.24px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:190.11px;white-space:nowrap">multiple </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:860.36px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:1550.48px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:1760.54px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:2010.76px;white-space:nowrap">multiple </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:2681.02px;white-space:nowrap">exchanges </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:3601.67px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9538px;left:3911.84px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:0px;white-space:nowrap">according </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:830.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:1030.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:1330.84px;white-space:nowrap">broadest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:2081.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:2431.67px;white-space:nowrap">most </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:2871.74px;white-space:nowrap">representative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9788px;left:4062.39px;white-space:nowrap">market. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:0px;white-space:nowrap">Certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:630.26px;white-space:nowrap">equity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:1160.6px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:1970.86px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:2281.03px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:2861.46px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:3401.89px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10038px;left:3852.33px;white-space:nowrap">fundamental </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:0px;white-space:nowrap">characteristics </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:1200.32px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:1410.38px;white-space:nowrap">relationships </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:2470.96px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:2671.08px;white-space:nowrap">similar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10288px;left:3241.05px;white-space:nowrap">securities.&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10718px;left:0px;white-space:nowrap">Debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10718px;left:430.22px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10718px;left:1240.49px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10718px;left:2020.96px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10718px;left:2481.24px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10718px;left:2671.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10718px;left:2971.58px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10718px;left:3401.54px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10718px;left:4001.66px;white-space:nowrap">rather </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10968px;left:0px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10968px;left:400.34px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10968px;left:650.57px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10968px;left:800.68px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10968px;left:1610.95px;white-space:nowrap">exchange. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10968px;left:2488.36px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10968px;left:2848.54px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10968px;left:3433.18px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10968px;left:4013.44px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11218px;left:0px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11218px;left:340.22px;white-space:nowrap">multiple </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11218px;left:1010.48px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11218px;left:1781.02px;white-space:nowrap">techniques </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11218px;left:2701.67px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11218px;left:2901.8px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11218px;left:3752.23px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11218px;left:4052.29px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11218px;left:4582.62px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11468px;left:0px;white-space:nowrap">instances </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11468px;left:810.44px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11468px;left:1350.7px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11468px;left:2111.04px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11468px;left:2711.16px;white-space:nowrap">activity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11468px;left:3311.28px;white-space:nowrap">exists, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11468px;left:3871.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11468px;left:4171.64px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11718px;left:0px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11718px;left:710.16px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11718px;left:1100.21px;white-space:nowrap">utilize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11718px;left:1610.42px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11718px;left:1760.54px;white-space:nowrap">market-based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11718px;left:2911.03px;white-space:nowrap">approach </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11718px;left:3711.62px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5730.21px;white-space:nowrap">quotes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6320.65px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6730.66px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7330.78px;white-space:nowrap">makers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7970.89px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8281.05px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8721.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8921.51px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9771.94px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5750.33px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5950.46px;white-space:nowrap">instances </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6760.9px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7301.16px;text-rendering:optimizeLegibility;white-space:nowrap">sufficient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8061.5px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8661.62px;white-space:nowrap">activity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9261.74px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9651.8px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">exist </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5640.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5850.18px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6030.18px;white-space:nowrap">limited, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6650.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6950.57px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7530.82px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8240.98px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8621.19px;white-space:nowrap">utilize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9131.4px;white-space:nowrap">proprietary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5990.54px;white-space:nowrap">models </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6620.8px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7131.01px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7521.06px;white-space:nowrap">consider </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8251.44px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8851.55px;white-space:nowrap">characteristics </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5650.22px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5890.34px;white-space:nowrap">benchmark </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6830.77px;white-space:nowrap">yield </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7250.98px;white-space:nowrap">curves, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7881.15px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8371.32px;white-space:nowrap">spreads, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9111.71px;white-space:nowrap">estimated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5810.45px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6310.63px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7231.29px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7831.41px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8471.69px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8831.87px;letter-spacing:-1.11px;white-space:nowrap">volatility, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">coupon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5860.55px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6360.73px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7281.39px;white-space:nowrap">timing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7811.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8011.67px;white-space:nowrap">principal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8732.02px;white-space:nowrap">repayments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6100.58px;white-space:nowrap">collateral, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6920.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7271.28px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7731.56px;white-space:nowrap">unique </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8322.1px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8992.27px;white-space:nowrap">features </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9692.67px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">order </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5690.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5890.34px;white-space:nowrap">estimate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6620.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6920.86px;white-space:nowrap">relevant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7611.24px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8041.46px;text-rendering:optimizeLegibility;white-space:nowrap">flows, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8551.58px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9061.79px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9371.95px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">discounted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6140.65px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6340.78px;white-space:nowrap">calculate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7101.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7401.45px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7701.5px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5220px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6240.41px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6430.52px;white-space:nowrap">open-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7241.22px;white-space:nowrap">mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7831.49px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8321.84px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8632px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:9212.43px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:9412.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5220px;white-space:nowrap">closing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5830.31px;letter-spacing:-5.98px;white-space:nowrap">NAV. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:6040.46px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:6380.68px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:7331.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:7531.35px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:8381.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:8682.01px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:8982.07px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:9462.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:5930.42px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:6910.75px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:7170.82px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:7681.03px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:8281.14px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:8811.3px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:9121.46px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:9421.7px;white-space:nowrap">reliable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:5430.06px;white-space:nowrap">readily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:6010.31px;white-space:nowrap">available. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:6820.84px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:7361.1px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:7851.45px;white-space:nowrap">procedures, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:8851.99px;white-space:nowrap">the&#160;Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:5220px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:5950.02px;white-space:nowrap">employs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:6670.28px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:6820.4px;white-space:nowrap">market-based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:7970.89px;white-space:nowrap">approach </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:8771.48px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:9281.69px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:5220px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:5560.22px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:6160.61px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:6370.66px;white-space:nowrap">comparable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:7361.19px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:7931.43px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:8141.48px;white-space:nowrap">liabilities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:8921.78px;white-space:nowrap">recent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:5220px;white-space:nowrap">transactions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:6290.51px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:6890.63px;white-space:nowrap">multiples, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:7700.89px;white-space:nowrap">book </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:8141.22px;white-space:nowrap">values, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:8761.55px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:9111.88px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:5220px;white-space:nowrap">relevant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:5910.38px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:6850.81px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:7110.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:7411.11px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:8331.5px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:8531.63px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:9382.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5220px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5520.06px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6000.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6200.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6500.74px;white-space:nowrap">investment. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7461.21px;white-space:nowrap">An </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7731.39px;white-space:nowrap">income-based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:8912.02px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5220px;white-space:nowrap">approach </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6020.6px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6410.65px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6790.87px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7041.09px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7481.43px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7671.53px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8181.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8481.97px;white-space:nowrap">anticipated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:9402.63px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5220px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5650.22px;text-rendering:optimizeLegibility;white-space:nowrap">flows </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6110.33px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6310.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6610.69px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:7531.08px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:7841.25px;white-space:nowrap">discounted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8761.9px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8962.03px;white-space:nowrap">calculate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:5220px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:5520.06px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6050.39px;white-space:nowrap">Discounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6890.71px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7280.77px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7660.99px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7911.21px;white-space:nowrap">applied </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:8541.74px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:8892.07px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:9092.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:9392.43px;white-space:nowrap">nature </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5430.06px;white-space:nowrap">duration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6130.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6330.67px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6670.9px;white-space:nowrap">restrictions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:7591.11px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:7841.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8141.57px;white-space:nowrap">disposition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:9042.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:9242.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:5220px;white-space:nowrap">investments. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6280.4px;white-space:nowrap">Due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6660.62px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6860.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7160.98px;white-space:nowrap">inherent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7861.46px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8791.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8992.09px;white-space:nowrap">valuations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:9852.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:5220px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:5650.22px;white-space:nowrap">investments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6710.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7010.86px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7310.92px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7881.24px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8271.3px;letter-spacing:-0.46px;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8718.22px;text-rendering:optimizeLegibility;white-space:nowrap">significantly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:9698.64px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5520.23px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6090.56px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6440.8px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6961.11px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7401.45px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7851.88px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8292.22px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8642.55px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8892.77px;white-space:nowrap">active </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:9413px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5220px;white-space:nowrap">existed. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:5220px;letter-spacing:-0.83px;white-space:nowrap">Trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:5873.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:6063.75px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:6874.01px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:7124.24px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:7724.62px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:8534.88px;white-space:nowrap">stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:9005.01px;white-space:nowrap">exchanges </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:5570.33px;white-space:nowrap">OTC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:6000.29px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:6690.41px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:7080.47px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:7330.69px;white-space:nowrap">completed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:8211.18px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:8771.57px;white-space:nowrap">4 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:8921.69px;white-space:nowrap">p.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:9321.77px;white-space:nowrap">Eastern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:5220px;white-space:nowrap">time. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:5660.07px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:5860.2px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:6590.74px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:7191.12px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:7381.23px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:7971.5px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:8571.88px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:9262px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:5220px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:5520.23px;white-space:nowrap">take </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:5910.47px;white-space:nowrap">place </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:6390.79px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:6641.02px;white-space:nowrap">every </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:7131.18px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:7715.83px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:8476.26px;letter-spacing:-2.67px;white-space:nowrap">day. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:8853.13px;white-space:nowrap">Events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:9453.43px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:5220px;white-space:nowrap">occur </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:5710.17px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:6440.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:6740.95px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:7131.01px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:7331.13px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:7841.34px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:8441.72px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:8631.83px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:8781.94px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:9382.32px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:5220px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:5400px;white-space:nowrap">completed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:6280.49px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:6630.82px;white-space:nowrap">4 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:6780.94px;white-space:nowrap">p.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:7181.02px;white-space:nowrap">Eastern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:7851.36px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:8241.42px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:8591.66px;white-space:nowrap">might </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:9081.83px;white-space:nowrap">call </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:9401.92px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:5220px;white-space:nowrap">question </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:5950.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:6250.78px;white-space:nowrap">reliability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:7001.02px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:7201.14px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:7501.38px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:7981.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:8181.83px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:8331.94px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:9022.32px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:9692.49px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:5460.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:5760.35px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:6260.71px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:6520.78px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:6670.9px;white-space:nowrap">result, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:7211.07px;letter-spacing:-0.27px;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:8138.32px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:8528.38px;white-space:nowrap">arise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:8968.54px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:9699.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:5220px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:5700.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:5900.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6200.68px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6785.33px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7475.71px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8285.98px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8526.09px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:9476.63px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:9676.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:5220px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:5820.38px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6420.5px;white-space:nowrap">close </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6890.71px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7241.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7541.28px;white-space:nowrap">latest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:8021.51px;white-space:nowrap">indications </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:8922.04px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:9122.17px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:9602.49px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5220px;white-space:nowrap">4 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5370.12px;white-space:nowrap">p.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5770.2px;white-space:nowrap">Eastern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6440.54px;white-space:nowrap">time. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6880.61px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7080.73px;white-space:nowrap">order </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7550.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7751.07px;white-space:nowrap">minimize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8511.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8811.39px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:9541.93px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5220px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5710.34px;letter-spacing:-0.25px;white-space:nowrap">differences, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:6687.6px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:6937.82px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7978.8px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8559.05px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:9179.21px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:9569.27px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5220px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5660.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5860.46px;white-space:nowrap">adjust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6390.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6691.03px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7171.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7371.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7671.71px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8258.73px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8949.11px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:9759.38px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5520.23px;white-space:nowrap">latest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6000.47px;white-space:nowrap">indications </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6901px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7101.12px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7401.18px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7881.5px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8081.63px;white-space:nowrap">4 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8231.75px;white-space:nowrap">p.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8631.83px;white-space:nowrap">Eastern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:9302.17px;white-space:nowrap">time. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:9732.3px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5220px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5660.33px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5960.57px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6461.02px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7051.29px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7861.55px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8251.61px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8691.94px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:9142.38px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:9442.44px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5220px;white-space:nowrap">using </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5700.32px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:6190.66px;white-space:nowrap">procedures, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7191.21px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7381.32px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7891.52px;white-space:nowrap">case </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:8321.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:8621.98px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:9432.25px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:5220px;white-space:nowrap">categorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6200.6px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6440.71px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6921.04px;white-space:nowrap">2 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7071.15px;white-space:nowrap">inputs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7601.48px;white-space:nowrap">within </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8111.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8411.92px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8711.98px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:9192.3px;letter-spacing:-1.21px;white-space:nowrap">hierarchy. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5220px;white-space:nowrap">See </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5590.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5890.52px;white-space:nowrap">Fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:6250.52px;letter-spacing:-2.23px;white-space:nowrap">Value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:6747.54px;white-space:nowrap">Measurements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7988.03px;white-space:nowrap">note </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8388.37px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8648.44px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:9108.54px;white-space:nowrap">information.</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:0px;white-space:nowrap">When </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:520.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:820.46px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1150.58px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1490.8px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1690.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1991.16px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2751.59px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3301.96px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3481.96px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3632.08px;white-space:nowrap">non-business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:0px;letter-spacing:-2.67px;white-space:nowrap">day, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:376.88px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:967.15px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1567.53px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2257.65px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2647.71px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2897.93px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:3348.37px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:3598.59px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:4088.94px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:0px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:350.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:650.48px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:1235.13px;letter-spacing:-3.34px;white-space:nowrap">NAV </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:1641.88px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:1821.88px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:2122.12px;white-space:nowrap">calculated, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:3032.67px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:3542.87px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:4023.19px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:190.11px;letter-spacing:-0.27px;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:1117.35px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:1847.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:2148.13px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:2628.46px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:2828.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:3128.82px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:3713.47px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:810.26px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:1060.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:1360.72px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:1690.84px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:2451.27px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:2791.49px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:3141.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:3442.06px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:3772.18px;white-space:nowrap">calendar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:0px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:340.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:540.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:840.59px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:1601.02px;white-space:nowrap">period. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:2191.46px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:2551.64px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:3221.81px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:3992.34px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:0px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:350.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:550.46px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:800.68px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:1251.12px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:1851.5px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:2451.62px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:2761.79px;white-space:nowrap">adjusted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:3492.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:3842.67px;text-rendering:optimizeLegibility;white-space:nowrap">reflected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:4583.06px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:0px;white-space:nowrap">the&#160;Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:760.52px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:1020.59px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:1731.01px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:2491.44px;white-space:nowrap">purposes. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3241.54px;left:0px;white-space:nowrap">b. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3241.54px;left:221.64px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3241.54px;left:971.06px;white-space:nowrap">Currency </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:3241.54px;left:1858.07px;letter-spacing:-0.87px;white-space:nowrap">Translation&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3572px;left:0px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3572px;left:710.33px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3572px;left:1520.6px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3572px;left:1870.93px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3572px;left:2331.21px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3572px;left:2901.45px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3572px;left:3251.78px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3822px;left:0px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3822px;left:1090.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3822px;left:1280.92px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3822px;left:1881.3px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3822px;left:2761.61px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3822px;left:3071.78px;white-space:nowrap">translated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3822px;left:3912.28px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3822px;left:4252.5px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4072px;left:0px;white-space:nowrap">dollars </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4072px;left:580.25px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4072px;left:1120.69px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4072px;left:1370.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4072px;left:1671.15px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4072px;left:2501.81px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4072px;left:2861.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4072px;left:3062.11px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4072px;left:3492.33px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:0px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:630.44px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:1030.52px;white-space:nowrap">dollars </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:1610.77px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:1861px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:2161.23px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:2561.57px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:2761.7px;white-space:nowrap">valuation. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:3578.99px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:3939.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4322px;left:4399.45px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4572px;left:0px;white-space:nowrap">enter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4572px;left:460.28px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4572px;left:800.51px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4572px;left:1400.89px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4572px;left:2141.1px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4572px;left:2971.76px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4572px;left:3752.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4572px;left:3952.18px;white-space:nowrap">facilitate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:0px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:1020.5px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:2111.31px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:2301.42px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:2451.53px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:3051.91px;letter-spacing:-1.34px;white-space:nowrap">currency. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:3828.78px;white-space:nowrap">Purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:350.33px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:820.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:1020.67px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:1880.95px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:2511.21px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:2861.54px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:3592.09px;white-space:nowrap">items </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:0px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:1090.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:1280.92px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:1881.3px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:2761.61px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:3071.78px;white-space:nowrap">translated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:3912.28px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:4252.5px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:0px;white-space:nowrap">dollars </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:580.25px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:780.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:1080.62px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:1911.27px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:2271.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:2461.55px;letter-spacing:-0.46px;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:2948.55px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:3198.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:3499.01px;white-space:nowrap">transaction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:4429.51px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:0px;white-space:nowrap">Portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:710.33px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:1520.6px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:1870.93px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:2441.16px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:2791.49px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:3521.78px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:190.11px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:790.49px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:1670.8px;white-space:nowrap">contain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:2301.24px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:2721.18px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:3071.43px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:3561.77px;white-space:nowrap">currencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:4442.08px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6322px;left:0px;white-space:nowrap">decline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6322px;left:620.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6322px;left:810.53px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6322px;left:1290.85px;white-space:nowrap">relative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6322px;left:1921.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6322px;left:2121.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6322px;left:2421.47px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6322px;left:2821.55px;letter-spacing:-1.24px;white-space:nowrap">dollar. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6322px;left:3351.88px;letter-spacing:-0.95px;white-space:nowrap">Occasionally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572px;left:0px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572px;left:580.34px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572px;left:970.4px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572px;left:1550.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572px;left:1850.8px;white-space:nowrap">availability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572px;left:2731.2px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572px;left:2941.26px;white-space:nowrap">reliability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572px;left:3691.49px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6572px;left:3891.62px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6822px;left:0px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6822px;left:830.65px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6822px;left:1280.83px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6822px;left:1721.16px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6822px;left:1921.29px;white-space:nowrap">convert </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6822px;left:2561.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6822px;left:2861.81px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6822px;left:3261.88px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6822px;left:3752.14px;white-space:nowrap">equivalent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:0px;white-space:nowrap">value. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:530.33px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:680.36px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:1110.59px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:1360.81px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:1851.15px;white-space:nowrap">occurs, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:2481.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:2781.56px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:3381.94px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7072px;left:4212.6px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:299.97px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:550.2px;white-space:nowrap">valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:1130.63px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:1330.75px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:1630.81px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:2111.13px;white-space:nowrap">using </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:2591.46px;white-space:nowrap">procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:3541.99px;white-space:nowrap">established </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7322px;left:4502.64px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7572px;left:0px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7572px;left:800.6px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7572px;left:1040.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7572px;left:1340.95px;white-space:nowrap">Board.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:820.46px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:1260.79px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:1561.03px;white-space:nowrap">separately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:2441.51px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:2961.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:3261.97px;letter-spacing:-0.46px;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:3748.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:3949.1px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:190.11px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:790.49px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:1621.14px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:2071.32px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:2481.33px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:3211.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:3401.98px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:4002.1px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:250.22px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:1060.49px;white-space:nowrap">held. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:1500.82px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:1961.1px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:2691.65px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:3001.82px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:3722.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:3912.45px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:0px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:680.36px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:1030.69px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:1911.27px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:2301.59px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:2511.65px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:2881.76px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:3291.77px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:4302.16px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:4492.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9002px;left:0px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9002px;left:1100.74px;white-space:nowrap">Statement&#160;of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9002px;left:2171.34px;white-space:nowrap">Operations.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:0px;white-space:nowrap">Realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:750.41px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:1350.79px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:2181.45px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:2661.77px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:2871.83px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:3432.04px;white-space:nowrap">arise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:3872.2px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:4282.21px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:200.13px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:800.51px;white-space:nowrap">currencies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:1730.83px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:2471.04px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:2951.37px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:3161.43px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:3721.64px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:0px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:730.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:1030.78px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:1491.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:1841.4px;white-space:nowrap">settlement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:2721.8px;white-space:nowrap">dates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:3212.14px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:3462.36px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:0px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:1020.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:1370.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:1671.06px;letter-spacing:-0.3px;white-space:nowrap">difference </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:2508.31px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:3238.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:3539.09px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:0px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:740.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:940.52px;white-space:nowrap">dividends, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:1801.05px;white-space:nowrap">interest, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:2491.35px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:2841.68px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:3442.06px;white-space:nowrap">withholding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:0px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:480.23px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:830.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:1130.8px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:1530.88px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:2021.13px;white-space:nowrap">equivalent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:2891.78px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:3091.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:3392.14px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:4132.53px;white-space:nowrap">actually </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:0px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:730.37px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:940.43px;white-space:nowrap">paid. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:1380.76px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:1710.88px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:2591.46px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:3191.84px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:4022.49px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:350.33px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:910.55px;white-space:nowrap">arise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:1350.7px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:1760.71px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:2491.26px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:2681.37px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:3281.75px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:4112.4px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:250.22px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:850.61px;white-space:nowrap">denominated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:1941.42px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:2511.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:2861.98px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:3592.27px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:4052.55px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:0px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:1010.39px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:1200.5px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:2010.76px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:2401.08px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:2601.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:2901.45px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:3251.78px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:3451.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:3752.14px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11932px;left:0px;white-space:nowrap">period.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:5220px;white-space:nowrap">c. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:5431.25px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:6592.77px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:6814.4px;letter-spacing:-1.41px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:7813.67px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:8394.24px;white-space:nowrap">Opportunities </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:237.46px;left:5220px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:237.46px;left:5789.81px;white-space:nowrap">Ltd. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:237.46px;left:6190.78px;white-space:nowrap">(China </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:237.46px;left:6834.63px;white-space:nowrap">Fund)</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:6040.46px;white-space:nowrap">invests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:6650.68px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:6840.79px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:7431.06px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:7941.45px;white-space:nowrap">A-shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:8711.72px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:5220px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:5450.01px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:6370.4px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:6560.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:6860.74px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:7381.05px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:7888.1px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:8248.27px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:8768.58px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:9228.87px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:9408.87px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:5220px;white-space:nowrap">Cayman </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:5940.26px;white-space:nowrap">Islands </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:6560.6px;white-space:nowrap">exempted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:7401.09px;letter-spacing:-1.48px;white-space:nowrap">company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:8218.12px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:8568.46px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:8748.46px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:8898.57px;white-space:nowrap">wholly-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:5220px;white-space:nowrap">owned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:5800.43px;white-space:nowrap">subsidiary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:6660.79px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:6860.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:7157.9px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:8038.39px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:8678.76px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:9189.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:9539.38px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:5220px;white-space:nowrap">able </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:5610.32px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:5810.45px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:6330.67px;white-space:nowrap">directly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:6950.83px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:7140.94px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:7651.32px;white-space:nowrap">A-shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:8421.59px;white-space:nowrap">consistent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:9282.04px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:5520.23px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:6440.62px;white-space:nowrap">objective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:7201.05px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:7401.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:7698.16px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:8578.65px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:9219.02px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:9719.38px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:5220px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:5660.33px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:5960.57px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:6461.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:6761.25px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:7281.56px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:7868.58px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:8878.97px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:9119.09px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:9479.18px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:9719.3px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:5220px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:5680.28px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:6250.52px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:6600.85px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:7331.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:7531.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:7831.49px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:8351.81px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:8812.09px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:9122.26px;text-rendering:optimizeLegibility;white-space:nowrap">reflected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:5410.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:5710.34px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:6297.36px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:7398.11px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:8268.57px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:8468.7px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:5570.33px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:6671.07px;white-space:nowrap">Statement&#160;of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:7731.74px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:8321.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:8672.26px;white-space:nowrap">Liabilities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:5220px;white-space:nowrap">All </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:5470.05px;white-space:nowrap">intercompany </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:6600.59px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:7621.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:7971.42px;white-space:nowrap">balances </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:8741.95px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:9182.29px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:5220px;white-space:nowrap">eliminated. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:6130.55px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:6350.62px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:6790.96px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:7091.19px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:7591.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:7891.87px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:8192.11px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:8762.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:8962.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:9262.71px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:5680.28px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:6120.44px;white-space:nowrap">$222,776,027, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:7321.55px;white-space:nowrap">representing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:8372.2px;white-space:nowrap">27.2% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:8932.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:9132.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:9432.95px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:5220px;white-space:nowrap">consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:6280.75px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:6580.99px;white-space:nowrap">assets.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4247.92px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4247.92px;left:5580.18px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4247.92px;left:6100.49px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4247.92px;left:6560.77px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4247.92px;left:7041.09px;white-space:nowrap">access </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4247.92px;left:7651.32px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4247.92px;left:7851.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4247.92px;left:8141.75px;white-space:nowrap">A-shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4247.92px;left:8912.02px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4497.92px;left:5220px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4497.92px;left:5877.25px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4497.92px;left:6757.73px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4497.92px;left:7688.14px;white-space:nowrap">Counsel, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4497.92px;left:8448.57px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4497.92px;left:8828.79px;white-space:nowrap">(TIC), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4497.92px;left:9338.64px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4747.92px;left:5220px;white-space:nowrap">serves </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4747.92px;left:5800.17px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4747.92px;left:6040.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4747.92px;left:6340.52px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4747.92px;left:7190.95px;text-rendering:optimizeLegibility;white-space:nowrap">Qualified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4747.92px;left:7951.38px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4747.92px;left:8611.7px;white-space:nowrap">Institutional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4997.92px;left:5220px;white-space:nowrap">Investor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4997.92px;left:5910.29px;white-space:nowrap">(QFII) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4997.92px;left:6430.17px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4997.92px;left:6690.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4997.92px;left:6990.47px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4997.92px;left:7510.78px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4997.92px;left:8021.07px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4997.92px;left:8951.48px;white-space:nowrap">decisions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:5220px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:5820.38px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:6020.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:6320.74px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:6841.05px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:7291.41px;white-space:nowrap">A-shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:8061.68px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:8371.85px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:9022.06px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:9222.19px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5247.92px;left:9522.42px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:5570.33px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:5710.34px;white-space:nowrap">bears </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:6210.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:6510.85px;white-space:nowrap">resultant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:7251.24px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:8071.61px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:8421.94px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:8712.07px;white-space:nowrap">consequences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5497.92px;left:9922.94px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:5220px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:5450.01px;white-space:nowrap">holdings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:6170.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:6520.87px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:7541.37px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:7721.54px;white-space:nowrap">A-shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:8538.57px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:8898.75px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:9419.06px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5747.92px;left:9879.35px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5997.92px;left:5220px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5997.92px;left:5840.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5997.92px;left:6040.46px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5997.92px;left:6630.73px;white-space:nowrap">restrictions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5997.92px;left:7550.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5997.92px;left:7901.28px;white-space:nowrap">administrative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5997.92px;left:9061.7px;white-space:nowrap">processes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6247.92px;left:5220px;white-space:nowrap">relating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6247.92px;left:5860.37px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6247.92px;left:6060.5px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6247.92px;left:6290.51px;white-space:nowrap">ability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6247.92px;left:6800.71px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6247.92px;left:7000.84px;white-space:nowrap">repatriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6247.92px;left:7811.28px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6247.92px;left:8241.5px;white-space:nowrap">balances, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6247.92px;left:9062.05px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6497.92px;left:5220px;white-space:nowrap">proceeds, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6497.92px;left:6060.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6497.92px;left:6410.83px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6497.92px;left:7151.31px;white-space:nowrap">associated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6497.92px;left:8061.86px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6497.92px;left:8431.96px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6497.92px;left:8652.04px;white-space:nowrap">A-shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6497.92px;left:9422.31px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:5220px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:5610.06px;white-space:nowrap">incur </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:6050.21px;white-space:nowrap">substantial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:6960.76px;white-space:nowrap">delays </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:7531.08px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:7721.19px;white-space:nowrap">gaining </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:8351.72px;white-space:nowrap">access </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:8961.94px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:9162.07px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6747.92px;left:9392.08px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:5430.06px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:5580.18px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:5950.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:6150.41px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:6630.73px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:6820.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:7121.07px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:7611.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:7811.54px;white-space:nowrap">noncompliance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6997.92px;left:9072.33px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7247.92px;left:5220px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7247.92px;left:6080.62px;white-space:nowrap">Chinese </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7247.92px;left:6791.04px;white-space:nowrap">rules </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7247.92px;left:7231.2px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7247.92px;left:7441.26px;white-space:nowrap">requirements.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7751.46px;left:5220px;white-space:nowrap">d. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7751.46px;left:5441.64px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7751.46px;left:6402.68px;white-space:nowrap">Lending</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8081.92px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8081.92px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8081.92px;left:6040.46px;white-space:nowrap">participates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8081.92px;left:7010.95px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8081.92px;left:7201.05px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8081.92px;left:7451.28px;white-space:nowrap">agency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8081.92px;left:8081.72px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8081.92px;left:8622.16px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8081.92px;left:9432.42px;white-space:nowrap">lending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8331.92px;left:5220px;white-space:nowrap">program </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8331.92px;left:5940.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8331.92px;left:6140.39px;white-space:nowrap">earn </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8331.92px;left:6550.66px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8331.92px;left:7371.3px;white-space:nowrap">income. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8331.92px;left:8048.32px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8331.92px;left:8408.5px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8331.92px;left:8868.78px;white-space:nowrap">receives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8581.92px;left:5220px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8581.92px;left:5990.36px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8581.92px;left:6180.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8581.92px;left:6480.7px;white-space:nowrap">form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8581.92px;left:6890.71px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8581.92px;left:7090.84px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8581.92px;left:7521.06px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8581.92px;left:8081.46px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8581.92px;left:8481.53px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8831.92px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8831.92px;left:5560.4px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8831.92px;left:6210.79px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8831.92px;left:7021.05px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8831.92px;left:7651.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8831.92px;left:7951.73px;white-space:nowrap">loaned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8831.92px;left:8542.27px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8831.92px;left:9352.53px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8831.92px;left:9542.64px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:5220px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:5870.39px;white-space:nowrap">equal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:6360.82px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:6560.95px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:6761.07px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:7191.3px;white-space:nowrap">102% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:7701.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:7901.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:8202.04px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:8502.1px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:8982.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:9182.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9081.92px;left:9482.78px;white-space:nowrap">loaned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:5220px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:6080.27px;white-space:nowrap">Collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:6890.62px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:7070.62px;white-space:nowrap">maintained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:8001.21px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:8401.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:8701.61px;white-space:nowrap">life </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:8981.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:9181.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9331.92px;left:9482.08px;white-space:nowrap">loan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:5410.11px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:5660.33px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:6310.72px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:6610.96px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:6981.06px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:7381.41px;white-space:nowrap">100% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:7891.79px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:8091.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:8392.15px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:8692.21px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:9172.53px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9581.92px;left:9372.66px;white-space:nowrap">loaned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:5220px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:6080.27px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:6320.39px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:7270.93px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:7471.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:7771.29px;white-space:nowrap">close </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:8241.5px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:8441.63px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:8901.91px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9831.92px;left:9662.34px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.92px;left:5220px;white-space:nowrap">day; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.92px;left:5610.23px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.92px;left:5950.46px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.92px;left:6771.09px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.92px;left:7541.46px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.92px;left:8251.87px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.92px;left:8602.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.92px;left:8802.33px;white-space:nowrap">changes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10081.92px;left:9532.88px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:5220px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:5890.17px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:6460.49px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:6640.49px;white-space:nowrap">delivered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:7420.96px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:7621.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:7921.32px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:8381.6px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:8631.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:8932.06px;white-space:nowrap">next </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10331.92px;left:9322.29px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:5220px;letter-spacing:-2.67px;white-space:nowrap">day. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:5586.94px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:5947.12px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:6377.34px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:7147.71px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:7878.08px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:8058.08px;white-space:nowrap">deposited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:8888.73px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:9228.96px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10581.92px;left:9379.07px;white-space:nowrap">joint </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:5220px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:5650.22px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:6330.67px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:6700.78px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:7161.06px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:7651.41px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:8001.74px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:8181.74px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:8622.07px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:8822.2px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:9342.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10831.92px;left:9532.53px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.92px;left:5220px;white-space:nowrap">money </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.92px;left:5810.27px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.92px;left:6410.39px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.92px;left:6810.73px;white-space:nowrap">managed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.92px;left:7611.33px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.92px;left:7851.45px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.92px;left:8531.72px;white-space:nowrap">Advisers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.92px;left:9321.94px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11081.92px;left:9712.09px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">affiliate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:5840.33px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:6040.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:6340.69px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:6850.99px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:7041.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:7341.33px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:8442.07px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:9312.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11331.92px;left:9502.73px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.92px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.92px;left:5570.33px;white-space:nowrap">Liabilities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.92px;left:6400.81px;letter-spacing:-0.95px;white-space:nowrap">Additionally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.92px;left:7408.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.92px;left:7708.27px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.92px;left:8168.55px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11581.92px;left:8898.93px;white-space:nowrap">$3,204,059 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.92px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.92px;left:5410.11px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.92px;left:5810.19px;white-space:nowrap">Government </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.92px;left:6850.63px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.92px;left:7191.04px;white-space:nowrap">Agency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.92px;left:7841.43px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.92px;left:8651.69px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11831.92px;left:8891.81px;white-space:nowrap">collateral. </div></div>
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			<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">a. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:211.25px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1087.58px;white-space:nowrap">Instrument </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:2122.1px;letter-spacing:-0.81px;white-space:nowrap">Valuation&#160; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:3072.29px;white-space:nowrap">(continued)</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.57px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.29px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1652.36px;letter-spacing:10px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2161.55px;letter-spacing:9px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.34px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:2028.61px;letter-spacing:10.32px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:2865.48px;letter-spacing:9.16px;white-space:nowrap">Statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:3896.7px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMElEQVR4Xu3KIREAMAwAsVdb/xImoaw3EBCWqgEAAAAAAAAA+MwaAAAAAAAAAABOPTnTicuMWE6aAAAAAElFTkSuQmCC);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">18</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></div>
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		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:820.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1210.52px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:1840.78px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2471.04px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:2881.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:3181.29px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:4101.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:988px;left:4301.81px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:0px;white-space:nowrap">collateral, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:820.37px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1010.48px;white-space:nowrap">addition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1691.02px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:1891.14px;white-space:nowrap">lending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2521.67px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:2911.9px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:3262.24px;white-space:nowrap">rebates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:3912.63px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:4302.95px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1238px;left:4543.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:0px;letter-spacing:-0.99px;white-space:nowrap">borrower. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:800.33px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:1440.62px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:1850.63px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:2660.89px;white-space:nowrap">loaned, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:3301.44px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:3601.67px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:3801.8px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1488px;left:4192.03px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:500.36px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:1310.63px;white-space:nowrap">lending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:1941.15px;white-space:nowrap">agent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:2441.6px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:3001.99px;white-space:nowrap">third-party </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1738px;left:3862.27px;letter-spacing:-1.24px;white-space:nowrap">vendor, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:0px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:180px;white-space:nowrap">reported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:900.44px;white-space:nowrap">separately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:1780.93px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:1971.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:2271.27px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:3372.01px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1988px;left:4242.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:0px;white-space:nowrap">Operations. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:977.26px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:1337.43px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:1797.71px;white-space:nowrap">bears </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:2297.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:2598.22px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:3198.34px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:3528.28px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2238px;left:3898.39px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:200.13px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:540.35px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:970.58px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:1740.94px;white-space:nowrap">investment, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:2711.34px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:3521.6px;white-space:nowrap">loaned, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2488px;left:4162.15px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:300.23px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:630.18px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:980.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:1280.65px;white-space:nowrap">agent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:1781.1px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:2171.16px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:2761.61px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:3011.84px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:3241.85px;white-space:nowrap">obligations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:4152.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2738px;left:4352.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:0px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:510.29px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:660.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:960.56px;white-space:nowrap">borrower </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:1720.81px;white-space:nowrap">defaults </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:2401.26px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:2651.48px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:2881.49px;white-space:nowrap">obligation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:3702.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:3902.26px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2988px;left:4422.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:810.26px;white-space:nowrap">loaned, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:1450.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:1751.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:2211.33px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:2551.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:2851.79px;white-space:nowrap">right </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:3251.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:3452.08px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3238px;left:4402.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3488px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3488px;left:810.26px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3488px;left:1000.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3488px;left:1300.61px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3488px;left:1751.04px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3488px;left:2351.16px;white-space:nowrap">using </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3488px;left:2831.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3488px;left:3131.72px;white-space:nowrap">collateral </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3488px;left:3902.08px;white-space:nowrap">received. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3738px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3738px;left:360.18px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3738px;left:1170.44px;white-space:nowrap">lending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3738px;left:1800.97px;white-space:nowrap">agent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3738px;left:2301.42px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3738px;left:2641.64px;white-space:nowrap">agreed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3738px;left:3252.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3738px;left:3452.26px;white-space:nowrap">indemnify </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3738px;left:4272.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:460.28px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:650.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:950.63px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:1440.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:1641.09px;white-space:nowrap">default </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:2231.54px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:2471.66px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:2621.78px;white-space:nowrap">third </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:3021.94px;white-space:nowrap">party </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3988px;left:3472.12px;letter-spacing:-1.1px;white-space:nowrap">borrower.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4491.54px;left:0px;white-space:nowrap">e. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4491.54px;left:211.25px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4491.54px;left:929.22px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4491.54px;left:1319.79px;white-space:nowrap">Deferred </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:4491.54px;left:2154.01px;letter-spacing:-2.35px;white-space:nowrap">Taxes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:0px;white-space:nowrap">It </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:150.03px;white-space:nowrap">is&#160;the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:630.26px;white-space:nowrap">Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:1214.91px;white-space:nowrap">policy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:1725.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:1925.24px;white-space:nowrap">qualify </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:2495.57px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:2735.68px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:2885.8px;white-space:nowrap">regulated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4822px;left:3686.4px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:0px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:780.38px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:1290.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:1591px;white-space:nowrap">Internal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:2241.39px;white-space:nowrap">Revenue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:3011.92px;letter-spacing:-0.33px;white-space:nowrap">Code.&#160;The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5072px;left:3899.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:0px;white-space:nowrap">intends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:630.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:830.57px;white-space:nowrap">distribute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:1610.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:1811.07px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:2901.71px;white-space:nowrap">substantially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:3942.25px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:4172.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5322px;left:4372.47px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:0px;white-space:nowrap">taxable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:630.44px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:1260.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:1611.04px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:1911.27px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:2591.63px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:3071.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:3272.08px;white-space:nowrap">relieve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:3852.33px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5572px;left:3992.34px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:0px;white-space:nowrap">federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:600.38px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:1230.64px;white-space:nowrap">and&#160;excise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:2141.19px;white-space:nowrap">taxes. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:2661.5px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:2921.57px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:3071.69px;white-space:nowrap">result, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:3611.87px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:3862.09px;white-space:nowrap">provision </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5822px;left:4632.45px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:0px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:400.08px;white-space:nowrap">federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:1000.46px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:1630.72px;white-space:nowrap">taxes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:2110.96px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6072px;left:2290.96px;white-space:nowrap">required.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6502px;left:0px;white-space:nowrap">The&#160;Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6502px;left:820.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6502px;left:1210.52px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6502px;left:1460.74px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6502px;left:2081.07px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6502px;left:2281.2px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6502px;left:2881.58px;white-space:nowrap">taxation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6502px;left:3562.03px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6502px;left:4162.41px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6752px;left:0px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6752px;left:630.26px;white-space:nowrap">received, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6752px;left:1410.64px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6752px;left:1980.97px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6752px;left:2461.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6752px;left:2711.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6752px;left:3011.75px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6752px;left:3391.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6752px;left:3592.09px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002px;left:350.33px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002px;left:940.61px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002px;left:1540.99px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002px;left:2281.2px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002px;left:3301.7px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002px;left:3491.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7002px;left:3792.04px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:0px;white-space:nowrap">jurisdictions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:990.35px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:1180.46px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:1690.66px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:1830.67px;white-space:nowrap">invests. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:2490.91px;white-space:nowrap">Foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:3151.23px;white-space:nowrap">taxes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:3681.47px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:3821.48px;letter-spacing:-2.67px;white-space:nowrap">any, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7252px;left:4198.36px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:0px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:760.43px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:1300.87px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:1551.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:1851.33px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:2141.46px;white-space:nowrap">regulations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:3072.04px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:3422.37px;white-space:nowrap">rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:3872.55px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7502px;left:4222.79px;white-space:nowrap">exist </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:190.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:490.34px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:1090.72px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:1780.84px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:1970.95px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:2481.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:2781.39px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:3241.67px;white-space:nowrap">invests. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:3901.9px;white-space:nowrap">When </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7752px;left:4422.13px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:0px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:570.32px;white-space:nowrap">gain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:960.64px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:1250.77px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:1430.77px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:2381.31px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:2581.44px;letter-spacing:-1.91px;white-space:nowrap">apply, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:3098.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:3398.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:3858.93px;white-space:nowrap">records </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8002px;left:4509.14px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:0px;white-space:nowrap">estimated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:830.39px;white-space:nowrap">deferred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:1550.83px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:1840.96px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:2431.14px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:2621.25px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:2871.47px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:3521.87px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:3872.11px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8252px;left:4392.42px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:0px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:680.54px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:820.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:1120.78px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:1931.04px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:2371.2px;white-space:nowrap">disposed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:3141.74px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:3341.87px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:3592.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8502px;left:3892.32px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8752px;left:0px;white-space:nowrap">date.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:820.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:1210.52px;white-space:nowrap">recognize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:2041px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:2291.22px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:2921.48px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:3211.61px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:3801.8px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:4402.18px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9182px;left:4602.3px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:0px;white-space:nowrap">uncertain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:790.49px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:1080.62px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:1841.04px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:2351.43px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:2751.5px;letter-spacing:-0.65px;white-space:nowrap">GAAP </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:3298.45px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:3778.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9432px;left:4079px;white-space:nowrap">uncertain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:0px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:290.13px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:960.56px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:1300.78px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:1450.9px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:1821.01px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:2221.35px;white-space:nowrap">50% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:2631.62px;white-space:nowrap">probability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:3502.09px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:3852.33px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:3992.34px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9682px;left:4292.31px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:0px;white-space:nowrap">sustained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:820.55px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:1270.99px;white-space:nowrap">examination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:2291.57px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:2531.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:2831.92px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:3122.05px;white-space:nowrap">authorities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9932px;left:4002.54px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:250.22px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:480.23px;white-space:nowrap">technical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:1240.66px;white-space:nowrap">merits. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:1820.74px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:2080.81px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:2280.94px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:2721.27px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:3021.5px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:3521.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:3822.19px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10182px;left:4282.47px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:0px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:950.54px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:1300.78px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:1551.01px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:1841.13px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:2431.32px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:2611.32px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:3321.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:3511.85px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10432px;left:3741.86px;white-space:nowrap">consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:710.42px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:1640.83px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:2241.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:2441.34px;white-space:nowrap">uncertain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:3231.83px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:3521.95px;white-space:nowrap">positions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10682px;left:4282.38px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:0px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:340.22px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:790.66px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:1080.79px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:1570.96px;white-space:nowrap">(or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:1840.96px;white-space:nowrap">expected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:2621.51px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:2821.64px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:3071.87px;white-space:nowrap">taken </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:3562.21px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:3752.31px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10932px;left:4262.61px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:0px;white-space:nowrap">years). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:600.12px;white-space:nowrap">Open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:1090.46px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:1380.59px;white-space:nowrap">years </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:1870.75px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:2180.92px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:2671.26px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:3021.5px;white-space:nowrap">remain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:3621.71px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11182px;left:4242.04px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:0px;white-space:nowrap">examination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:1020.59px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:1370.92px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:1681.08px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:2221.52px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:2471.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:2771.98px;white-space:nowrap">statute </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:3362.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:3562.47px;white-space:nowrap">limitations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11432px;left:4412.72px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:0px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:440.33px;white-space:nowrap">jurisdiction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:1340.68px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:1530.79px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:2041px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:2341.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11682px;left:2801.51px;white-space:nowrap">invests.&#160;</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:5220px;white-space:nowrap">f. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:5388.85px;white-space:nowrap">Security </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:6191.43px;letter-spacing:-0.75px;white-space:nowrap">Transactions, </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:7469.11px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:-22.54px;left:8524.96px;white-space:nowrap">Income, </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:237.46px;left:5220px;white-space:nowrap">Expenses </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:237.46px;left:6159.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:237.46px;left:6550.56px;white-space:nowrap">Distributions</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:5220px;white-space:nowrap">Security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:5920.22px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:6940.72px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:7250.89px;white-space:nowrap">accounted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:8131.55px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:8391.62px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:8641.85px;white-space:nowrap">trade </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:567.92px;left:9102.13px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:5220px;white-space:nowrap">Realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:5970.41px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:6450.73px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:6801.06px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:7361.28px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:7611.5px;white-space:nowrap">security </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:8281.67px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:817.92px;left:9302.17px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:5220px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:6170.54px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:6420.76px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:6570.88px;text-rendering:optimizeLegibility;white-space:nowrap">specific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:7221.09px;text-rendering:optimizeLegibility;white-space:nowrap">identification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:8271.74px;white-space:nowrap">basis. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:8791.96px;white-space:nowrap">Interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1067.92px;left:9442.27px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:5570.33px;white-space:nowrap">estimated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:6400.72px;white-space:nowrap">expenses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:7221.27px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:7531.44px;white-space:nowrap">accrued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:8221.82px;letter-spacing:-1.91px;white-space:nowrap">daily. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:8668.74px;white-space:nowrap">Amortization </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1317.92px;left:9719.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:5220px;white-space:nowrap">premium </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:5970.15px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:6320.48px;white-space:nowrap">accretion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:7100.86px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:7300.99px;white-space:nowrap">discount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:8021.43px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:8271.65px;white-space:nowrap">debt </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:8671.99px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1567.92px;left:9482.26px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:5220px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:5940.53px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:6130.63px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:6770.92px;white-space:nowrap">income. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:7451.19px;white-space:nowrap">Dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:8201.6px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:8831.87px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1817.92px;left:9011.87px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:5220px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:5470.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:5770.46px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:6741.04px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:7141.38px;white-space:nowrap">except </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:7721.72px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:7981.79px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:8572.06px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2067.92px;left:9382.59px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:5220px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:6030.26px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:6570.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:6870.76px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:7591.29px;white-space:nowrap">rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:7951.46px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:8131.46px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:8431.7px;white-space:nowrap">available. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:9242.23px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2317.92px;left:9442.35px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:5220px;white-space:nowrap">cases, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:5790.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:6090.47px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:6811px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:6991px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:7751.43px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:7991.54px;white-space:nowrap">soon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:8431.88px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:8671.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2567.92px;left:8972.23px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:5220px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:5400px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:6130.37px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:6370.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:6670.72px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:7181.02px;white-space:nowrap">Distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:8221.38px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:8421.5px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2817.92px;left:9512.14px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:5220px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:5980.43px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:6230.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:6530.89px;white-space:nowrap">ex-dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:7501.46px;white-space:nowrap">date. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:7951.82px;white-space:nowrap">Distributable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3067.92px;left:9002.29px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:5220px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:5530.17px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:6480.7px;white-space:nowrap">according </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:7311.18px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:7511.31px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:8141.57px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:8431.7px;white-space:nowrap">regulations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3317.92px;left:9362.29px;white-space:nowrap">(tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:5220px;white-space:nowrap">basis) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:5750.16px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:6100.49px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:6490.55px;letter-spacing:-0.46px;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:6937.47px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:7347.48px;white-space:nowrap">earnings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:8087.96px;white-space:nowrap">recorded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:8848.39px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3567.92px;left:9038.5px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:5220px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:5590.11px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:5990.19px;letter-spacing:-3.87px;white-space:nowrap">GAAP. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:6563.94px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:7114.22px;letter-spacing:-0.27px;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:8041.46px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:8431.52px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:8681.75px;white-space:nowrap">permanent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3817.92px;left:9592.29px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4067.92px;left:5220px;letter-spacing:-1.21px;white-space:nowrap">temporary. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4067.92px;left:6116.92px;white-space:nowrap">Permanent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4067.92px;left:7047.42px;letter-spacing:-0.27px;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4067.92px;left:7974.67px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4067.92px;left:8284.83px;text-rendering:optimizeLegibility;white-space:nowrap">reclassified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4067.92px;left:9235.2px;white-space:nowrap">among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4317.92px;left:5220px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4317.92px;left:5790.32px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4317.92px;left:6560.77px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4317.92px;left:6760.9px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4317.92px;left:7301.07px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4317.92px;left:7701.24px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4317.92px;left:7991.37px;letter-spacing:-0.9px;white-space:nowrap">character. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4317.92px;left:8828.53px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">reclassifications </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:6540.47px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:6980.8px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:7231.03px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:7811.19px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:8061.42px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:8361.65px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:8931.88px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:9141.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4567.92px;left:9442.18px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4817.92px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4817.92px;left:5420.13px;white-space:nowrap">operations. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4817.92px;left:6357.48px;letter-spacing:-2px;white-space:nowrap">Temporary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4817.92px;left:7257.74px;letter-spacing:-0.27px;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4817.92px;left:8184.99px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4817.92px;left:8495.16px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4817.92px;left:8795.39px;text-rendering:optimizeLegibility;white-space:nowrap">reclassified, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4817.92px;left:9795.76px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5067.92px;left:5220px;white-space:nowrap">they </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5067.92px;left:5610.23px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5067.92px;left:6000.29px;white-space:nowrap">reverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5067.92px;left:6650.51px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5067.92px;left:6840.62px;white-space:nowrap">subsequent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5067.92px;left:7821.39px;white-space:nowrap">periods.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:5571.46px;left:5220px;white-space:nowrap">g. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:5571.46px;left:5434.58px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:5571.46px;left:6532.28px;white-space:nowrap">Estimates</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5901.92px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5901.92px;left:5580.18px;white-space:nowrap">preparation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5901.92px;left:6540.82px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5901.92px;left:6740.95px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5901.92px;left:7451.37px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5901.92px;left:8381.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5901.92px;left:8571.88px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5901.92px;left:9552.48px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6151.92px;left:5220px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6151.92px;left:5620.08px;letter-spacing:-0.65px;white-space:nowrap">GAAP </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6151.92px;left:6167.02px;white-space:nowrap">requires </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6151.92px;left:6867.33px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6151.92px;left:7967.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6151.92px;left:8168.12px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6151.92px;left:8658.28px;white-space:nowrap">estimates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6151.92px;left:9478.56px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6401.92px;left:5220px;white-space:nowrap">assumptions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6401.92px;left:6280.49px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6401.92px;left:6630.73px;letter-spacing:-0.46px;white-space:nowrap">affect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6401.92px;left:7117.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6401.92px;left:7417.97px;white-space:nowrap">reported </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6401.92px;left:8138.41px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6401.92px;left:8878.8px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6401.92px;left:9078.93px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:5570.33px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:6300.62px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:6500.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:6800.98px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:7201.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:7401.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:7701.68px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:8412.1px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6651.92px;left:9342.51px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6901.92px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6901.92px;left:5520.23px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6901.92px;left:6260.63px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6901.92px;left:6460.75px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6901.92px;left:7091.02px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6901.92px;left:7441.35px;white-space:nowrap">expenses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6901.92px;left:8261.89px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6901.92px;left:8812.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6901.92px;left:9112.5px;white-space:nowrap">reporting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.92px;left:5220px;white-space:nowrap">period. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.92px;left:5810.45px;white-space:nowrap">Actual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.92px;left:6360.73px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.92px;left:6940.9px;white-space:nowrap">could </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.92px;left:7421.22px;letter-spacing:-0.46px;white-space:nowrap">differ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.92px;left:7868.14px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.92px;left:8278.15px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7151.92px;left:8768.5px;white-space:nowrap">estimates.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7655.46px;left:5220px;white-space:nowrap">h. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7655.46px;left:5441.64px;white-space:nowrap">Guarantees </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7655.46px;left:6539.89px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:7655.46px;left:6930.46px;text-rendering:optimizeLegibility;white-space:nowrap">Indemnifications</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7985.92px;left:5220px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7985.92px;left:5760.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7985.92px;left:6060.5px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7985.92px;left:6647.52px;white-space:nowrap">organizational </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7985.92px;left:7818.31px;white-space:nowrap">documents, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7985.92px;left:8798.82px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7985.92px;left:9028.83px;text-rendering:optimizeLegibility;white-space:nowrap">officers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8235.92px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8235.92px;left:5570.33px;white-space:nowrap">directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8235.92px;left:6310.55px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8235.92px;left:6620.71px;text-rendering:optimizeLegibility;white-space:nowrap">indemnified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8235.92px;left:7591.29px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8235.92px;left:7831.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8235.92px;left:8131.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8235.92px;left:8591.92px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8235.92px;left:9222.36px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:5220px;white-space:nowrap">liabilities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:5950.28px;white-space:nowrap">arising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:6530.54px;white-space:nowrap">out </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:6830.77px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:7030.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:7331.13px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:8391.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:8591.75px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:8991.91px;white-space:nowrap">duties </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8485.92px;left:9522.25px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:5520.23px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:6020.6px;letter-spacing:-0.95px;white-space:nowrap">Additionally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:7027.82px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:7217.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:7518.16px;white-space:nowrap">normal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:8118.37px;white-space:nowrap">course </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:8708.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:8908.77px;white-space:nowrap">business, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8735.92px;left:9719.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8985.92px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8985.92px;left:5680.28px;white-space:nowrap">enters </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8985.92px;left:6230.57px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8985.92px;left:6570.79px;white-space:nowrap">contracts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8985.92px;left:7351.08px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8985.92px;left:7721.19px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8985.92px;left:8341.35px;white-space:nowrap">providers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8985.92px;left:9131.66px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8985.92px;left:9481.9px;white-space:nowrap">contain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9235.92px;left:5220px;white-space:nowrap">general </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9235.92px;left:5870.48px;text-rendering:optimizeLegibility;white-space:nowrap">indemnification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9235.92px;left:7121.16px;white-space:nowrap">clauses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9235.92px;left:7828.24px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9235.92px;left:8188.42px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9235.92px;left:8775.44px;white-space:nowrap">maximum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9485.92px;left:5220px;white-space:nowrap">exposure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9485.92px;left:6010.49px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9485.92px;left:6520.87px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9485.92px;left:7011.21px;white-space:nowrap">arrangements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9485.92px;left:8171.81px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9485.92px;left:8351.81px;white-space:nowrap">unknown </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9485.92px;left:9122.34px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9485.92px;left:9362.46px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:5220px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:5740.31px;white-space:nowrap">involve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:6350.63px;white-space:nowrap">future </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:6860.92px;white-space:nowrap">claims </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:7420.96px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:7771.2px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:8161.26px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:8411.48px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:8911.76px;white-space:nowrap">against </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9735.92px;left:9542.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:5680.28px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:6030.53px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:6470.86px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:6771.09px;white-space:nowrap">yet </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:7061.22px;white-space:nowrap">occurred. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:7861.55px;letter-spacing:-1.21px;white-space:nowrap">Currently, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:8678.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:8978.64px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9985.92px;left:9438.93px;white-space:nowrap">expects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10235.92px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10235.92px;left:5520.23px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10235.92px;left:5850.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10235.92px;left:6050.3px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10235.92px;left:6420.41px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10235.92px;left:6620.54px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10235.92px;left:6870.76px;white-space:nowrap">remote.</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">1. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.69px;white-space:nowrap">Organization </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1436.2px;letter-spacing:-3px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1831.33px;text-rendering:optimizeLegibility;letter-spacing:-3.33px;white-space:nowrap">Significant </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:2857.74px;letter-spacing:-3.64px;white-space:nowrap">Accounting </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:3969.21px;letter-spacing:-3.5px;white-space:nowrap">Policies</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:250.14px;left:0px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:0px;white-space:nowrap">d. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:221.64px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:657.54px;left:1182.68px;white-space:nowrap">Lending </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:682.94px;left:1974.22px;white-space:nowrap">(continued)</div></div>
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</div></div><div data-page="" style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px"><div style="position:absolute;top:0px;left:0px;width:594px;height:774px">
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			<div style="width:10080px;height:912px;position:absolute;top:3.86px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:7620.11px;letter-spacing:10.57px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:8576.2px;letter-spacing:10.29px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9272.47px;letter-spacing:10px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9781.66px;letter-spacing:9px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:5210.88px;letter-spacing:10px;white-space:nowrap">Notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:5769.05px;letter-spacing:7.24px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:6021.53px;letter-spacing:10.34px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7239.48px;letter-spacing:10.32px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:8076.36px;letter-spacing:9.16px;white-space:nowrap">Statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">19</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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		<div 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			<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">2. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-3.5px;white-space:nowrap">Capital </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:900.73px;letter-spacing:-3.2px;white-space:nowrap">Stock</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:220.08px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:660.41px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:960.64px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1461.09px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1921.38px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2361.53px;white-space:nowrap">100 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2711.87px;white-space:nowrap">million </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3271.99px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3862.27px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4752.86px;white-space:nowrap">($0.01 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5313.25px;white-space:nowrap">par </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5623.42px;white-space:nowrap">value). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6213.69px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6793.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7094.18px;white-space:nowrap">periods&#160;ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8285.1px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8725.43px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9025.66px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9476.1px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:880.31px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1180.55px;white-space:nowrap">2019 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1630.99px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2091.27px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2531.43px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2781.65px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3371.92px;white-space:nowrap">issued; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3992.26px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4222.35px;white-space:nowrap">reinvested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5102.84px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6113.32px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6553.48px;text-rendering:optimizeLegibility;white-space:nowrap">satisfied </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7263.81px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7633.92px;white-space:nowrap">previously </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8494.28px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:9064.6px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:890.6px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1080.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1380.94px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1831.38px;white-space:nowrap">market.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:540.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:840.5px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:1370.83px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:2171.43px;white-space:nowrap">open-market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:3231.91px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:3732.19px;white-space:nowrap">repurchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:4682.72px;white-space:nowrap">program, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:5453px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:5753.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:6213.52px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:6603.57px;white-space:nowrap">purchase, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:7444.07px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:7854.08px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:8244.14px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:8444.27px;white-space:nowrap">time, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:8884.34px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1274px;left:9344.62px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:190.11px;white-space:nowrap">open-market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:1250.6px;white-space:nowrap">transactions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:2321.1px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:2521.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:2821.46px;white-space:nowrap">discretion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:3641.84px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:3841.96px;white-space:nowrap">management. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:4992.63px;white-space:nowrap">Since </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:5492.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:5793.13px;white-space:nowrap">inception </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:6563.67px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:6763.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:7064.03px;white-space:nowrap">program, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:7834.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:8134.54px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:8594.82px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1524px;left:8935.05px;white-space:nowrap">repurchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:150.12px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:540.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:740.48px;white-space:nowrap">9,335,184 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:1591.26px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:2231.54px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:2811.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:3112.03px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:3662.4px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:4212.95px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:4653.28px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:4953.52px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:5453.96px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:5914.25px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:6354.4px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:6604.63px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:7194.9px;white-space:nowrap">repurchased. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:8292.3px;letter-spacing:-0.51px;white-space:nowrap">Transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:9366.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1774px;left:9556.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024px;left:587.02px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024px;left:1177.29px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024px;left:1617.45px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2024px;left:1857.57px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4294.46px;left:0px;letter-spacing:-0.89px;white-space:nowrap">3. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4294.46px;left:210.36px;letter-spacing:-4.54px;white-space:nowrap">Transactions </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4294.46px;left:1447.72px;letter-spacing:-3.2px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:4294.46px;left:1875.77px;text-rendering:optimizeLegibility;letter-spacing:-3.2px;white-space:nowrap">Affiliates</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:0px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:690.21px;white-space:nowrap">Resources, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:1650.59px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:1990.72px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:2170.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:2470.96px;white-space:nowrap">holding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:3101.48px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:3881.87px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:4141.93px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:4772.2px;white-space:nowrap">subsidiaries </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:5772.66px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:6122.9px;white-space:nowrap">together </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:6833.41px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:7143.57px;white-space:nowrap">referred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:7823.85px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:8023.97px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:8264.09px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4662.2px;left:8951.04px;letter-spacing:-1.81px;white-space:nowrap">Templeton. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:0px;white-space:nowrap">Certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:630.26px;text-rendering:optimizeLegibility;white-space:nowrap">officers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:1260.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:1610.77px;white-space:nowrap">directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:2350.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:2551.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:2851.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:3311.63px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:3621.8px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:4002.01px;text-rendering:optimizeLegibility;white-space:nowrap">officers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:4682.2px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:5242.59px;white-space:nowrap">directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:5982.8px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:6182.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:6483.16px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4912.2px;left:7233.57px;white-space:nowrap">subsidiaries: </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6706.67px;left:0px;white-space:nowrap">a. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6706.67px;left:211.25px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:6706.67px;left:1425.37px;white-space:nowrap">Fees</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:820.46px;white-space:nowrap">pays </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:1250.68px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:1500.91px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:2421.3px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:3521.95px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:3822.19px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:4019.06px;letter-spacing:-4.01px;white-space:nowrap">TAML </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:4529.09px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:5069.53px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:5319.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:5619.99px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:6320.48px;white-space:nowrap">weekly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:6920.68px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:7220.92px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:7791.15px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:7991.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:8291.51px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:8751.8px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7037.13px;left:8991.91px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:540.26px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:790.49px;white-space:nowrap">agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:1701.04px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:2067.89px;letter-spacing:-2.23px;white-space:nowrap">TAML, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:2631.36px;white-space:nowrap">TIC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:2971.32px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:3151.32px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:3541.64px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:3691.76px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:3991.99px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:4252.06px;white-space:nowrap">serving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:4882.32px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:5122.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:5422.68px;white-space:nowrap">QFII </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:5822.67px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:6082.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:6382.97px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:6903.28px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:7410.32px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:7770.5px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:8070.73px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:8250.73px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:8641.05px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:8877.92px;letter-spacing:-4.01px;white-space:nowrap">TAML </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:9387.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9587.52px;left:9738.28px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9837.52px;left:0px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9837.52px;left:300.23px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9837.52px;left:550.46px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9837.52px;left:1371.09px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9837.52px;left:2101.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9837.52px;left:2301.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9837.52px;left:2602px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:10341.06px;left:0px;white-space:nowrap">b. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:10341.06px;left:214.58px;white-space:nowrap">Administrative </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:10341.06px;left:1587.17px;white-space:nowrap">Fees</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:0px;white-space:nowrap">Under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:540.26px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:790.49px;white-space:nowrap">agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:1701.04px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:2067.89px;letter-spacing:-2.23px;white-space:nowrap">TAML, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:2634.61px;letter-spacing:-1.08px;white-space:nowrap">FT </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:2901.27px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:3641.48px;white-space:nowrap">provides </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:4371.86px;white-space:nowrap">administrative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:5532.28px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:6242.43px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:6442.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:6742.79px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:7249.83px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:7610.01px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:7910.24px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:8090.24px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:8480.57px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:8717.43px;letter-spacing:-4.01px;white-space:nowrap">TAML </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:9227.46px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10671.52px;left:9767.9px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:300.23px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:887.26px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:1587.74px;white-space:nowrap">weekly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:2187.95px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:2488.18px;white-space:nowrap">assets, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:3108.43px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:3458.76px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:3638.76px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:3938.99px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:4189.22px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:5009.85px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:5740.4px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:5940.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10921.52px;left:6240.76px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2489.42px;left:3986.64px;white-space:nowrap">Six </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2489.42px;left:4271.25px;white-space:nowrap">Months </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2489.42px;left:4884.45px;white-space:nowrap">Ended</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2681.42px;left:4159.65px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2681.42px;left:4577.54px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2681.42px;left:4844.41px;white-space:nowrap">2020</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2489.42px;left:6404.26px;letter-spacing:-1.77px;white-space:nowrap">Year </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2489.42px;left:6786.84px;white-space:nowrap">Ended</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2681.42px;left:6119.49px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2681.42px;left:6937.7px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2681.42px;left:7204.57px;white-space:nowrap">2019</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2941.91px;left:3873.16px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2941.91px;left:4917.85px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2941.91px;left:6033.16px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2941.91px;left:7077.85px;white-space:nowrap">Amount</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3283.85px;left:0px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3283.85px;left:551.41px;white-space:nowrap">repurchased</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3283.85px;left:1494.61px;letter-spacing:49.02px;white-space:nowrap">......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3283.85px;left:4492px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3283.85px;left:5511.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3283.85px;left:6322.63px;white-space:nowrap">61,341</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3283.85px;left:7119.22px;white-space:nowrap">$1,153,430</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3544.33px;left:0px;letter-spacing:-0.32px;white-space:nowrap">Weighted </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3544.33px;left:717.5px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3544.33px;left:1340.16px;white-space:nowrap">discount </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3544.33px;left:1980.55px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3544.33px;left:2158.44px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3544.33px;left:2691.88px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3544.33px;left:3083.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3544.33px;left:3261.02px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3736.33px;left:144px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3736.33px;left:570.88px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3736.33px;left:997.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3736.33px;left:1175.72px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3736.33px;left:1700.41px;white-space:nowrap">repurchased</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3736.33px;left:2615.57px;letter-spacing:49.09px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3736.33px;left:5500.75px;white-space:nowrap">&#8211;%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3736.33px;left:7349.34px;white-space:nowrap">10.42%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5385.61px;left:0px;white-space:nowrap">Subsidiary</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:5385.61px;left:5040px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliation</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.1px;left:0px;letter-spacing:-1.77px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.1px;left:773.83px;white-space:nowrap">Asset </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.1px;left:1218.44px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.1px;left:2196.8px;white-space:nowrap">Ltd. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.1px;left:2508.13px;letter-spacing:-1.98px;white-space:nowrap">(TAML)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.1px;left:5040px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5662.1px;left:5867.03px;white-space:nowrap">manager</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.58px;left:0px;letter-spacing:-1.77px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.58px;left:782.66px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.58px;left:1609.69px;white-space:nowrap">Counsel, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.58px;left:2285.63px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.58px;left:2623.59px;white-space:nowrap">(TIC)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.58px;left:5040px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5938.58px;left:5867.03px;white-space:nowrap">manager</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.07px;left:0px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.07px;left:610.63px;letter-spacing:-1.77px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.07px;left:1393.28px;white-space:nowrap">Services, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.07px;left:2095.7px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.07px;left:2433.67px;letter-spacing:-0.72px;white-space:nowrap">(FT </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.07px;left:2723.98px;white-space:nowrap">Services)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.07px;left:5040px;white-space:nowrap">Administrative </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6215.07px;left:6089.22px;white-space:nowrap">manager</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7510.55px;left:0px;white-space:nowrap">Annualized </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7510.55px;left:897.81px;white-space:nowrap">Fee </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7510.55px;left:1217.97px;white-space:nowrap">Rate</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7510.55px;left:5040px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:7510.55px;left:5336.33px;white-space:nowrap">Assets</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:0px;white-space:nowrap">1.250%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:5040px;white-space:nowrap">Up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:5288.98px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:5466.88px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:5778.28px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:6454.3px;white-space:nowrap">$1 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7787.04px;left:6676.72px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:0px;white-space:nowrap">1.200%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:5431.17px;white-space:nowrap">$1 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:5653.59px;white-space:nowrap">billion, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:6151.64px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:6374.06px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:6551.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:6863.36px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:7539.38px;white-space:nowrap">$5 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8063.52px;left:7761.8px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:0px;white-space:nowrap">1.150%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:5431.17px;white-space:nowrap">$5 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:5653.59px;white-space:nowrap">billion, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:6151.64px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:6374.06px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:6551.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:6863.36px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:7539.38px;white-space:nowrap">$10 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8340.01px;left:7850.78px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:0px;white-space:nowrap">1.100%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:5431.17px;white-space:nowrap">$10 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:5742.58px;white-space:nowrap">billion, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:6240.63px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:6463.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:6640.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:6952.34px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:7628.36px;white-space:nowrap">$15 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8616.49px;left:7939.77px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:0px;white-space:nowrap">1.050%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:5040px;white-space:nowrap">Over </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:5431.17px;white-space:nowrap">$15 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:5742.58px;white-space:nowrap">billion, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:6240.63px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:6463.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:6640.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:6952.34px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:7628.36px;white-space:nowrap">$20 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8892.97px;left:7939.77px;white-space:nowrap">billion</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.46px;left:0px;white-space:nowrap">1.000%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.46px;left:5040px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.46px;left:5217.89px;white-space:nowrap">excess </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.46px;left:5760.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.46px;left:5938.2px;white-space:nowrap">$20 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9169.46px;left:6249.61px;white-space:nowrap">billion</div></div>
		</div>


</div></div><div data-page="" style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px"><div style="position:absolute;top:0px;left:0px;width:594px;height:774px">
		<div style="height:50px;left:36px;position:absolute;top:32px;width:503px">
			<div style="width:10080px;height:912px;position:absolute;top:3.86px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.57px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.29px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1652.36px;letter-spacing:10px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2161.55px;letter-spacing:9px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:0px;letter-spacing:10px;white-space:nowrap">Notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:558.17px;letter-spacing:7.24px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:810.66px;letter-spacing:10.34px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:2028.61px;letter-spacing:10.32px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:2865.48px;letter-spacing:9.16px;white-space:nowrap">Statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:3896.7px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
		</div>
		<div style="background-color:transparent;height:1px;left:36px;position:absolute;top:744px;width:504px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMElEQVR4Xu3KIREAMAwAsVdb/xImoaw3EBCWqgEAAAAAAAAA+MwaAAAAAAAAAABOPTnTicuMWE6aAAAAAElFTkSuQmCC);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:17px;left:36px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">20</div></div>
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		<div style="background-color:transparent;height:13px;left:66px;position:absolute;top:745px;width:1px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:17px;left:405px;position:absolute;top:744px;width:135px">
			<div style="width:2700px;height:254px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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		<div style="height:17px;left:80px;position:absolute;top:744px;width:324px">
			<div style="width:6492px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></div>
		</div>
		<div style="height:13px;left:72px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:51px;left:36px;position:absolute;top:74px;width:504px">
			<div style="width:10080px;height:866px;position:absolute;top:7.44px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAATyCAYAAAAXy4KwAAAACXBIWXMAABcRAAAXEQHKJvM/AAAfcElEQVR4XuzbsW0rVwBEUZXyS1AJLMEluBSWsSFLUWf0GnB+B6BoisIJTnajHSzw9oH8uN/vHwAAAADfIQMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADA6uM4jjsAAADAd3DRAAAAAHybfy8arsCPdRsagHd3GxrgeW5Dw+NuQ8PjbkPDk+V/KwAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAA3sFxHJ+nC6+VQwEAAMA7OD9yv053XiuHAgAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAACAd3Acx+fpwmvlUAAAAPAOzo/cr9Od18qhAAAA4B0cftHwI+RQAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQ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			<div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:0px;white-space:nowrap">c. </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:211.25px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1372.77px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:1587.35px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliated </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:2452.93px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:3667.06px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:190px;font-weight:bold;position:absolute;top:417.54px;left:4722.91px;white-space:nowrap">Companies</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:820.46px;white-space:nowrap">invests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1430.68px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1620.79px;white-space:nowrap">one </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:1971.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2181.18px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:2641.29px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:3361.73px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:4462.38px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:5382.77px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6303.25px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:6563.32px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7353.81px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:7814.09px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:8214.43px;white-space:nowrap">exercising </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9074.79px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:748px;left:9224.91px;white-space:nowrap">controlling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">influence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:770.54px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1170.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:1470.94px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2571.59px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:2781.65px;white-space:nowrap">policies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:3481.96px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4582.62px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:4972.85px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5363.17px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5603.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:5903.53px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6363.81px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:6673.97px;white-space:nowrap">waived </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7284.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:7534.51px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8104.75px;white-space:nowrap">invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:8825.19px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:9015.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:998px;left:9315.53px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:0px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:1100.65px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:2021.04px;white-space:nowrap">companies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:2991.53px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:3231.65px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:3732.1px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:3922.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:4222.44px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:5323.18px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:6193.65px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:6393.78px;white-space:nowrap">Operations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:7374.29px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:7564.39px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:7814.62px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:8465.01px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:8765.24px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:8965.37px;white-space:nowrap">exceed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1248px;left:9595.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:0px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:1100.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:1450.99px;white-space:nowrap">administrative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:2611.41px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:3001.64px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:3391.96px;white-space:nowrap">directly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:4012.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:4222.18px;white-space:nowrap">indirectly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:4982.43px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:5222.55px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:5662.88px;text-rendering:optimizeLegibility;white-space:nowrap">affiliate. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:6333.22px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:6913.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:7213.71px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:7764.08px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:8314.63px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:8754.96px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:9055.2px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1498px;left:9555.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:460.28px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:850.61px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:1861px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:2051.1px;text-rendering:optimizeLegibility;white-space:nowrap">affiliated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:2771.54px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:3872.2px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:4792.59px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:5713.07px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1748px;left:5953.18px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6232.71px;left:0px;letter-spacing:-0.89px;white-space:nowrap">4. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6232.71px;left:210.36px;letter-spacing:-3.5px;white-space:nowrap">Expense </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6232.71px;left:1056.59px;letter-spacing:-3.43px;white-space:nowrap">Offset </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:6232.71px;left:1654.56px;letter-spacing:-3.64px;white-space:nowrap">Arrangement</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:820.46px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:1160.68px;white-space:nowrap">entered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:1821.18px;white-space:nowrap">into </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:2161.41px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:2411.63px;white-space:nowrap">arrangement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:3482.23px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:3852.33px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:4082.34px;white-space:nowrap">custodian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:4902.89px;white-space:nowrap">whereby </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:5633.26px;white-space:nowrap">credits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:6213.43px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:6893.79px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:7133.91px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:7284.02px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:7774.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:7974.32px;white-space:nowrap">uninvested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:8894.97px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6600.44px;left:9325.2px;white-space:nowrap">balances </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:310.17px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:750.5px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:950.63px;white-space:nowrap">reduce </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:1551.01px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:1701.12px;white-space:nowrap">portion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:2301.5px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:2501.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:2801.87px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:3388.89px;white-space:nowrap">custodian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:4209.43px;white-space:nowrap">expenses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:5079.99px;white-space:nowrap">During </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:5660.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:5960.48px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:6510.85px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:7061.4px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:7501.73px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:7801.96px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:8302.41px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:8762.7px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:9202.85px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6850.44px;left:9453.08px;white-space:nowrap">credits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7100.44px;left:0px;white-space:nowrap">earned.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7683.51px;left:0px;letter-spacing:-0.89px;white-space:nowrap">5. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7683.51px;left:210.36px;letter-spacing:-3.43px;white-space:nowrap">Income </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7683.51px;left:938.13px;letter-spacing:-6.17px;white-space:nowrap">Taxes</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:220.08px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:660.41px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:960.64px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:1461.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:1761.33px;white-space:nowrap">cost </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:2141.46px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:2341.58px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:3351.97px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:3702.3px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:4002.54px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:4883.12px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:5913.81px;white-space:nowrap">(depreciation) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:7064.38px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:7324.45px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:7954.72px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:8244.84px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:9035.33px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8051.24px;left:9475.49px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8301.24px;left:0px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:0px;letter-spacing:-0.27px;white-space:nowrap">Differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:957.13px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:1687.68px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:2317.94px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:2878.33px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:3448.65px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:3928.97px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:4169.09px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:5119.63px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:5369.85px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:5519.97px;white-space:nowrap">book </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:5960.3px;white-space:nowrap">basis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:6430.52px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:6780.85px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:6930.97px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:7221.09px;white-space:nowrap">basis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:7691.31px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:8001.47px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:8731.49px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:9081.83px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10212.09px;left:9281.95px;letter-spacing:-0.33px;white-space:nowrap">differing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:0px;white-space:nowrap">treatment</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:760.34px;white-space:nowrap">s</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:900.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:1100.48px;white-space:nowrap">passive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:1760.8px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:2361.18px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:3281.57px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:4061.95px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:4652.23px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:5002.56px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:6012.95px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:6203.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:6503.29px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10462.09px;left:7023.6px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11045.16px;left:0px;letter-spacing:-0.89px;white-space:nowrap">6. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11045.16px;left:210.36px;letter-spacing:-3.64px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:11045.16px;left:1277.79px;letter-spacing:-4.59px;white-space:nowrap">Transactions</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:0px;white-space:nowrap">Purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:900.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:1250.77px;white-space:nowrap">sales </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:1720.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:1921.11px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:2931.5px;white-space:nowrap">(excluding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:3801.97px;white-space:nowrap">short </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:4252.15px;white-space:nowrap">term </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:4662.16px;white-space:nowrap">securities) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:5532.36px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:5792.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:6092.67px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:6643.04px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:7193.58px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:7633.92px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:7934.15px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11412.89px;left:8434.6px;white-space:nowrap">aggregated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11662.89px;left:0px;white-space:nowrap">$224,681,628 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11662.89px;left:1151.1px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11662.89px;left:1501.44px;white-space:nowrap">$215,342,822, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11662.89px;left:2702.55px;letter-spacing:-1.03px;white-space:nowrap">respectively.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:2231.07px;left:0px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2403px;left:2599.98px;letter-spacing:-1.2px;white-space:nowrap">Value </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2403px;left:2979.36px;white-space:nowrap">at</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2595px;left:2454.59px;white-space:nowrap">Beginning</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:2527.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:2687.72px;white-space:nowrap">Period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:3512.33px;white-space:nowrap">Purchases</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:4913.11px;white-space:nowrap">Sales</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2595px;left:5403.45px;white-space:nowrap">Realized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2595px;left:5972.28px;white-space:nowrap">Gain </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:5870.41px;white-space:nowrap">(Loss)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2211px;left:6533.97px;white-space:nowrap">Net </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2211px;left:6781.78px;white-space:nowrap">Change </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2211px;left:7299.36px;white-space:nowrap">in</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2403px;left:6752.48px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2595px;left:6614.13px;white-space:nowrap">Appreciation </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:6533.97px;white-space:nowrap">(Depreciation)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2403px;left:7937.11px;letter-spacing:-1.44px;white-space:nowrap">Value</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2595px;left:7879.06px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2595px;left:8032.19px;white-space:nowrap">End</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:7711.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:7871.72px;white-space:nowrap">Period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2211px;left:8488.06px;white-space:nowrap">Number </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2211px;left:9020.17px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2403px;left:8385.64px;white-space:nowrap">Shares </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2403px;left:8859.7px;white-space:nowrap">Held </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2595px;left:8743.06px;white-space:nowrap">at </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2595px;left:8896.19px;white-space:nowrap">End</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:8575.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:8735.72px;white-space:nowrap">Period</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2595px;left:9387.34px;white-space:nowrap">Investment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:2787px;left:9620.63px;white-space:nowrap">Income</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3035.55px;left:0px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3035.55px;left:3091.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3035.55px;left:4171.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3035.55px;left:5251.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3035.55px;left:6259.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3035.55px;left:7411.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3035.55px;left:8275.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3035.55px;left:9139.44px;white-space:nowrap">a</div><div style="color:#ffffff;font-family:Arial, Helvetica, sans-serif;font-size:10px;font-weight:bold;position:absolute;top:3035.55px;left:10075.44px;white-space:nowrap">a</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3134.76px;left:0px;letter-spacing:-0.96px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3134.76px;left:690.23px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3134.76px;left:1185.86px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3134.76px;left:1579.45px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3395.25px;left:0px;white-space:nowrap">Non-Controlled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:3395.25px;left:986.33px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliates</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3623.73px;left:9503.91px;white-space:nowrap">Dividends</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3884.22px;left:0px;white-space:nowrap">Institutional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3884.22px;left:700.31px;white-space:nowrap">Fiduciary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3884.22px;left:1266.8px;letter-spacing:-0.79px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3884.22px;left:1597.42px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3884.22px;left:1677.58px;white-space:nowrap">Money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:0px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:437.5px;white-space:nowrap">Portfolio, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:991.8px;white-space:nowrap">0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:1196.22px;letter-spacing:53.23px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:2366.31px;white-space:nowrap">$21,610,576</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:3446.31px;white-space:nowrap">$77,547,590</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:4438.97px;white-space:nowrap">$(85,387,201)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:6059.86px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:6132.83px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:7211.86px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:7284.83px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:7550.31px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:7623.28px;white-space:nowrap">13,770,965</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:8443.28px;white-space:nowrap">13,770,965</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:9605.7px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4076.22px;left:9678.67px;white-space:nowrap">54,277</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4336.7px;left:0px;white-space:nowrap">Non-Controlled </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:4336.7px;left:986.33px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliates</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4565.19px;left:9350.78px;white-space:nowrap">Income </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4565.19px;left:9817.58px;white-space:nowrap">from </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4757.19px;left:9525.78px;white-space:nowrap">securities </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:4949.19px;left:9686.02px;white-space:nowrap">loaned</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5209.67px;left:0px;white-space:nowrap">Institutional </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5209.67px;left:700.31px;white-space:nowrap">Fiduciary </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5209.67px;left:1266.8px;letter-spacing:-0.79px;white-space:nowrap">Trust </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5209.67px;left:1597.42px;white-space:nowrap">- </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5209.67px;left:1677.58px;white-space:nowrap">Money </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:0px;white-space:nowrap">Market </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:437.5px;white-space:nowrap">Portfolio, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:991.8px;white-space:nowrap">0%</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:1196.22px;letter-spacing:53.23px;white-space:nowrap">...........</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:2891.86px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:3446.31px;white-space:nowrap">$58,006,396</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:4438.97px;white-space:nowrap">$(41,337,748)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:6059.86px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:6132.83px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:7211.86px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:7284.83px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:7550.31px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:7623.28px;white-space:nowrap">16,668,648</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:8443.28px;white-space:nowrap">16,668,648</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:9605.7px;white-space:nowrap">$</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5401.67px;left:9678.67px;white-space:nowrap">10,490</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5662.15px;left:0px;letter-spacing:-1.6px;white-space:nowrap">Total </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5662.15px;left:335.55px;text-rendering:optimizeLegibility;white-space:nowrap">Affiliated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5662.15px;left:933.28px;white-space:nowrap">Securities</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:140px;font-weight:bold;position:absolute;top:5662.15px;left:1623.44px;letter-spacing:56.78px;white-space:nowrap">......</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5662.15px;left:2366.31px;white-space:nowrap">$21,610,576</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5662.15px;left:3373.34px;white-space:nowrap">$135,553,986</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5662.15px;left:4366px;white-space:nowrap">$(126,724,949)</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5662.15px;left:6059.86px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5662.15px;left:7211.86px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5662.15px;left:7550.31px;white-space:nowrap">$30,439,613</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5662.15px;left:9605.7px;white-space:nowrap">$64,767</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8734.66px;left:0px;white-space:nowrap">Cost </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8734.66px;left:373.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8734.66px;left:551.33px;white-space:nowrap">investments</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8734.66px;left:1494.61px;letter-spacing:49.5px;white-space:nowrap">..........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8734.66px;left:9101.25px;white-space:nowrap">$560,287,148</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9140.6px;left:0px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9140.6px;left:809.3px;white-space:nowrap">appreciation</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9140.6px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9140.6px;left:9101.25px;white-space:nowrap">$288,497,587</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9401.09px;left:0px;white-space:nowrap">Unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9401.09px;left:809.3px;white-space:nowrap">depreciation</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9401.09px;left:1681.44px;letter-spacing:49.51px;white-space:nowrap">........................................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9401.09px;left:9172.66px;white-space:nowrap">(19,357,816)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9661.57px;left:0px;white-space:nowrap">Net </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9661.57px;left:293.44px;white-space:nowrap">unrealized </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9661.57px;left:1076.17px;white-space:nowrap">appreciation </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9661.57px;left:1992.34px;white-space:nowrap">(depreciation)</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9661.57px;left:2989.22px;letter-spacing:49.65px;white-space:nowrap">..........................................................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9661.57px;left:9101.25px;white-space:nowrap">$269,139,771</div></div>
		</div>
		<div style="height:25px;left:36px;position:absolute;top:121px;width:504px">
			<div style="width:10080px;height:146px;position:absolute;top:3.9px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-0.89px;white-space:nowrap">3. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:210.36px;letter-spacing:-4.54px;white-space:nowrap">Transactions </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1447.72px;letter-spacing:-3.2px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:1875.77px;text-rendering:optimizeLegibility;letter-spacing:-3.6px;white-space:nowrap">Affiliates</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10.14px;left:2725.65px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
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</div></div><div data-page="" style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px"><div style="position:absolute;top:0px;left:0px;width:594px;height:774px">
		<div style="height:50px;left:54px;position:absolute;top:32px;width:504px">
			<div style="width:10080px;height:912px;position:absolute;top:3.86px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">


			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:7620.11px;letter-spacing:10.57px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:8576.2px;letter-spacing:10.29px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9272.47px;letter-spacing:10px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:9781.66px;letter-spacing:9px;white-space:nowrap">Inc.</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:5210.88px;letter-spacing:10px;white-space:nowrap">Notes </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:5769.05px;letter-spacing:7.24px;white-space:nowrap">to </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:6021.53px;letter-spacing:10.34px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:7239.48px;letter-spacing:10.32px;white-space:nowrap">Financial </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:8076.36px;letter-spacing:9.16px;white-space:nowrap">Statements </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:178.59px;left:9107.58px;letter-spacing:10.91px;white-space:nowrap">(unaudited)</div></div>
		</div>
		<div style="height:17px;left:522px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:571.18px;white-space:nowrap">21</div></div>
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		<div style="background-color:transparent;height:1px;left:54px;position:absolute;top:744px;width:504px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMElEQVR4Xu3KIREAMAwAsVdb/xImoaw3EBCWqgEAAAAAAAAA+MwaAAAAAAAAAABOPTnTicuMWE6aAAAAAElFTkSuQmCC);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="background-color:transparent;height:13px;left:527px;position:absolute;top:745px;width:1px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:17px;left:54px;position:absolute;top:744px;width:135px">
			<div style="width:2700px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">franklintempleton.com</div></div>
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		<div style="height:17px;left:189px;position:absolute;top:744px;width:324px">
			<div style="width:6492px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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		<div style="height:13px;left:514px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
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			<div style="width:10080px;height:866px;position:absolute;top:7.44px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

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		<div style="background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABBoAAATyCAYAAAAXy4KwAAAACXBIWXMAABcRAAAXEQHKJvM/AAAfIklEQVR4XuzcwWlDMRRFQbeQWtJkekoLbiG1ON+QQMjm3IX52DAPZiE4akBIutxutwsAAADAI2QAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAIBVBgAAAACrDAAAAABWGQAAAACsMgAAAABYZQAAAACwygAAAABglQEAAADAKgMAAACAVQYAAAAAqwwAAAAAVhkAAAAArDIAAAAAWGUAAAAAsMoAAAAAYJUBAAAAwCoDAAAAgFUGAAAAAKsMAAAAAFYZAAAAAKwyAAAAAFhlAAAAALDKAAAAAGCVAQAAAMAqAwAAAI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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:220.08px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:660.41px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:960.64px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1461.09px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1651.2px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2571.86px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2941.96px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3752.23px;white-space:nowrap">lending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4382.75px;white-space:nowrap">transactions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5453.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5753.5px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6213.78px;white-space:nowrap">loaned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6804.32px;white-space:nowrap">equity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7334.65px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8345.04px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8695.37px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:0px;white-space:nowrap">$16,668,648 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1051px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1251.12px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:1681.35px;white-space:nowrap">collateral. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2498.47px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:2858.64px;white-space:nowrap">gross </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3348.81px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:3999.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:4199.33px;white-space:nowrap">recognized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5129.91px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5720.1px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:5980.17px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:6410.39px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7430.89px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:7610.89px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8331.42px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:8521.52px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:594px;left:9202.06px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:0px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:520.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:720.35px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:1530.62px;white-space:nowrap">loaned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2121.15px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2311.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:2611.49px;white-space:nowrap">Consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:3712.24px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4582.71px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:4772.9px;white-space:nowrap">Assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5363.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:5713.42px;white-space:nowrap">Liabilities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6550.58px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:6910.75px;white-space:nowrap">agreements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:7911.3px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8251.52px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:8501.75px;white-space:nowrap">terminated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:9402.19px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:844px;left:9602.31px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1094px;left:0px;white-space:nowrap">time.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1677.07px;left:0px;letter-spacing:-0.89px;white-space:nowrap">7. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1677.07px;left:210.36px;letter-spacing:-3.71px;white-space:nowrap">Concentration </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1677.07px;left:1565.5px;letter-spacing:-2.67px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:1677.07px;left:1797.83px;letter-spacing:-2.4px;white-space:nowrap">Risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:0px;white-space:nowrap">Investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:770.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:960.56px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:1560.94px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:2371.2px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:2761.26px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:3381.68px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:3971.95px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:4391.89px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:4742.23px;white-space:nowrap">considerations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:5952.92px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:6253.15px;white-space:nowrap">typically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:6943.36px;white-space:nowrap">associated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:7853.91px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:8224.01px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:8984.44px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2044.8px;left:9174.55px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:0px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:860.27px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:1290.5px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:1530.62px;text-rendering:optimizeLegibility;white-space:nowrap">fluctuating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:2401.17px;white-space:nowrap">currency </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:3141.39px;white-space:nowrap">values </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:3711.71px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:4062.04px;white-space:nowrap">changing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:4842.69px;white-space:nowrap">local, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:5312.9px;white-space:nowrap">regional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:6003.37px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:6353.7px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:6884.12px;white-space:nowrap">economic, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:7754.5px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:8404.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2294.8px;left:8755.14px;white-space:nowrap">social </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:0px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:910.55px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:1420.75px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:1810.81px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:2300.98px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:2491.08px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:3111.42px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:3711.53px;letter-spacing:-1.11px;white-space:nowrap">volatility. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:4438.39px;white-space:nowrap">Current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:5088.6px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:5738.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:6089.24px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:6799.66px;white-space:nowrap">uncertainty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:7730.16px;white-space:nowrap">surrounding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:8730.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2544.8px;left:9031.03px;white-space:nowrap">European </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:0px;white-space:nowrap">Union </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:520.31px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:910.37px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:1640.74px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:2240.86px;white-space:nowrap">volatility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:2931.06px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:3281.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:3581.63px;white-space:nowrap">economic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:4402px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:4731.94px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:4932.07px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:5692.5px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:5882.61px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:6692.87px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:6882.98px;white-space:nowrap">Europe. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:7563.43px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:7763.55px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:8494.1px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2794.8px;left:9084.38px;white-space:nowrap">foreign </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:810.26px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:1200.32px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:1500.56px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:1750.78px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:1990.9px;white-space:nowrap">liquid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:2461.2px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:2701.32px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3044.8px;left:3101.4px;white-space:nowrap">securities.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:0px;white-space:nowrap">Investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:770.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:960.56px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:1470.94px;white-space:nowrap">A-shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:2241.21px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:2631.27px;white-space:nowrap">include </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:3251.69px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:3841.96px;white-space:nowrap">risks </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:4261.9px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:4612.24px;white-space:nowrap">considerations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:5822.93px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:6123.16px;white-space:nowrap">typically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:6813.37px;white-space:nowrap">associated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:7723.92px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:8094.02px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:8854.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3474.8px;left:9044.56px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:0px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:860.27px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:1060.4px;white-space:nowrap">general, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:1750.96px;white-space:nowrap">A-shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:2521.23px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:2831.4px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:3401.72px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:3641.84px;white-space:nowrap">companies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:4562.31px;white-space:nowrap">incorporated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:5612.96px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:5803.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:6103.3px;letter-spacing:-0.36px;white-space:nowrap">People&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:6840.53px;white-space:nowrap">Republic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:7590.94px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:7791.06px;white-space:nowrap">China </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:8311.38px;white-space:nowrap">(PRC) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:8861.31px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:9211.64px;white-space:nowrap">listed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3724.8px;left:9681.86px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:300.23px;white-space:nowrap">Shanghai </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:1110.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:1461.27px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:2321.98px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:2822.17px;white-space:nowrap">Exchanges </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:3762.77px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:4113.11px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:4873.62px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:5133.69px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:6054.08px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:6294.2px;white-space:nowrap">domestic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:7064.47px;white-space:nowrap">(Chinese) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:7894.78px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:8665.05px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:9015.38px;white-space:nowrap">holders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:9655.75px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3974.8px;left:9855.88px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:0px;white-space:nowrap">QFII </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:399.99px;white-space:nowrap">license </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:1010.3px;white-space:nowrap">and, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:1410.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:1600.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:1900.99px;white-space:nowrap">case </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:2331.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:2531.34px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:3121.61px;white-space:nowrap">eligible </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:3722.08px;white-space:nowrap">A-shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:4542.36px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:5202.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:5503.1px;white-space:nowrap">Shanghai </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:6313.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:6664.13px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:7524.84px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:8025.03px;white-space:nowrap">Connect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:8745.47px;white-space:nowrap">programs. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4224.8px;left:9602.49px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:0px;white-space:nowrap">Shanghai </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:810.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:1161.04px;white-space:nowrap">Shenzhen </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:2021.75px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:2521.93px;white-space:nowrap">Exchanges </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:3462.54px;white-space:nowrap">are, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:3822.71px;letter-spacing:-1.1px;white-space:nowrap">however, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:4593.16px;white-space:nowrap">substantially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:5633.7px;letter-spacing:-1.1px;white-space:nowrap">smaller, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:6303.87px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:6673.97px;white-space:nowrap">liquid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:7144.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:7494.61px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:7954.72px;white-space:nowrap">volatile </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:8565.03px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:8965.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4474.8px;left:9265.61px;white-space:nowrap">major </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4724.8px;left:0px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4724.8px;left:810.26px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4724.8px;left:1500.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4724.8px;left:1690.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4724.8px;left:1990.72px;white-space:nowrap">United </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4724.8px;left:2561.04px;white-space:nowrap">States.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5307.87px;left:0px;letter-spacing:-3.56px;white-space:nowrap">8.&#160;Novel </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5307.87px;left:786.56px;letter-spacing:-3.67px;white-space:nowrap">Coronavirus </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:5307.87px;left:1972.15px;letter-spacing:-4px;white-space:nowrap">Pandemic&#160;</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:360.18px;white-space:nowrap">global </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:890.6px;white-space:nowrap">outbreak </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:1641.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:1841.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:2141.46px;white-space:nowrap">novel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:2621.78px;white-space:nowrap">coronavirus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:3602.2px;white-space:nowrap">disease, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:4322.64px;white-space:nowrap">known </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:4892.96px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:5133.08px;white-space:nowrap">COVID-19,&#160;has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:6403.54px;white-space:nowrap">caused </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:7033.97px;white-space:nowrap">adverse </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:7724.36px;letter-spacing:-0.41px;white-space:nowrap">effects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:8301.36px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:8551.58px;white-space:nowrap">many </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5675.6px;left:9041.75px;white-space:nowrap">companies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:0px;white-space:nowrap">sectors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:680.19px;white-space:nowrap">nations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:1360.63px;white-space:nowrap">regions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:2001.01px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:2351.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:2651.57px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:3341.69px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:3531.8px;white-space:nowrap">general,&#160;and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:4582.62px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:4972.68px;white-space:nowrap">continue&#160;for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:5963.29px;white-space:nowrap">an&#160;unpredictable&#160;duration. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:8091.56px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:8451.74px;letter-spacing:-0.41px;white-space:nowrap">effects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:9028.74px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5925.6px;left:9228.87px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:0px;white-space:nowrap">pandemic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:830.48px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:1220.54px;white-space:nowrap">materially </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:2040.73px;white-space:nowrap">impact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:2620.9px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:2921.13px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:3401.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:3751.79px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:4812.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:5012.4px;white-space:nowrap">the&#160;Fund,&#160;its&#160;ability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:6563.14px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:6763.27px;white-space:nowrap">buy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:7103.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:7453.83px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:7773.93px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:8174.27px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6175.6px;left:9184.66px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6425.6px;left:0px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6425.6px;left:960.64px;white-space:nowrap">valuations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6425.6px;left:1821.18px;white-space:nowrap">and&#160;its&#160;ability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6425.6px;left:2911.73px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6425.6px;left:3111.86px;white-space:nowrap">achieve&#160;its&#160;investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6425.6px;left:4932.69px;white-space:nowrap">objectives.</div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7008.67px;left:0px;letter-spacing:-0.89px;white-space:nowrap">9. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7008.67px;left:210.36px;letter-spacing:-3.2px;white-space:nowrap">Fair </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7008.67px;left:612.73px;letter-spacing:-5.17px;white-space:nowrap">Value </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:7008.67px;left:1166.85px;letter-spacing:-3.38px;white-space:nowrap">Measurements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:820.46px;white-space:nowrap">follows </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:1420.66px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:1570.78px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:1870.84px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:2351.16px;white-space:nowrap">hierarchy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:3141.47px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:3491.72px;white-space:nowrap">distinguishes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:4582.35px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:5312.9px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:5913.02px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:6313.36px;white-space:nowrap">obtained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:7054.01px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:7464.02px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7376.4px;left:8505px;white-space:nowrap">sources </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:0px;white-space:nowrap">(observable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:990.53px;white-space:nowrap">inputs) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:1580.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:1931.13px;white-space:nowrap">the&#160;Fund&#39;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:2816.02px;white-space:nowrap">own </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:3196.23px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:3796.35px;white-space:nowrap">assumptions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:4856.84px;white-space:nowrap">(unobservable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:6047.58px;white-space:nowrap">inputs). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:6684.61px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:7234.89px;white-space:nowrap">inputs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:7765.22px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:8075.39px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:8515.72px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:8705.83px;white-space:nowrap">determining </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7626.4px;left:9696.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:0px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:480.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:680.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:980.68px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:1567.71px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:2278.13px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:3258.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:3608.79px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:3918.96px;white-space:nowrap">summarized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:4949.21px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:5139.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:5439.55px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:6189.96px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:6490.02px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7876.4px;left:6970.34px;white-space:nowrap">hierarchy:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:604.8px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:1085.12px;white-space:nowrap">1 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:1235.24px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:1385.36px;white-space:nowrap">quoted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:1985.91px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:2516.07px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:2706.18px;white-space:nowrap">active </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:3226.4px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:3916.52px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:4176.59px;white-space:nowrap">identical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:4887.01px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8306.4px;left:5597.43px;white-space:nowrap">instruments</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:604.8px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:1085.12px;white-space:nowrap">2 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:1235.24px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:1385.36px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:1845.64px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:2696.07px;white-space:nowrap">observable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:3626.66px;white-space:nowrap">inputs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:4156.99px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:4977.45px;white-space:nowrap">quoted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:5578px;white-space:nowrap">prices </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:6108.16px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:6368.23px;white-space:nowrap">similar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:6938.2px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:7648.62px;white-space:nowrap">instruments, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:8678.96px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8736.4px;left:9319.24px;white-space:nowrap">rates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.4px;left:604.8px;white-space:nowrap">prepayment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.4px;left:1605.35px;white-space:nowrap">speed, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.4px;left:2195.8px;white-space:nowrap">credit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.4px;left:2685.96px;white-space:nowrap">risk, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8986.4px;left:3065.91px;white-space:nowrap">etc.)</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:604.8px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:1085.12px;white-space:nowrap">3 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:1235.24px;white-space:nowrap">&#8211; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:1385.36px;text-rendering:optimizeLegibility;white-space:nowrap">significant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:2235.79px;white-space:nowrap">unobservable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:3366.59px;white-space:nowrap">inputs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:3896.92px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:4717.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:5017.61px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:5604.63px;white-space:nowrap">own </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:5984.85px;white-space:nowrap">assumptions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:7045.34px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:7235.44px;white-space:nowrap">determining </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:8225.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:8526.21px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:8826.26px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9416.4px;left:9306.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9666.4px;left:604.8px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9666.4px;left:1315.22px;white-space:nowrap">instruments)</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:360.18px;white-space:nowrap">input </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:800.51px;white-space:nowrap">levels </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1310.71px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1620.88px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:1921.11px;white-space:nowrap">necessarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:2871.47px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3121.7px;white-space:nowrap">indication </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:3932.23px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4132.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4432.59px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4762.53px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:4972.59px;white-space:nowrap">liquidity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:5622.89px;white-space:nowrap">associated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6533.44px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:6903.54px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:7613.96px;white-space:nowrap">instruments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8594.3px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:8794.42px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:344px;left:9144.67px;white-space:nowrap">level. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:160.14px;white-space:nowrap">summary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:950.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:1150.31px;white-space:nowrap">inputs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:1680.64px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:2120.98px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:2361.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:2561.22px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:3001.55px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:3301.79px;white-space:nowrap">2020, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:3802.24px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:3992.34px;white-space:nowrap">valuing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:4612.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:4913px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:5500.02px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:6070.25px;white-space:nowrap">carried </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:6670.46px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:6870.59px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:7170.64px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:7700.98px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:7880.98px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:774px;left:8121.09px;white-space:nowrap">follows: </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9892.45px;left:0px;letter-spacing:-1.2px;white-space:nowrap">10. </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9892.45px;left:317.59px;letter-spacing:-3.64px;white-space:nowrap">Subsequent </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:9892.45px;left:1473.69px;letter-spacing:-3.33px;white-space:nowrap">Events</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:820.46px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:1160.68px;white-space:nowrap">evaluated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:1991.34px;white-space:nowrap">subsequent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:2972.11px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:3552.45px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:4212.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:4513.18px;white-space:nowrap">issuance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:5273.61px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:5473.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:5773.97px;white-space:nowrap">consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:6834.73px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:7545.15px;white-space:nowrap">statements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:8475.56px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:8825.89px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10260.18px;left:9776.43px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10510.18px;left:0px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10510.18px;left:250.22px;white-space:nowrap">events </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10510.18px;left:830.57px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10510.18px;left:1270.9px;white-space:nowrap">occurred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10510.18px;left:2021.22px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10510.18px;left:2371.46px;white-space:nowrap">require </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10510.18px;left:2981.78px;white-space:nowrap">disclosure. </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.1px;left:4785.42px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.1px;left:5239.02px;white-space:nowrap">1</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.1px;left:6369.42px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.1px;left:6823.02px;white-space:nowrap">2</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.1px;left:7953.42px;white-space:nowrap">Level </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.1px;left:8407.02px;white-space:nowrap">3</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1251.1px;left:9709.69px;letter-spacing:-2.37px;white-space:nowrap">Total</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1610.55px;left:0px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1610.55px;left:841.48px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1610.55px;left:1445.94px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1610.55px;left:1925.78px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:1850.72px;left:0px;white-space:nowrap">Assets:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2090.88px;left:144px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2090.88px;left:1051.03px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2090.88px;left:1220.02px;white-space:nowrap">Securities:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2287.37px;left:288px;white-space:nowrap">Common </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2287.37px;left:981.52px;white-space:nowrap">Stocks</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2287.37px;left:1461.67px;white-space:nowrap">:</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:432px;white-space:nowrap">Air </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:672px;white-space:nowrap">Freight </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:1214.42px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:1365.59px;white-space:nowrap">Logistics </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:5079.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:6111.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:6200.2px;white-space:nowrap">5,799,825</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:8247.02px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:9279.22px;white-space:nowrap">$</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2483.85px;left:9368.2px;white-space:nowrap">5,799,825</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2680.33px;left:432px;white-space:nowrap">Banks </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2680.33px;left:934.13px;letter-spacing:49.25px;white-space:nowrap">...............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2680.33px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2680.33px;left:6111.22px;white-space:nowrap">42,334,813</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2680.33px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2680.33px;left:9279.22px;white-space:nowrap">42,334,813</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2876.82px;left:432px;white-space:nowrap">Beverages </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2876.82px;left:1307.78px;letter-spacing:49.3px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2876.82px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2876.82px;left:6111.22px;white-space:nowrap">15,696,552</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2876.82px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:2876.82px;left:9279.22px;white-space:nowrap">15,696,552</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3073.3px;left:432px;white-space:nowrap">Biotechnology </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3073.3px;left:1494.61px;letter-spacing:49.32px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3073.3px;left:4749.64px;white-space:nowrap">566,903</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3073.3px;left:6111.22px;white-space:nowrap">33,196,970</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3073.3px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3073.3px;left:9279.22px;white-space:nowrap">33,763,873</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3269.79px;left:432px;white-space:nowrap">Chemicals </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3269.79px;left:1307.78px;letter-spacing:49.3px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3269.79px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3269.79px;left:6111.22px;white-space:nowrap">14,621,428</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3269.79px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3269.79px;left:9279.22px;white-space:nowrap">14,621,428</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3466.27px;left:432px;white-space:nowrap">Commercial </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3466.27px;left:1329.89px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3466.27px;left:1987.86px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3466.27px;left:2139.03px;white-space:nowrap">Supplies </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3466.27px;left:2802.39px;letter-spacing:49.79px;white-space:nowrap">...........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3466.27px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3466.27px;left:6111.22px;white-space:nowrap">19,498,374</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3466.27px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3466.27px;left:9279.22px;white-space:nowrap">19,498,374</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3662.76px;left:432px;white-space:nowrap">Construction </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3662.76px;left:1374.66px;white-space:nowrap">Materials </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3662.76px;left:2148.5px;letter-spacing:49.47px;white-space:nowrap">..................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3662.76px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3662.76px;left:6123.09px;letter-spacing:-1.19px;white-space:nowrap">21,777,115</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3662.76px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3662.76px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">21,777,115</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.24px;left:432px;white-space:nowrap">Containers </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.24px;left:1250.2px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.24px;left:1401.38px;white-space:nowrap">Packaging </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.24px;left:2241.91px;letter-spacing:49.5px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.24px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.24px;left:6111.22px;white-space:nowrap">12,447,413</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.24px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3859.24px;left:9279.22px;white-space:nowrap">12,447,413</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.72px;left:432px;text-rendering:optimizeLegibility;white-space:nowrap">Diversified </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.72px;left:1223.33px;white-space:nowrap">Consumer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.72px;left:2005.83px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.72px;left:2708.98px;letter-spacing:49.72px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.72px;left:4527.22px;white-space:nowrap">39,539,191</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.72px;left:6752px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.72px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4055.72px;left:9279.22px;white-space:nowrap">39,539,191</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4252.21px;left:432px;white-space:nowrap">Electrical </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4252.21px;left:1125.52px;white-space:nowrap">Equipment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4252.21px;left:1961.68px;letter-spacing:49.42px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4252.21px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4252.21px;left:6111.22px;white-space:nowrap">10,655,225</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4252.21px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4252.21px;left:9279.22px;white-space:nowrap">10,655,225</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4448.69px;left:432px;white-space:nowrap">Electronic </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4448.69px;left:1178.95px;white-space:nowrap">Equipment, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4448.69px;left:2032.78px;white-space:nowrap">Instruments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4448.69px;left:2913.09px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4640.69px;left:576px;white-space:nowrap">Components </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4640.69px;left:1588.02px;letter-spacing:49.34px;white-space:nowrap">........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4640.69px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4640.69px;left:6111.22px;white-space:nowrap">31,926,352</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4640.69px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4640.69px;left:9279.22px;white-space:nowrap">31,926,352</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4837.18px;left:432px;white-space:nowrap">Entertainment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4837.18px;left:1494.61px;letter-spacing:49.32px;white-space:nowrap">.........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4837.18px;left:4616.2px;white-space:nowrap">6,591,615</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4837.18px;left:6752px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4837.18px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:4837.18px;left:9368.2px;white-space:nowrap">6,591,615</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5033.66px;left:432px;white-space:nowrap">Food </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5033.66px;left:841.14px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5033.66px;left:992.31px;white-space:nowrap">Staples </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5033.66px;left:1570.44px;white-space:nowrap">Retailing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5033.66px;left:2241.91px;letter-spacing:49.5px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5033.66px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5033.66px;left:6200.2px;white-space:nowrap">6,645,759</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5033.66px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5033.66px;left:9368.2px;white-space:nowrap">6,645,759</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5230.15px;left:432px;white-space:nowrap">Food </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5230.15px;left:841.14px;white-space:nowrap">Products </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5230.15px;left:1588.02px;letter-spacing:49.34px;white-space:nowrap">........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5230.15px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5230.15px;left:6111.22px;white-space:nowrap">12,248,261</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5230.15px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5230.15px;left:9279.22px;white-space:nowrap">12,248,261</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:432px;white-space:nowrap">Health </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:938.95px;white-space:nowrap">Care </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:1330.2px;white-space:nowrap">Equipment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:2139.58px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:2290.75px;white-space:nowrap">Supplies </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:2989.22px;letter-spacing:49.97px;white-space:nowrap">.........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:6200.2px;white-space:nowrap">8,637,030</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.63px;left:9368.2px;white-space:nowrap">8,637,030</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:432px;white-space:nowrap">Health </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:938.95px;white-space:nowrap">Care </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:1330.2px;white-space:nowrap">Providers </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:2050.44px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:2201.61px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:2895.81px;letter-spacing:49.87px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:6200.2px;white-space:nowrap">6,646,284</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5623.12px;left:9368.2px;white-space:nowrap">6,646,284</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5819.6px;left:432px;white-space:nowrap">Hotels, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5819.6px;left:974.42px;white-space:nowrap">Restaurants </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5819.6px;left:1881.53px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5819.6px;left:2032.7px;white-space:nowrap">Leisure </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5819.6px;left:2615.57px;letter-spacing:49.66px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5819.6px;left:4616.2px;white-space:nowrap">7,466,954</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5819.6px;left:6200.2px;white-space:nowrap">4,776,778</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5819.6px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5819.6px;left:9279.22px;white-space:nowrap">12,243,732</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6016.08px;left:432px;white-space:nowrap">Household </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6016.08px;left:1241.45px;white-space:nowrap">Durables </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6016.08px;left:1961.68px;letter-spacing:49.42px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6016.08px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6016.08px;left:6111.22px;white-space:nowrap">17,397,550</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6016.08px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6016.08px;left:9279.22px;white-space:nowrap">17,397,550</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6212.57px;left:432px;white-space:nowrap">Insurance </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6212.57px;left:1214.37px;letter-spacing:49.29px;white-space:nowrap">............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6212.57px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6212.57px;left:6111.22px;white-space:nowrap">38,347,276</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6212.57px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6212.57px;left:9279.22px;white-space:nowrap">38,347,276</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6409.05px;left:432px;white-space:nowrap">Interactive </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6409.05px;left:1214.58px;white-space:nowrap">Media </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6409.05px;left:1694.81px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6409.05px;left:1845.98px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6409.05px;left:2522.15px;letter-spacing:49.61px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6409.05px;left:4527.22px;white-space:nowrap">12,160,083</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6409.05px;left:6111.22px;white-space:nowrap">93,886,353</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6409.05px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6409.05px;left:9190.23px;white-space:nowrap">106,046,436</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:432px;white-space:nowrap">Internet </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:1019.03px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:1170.2px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:1632.47px;white-space:nowrap">Marketing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:2379.42px;white-space:nowrap">Retail </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:2895.81px;letter-spacing:49.87px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:4438.23px;white-space:nowrap">136,419,123</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:6111.22px;white-space:nowrap">20,626,712</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6605.54px;left:9190.23px;white-space:nowrap">157,045,835</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6802.02px;left:432px;letter-spacing:-0.96px;white-space:nowrap">IT </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6802.02px;left:615.75px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6802.02px;left:1307.78px;letter-spacing:49.3px;white-space:nowrap">...........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6802.02px;left:4527.22px;white-space:nowrap">15,728,548</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6802.02px;left:6200.2px;white-space:nowrap">1,529,837</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6802.02px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6802.02px;left:9279.22px;white-space:nowrap">17,258,385</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:432px;white-space:nowrap">Life </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:734.42px;white-space:nowrap">Sciences </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:1425.2px;letter-spacing:-2.96px;white-space:nowrap">Tools </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:1843.17px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:1994.34px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:2708.98px;letter-spacing:49.72px;white-space:nowrap">............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:6111.22px;white-space:nowrap">21,512,643</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6998.51px;left:9279.22px;white-space:nowrap">21,512,643</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7194.99px;left:432px;white-space:nowrap">Machinery </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7194.99px;left:1214.5px;letter-spacing:49.29px;white-space:nowrap">............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7194.99px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7194.99px;left:6111.22px;white-space:nowrap">14,093,032</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7194.99px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7194.99px;left:9279.22px;white-space:nowrap">14,093,032</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:432px;white-space:nowrap">Oil, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:716.45px;white-space:nowrap">Gas </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:1054.34px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:1205.52px;white-space:nowrap">Consumable </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:2148.25px;white-space:nowrap">Fuels </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:2615.57px;letter-spacing:49.66px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:6200.2px;white-space:nowrap">7,199,464</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7391.47px;left:9368.2px;white-space:nowrap">7,199,464</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7587.96px;left:432px;white-space:nowrap">Paper </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7587.96px;left:903.41px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7587.96px;left:1054.58px;white-space:nowrap">Forest </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7587.96px;left:1552.47px;white-space:nowrap">Products </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7587.96px;left:2241.91px;letter-spacing:49.5px;white-space:nowrap">.................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7587.96px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7587.96px;left:6200.2px;white-space:nowrap">5,392,865</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7587.96px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7587.96px;left:9368.2px;white-space:nowrap">5,392,865</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7784.44px;left:432px;white-space:nowrap">Pharmaceuticals </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7784.44px;left:1681.44px;letter-spacing:49.36px;white-space:nowrap">.......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7784.44px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7784.44px;left:6111.22px;white-space:nowrap">20,460,206</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7784.44px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7784.44px;left:9279.22px;white-space:nowrap">20,460,206</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:432px;white-space:nowrap">Real </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:805.52px;white-space:nowrap">Estate </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:1303.56px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:2281.92px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:2433.09px;white-space:nowrap">Development </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:3456.29px;letter-spacing:51.24px;white-space:nowrap">....</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:6111.22px;white-space:nowrap">39,986,235</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7980.93px;left:9279.22px;white-space:nowrap">39,986,235</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8177.41px;left:432px;white-space:nowrap">Semiconductors </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8177.41px;left:1623.64px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8177.41px;left:1774.81px;white-space:nowrap">Semiconductor </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8177.41px;left:2886.45px;white-space:nowrap">Equipment </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8177.41px;left:3736.52px;letter-spacing:58.06px;white-space:nowrap">.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8177.41px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8177.41px;left:6123.09px;letter-spacing:-1.19px;white-space:nowrap">11,816,531</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8177.41px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8177.41px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,816,531</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8373.9px;left:432px;white-space:nowrap">Software </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8373.9px;left:1120.96px;letter-spacing:49.27px;white-space:nowrap">.............................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8373.9px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8373.9px;left:6200.2px;white-space:nowrap">2,983,632</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8373.9px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8373.9px;left:9368.2px;white-space:nowrap">2,983,632</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8570.38px;left:432px;white-space:nowrap">Specialty </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8570.38px;left:1125.67px;white-space:nowrap">Retail </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8570.38px;left:1588.02px;letter-spacing:49.34px;white-space:nowrap">........................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8570.38px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8570.38px;left:6123.09px;letter-spacing:-1.19px;white-space:nowrap">11,223,844</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8570.38px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8570.38px;left:9291.09px;letter-spacing:-1.19px;white-space:nowrap">11,223,844</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:432px;letter-spacing:-1.77px;white-space:nowrap">Textiles, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:1045.59px;white-space:nowrap">Apparel </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:1641.53px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:1792.7px;white-space:nowrap">Luxury </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:2317.39px;white-space:nowrap">Goods </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:2895.81px;letter-spacing:49.87px;white-space:nowrap">..........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:6111.22px;white-space:nowrap">24,199,899</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8766.87px;left:9279.22px;white-space:nowrap">24,199,899</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8963.35px;left:432px;white-space:nowrap">Wireless </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8963.35px;left:1086.92px;letter-spacing:-0.99px;white-space:nowrap">Telecommunication </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8963.35px;left:2500.91px;white-space:nowrap">Services </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8963.35px;left:3176.05px;letter-spacing:50.26px;white-space:nowrap">.......</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8963.35px;left:5168px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8963.35px;left:6200.2px;white-space:nowrap">2,950,631</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8963.35px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:8963.35px;left:9368.2px;white-space:nowrap">2,950,631</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9159.83px;left:288px;white-space:nowrap">Short </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9159.83px;left:711.98px;letter-spacing:-3.55px;white-space:nowrap">Term </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9159.83px;left:1111.98px;white-space:nowrap">Investments</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9159.83px;left:2055.09px;letter-spacing:49.44px;white-space:nowrap">...................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9159.83px;left:4527.22px;white-space:nowrap">30,439,613</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9159.83px;left:6752px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9159.83px;left:8336px;white-space:nowrap">&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9159.83px;left:9279.22px;white-space:nowrap">30,439,613</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9356.32px;left:576px;letter-spacing:-2.96px;white-space:nowrap">Total </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9356.32px;left:958.42px;white-space:nowrap">Investments </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9356.32px;left:1865.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9356.32px;left:2034.44px;white-space:nowrap">Securities</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9356.32px;left:2802.39px;letter-spacing:49.79px;white-space:nowrap">...........</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9356.32px;left:4349.25px;white-space:nowrap">$248,912,030</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9356.32px;left:5933.25px;white-space:nowrap">$580,514,889</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9356.32px;left:8247.02px;white-space:nowrap">$&#8212;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9356.32px;left:9101.25px;white-space:nowrap">$829,426,919</div></div>
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			<div style="width:10080px;height:12118px;position:absolute;top:3.9px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">




			<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:-23.73px;left:0px;letter-spacing:-3.69px;white-space:nowrap">Abbreviations</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:377.05px;left:0px;white-space:nowrap">Selected </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:377.05px;left:790.4px;white-space:nowrap">Portfolio</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:654.47px;left:0px;white-space:nowrap">ADR</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:654.47px;left:1116px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:654.47px;left:1836.23px;white-space:nowrap">Depositary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:654.47px;left:2645.45px;white-space:nowrap">Receipt</div></div>
		</div>


</div></div><div data-page="" style="page-break-after:always;margin:-8px;position:relative;height:774px;width:594px"><div style="position:absolute;top:0px;left:0px;width:594px;height:774px">
		<div style="height:26px;left:36px;position:absolute;top:32px;width:504px">
			<div style="width:10080px;height:432px;position:absolute;top:3.86px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:0px;letter-spacing:10.57px;white-space:nowrap">Templeton </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:956.09px;letter-spacing:10.29px;white-space:nowrap">Dragon </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:1652.36px;letter-spacing:10px;white-space:nowrap">Fund, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;text-transform:uppercase;position:absolute;top:-21.41px;left:2161.55px;letter-spacing:9px;white-space:nowrap">Inc.</div></div>
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		<div style="height:40px;left:36px;position:absolute;top:75px;width:504px">
			<div style="width:10080px;height:648px;position:absolute;top:7.44px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:0px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1001.25px;white-space:nowrap">Meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2133.63px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:2461.99px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4299.96px;white-space:nowrap">May </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4939.8px;white-space:nowrap">28, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5432.34px;white-space:nowrap">2020 </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:6171.15px;white-space:nowrap">(unaudited)</div></div>
		</div>
		<div style="background-color:transparent;height:1px;left:36px;position:absolute;top:744px;width:504px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAACDQAAAACCAYAAACtmB4eAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAMElEQVR4Xu3KIREAMAwAsVdb/xImoaw3EBCWqgEAAAAAAAAA+MwaAAAAAAAAAABOPTnTicuMWE6aAAAAAElFTkSuQmCC);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:17px;left:36px;position:absolute;top:744px;width:35px">
			<div style="width:717px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">24</div></div>
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		<div style="background-color:transparent;height:13px;left:66px;position:absolute;top:745px;width:1px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAIAAAA1CAYAAABryToxAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAE0lEQVQYV2NgYGBIg+JRxjBjAAAdsio9TCUTFAAAAABJRU5ErkJggg==);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div style="height:17px;left:405px;position:absolute;top:744px;width:135px">
			<div style="width:2700px;height:254px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:116.31px;left:1416.41px;white-space:nowrap">franklintempleton.com</div></div>
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			<div style="width:6492px;height:259px;position:absolute;top:1px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:729.38px;white-space:nowrap">Report</div></div>
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		<div style="height:13px;left:72px;position:absolute;top:745px;width:9px">

		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
		<div 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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:350.24px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:960.73px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1651.11px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1851.24px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2971.93px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3168.81px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4049.3px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4689.67px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5199.96px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5540.1px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5900.27px;white-space:nowrap">&#8220;Fund&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6540.38px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6910.49px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7300.81px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7500.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7801.17px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8388.19px;text-rendering:optimizeLegibility;white-space:nowrap">offices, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9008.44px;white-space:nowrap">300 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9358.77px;white-space:nowrap">S.E. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9748.92px;white-space:nowrap">2nd </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">Street, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:580.25px;white-space:nowrap">Fort </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:950.27px;white-space:nowrap">Lauderdale, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1951.08px;white-space:nowrap">Florida, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2601.3px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2851.52px;white-space:nowrap">May </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3241.58px;white-space:nowrap">28, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3541.82px;white-space:nowrap">2020. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4039.01px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4399.19px;white-space:nowrap">purpose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5099.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5299.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5600.04px;white-space:nowrap">meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6290.42px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6660.53px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6860.65px;white-space:nowrap">elect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7290.88px;white-space:nowrap">four </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7651.05px;white-space:nowrap">Directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8421.15px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8621.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8921.51px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9381.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9732.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">ratify </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:440.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:740.3px;white-space:nowrap">selection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1500.73px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1700.86px;white-space:nowrap">PricewaterhouseCoopers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3771.91px;letter-spacing:-0.81px;white-space:nowrap">LLP </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4138.95px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4379.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4679.3px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5720.27px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6570.7px;white-space:nowrap">public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7091.02px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8011.67px;text-rendering:optimizeLegibility;white-space:nowrap">firm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8361.56px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8621.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8921.87px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9382.15px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9642.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:460.11px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:860.27px;white-space:nowrap">ending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1450.81px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2331.12px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2631.36px;white-space:nowrap">2020. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3121.88px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3341.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3642.19px;white-space:nowrap">meeting, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4382.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4682.81px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5433.22px;white-space:nowrap">persons </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6123.6px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6563.76px;white-space:nowrap">elected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7194.2px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7434.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7734.55px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8825.19px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9025.31px;white-space:nowrap">serve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9515.48px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">Directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:770.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:970.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1270.46px;white-space:nowrap">Fund: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1780.75px;white-space:nowrap">Harris </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2310.73px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2490.82px;white-space:nowrap">Ashton, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3151.23px;white-space:nowrap">Mary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3601.23px;white-space:nowrap">C. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3831.24px;white-space:nowrap">Choksi, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4481.46px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4671.47px;white-space:nowrap">Michael </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5341.73px;white-space:nowrap">Luttig </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5832.07px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6182.4px;white-space:nowrap">Constantine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7193.06px;white-space:nowrap">D. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7419.81px;letter-spacing:-1.25px;white-space:nowrap">Tseretopoulos.* </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8710.58px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:380.21px;text-rendering:optimizeLegibility;white-space:nowrap">ratified </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:970.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1270.72px;white-space:nowrap">selection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2031.15px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2231.28px;white-space:nowrap">PricewaterhouseCoopers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4302.33px;letter-spacing:-0.81px;white-space:nowrap">LLP </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4669.37px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4909.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5209.72px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6250.69px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7101.12px;white-space:nowrap">public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7621.44px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8542.09px;text-rendering:optimizeLegibility;white-space:nowrap">firm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8891.98px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9152.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9452.29px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:560.3px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1020.41px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1420.58px;white-space:nowrap">ending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2011.11px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2891.43px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3191.66px;white-space:nowrap">2020. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3692.11px;white-space:nowrap">No </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3972.22px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:4432.5px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5192.93px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5563.04px;white-space:nowrap">transacted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6453.54px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6653.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6953.91px;white-space:nowrap">meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7644.29px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8014.39px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8654.68px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8854.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9155.04px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:360.18px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:940.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1140.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1440.7px;white-space:nowrap">voting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1971.04px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2171.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2461.46px;white-space:nowrap">Annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3071.95px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3762.33px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:4072.5px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:4312.62px;white-space:nowrap">follows:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:0px;white-space:nowrap">1. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:200.13px;white-space:nowrap">Election </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:890.51px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:1090.63px;white-space:nowrap">four </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:1450.81px;white-space:nowrap">Directors:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:0px;white-space:nowrap">There </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:520.22px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:960.38px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:1210.61px;white-space:nowrap">broker </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:1770.82px;white-space:nowrap">non-votes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:2611.32px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:3341.69px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:3711.8px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:4352.08px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:4552.21px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7663.91px;left:4882.32px;white-space:nowrap">item.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:0px;white-space:nowrap">2. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:200.13px;text-rendering:optimizeLegibility;white-space:nowrap">Ratification </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:1140.56px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:1340.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:1640.92px;white-space:nowrap">selection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:2401.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:2601.47px;white-space:nowrap">PricewaterhouseCoopers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:4672.53px;letter-spacing:-0.81px;white-space:nowrap">LLP </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:5039.56px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:5279.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:5579.91px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:6620.89px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:7471.32px;white-space:nowrap">public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:7991.63px;white-space:nowrap">accounting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:8912.29px;text-rendering:optimizeLegibility;white-space:nowrap">firm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:9262.18px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8093.91px;left:9522.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8343.91px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8343.91px;left:460.28px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8343.91px;left:720.35px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8343.91px;left:1020.59px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8343.91px;left:1480.69px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8343.91px;left:1880.86px;white-space:nowrap">ending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8343.91px;left:2471.4px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8343.91px;left:3351.71px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8343.91px;left:3651.94px;white-space:nowrap">2020:</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3159.26px;left:0px;letter-spacing:-2.37px;white-space:nowrap">Term </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3159.26px;left:423.83px;white-space:nowrap">Expiring </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3159.26px;left:1108.36px;white-space:nowrap">2023</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3159.26px;left:3342.27px;white-space:nowrap">For</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2775.26px;left:4342.27px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2775.26px;left:4528.98px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2967.26px;left:3737.89px;white-space:nowrap">Outstanding</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3159.26px;left:4146.33px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2775.26px;left:5422.27px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2775.26px;left:5608.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:2967.26px;left:5226.33px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:3159.26px;left:5173.05px;white-space:nowrap">Present </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:0px;white-space:nowrap">Harris </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:471.09px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:631.17px;white-space:nowrap">Ashton</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3359.72px;left:1129.3px;letter-spacing:58.76px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:2799.22px;white-space:nowrap">18,500,091</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:4137.34px;white-space:nowrap">54.73%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3362.14px;left:5217.34px;white-space:nowrap">61.82%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:0px;white-space:nowrap">Mary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:400px;white-space:nowrap">C. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:604.45px;white-space:nowrap">Choksi</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3562.61px;left:1129.01px;letter-spacing:58.76px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:2799.22px;white-space:nowrap">17,730,057</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:4137.34px;white-space:nowrap">52.45%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3565.03px;left:5217.34px;white-space:nowrap">59.25%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:0px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:168.91px;white-space:nowrap">Michael </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:764.69px;white-space:nowrap">Luttig</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3765.49px;left:1223.1px;letter-spacing:58.85px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:2799.22px;white-space:nowrap">18,556,498</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:4137.34px;white-space:nowrap">54.89%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3767.91px;left:5217.34px;white-space:nowrap">62.01%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3970.8px;left:0px;white-space:nowrap">Constantine </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3970.8px;left:898.36px;white-space:nowrap">D. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3970.8px;left:1099.92px;letter-spacing:-1.36px;white-space:nowrap">Tseretopoulos</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:3968.38px;left:2163.94px;letter-spacing:63px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3970.8px;left:2799.22px;white-space:nowrap">18,488,847</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3970.8px;left:4137.34px;white-space:nowrap">54.69%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:3970.8px;left:5217.34px;white-space:nowrap">61.78%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4817.68px;left:0px;letter-spacing:-2.37px;white-space:nowrap">Term </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4817.68px;left:423.83px;white-space:nowrap">Expiring </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4817.68px;left:1108.36px;white-space:nowrap">2023</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4817.68px;left:3013.28px;white-space:nowrap">Against</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4433.68px;left:4342.27px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4433.68px;left:4528.98px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4625.68px;left:3737.89px;white-space:nowrap">Outstanding</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4817.68px;left:4146.33px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4433.68px;left:5422.27px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4433.68px;left:5608.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4625.68px;left:5226.33px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:4817.68px;left:5173.05px;white-space:nowrap">Present </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.57px;left:0px;white-space:nowrap">Harris </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.57px;left:471.09px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.57px;left:631.17px;white-space:nowrap">Ashton</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5018.14px;left:1129.3px;letter-spacing:58.76px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.57px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">11,203,488</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.57px;left:4137.34px;white-space:nowrap">33.14%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5020.57px;left:5217.34px;white-space:nowrap">37.44%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5223.45px;left:0px;white-space:nowrap">Mary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5223.45px;left:400px;white-space:nowrap">C. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5223.45px;left:604.45px;white-space:nowrap">Choksi</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5221.03px;left:1129.01px;letter-spacing:58.76px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5223.45px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">11,984,142</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5223.45px;left:4137.34px;white-space:nowrap">35.45%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5223.45px;left:5217.34px;white-space:nowrap">40.05%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.34px;left:0px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.34px;left:168.91px;white-space:nowrap">Michael </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.34px;left:764.69px;white-space:nowrap">Luttig</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5423.91px;left:1223.1px;letter-spacing:58.85px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.34px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">11,153,179</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.34px;left:4137.34px;white-space:nowrap">32.99%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5426.34px;left:5217.34px;white-space:nowrap">37.27%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.22px;left:0px;white-space:nowrap">Constantine </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.22px;left:898.36px;white-space:nowrap">D. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.22px;left:1099.92px;letter-spacing:-1.36px;white-space:nowrap">Tseretopoulos</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:5626.8px;left:2163.94px;letter-spacing:63px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.22px;left:2822.97px;letter-spacing:-2.37px;white-space:nowrap">11,211,329</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.22px;left:4137.34px;white-space:nowrap">33.17%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:5629.22px;left:5217.34px;white-space:nowrap">37.46%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6476.1px;left:0px;letter-spacing:-2.37px;white-space:nowrap">Term </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6476.1px;left:423.83px;white-space:nowrap">Expiring </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6476.1px;left:1108.36px;white-space:nowrap">2023</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6476.1px;left:3013.28px;white-space:nowrap">Abstain</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6092.1px;left:4342.27px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6092.1px;left:4528.98px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6284.1px;left:3737.89px;white-space:nowrap">Outstanding</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6476.1px;left:4146.33px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6092.1px;left:5422.27px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6092.1px;left:5608.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6284.1px;left:5226.33px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:6476.1px;left:5173.05px;white-space:nowrap">Present </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.99px;left:0px;white-space:nowrap">Harris </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.99px;left:471.09px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.99px;left:631.17px;white-space:nowrap">Ashton</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6676.57px;left:1129.3px;letter-spacing:58.76px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.99px;left:3021.64px;white-space:nowrap">222,285</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.99px;left:4226.33px;white-space:nowrap">0.66%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6678.99px;left:5306.33px;white-space:nowrap">0.74%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6881.87px;left:0px;white-space:nowrap">Mary </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6881.87px;left:400px;white-space:nowrap">C. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6881.87px;left:604.45px;white-space:nowrap">Choksi</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:6879.45px;left:1129.01px;letter-spacing:58.76px;white-space:nowrap">..............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6881.87px;left:3033.52px;letter-spacing:-1.7px;white-space:nowrap">211,665</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6881.87px;left:4226.33px;white-space:nowrap">0.63%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:6881.87px;left:5306.33px;white-space:nowrap">0.71%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7084.76px;left:0px;white-space:nowrap">J. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7084.76px;left:168.91px;white-space:nowrap">Michael </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7084.76px;left:764.69px;white-space:nowrap">Luttig</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7082.34px;left:1223.1px;letter-spacing:58.85px;white-space:nowrap">.............</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7084.76px;left:3021.64px;white-space:nowrap">216,188</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7084.76px;left:4226.33px;white-space:nowrap">0.64%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7084.76px;left:5306.33px;white-space:nowrap">0.72%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7287.64px;left:0px;white-space:nowrap">Constantine </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7287.64px;left:898.36px;white-space:nowrap">D. </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7287.64px;left:1099.92px;letter-spacing:-1.36px;white-space:nowrap">Tseretopoulos</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:7285.22px;left:2163.94px;letter-spacing:63px;white-space:nowrap">...</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7287.64px;left:3021.64px;white-space:nowrap">225,688</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7287.64px;left:4226.33px;white-space:nowrap">0.67%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:7287.64px;left:5306.33px;white-space:nowrap">0.75%</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8972.53px;left:3066.33px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9164.53px;left:3167.42px;letter-spacing:-2.37px;white-space:nowrap">Voted</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8780.53px;left:4342.27px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8780.53px;left:4528.98px;white-space:nowrap">of</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8972.53px;left:3737.89px;white-space:nowrap">Outstanding</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9164.53px;left:4146.33px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8780.53px;left:5422.27px;white-space:nowrap">% </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8780.53px;left:5608.98px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:8972.53px;left:5226.33px;white-space:nowrap">Shares</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:9164.53px;left:5173.05px;white-space:nowrap">Present </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9367.41px;left:0px;white-space:nowrap">For</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9364.99px;left:282.25px;letter-spacing:58.3px;white-space:nowrap">.......................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9367.41px;left:2799.22px;white-space:nowrap">18,558,353</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9367.41px;left:4137.34px;white-space:nowrap">54.90%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9367.41px;left:5217.34px;white-space:nowrap">62.01%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9570.29px;left:0px;white-space:nowrap">Against</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9567.87px;left:564.51px;letter-spacing:58.41px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9570.29px;left:2811.09px;letter-spacing:-1.19px;white-space:nowrap">11,143,055</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9570.29px;left:4137.34px;white-space:nowrap">32.96%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9570.29px;left:5217.34px;white-space:nowrap">37.24%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9773.18px;left:0px;white-space:nowrap">Abstain</div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:9770.76px;left:564.51px;letter-spacing:58.41px;white-space:nowrap">....................</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9773.18px;left:3021.64px;white-space:nowrap">224,458</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9773.18px;left:4226.33px;white-space:nowrap">0.66%</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:9773.18px;left:5306.33px;white-space:nowrap">0.75%</div></div>
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			<div style="width:10080px;height:366px;position:absolute;top:3.86px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:0px;white-space:nowrap">*Ann </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:318.67px;letter-spacing:-2.42px;white-space:nowrap">Torre </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:654.06px;white-space:nowrap">Bates, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:1062.58px;white-space:nowrap">Edith </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:1398.13px;white-space:nowrap">E. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:1558.59px;letter-spacing:-1.07px;white-space:nowrap">Holiday, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:2059.45px;white-space:nowrap">Rupert </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:2489.69px;white-space:nowrap">H. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:2657.34px;white-space:nowrap">Johnson, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:3226.41px;letter-spacing:-1.44px;white-space:nowrap">Jr., </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:3437.97px;white-space:nowrap">Gregory </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:3948.44px;white-space:nowrap">E. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:4108.91px;white-space:nowrap">Johnson, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:4677.97px;white-space:nowrap">David </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:5049.84px;letter-spacing:-2.4px;white-space:nowrap">W. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:5239.45px;white-space:nowrap">Niemiec, </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:5786.25px;white-space:nowrap">Larry </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:6121.64px;white-space:nowrap">D. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:6287.03px;white-space:nowrap">Thompson </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:6943.44px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:7198.83px;white-space:nowrap">Robert </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:7629.06px;white-space:nowrap">E. </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:7789.53px;letter-spacing:-0.95px;white-space:nowrap">Wade </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:8163.98px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:8390.08px;white-space:nowrap">Directors </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:8951.41px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:9097.34px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:9316.25px;white-space:nowrap">Fund </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:-21.41px;left:9651.8px;white-space:nowrap">who </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:226.09px;white-space:nowrap">currently </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:765.7px;white-space:nowrap">serving </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:1225.16px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:1480.55px;white-space:nowrap">whose </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:1896.25px;white-space:nowrap">terms </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:2260.78px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:2406.72px;text-rendering:optimizeLegibility;white-space:nowrap">office </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:2756.88px;white-space:nowrap">continued </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:3362.42px;white-space:nowrap">after </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:3661.48px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:3873.2px;white-space:nowrap">Annual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:4318.2px;white-space:nowrap">Meeting </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:4821.48px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:228.59px;left:4967.42px;white-space:nowrap">Shareholders.</div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5369.08px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6098.45px;white-space:nowrap">Report</div></div>
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		<div style="background-color:transparent;background-image:url(data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAACQAAAA2CAYAAACvHjsIAAAACXBIWXMAAC4jAAAuIwF4pT92AAAAgElEQVRYR83KoREAMBAEoe+/6UsJuJ0IHLftfsJQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDDWGGkONocZQY6gx1BhqDLUHAfKyg6Er2WgAAAAASUVORK5CYII=);background-repeat:no-repeat;background-size:cover;height:100%;min-width:100%;width:100%"></div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:0px;white-space:nowrap">Dividend </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:1230.64px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3117.66px;white-space:nowrap">and </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:3692.29px;white-space:nowrap">Cash </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:4463.44px;white-space:nowrap">Purchase </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:300px;position:absolute;top:-48.16px;left:5792.7px;white-space:nowrap">Plan</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:360.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:820.46px;letter-spacing:-0.46px;white-space:nowrap">offers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1317.39px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1467.51px;white-space:nowrap">Dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2217.92px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3368.41px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3718.74px;white-space:nowrap">Cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4188.96px;white-space:nowrap">Purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4999.39px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5409.67px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5769.84px;white-space:nowrap">&#8220;Plan&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6359.94px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6730.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7030.28px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7780.69px;white-space:nowrap">features:</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:0px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:150.03px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:740.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:940.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1240.66px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1700.95px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2011.11px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2401.44px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2591.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2891.78px;letter-spacing:0.24px;white-space:nowrap">shareholder&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4025.83px;white-space:nowrap">name, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4576.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:4876.35px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:5876.98px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:6176.95px;white-space:nowrap">automatically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:7277.43px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:7527.66px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:7677.77px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:8558.26px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:8748.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:9048.6px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:9458.88px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:0px;white-space:nowrap">he </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:250.22px;white-space:nowrap">elects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:770.45px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:970.58px;letter-spacing:-0.99px;white-space:nowrap">withdraw. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1770.91px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1920.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2221.17px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:2811.45px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3121.61px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:3972.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4162.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4462.38px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:4962.66px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:5162.78px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:5312.9px;white-space:nowrap">broker-dealer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:6433.42px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:6643.48px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:7103.76px;white-space:nowrap">nominee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:7844.24px;white-space:nowrap">(i.e., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:8244.32px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:8434.42px;white-space:nowrap">&#8220;street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:8994.55px;white-space:nowrap">name&#8221;), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:9664.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:0px;white-space:nowrap">broker-dealer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1120.52px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:1330.58px;white-space:nowrap">nominee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2071.05px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2371.03px;white-space:nowrap">elect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:2801.25px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3001.38px;white-space:nowrap">participate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:3881.87px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4071.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4372.21px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:4782.48px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:5032.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:5332.94px;letter-spacing:0.24px;white-space:nowrap">shareholder&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:6466.99px;white-space:nowrap">behalf </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:7007.43px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:7577.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:7877.99px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:8878.62px;white-space:nowrap">instructs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:908.64px;left:9598.8px;white-space:nowrap">them </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">otherwise, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:870.38px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1080.44px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1650.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1951px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3031.44px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3651.59px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3831.59px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:4131.83px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:4872.3px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5112.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:5412.66px;white-space:nowrap">broker-dealer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6533.17px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:6743.23px;white-space:nowrap">nominee.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:240.12px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:870.38px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:1680.91px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:1890.97px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:2901.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:3091.55px;white-space:nowrap">cash, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:3571.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:3872.02px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:4872.66px;white-space:nowrap">must </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:5312.72px;white-space:nowrap">notify </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:5783.03px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:6593.29px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:7090.22px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:7803.72px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:8150.8px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:8604.14px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:9461.16px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:0px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:360.18px;white-space:nowrap">&#8220;Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:820.46px;white-space:nowrap">Administrator&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:2050.66px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:2250.79px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:2637.69px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:2997.86px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:3398.2px;letter-spacing:-1.34px;white-space:nowrap">Wall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:3791.51px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:4321.76px;white-space:nowrap">Station, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:4982.17px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:5389.01px;letter-spacing:-2.75px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:5842.62px;letter-spacing:-1.08px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:6139.42px;white-space:nowrap">10269-0560 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:7150.34px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:7360.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:7660.63px;white-space:nowrap">institution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:8471.07px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:8661.18px;white-space:nowrap">whose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1838.64px;left:9231.5px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:300.23px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:890.51px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:1200.67px;white-space:nowrap">held. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:1637.75px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:1997.93px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:2398.27px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:3508.59px;white-space:nowrap">must </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:3948.66px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:4578.93px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:5159.09px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:5689.42px;white-space:nowrap">ten </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:5989.66px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:6750.09px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:7180.31px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:7740.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:8040.94px;white-space:nowrap">record </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:8601.15px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:9001.49px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2088.64px;left:9261.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2338.64px;left:0px;white-space:nowrap">distribution.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:0px;white-space:nowrap">Whenever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:870.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:1170.62px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:1630.9px;white-space:nowrap">declares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:2361.27px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3171.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3361.9px;white-space:nowrap">either </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3862.18px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:4292.4px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:4502.46px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5092.73px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5292.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5593.1px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6103.39px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6243.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6543.63px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:7143.75px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:7583.91px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:7763.91px;white-space:nowrap">equal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:8254.34px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:8454.46px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:8664.52px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:9384.96px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:0px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:480.23px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:960.56px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1160.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1460.92px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2231.46px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2681.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2982.04px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:3862.53px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:4162.5px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:4792.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:5093px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:5903.53px;white-space:nowrap">entirely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:6533.79px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:6723.9px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:7104.11px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:7694.38px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:7894.51px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:8044.63px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:8484.79px;white-space:nowrap">equal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:8975.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:9175.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:9475.58px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:0px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:480.23px;white-space:nowrap">value, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:1010.57px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:1310.8px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:1611.04px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:1981.14px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:2381.48px;white-space:nowrap">95% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:2791.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:2991.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:3292.12px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:3692.46px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:4302.69px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:4902.8px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:5342.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:5543.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:5843.32px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:6430.34px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:7070.63px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:7220.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:7520.89px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:8121.01px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:8561.16px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:8741.16px;white-space:nowrap">lower </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:9221.31px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:0px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:300.23px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:780.47px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1260.79px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1470.85px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1610.86px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:2421.39px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:2981.78px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:3552.1px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:4032.42px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:5042.9px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:5353.07px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:6033.6px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:6413.82px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:6603.93px;white-space:nowrap">cash, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:7084.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:7384.39px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:8264.88px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:8564.85px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:9195.12px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:0px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:890.6px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:1140.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:1441.05px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:1847.9px;letter-spacing:-3.3px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:2251.49px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:2751.68px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:3602.29px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:3812.34px;white-space:nowrap">otherwise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:4632.71px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:4882.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:5183.17px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3768.64px;left:5633.61px;white-space:nowrap">market.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:160.14px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:1040.63px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:1380.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:1681.08px;white-space:nowrap">option </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:2221.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:2421.65px;white-space:nowrap">submitting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:3292.03px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:4112.67px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:4542.89px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:5373.28px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:5573.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:5873.64px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:6273.98px;letter-spacing:-0.66px;white-space:nowrap">Administrator, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:7424.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:7614.49px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:7954.72px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:8695.11px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:8895.23px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4198.64px;left:9095.36px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:0px;white-space:nowrap">$100, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:500.45px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:750.67px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:950.8px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:1100.92px;white-space:nowrap">maximum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:1930.96px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:2131.08px;white-space:nowrap">$5,000 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:2731.64px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:3041.81px;white-space:nowrap">month, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:3642.1px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:3902.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:4202.4px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:4992.89px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:5193.02px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:5653.3px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:6243.57px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:6503.64px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:6783.75px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:6993.81px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:7303.97px;white-space:nowrap">account. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:8031.18px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:8581.46px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4448.64px;left:9411.86px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:250.22px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:750.5px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:990.62px;white-space:nowrap">check </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:1510.84px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:2191.38px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:2381.57px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:3191.84px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:3688.77px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:4402.27px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:4749.35px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:5202.69px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:6059.71px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:6439.92px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:6790.25px;white-space:nowrap">sent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:7180.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:7370.68px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:8180.95px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:8677.88px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4698.64px;left:9391.38px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:0px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:453.34px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:1310.36px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:1740.59px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:2127.48px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:2487.66px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:2888px;letter-spacing:-1.34px;white-space:nowrap">Wall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:3281.31px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:3811.55px;white-space:nowrap">Station, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:4471.96px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:4878.81px;letter-spacing:-2.75px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:5332.41px;letter-spacing:-1.08px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:5629.22px;white-space:nowrap">10269-0560, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:6680.21px;white-space:nowrap">Attention: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:7487.49px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:8367.98px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:9008.35px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4948.64px;left:9518.64px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:360.18px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:760.52px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:1870.84px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:2170.81px;white-space:nowrap">apply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:2651.13px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:3081.36px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:3911.75px;white-space:nowrap">(less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:4341.8px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:4491.91px;white-space:nowrap">$5.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:4992.36px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:5612.52px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:6212.9px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:6563.23px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:6933.34px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:7083.46px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:7393.62px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:7753.8px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:8254.07px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:8454.2px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:9054.58px;white-space:nowrap">fees) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5198.64px;left:9504.76px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:0px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:880.49px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:1080.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:1380.85px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:1967.87px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:2558.14px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:2808.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:3108.6px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5448.64px;left:3559.04px;white-space:nowrap">market.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:0px;white-space:nowrap">Whenever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:870.38px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:1460.65px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:1770.82px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:2661.42px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:2911.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:3211.88px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:3618.72px;letter-spacing:-3.3px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:4022.31px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:4522.5px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:5373.11px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:5583.16px;white-space:nowrap">otherwise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:6403.54px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:6653.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:6953.99px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:7404.43px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:8054.56px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:8494.89px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:9375.38px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5878.64px;left:9675.35px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:150.12px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:460.28px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:820.46px;white-space:nowrap">portion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:1420.84px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:1620.97px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:2221.35px;white-space:nowrap">fees. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:2658.34px;letter-spacing:-0.83px;white-space:nowrap">Trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:3311.98px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:3702.22px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:4002.19px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:4252.41px;white-space:nowrap">deducted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:5043.08px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:5453.09px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:6193.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:6393.6px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:6643.83px;white-space:nowrap">invested. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:7411.03px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:7771.2px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:8171.54px;letter-spacing:0.21px;white-space:nowrap">Administrator&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:9415.28px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:9715.52px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6128.64px;left:9975.59px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:0px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:380.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:580.34px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:1170.62px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:1831.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:2131.35px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:2541.62px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:2721.62px;white-space:nowrap">$15.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:3322.18px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:3632.34px;white-space:nowrap">transaction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:4562.84px;white-space:nowrap">plus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:4943.06px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:5093.17px;white-space:nowrap">$0.12 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:5593.62px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:5903.79px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:6404.06px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6378.64px;left:7004.44px;white-space:nowrap">fee. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:360.18px;white-space:nowrap">automatic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:1190.57px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:2271.01px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:2471.13px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:3281.66px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:3842.05px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:4412.37px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:4892.7px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:5333.03px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:5633.26px;white-space:nowrap">relieve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:6213.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:6513.75px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:7394.24px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:7594.37px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:7934.59px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:8564.85px;white-space:nowrap">tax </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:8854.98px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:9205.22px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6808.64px;left:9595.28px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:0px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:680.54px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:930.76px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:1741.29px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7058.64px;left:1951.35px;white-space:nowrap">distributions.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:360.18px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:1240.66px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:1630.72px;white-space:nowrap">withdraw </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:2390.98px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:2800.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:3101.22px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:3511.49px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:4131.83px;white-space:nowrap">penalty </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:4762.27px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:4962.39px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:5302.62px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:5692.68px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:5932.79px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:6512.96px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:7043.29px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:7243.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:7543.65px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:7943.99px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:9054.32px;white-space:nowrap">sent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7488.64px;left:9444.55px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:0px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:810.26px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:1307.2px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:2020.69px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:2367.77px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:2821.11px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:3678.13px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:4108.36px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:4495.25px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:4855.43px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:5255.77px;letter-spacing:-1.34px;white-space:nowrap">Wall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:5649.08px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:6179.33px;white-space:nowrap">Station, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:6839.74px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:7246.58px;letter-spacing:-2.75px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:7700.19px;letter-spacing:-1.08px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:7996.99px;white-space:nowrap">10269-0560. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7738.64px;left:9057.92px;white-space:nowrap">Upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:0px;white-space:nowrap">withdrawal, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:950.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:1250.6px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:2131.08px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:2431.05px;white-space:nowrap">receive, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:3111.33px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:3731.66px;white-space:nowrap">charge, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:4382.05px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:4882.32px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:5792.61px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:6362.93px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:6553.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:6853.27px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:7860.5px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:8360.77px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:8620.84px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:8850.94px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:9131.04px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7988.64px;left:9721.32px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:0px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:240.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:540.35px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:940.69px;white-space:nowrap">Administrator; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:2101.03px;letter-spacing:-2.48px;white-space:nowrap">or, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:2351.16px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:2491.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:2791.41px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:3671.89px;white-space:nowrap">wishes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:4322.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:4622.34px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:5022.69px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:6133.01px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:6432.98px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:6753.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:7053.31px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:8060.54px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:8650.81px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:9001.14px;white-space:nowrap">send </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8238.64px;left:9441.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:0px;white-space:nowrap">proceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:790.49px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:990.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:1290.85px;white-space:nowrap">participant, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:2221.35px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:2591.46px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:2741.57px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:3361.73px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:3962.11px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:4162.24px;white-space:nowrap">$15.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:4762.79px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:5113.13px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:5483.23px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:6083.61px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:6473.85px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:6673.97px;white-space:nowrap">$0.12 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:7174.42px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:7484.59px;white-space:nowrap">share. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:8031.62px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:8391.8px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8488.64px;left:8792.14px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:299.97px;white-space:nowrap">convert </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:940.25px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:1280.48px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:2060.86px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:2651.13px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:3041.46px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:3241.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:3541.82px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:3931.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:4132px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:5032.35px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:5232.48px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:5662.71px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:5862.83px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:6473.06px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:7073.17px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:7513.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:7863.66px;white-space:nowrap">send </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:8303.99px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:8454.11px;white-space:nowrap">check </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:8974.34px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8738.64px;left:9174.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8988.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8988.64px;left:880.49px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8988.64px;left:1140.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8988.64px;left:1440.79px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8988.64px;left:1741.03px;white-space:nowrap">proceeds.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:0px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:320.01px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:780.12px;white-space:nowrap">information, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:1770.56px;white-space:nowrap">please </div><div style="font-family:Arial, 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style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:5946.5px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:6146.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:6446.87px;white-space:nowrap">back </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:6877.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:7077.22px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9418.64px;left:7407.33px;white-space:nowrap">report.</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:0px;letter-spacing:-1.1px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:753.66px;white-space:nowrap">Agent</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:0px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:810.26px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:1307.2px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2020.69px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2367.77px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:2821.11px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:408.64px;left:3678.13px;white-space:nowrap">LLC</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:0px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:386.89px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:747.07px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:658.64px;left:1147.41px;letter-spacing:-1.34px;white-space:nowrap">Wall 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style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1338.64px;left:470.21px;white-space:nowrap">416-5585</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1588.64px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.5px;white-space:nowrap">www.astfinancial.com</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:0px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:560.21px;white-space:nowrap">Deposit </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:1270.28px;white-space:nowrap">Service </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:1960.84px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:2250.79px;white-space:nowrap">Registered </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2088.64px;left:3231.12px;white-space:nowrap">Shareholders</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:0px;white-space:nowrap">Cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:470.21px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:1480.69px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:1820.92px;white-space:nowrap">now </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:2201.13px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:2451.36px;white-space:nowrap">electronically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:3541.82px;white-space:nowrap">credited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:4232.2px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:4432.32px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:4582.44px;white-space:nowrap">checking </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:5342.87px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:5552.93px;white-space:nowrap">savings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:6213.25px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:6893.7px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:7093.83px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:7434.05px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:8144.47px;white-space:nowrap">institution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2518.64px;left:8954.91px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:0px;white-space:nowrap">participates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:970.49px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:1160.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:1450.9px;white-space:nowrap">Automated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:2371.46px;white-space:nowrap">Clearing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3091.82px;white-space:nowrap">House </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:3662.14px;white-space:nowrap">(&#8220;ACH&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:4331.95px;white-space:nowrap">system. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:4998.78px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5358.96px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:5879px;white-space:nowrap">Deposit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:6539.33px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:7159.48px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:7339.48px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:8079.96px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2768.64px;left:8340.03px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:0px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1090.63px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1290.76px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:1540.99px;white-space:nowrap">charge. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2188.13px;letter-spacing:-6.65px;white-space:nowrap">To </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2428.24px;white-space:nowrap">enroll </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:2918.5px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:3108.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:3408.84px;white-space:nowrap">service, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:4079px;white-space:nowrap">access </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:4689.23px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:5089.39px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:5769.84px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:6300.26px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:6540.38px;white-space:nowrap">going </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:7030.81px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:7230.94px;text-rendering:optimizeLegibility;letter-spacing:-0.47px;white-space:nowrap">www.astfinancial.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:9001.58px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:9211.64px;white-space:nowrap">dial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3018.64px;left:9541.85px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:0px;white-space:nowrap">416-5585 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:810.7px;white-space:nowrap">(toll </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:1150.75px;white-space:nowrap">free) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:1570.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:1921.2px;white-space:nowrap">follow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:2431.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:2731.64px;white-space:nowrap">instructions. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:3742.03px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:4262.08px;white-space:nowrap">Deposit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:4922.4px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:5222.37px;white-space:nowrap">begin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:5712.8px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:6082.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:6383.14px;white-space:nowrap">next </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:6773.38px;white-space:nowrap">scheduled </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:7644.02px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:8564.5px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3268.64px;left:9304.89px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:0px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:750.41px;white-space:nowrap">enrollment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1640.83px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:1830.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3518.64px;left:2131.17px;white-space:nowrap">service.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3948.64px;left:0px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:3948.64px;left:560.21px;white-space:nowrap">Registration</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:0px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:150.03px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:490.25px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:800.42px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:950.54px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:1800.97px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:2801.6px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:3001.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:3301.96px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:3812.26px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:4692.74px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:4892.87px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:5483.14px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:5683.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:5983.51px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:6443.79px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:6784.01px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:7034.24px;white-space:nowrap">electronically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:8124.7px;white-space:nowrap">credited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:8815.08px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:9015.21px;white-space:nowrap">your </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4378.64px;left:9415.37px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:0px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:680.45px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:870.64px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:1680.91px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:2177.84px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:2891.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:3238.42px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:3691.76px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:4548.78px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:4928.99px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:5589.49px;white-space:nowrap">Direct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:6109.54px;white-space:nowrap">Registration. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:7166.78px;white-space:nowrap">This </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:7556.84px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:8176.99px;white-space:nowrap">provides </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4628.64px;left:8907.36px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:370.11px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:520.22px;white-space:nowrap">convenient </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:1440.88px;white-space:nowrap">way </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:1810.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:2011.11px;white-space:nowrap">keep </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:2451.45px;white-space:nowrap">track </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:2891.51px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:3091.64px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:3681.91px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:4342.41px;white-space:nowrap">book </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:4782.74px;white-space:nowrap">entry </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:5232.92px;white-space:nowrap">transactions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:6303.43px;white-space:nowrap">electronically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:7393.89px;white-space:nowrap">move </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:7884.05px;white-space:nowrap">book-entry </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:8784.49px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4878.64px;left:9374.77px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:0px;white-space:nowrap">broker-dealers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:1260.53px;white-space:nowrap">transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:1920.76px;white-space:nowrap">agents </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:2511.21px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:2861.54px;white-space:nowrap">DRS </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:3291.59px;white-space:nowrap">eligible </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:3901.99px;white-space:nowrap">issuers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:4572.16px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:4922.49px;white-space:nowrap">eliminate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:5692.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:5993.09px;white-space:nowrap">possibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:6823.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:7023.52px;white-space:nowrap">lost </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:7353.63px;text-rendering:optimizeLegibility;white-space:nowrap">certificates. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:8313.93px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5128.64px;left:8633.94px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:0px;white-space:nowrap">information, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:990.44px;white-space:nowrap">please </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:1570.87px;white-space:nowrap">contact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:2191.29px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:3001.55px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:3498.49px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:4211.98px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:4559.06px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:5012.4px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:5869.42px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:6249.64px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:6449.77px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5378.64px;left:6919.98px;white-space:nowrap">416-5585.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5808.64px;left:0px;white-space:nowrap">Shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:5808.64px;left:1100.3px;white-space:nowrap">Information</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:0px;white-space:nowrap">Shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:620.33px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:817.21px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:1697.7px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:2338.07px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:2848.36px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:3188.5px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:3498.66px;white-space:nowrap">traded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:4059.05px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:4309.28px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:4609.51px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:5016.36px;letter-spacing:-3.3px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:5419.95px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:5920.14px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:6770.74px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:7281.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:7581.36px;white-space:nowrap">symbol </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:8201.51px;letter-spacing:-2.85px;white-space:nowrap">&#8220;TDF.&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6238.64px;left:8751.36px;white-space:nowrap">Information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:0px;white-space:nowrap">about </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:500.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:800.68px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:1100.92px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:1581.15px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:2061.47px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:2411.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:2712.04px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:3312.16px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:3752.31px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:3932.31px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:4692.83px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6488.64px;left:4892.96px;white-space:nowrap">franklintempleton.com.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:0px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:320.01px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:930.23px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:1870.66px;white-space:nowrap">about </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:2371.11px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:3181.64px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:3531.97px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:4532.61px;white-space:nowrap">accounts, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:5353.07px;white-space:nowrap">call </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:5673.16px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:6143.38px;white-space:nowrap">416-5585. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:7004.09px;white-space:nowrap">Registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:7924.57px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:9015.21px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6918.64px;left:9355.43px;white-space:nowrap">access </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:0px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:400.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:860.45px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:1540.9px;white-space:nowrap">on-line. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:2181.27px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:2501.28px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:3441.71px;white-space:nowrap">go </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:3691.93px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:3882.13px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:4692.39px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:5189.33px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:5902.82px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:6249.9px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:6703.24px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:7560.26px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:7940.48px;white-space:nowrap">website </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7168.64px;left:8600.8px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.47px;white-space:nowrap">www.astfinancial.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:1770.64px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:2120.98px;white-space:nowrap">follow </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:2631.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7418.64px;left:2931.42px;white-space:nowrap">instructions.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:360.18px;white-space:nowrap">daily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:780.38px;white-space:nowrap">closing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:1390.69px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:1690.93px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:2171.16px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:2651.48px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:2891.6px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:3091.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:3391.96px;white-space:nowrap">previous </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:4122.33px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:4882.76px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:5222.99px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:5613.05px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:5863.27px;white-space:nowrap">obtained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:6603.93px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:7084.25px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:7844.77px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:8084.88px;white-space:nowrap">calling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7848.64px;left:8645.19px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:0px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:880.49px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:1340.77px;white-space:nowrap">Information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:2291.22px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:2701.41px;white-space:nowrap">7 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:2851.52px;white-space:nowrap">a.m. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:3251.6px;text-rendering:optimizeLegibility;white-space:nowrap">Pacific </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:3831.77px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:4221.83px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:4562.05px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:5322.48px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:5662.71px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:5862.83px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:6333.05px;letter-spacing:-1.34px;white-space:nowrap">DIAL </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:6776.54px;white-space:nowrap">BEN/342-5236. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:8054.12px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:8414.3px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:9001.32px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8098.64px;left:9301.55px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:0px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:480.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:830.65px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:1641.18px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:1951.35px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:2331.56px;white-space:nowrap">listed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:2801.78px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:3052px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:3352.24px;white-space:nowrap">NASDAQ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:4162.41px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:4662.6px;white-space:nowrap">Market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:5312.72px;letter-spacing:-0.46px;white-space:nowrap">Inc.&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:5779.6px;white-space:nowrap">Mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:6369.87px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:6830.16px;white-space:nowrap">Quotation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:7660.72px;white-space:nowrap">Service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:8310.94px;white-space:nowrap">(&#8220;NASDAQ </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8348.64px;left:9241px;white-space:nowrap">MFQS&#8221;). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:0px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:1120.69px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:1420.93px;white-space:nowrap">receiving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:2191.29px;white-space:nowrap">copies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:2761.61px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:2961.74px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:3571.96px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:3772.09px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:4862.72px;white-space:nowrap">because </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:5593.27px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:5993.44px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:6583.71px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:6893.88px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:7744.31px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:7934.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:8234.65px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:8734.92px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:8935.05px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:9085.17px;white-space:nowrap">broker </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8778.64px;left:9645.38px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:150.12px;white-space:nowrap">custodian </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:970.66px;white-space:nowrap">can </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:1310.89px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:1961.28px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:2311.52px;white-space:nowrap">they </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:2701.76px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:2951.98px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:3502.53px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:3702.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:4002.89px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:4589.91px;white-space:nowrap">mailing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:5210.16px;white-space:nowrap">list, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:5530.17px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:5770.28px;white-space:nowrap">writing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:6337.18px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:7217.67px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:7858.04px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:8368.33px;white-space:nowrap">Inc., </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:8758.48px;white-space:nowrap">100 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9028.64px;left:9108.81px;white-space:nowrap">Fountain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278.64px;left:0px;letter-spacing:-1.48px;white-space:nowrap">Parkway, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278.64px;left:776.87px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278.64px;left:1163.76px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278.64px;left:1523.94px;white-space:nowrap">33030, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278.64px;left:2124.49px;white-space:nowrap">St. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278.64px;left:2394.58px;white-space:nowrap">Petersburg, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278.64px;left:3375.09px;white-space:nowrap">FL, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9278.64px;left:3685.17px;white-space:nowrap">33733-8030.</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:0px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:751.69px;white-space:nowrap">Approval </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:1850.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:-30.85px;left:2139.16px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:289.15px;left:0px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:289.15px;left:1575.49px;white-space:nowrap">Agreements</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:664.48px;left:0px;letter-spacing:-0.33px;white-space:nowrap">TEMPLETON </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:664.48px;left:1156.73px;white-space:nowrap">DRAGON </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:664.48px;left:2006.72px;white-space:nowrap">FUND, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:664.48px;left:2606.66px;white-space:nowrap">INC.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:914.48px;left:0px;white-space:nowrap">(Fund)</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:0px;white-space:nowrap">At </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:220.08px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:470.3px;white-space:nowrap">in-person </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:1270.72px;white-space:nowrap">meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:1961.1px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:2351.43px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:2601.65px;white-space:nowrap">February </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:3371.92px;white-space:nowrap">25, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1344.48px;left:3672.16px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:0px;white-space:nowrap">(Meeting), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:860.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:1160.51px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:1690.84px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:1890.97px;white-space:nowrap">Directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:2661.06px;white-space:nowrap">(Board) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:3311.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:3511.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1594.48px;left:3811.64px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:0px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:760.52px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:910.63px;white-space:nowrap">majority </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:1590.73px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:1790.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:2091.09px;white-space:nowrap">directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:2831.31px;white-space:nowrap">who </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:3211.52px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:3521.69px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1844.48px;left:3821.92px;white-space:nowrap">&#8220;interested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:0px;white-space:nowrap">persons&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:750.32px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:990.44px;text-rendering:optimizeLegibility;white-space:nowrap">defined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:1630.99px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:1821.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:2121.33px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:3051.74px;white-space:nowrap">Company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:3862.18px;white-space:nowrap">Act </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2094.48px;left:4172.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:0px;white-space:nowrap">1940 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:450.44px;white-space:nowrap">(Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:1561.38px;white-space:nowrap">Directors), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:2441.43px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:3211.79px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:3562.12px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2344.48px;left:4362.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:0px;white-space:nowrap">continuance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:1020.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:1220.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:1521.12px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:2441.51px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2594.48px;left:3542.17px;white-space:nowrap">agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:0px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:727.29px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:1597.85px;white-space:nowrap">Asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:2098.04px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:3198.69px;white-space:nowrap">Ltd. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2844.48px;left:3548.94px;white-space:nowrap">(Manager) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:350.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:650.57px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:1110.85px;white-space:nowrap">(Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:2261.51px;white-space:nowrap">Agreement) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:3251.95px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:3512.02px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3094.48px;left:3762.25px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:0px;white-space:nowrap">one-year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:760.43px;white-space:nowrap">period. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:1357.56px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:1717.73px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:2768.73px;white-space:nowrap">Directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:3538.83px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3344.48px;left:4269.2px;white-space:nowrap">advice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:0px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:410.01px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:760.34px;white-space:nowrap">met </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:1110.41px;white-space:nowrap">separately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:1990.9px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:2361.01px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:3412px;white-space:nowrap">Director </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3594.48px;left:4092.1px;white-space:nowrap">counsel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3844.48px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3844.48px;left:190.11px;white-space:nowrap">considering </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3844.48px;left:1160.68px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3844.48px;left:1851.06px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3844.48px;left:2051.19px;white-space:nowrap">approve </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3844.48px;left:2751.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3844.48px;left:3051.91px;white-space:nowrap">continuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3844.48px;left:4072.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3844.48px;left:4272.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4094.48px;left:0px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4094.48px;left:1090.72px;white-space:nowrap">Agreement.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4524.48px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4524.48px;left:200.13px;white-space:nowrap">considering </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4524.48px;left:1170.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4524.48px;left:1470.94px;white-space:nowrap">continuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4524.48px;left:2491.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4524.48px;left:2691.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4524.48px;left:2992.06px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4774.48px;left:0px;white-space:nowrap">Agreement, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4774.48px;left:980.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4774.48px;left:1280.74px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4774.48px;left:1811.07px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4774.48px;left:2581.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4774.48px;left:2931.77px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4774.48px;left:3862.35px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5024.48px;left:0px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5024.48px;left:740.48px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5024.48px;left:980.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5024.48px;left:1280.83px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5024.48px;left:2041.26px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5024.48px;left:2241.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5024.48px;left:2541.62px;white-space:nowrap">Meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5024.48px;left:3232px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5024.48px;left:3582.33px;white-space:nowrap">throughout </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:300.23px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:700.4px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:900.53px;white-space:nowrap">meetings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:1680.91px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:1881.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:2181.27px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:2711.6px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:3061.93px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:3291.94px;white-space:nowrap">committees. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5274.48px;left:4308.93px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5524.48px;left:0px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5524.48px;left:530.33px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5524.48px;left:910.55px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5524.48px;left:1680.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5524.48px;left:2031.24px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5524.48px;left:2961.83px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5524.48px;left:3902.26px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:190.11px;white-space:nowrap">response </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:980.6px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:1180.72px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:1330.84px;white-space:nowrap">detailed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:2011.38px;white-space:nowrap">set </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:2301.5px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:2501.63px;white-space:nowrap">requests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:3242.02px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5774.48px;left:3502.09px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6024.48px;left:0px;white-space:nowrap">submitted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6024.48px;left:830.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6024.48px;left:1030.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6024.48px;left:1330.75px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6024.48px;left:2091.18px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6024.48px;left:2331.3px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6024.48px;left:3382.29px;white-space:nowrap">Director </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6024.48px;left:4062.39px;white-space:nowrap">counsel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6274.48px;left:0px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6274.48px;left:250.22px;white-space:nowrap">behalf </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6274.48px;left:790.66px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6274.48px;left:990.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6274.48px;left:1291.03px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6274.48px;left:2342.02px;white-space:nowrap">Directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6274.48px;left:3112.12px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6274.48px;left:3302.23px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6274.48px;left:4222.88px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6524.48px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6524.48px;left:300.23px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6524.48px;left:890.77px;white-space:nowrap">contract </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6524.48px;left:1581.06px;white-space:nowrap">renewal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6524.48px;left:2261.43px;white-space:nowrap">process. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6524.48px;left:2991.71px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6524.48px;left:3191.84px;white-space:nowrap">addition, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6524.48px;left:3922.38px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6524.48px;left:4332.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6774.48px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6774.48px;left:300.23px;white-space:nowrap">Meeting, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6774.48px;left:1040.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6774.48px;left:1340.86px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6774.48px;left:2391.86px;white-space:nowrap">Directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6774.48px;left:3161.95px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6774.48px;left:3552.28px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6774.48px;left:3702.39px;white-space:nowrap">telephonic </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7024.48px;left:0px;white-space:nowrap">contract </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7024.48px;left:690.29px;white-space:nowrap">renewal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7024.48px;left:1370.65px;white-space:nowrap">meeting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7024.48px;left:2061.04px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7024.48px;left:2261.16px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7024.48px;left:2771.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7024.48px;left:3071.6px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7024.48px;left:4122.6px;white-space:nowrap">Directors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7274.48px;left:0px;white-space:nowrap">conferred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7274.48px;left:810.44px;white-space:nowrap">amongst </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7274.48px;left:1550.83px;white-space:nowrap">themselves </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7274.48px;left:2511.21px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7274.48px;left:2861.54px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7274.48px;left:3912.54px;white-space:nowrap">Director </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7524.48px;left:0px;white-space:nowrap">counsel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7524.48px;left:670.43px;white-space:nowrap">about </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7524.48px;left:1170.88px;white-space:nowrap">contract </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7524.48px;left:1861.17px;white-space:nowrap">renewal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7524.48px;left:2541.53px;white-space:nowrap">matters </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7524.48px;left:3191.66px;white-space:nowrap">and, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7524.48px;left:3592px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7524.48px;left:3782.11px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7524.48px;left:4272.28px;white-space:nowrap">cases, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7774.48px;left:0px;white-space:nowrap">requested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7774.48px;left:850.61px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7774.48px;left:1671.24px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7774.48px;left:2611.67px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7774.48px;left:3021.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7774.48px;left:3321.91px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7774.48px;left:4082.34px;white-space:nowrap">relating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:500.36px;white-space:nowrap">contract. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:1237.41px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:1597.59px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:2127.92px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:2898.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:3248.61px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:4179.2px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:4409.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8024.48px;left:4609.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8274.48px;left:0px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8274.48px;left:590.19px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8274.48px;left:730.2px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8274.48px;left:1430.68px;white-space:nowrap">relevant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8274.48px;left:2121.06px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8274.48px;left:2311.17px;white-space:nowrap">approving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8274.48px;left:3151.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8274.48px;left:3451.99px;white-space:nowrap">continuance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8274.48px;left:4472.75px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8524.48px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8524.48px;left:300.23px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8524.48px;left:1390.96px;white-space:nowrap">Agreement, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8524.48px;left:2371.46px;white-space:nowrap">including, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8524.48px;left:3181.99px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8524.48px;left:3482.23px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8524.48px;left:3782.46px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8524.48px;left:4352.61px;white-space:nowrap">to: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8524.48px;left:4602.74px;white-space:nowrap">(i) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:300.23px;white-space:nowrap">nature, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:910.63px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:1450.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:1801.32px;white-space:nowrap">quality </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:2371.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:2571.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:2872px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:3582.16px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:4322.64px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8774.48px;left:4562.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9024.48px;left:0px;white-space:nowrap">Manager; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9024.48px;left:810.44px;white-space:nowrap">(ii) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9024.48px;left:1060.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9024.48px;left:1360.55px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9024.48px;left:2280.94px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9024.48px;left:3341.43px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9024.48px;left:3541.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9024.48px;left:3841.79px;white-space:nowrap">Fund; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9024.48px;left:4352.08px;white-space:nowrap">(iii) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:300.23px;white-space:nowrap">costs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:770.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:970.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:1270.72px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:1980.88px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:2721.36px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:3071.69px;text-rendering:optimizeLegibility;white-space:nowrap">profits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:3611.87px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:4292.23px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9274.48px;left:4532.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:0px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:760.15px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:1110.2px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:1339.92px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:2049.97px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:2459.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:2759.65px;white-space:nowrap">relationship </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:3729.94px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:4099.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9524.48px;left:4399.72px;white-space:nowrap">Fund; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:0px;white-space:nowrap">(iv) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:299.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:600.12px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:1140.47px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:1340.6px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:1850.8px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:2771.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:2971.41px;white-space:nowrap">scale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:3441.62px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:3751.79px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9774.48px;left:4432.15px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:300.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:760.52px;white-space:nowrap">grows; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:1340.68px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:1691.02px;white-space:nowrap">(v) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:1950.91px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:2641.29px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:2941.52px;white-space:nowrap">levels </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:3451.73px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10024.48px;left:3991.9px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10274.48px;left:0px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10274.48px;left:920.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10274.48px;left:1120.61px;white-space:nowrap">scale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10274.48px;left:1590.82px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10274.48px;left:1850.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10274.48px;left:2151.12px;text-rendering:optimizeLegibility;white-space:nowrap">benefit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10274.48px;left:2741.57px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10274.48px;left:2941.7px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10274.48px;left:3401.98px;white-space:nowrap">investors.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:0px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:200.13px;white-space:nowrap">approving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:1040.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:1340.95px;white-space:nowrap">continuance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:2361.71px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:2561.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10704.48px;left:2862.07px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10954.48px;left:0px;white-space:nowrap">Agreement, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10954.48px;left:980.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10954.48px;left:1280.74px;white-space:nowrap">Board, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10954.48px;left:1861.08px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10954.48px;left:2621.6px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10954.48px;left:2771.72px;white-space:nowrap">majority </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10954.48px;left:3451.82px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10954.48px;left:3651.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:0px;white-space:nowrap">Independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:1051px;white-space:nowrap">Directors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:1871.1px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:2821.64px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:3171.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:3472.12px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:3972.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11204.48px;left:4172.26px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11454.48px;left:0px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11454.48px;left:1090.72px;white-space:nowrap">Agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11454.48px;left:2021.22px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11454.48px;left:2331.39px;white-space:nowrap">fair </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11454.48px;left:2631.45px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11454.48px;left:2981.78px;white-space:nowrap">reasonable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11454.48px;left:3922.47px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:0px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:350.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:650.48px;white-space:nowrap">continuance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:1671.24px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:1871.37px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:2301.59px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:3392.31px;white-space:nowrap">Agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11704.48px;left:4322.81px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5410.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5710.34px;white-space:nowrap">interests </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6440.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6640.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6940.99px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7401.27px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7751.6px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7981.61px;white-space:nowrap">shareholders. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9122.26px;white-space:nowrap">While </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">attention </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5960.57px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6330.67px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6811px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7011.12px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7241.22px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8181.65px;white-space:nowrap">furnished, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9022.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9322.38px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">discusses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6060.32px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6550.49px;white-space:nowrap">primary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7200.53px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7790.71px;white-space:nowrap">relevant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8481.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8681.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8981.46px;letter-spacing:-0.41px;white-space:nowrap">Board&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">determination.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1158.64px;left:5220px;white-space:nowrap">Nature, </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1158.64px;left:5890.17px;white-space:nowrap">Extent </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1158.64px;left:6490.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1158.64px;left:6860.3px;white-space:nowrap">Quality </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1158.64px;left:7520.45px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:1158.64px;left:7740.35px;white-space:nowrap">Services</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5580.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6110.51px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6880.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7231.2px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8161.79px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:9102.22px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5520.23px;white-space:nowrap">nature, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6130.63px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6670.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7021.32px;white-space:nowrap">quality </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7591.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7791.77px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8712.16px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5220px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5930.16px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6670.63px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6910.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7210.99px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7971.42px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8321.75px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8551.76px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:9262.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:9462.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5680.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6030.62px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6260.63px;white-space:nowrap">shareholders. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7398.02px;white-space:nowrap">This </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7788.08px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8728.51px;white-space:nowrap">included, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:9499.04px;white-space:nowrap">among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5220px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5680.28px;white-space:nowrap">things, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6260.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6560.86px;text-rendering:optimizeLegibility;white-space:nowrap">qualifications, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7701.5px;white-space:nowrap">background </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8692.21px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:9042.54px;white-space:nowrap">experience </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5420.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5720.36px;white-space:nowrap">senior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6260.63px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7361.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7711.61px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8632px;white-space:nowrap">personnel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:9472.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:9672.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5220px;letter-spacing:-1.1px;white-space:nowrap">Manager, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6020.51px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6260.63px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6620.71px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6860.83px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7801.26px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8051.48px;white-space:nowrap">succession </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8991.91px;white-space:nowrap">planning </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5220px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5760.26px;white-space:nowrap">appropriate; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6770.92px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7071.15px;white-space:nowrap">structure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7821.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8021.51px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8941.9px;white-space:nowrap">personnel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;white-space:nowrap">compensation; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6440.71px;white-space:nowrap">oversight </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7221.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7421.22px;white-space:nowrap">third-party </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8281.49px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8901.65px;white-space:nowrap">providers; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6140.39px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7200.88px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7811.1px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8161.44px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8761.82px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6160.43px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6420.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6720.73px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7181.02px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8001.47px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8231.48px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8731.76px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9171.91px;white-space:nowrap">discount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5420.13px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5720.36px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6200.6px;white-space:nowrap">value); </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6790.87px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7401.09px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7651.32px;white-space:nowrap">expenses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8471.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8822.2px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5220px;white-space:nowrap">services; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5980.17px;white-space:nowrap">legal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6410.48px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6760.81px;white-space:nowrap">compliance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7721.28px;white-space:nowrap">matters; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8421.42px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8751.36px;white-space:nowrap">controls; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5220px;white-space:nowrap">pricing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5800.25px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6150.59px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6610.87px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7321.03px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8061.5px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8301.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8601.86px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:9362.29px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:9712.62px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5980.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6330.67px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7431.33px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7821.56px;white-space:nowrap">charged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8522.05px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8762.17px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9062.4px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5570.33px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5800.34px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6510.67px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6710.8px;white-space:nowrap">US </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7010.86px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7501.2px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7851.53px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8311.82px;white-space:nowrap">accounts, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:9132.28px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5220px;letter-spacing:-0.25px;white-space:nowrap">management&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6447.39px;white-space:nowrap">explanation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7418.14px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7618.27px;letter-spacing:-0.27px;white-space:nowrap">differences </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8545.52px;white-space:nowrap">among </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:9145.9px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5220px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5760.26px;white-space:nowrap">relevant. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6497.4px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6857.58px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7387.91px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7888.36px;letter-spacing:-0.25px;white-space:nowrap">management&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:9115.75px;white-space:nowrap">continuing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5220px;letter-spacing:-0.41px;white-space:nowrap">efforts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5766.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6117.28px;white-space:nowrap">expenditures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7197.98px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7388.09px;white-space:nowrap">establishing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8388.72px;letter-spacing:-0.33px;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:9105.82px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5220px;white-space:nowrap">continuity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6030.44px;white-space:nowrap">plans </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6510.76px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6861.09px;white-space:nowrap">developing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7781.84px;white-space:nowrap">strategies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:8612.23px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:8812.35px;white-space:nowrap">address </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:9502.73px;white-space:nowrap">areas </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:5420.13px;white-space:nowrap">heightened </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6361px;white-space:nowrap">concern </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:7051.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:7241.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:7541.72px;white-space:nowrap">mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8131.99px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8532.33px;letter-spacing:-1.34px;white-space:nowrap">industry, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:9249.26px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:9679.48px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:5220px;white-space:nowrap">cybersecurity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6330.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6680.65px;white-space:nowrap">liquidity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7330.96px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7660.9px;white-space:nowrap">management. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:8858.32px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:9218.5px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:5220px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:5600.21px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:6530.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:6831.04px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:7751.43px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:8852.08px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:9562.24px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:5220px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:6100.49px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:7030.9px;white-space:nowrap">Counsel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:7741.32px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:8121.53px;white-space:nowrap">(TICL) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:8681.48px;white-space:nowrap">provides </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:9411.86px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:9611.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5220px;white-space:nowrap">Cayman </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5940.26px;white-space:nowrap">Islands-based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7110.97px;letter-spacing:-1.48px;white-space:nowrap">company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7928px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8438.2px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8618.2px;white-space:nowrap">wholly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:9168.4px;white-space:nowrap">owned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:9748.83px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:5520.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:5980.52px;white-space:nowrap">(Cayman </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:6760.72px;white-space:nowrap">Subsidiary).</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5580.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6110.51px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6490.72px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7261.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7611.42px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8542px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8842.24px;text-rendering:optimizeLegibility;white-space:nowrap">benefits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5220px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5960.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6160.61px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6620.89px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7711.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7911.65px;white-space:nowrap">investing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8672.08px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8862.19px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9012.3px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9412.65px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5400px;white-space:nowrap">part </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5760.18px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5960.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6260.54px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6947.49px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7827.98px;white-space:nowrap">(FT) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8267.78px;white-space:nowrap">family </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8787.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8987.96px;white-space:nowrap">funds. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9525.06px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5220px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5750.33px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6250.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6551.02px;text-rendering:optimizeLegibility;white-space:nowrap">financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7261.44px;white-space:nowrap">position </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7931.87px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8131.99px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8822.2px;white-space:nowrap">Resources, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5220px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5560.14px;white-space:nowrap">(FRI), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6069.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6370.22px;letter-spacing:0.34px;white-space:nowrap">Manager&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7264.07px;white-space:nowrap">parent, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7874.47px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8224.8px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8454.81px;white-space:nowrap">commitment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9484.98px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5520.23px;white-space:nowrap">mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6110.51px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6510.85px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7271.28px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7511.4px;white-space:nowrap">evidenced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8382.04px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8622.16px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8852.17px;white-space:nowrap">continued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5220px;white-space:nowrap">introduction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6200.6px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6400.72px;white-space:nowrap">new </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6780.94px;white-space:nowrap">funds, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7321.29px;white-space:nowrap">reassessment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8491.73px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8691.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8992.09px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;letter-spacing:-0.33px;white-space:nowrap">offerings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5957.14px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6147.25px;white-space:nowrap">response </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6937.73px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7137.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7438.1px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8038.21px;white-space:nowrap">environment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9078.75px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9429.08px;white-space:nowrap">project </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;white-space:nowrap">initiatives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6010.31px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6360.64px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6930.97px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7941.36px;white-space:nowrap">relating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8581.73px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8781.86px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:9082.09px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5960.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6160.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6460.84px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6921.12px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7161.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7461.47px;letter-spacing:-1.08px;white-space:nowrap">FT </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7728.13px;white-space:nowrap">organization. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8805.59px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9165.76px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">specifically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6140.3px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6640.75px;letter-spacing:-0.65px;white-space:nowrap">FT&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7037.4px;white-space:nowrap">commitment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8067.57px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8267.7px;white-space:nowrap">enhancing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9148.45px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5570.33px;white-space:nowrap">controlling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6440.8px;white-space:nowrap">costs, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6960.94px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7201.05px;text-rendering:optimizeLegibility;white-space:nowrap">reflected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7941.45px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8131.55px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8361.56px;white-space:nowrap">plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8751.88px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8952.01px;white-space:nowrap">outsource </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5810.27px;white-space:nowrap">administrative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6970.69px;white-space:nowrap">functions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7791.15px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8141.48px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8731.76px;white-space:nowrap">opportunities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5460.12px;white-space:nowrap">evidenced </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6330.76px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6570.88px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6800.89px;white-space:nowrap">upcoming </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7631.37px;white-space:nowrap">acquisition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8531.89px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8732.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9032.26px;white-space:nowrap">Legg </div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">Mason </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:590.27px;white-space:nowrap">companies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1557.51px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1917.69px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2448.02px;white-space:nowrap">acknowledged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3648.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3949.1px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4589.65px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">leadership </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:880.58px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1080.7px;white-space:nowrap">FRI </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1420.66px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1771px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2071.23px;white-space:nowrap">opportunity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3011.84px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3211.96px;white-space:nowrap">hear </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3622.24px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4032.25px;white-space:nowrap">Jennifer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">Johnson, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:780.24px;white-space:nowrap">President </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1590.36px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1940.37px;white-space:nowrap">Chief </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2410.27px;white-space:nowrap">Executive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3240.34px;text-rendering:optimizeLegibility;white-space:nowrap">Officer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3820.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4019.91px;white-space:nowrap">FRI, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4409.56px;white-space:nowrap">about </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">goals </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:480.32px;white-space:nowrap">she </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:820.55px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1160.77px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1420.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1721.07px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2501.46px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2851.7px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3151.67px;text-rendering:optimizeLegibility;white-space:nowrap">benefit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3742.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4042.35px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:0px;white-space:nowrap">Following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:810.35px;white-space:nowrap">consideration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:1931.04px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2131.17px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:2561.4px;white-space:nowrap">information, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3551.84px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1158.64px;left:3852.07px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:0px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:370.11px;text-rendering:optimizeLegibility;white-space:nowrap">satisfied </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1080.44px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1450.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:1750.78px;white-space:nowrap">nature, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2361.18px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:2901.53px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3251.87px;white-space:nowrap">quality </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:3822.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:4022.31px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:0px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:740.48px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:980.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:1280.83px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2041.26px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2391.59px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:2621.6px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3331.93px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3532.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:3832.29px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4292.58px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:4642.91px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">shareholders.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2338.64px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:2338.64px;left:489.81px;white-space:nowrap">Performance</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:360.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:890.51px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:1660.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:2011.2px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:2941.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:3242.02px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2588.64px;left:4302.51px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:500.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:960.64px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1360.81px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:1991.07px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:2381.13px;white-space:nowrap">periods </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3021.5px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2838.64px;left:3572.05px;white-space:nowrap">December </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:0px;white-space:nowrap">31, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:300.23px;white-space:nowrap">2019. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:797.43px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1157.61px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:1687.94px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2618.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:2918.76px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:3979.25px;white-space:nowrap">returns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:560.3px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1020.59px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:1210.69px;white-space:nowrap">comparison </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2191.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2391.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:2691.47px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:3751.96px;white-space:nowrap">returns </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:4362.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:0px;white-space:nowrap">mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:590.27px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:1080.62px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:1781.1px;white-space:nowrap">comparable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2771.63px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:2971.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3271.99px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:3732.28px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:4452.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:150.12px;white-space:nowrap">universe </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:880.49px;white-space:nowrap">(Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2020.87px;white-space:nowrap">Universe) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:2841.06px;white-space:nowrap">selected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:3561.5px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:3801.62px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:0px;white-space:nowrap">Financial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:770.36px;white-space:nowrap">Solutions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:1610.86px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:1951px;white-space:nowrap">(Broadridge), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3051.47px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:3301.7px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:0px;white-space:nowrap">provider </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:700.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:900.44px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:1820.83px;white-space:nowrap">company </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:2601.21px;white-space:nowrap">data. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3048.31px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3408.49px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:3938.82px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:4669.19px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:0px;white-space:nowrap">description </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:920.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1120.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:1420.84px;white-space:nowrap">methodology </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:2501.54px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:2941.88px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:3181.99px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:4112.58px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:4312.71px;white-space:nowrap">select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:300.23px;white-space:nowrap">mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:890.51px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1380.85px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2101.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2291.48px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2441.6px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3522.04px;white-space:nowrap">Universe. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:4329.05px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:0px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:530.33px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:910.55px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1680.91px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2031.24px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2961.83px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3422.11px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:0px;white-space:nowrap">reports </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:610.22px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1350.7px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1701.04px;white-space:nowrap">discussions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2681.46px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:3031.7px;white-space:nowrap">occurred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:3782.02px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:0px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:690.38px;white-space:nowrap">managers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1540.81px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1740.94px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2271.27px;white-space:nowrap">meetings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3051.65px;white-space:nowrap">throughout </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3962.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:4262.61px;letter-spacing:-1.66px;white-space:nowrap">year. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:160.14px;white-space:nowrap">summary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:950.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1150.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1450.55px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2037.57px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3098.06px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3678.22px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3858.22px;letter-spacing:-1.42px;white-space:nowrap">below. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:0px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:460.28px;white-space:nowrap">results </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1040.45px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1350.62px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1891.05px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2141.28px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2441.51px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2921.75px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3402.07px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:4022.4px;white-space:nowrap">regard </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:4592.72px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:600.12px;white-space:nowrap">discounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1410.56px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1620.62px;white-space:nowrap">premiums.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:360.18px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:1440.62px;white-space:nowrap">Universe </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:2200.87px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:2460.94px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:2761.17px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:3221.46px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:3941.98px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6768.64px;left:4242.22px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:350.33px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:580.43px;white-space:nowrap">nonleveraged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:1721.34px;white-space:nowrap">closed-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:2651.92px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:3452.34px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7018.64px;left:4142.46px;white-space:nowrap">funds. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:360.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:890.51px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:1390.96px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:1741.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:2041.44px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:2628.46px;white-space:nowrap">annualized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:3549.2px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:3939.43px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:4459.66px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:300.23px;white-space:nowrap">one-, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:760.52px;white-space:nowrap">three-, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:1330.75px;text-rendering:optimizeLegibility;white-space:nowrap">five- </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:1720.81px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:2071.14px;white-space:nowrap">10-year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:2731.46px;white-space:nowrap">periods </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:3371.84px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:3741.94px;white-space:nowrap">above </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:4282.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:0px;white-space:nowrap">median </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:640.37px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:990.7px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:1180.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:1481.04px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:1821.01px;white-space:nowrap">(best) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:2331.12px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:2681.46px;white-space:nowrap">second </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:3311.89px;white-space:nowrap">quintiles </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:4022.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:4222.44px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:0px;white-space:nowrap">Performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:1080.44px;white-space:nowrap">Universe. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:1887.45px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:2247.63px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:2777.96px;white-space:nowrap">concluded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:3648.6px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:3998.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:4299.08px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:0px;white-space:nowrap">performance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:1060.49px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:1430.6px;letter-spacing:-1.03px;white-space:nowrap">satisfactory.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8698.64px;left:0px;white-space:nowrap">Comparative </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8698.64px;left:1140.38px;white-space:nowrap">Fees </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8698.64px;left:1600.66px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:8698.64px;left:1970.68px;white-space:nowrap">Expenses</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8948.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8948.64px;left:360.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8948.64px;left:890.51px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8948.64px;left:1660.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8948.64px;left:2011.2px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8948.64px;left:2941.79px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8948.64px;left:3882.22px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9198.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9198.64px;left:300.23px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9198.64px;left:887.26px;white-space:nowrap">actual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9198.64px;left:1417.59px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9198.64px;left:1807.82px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9198.64px;left:2538.37px;white-space:nowrap">ratio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9198.64px;left:2938.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9198.64px;left:3288.87px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9198.64px;left:3518.88px;white-space:nowrap">various </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:0px;white-space:nowrap">components, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:1080.62px;white-space:nowrap">including, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:1891.14px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:2131.26px;white-space:nowrap">applicable, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:3041.89px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:4142.55px;white-space:nowrap">fees; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:0px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:880.58px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:1280.92px;white-space:nowrap">expenses; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:2151.47px;white-space:nowrap">investment-related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:3682.18px;white-space:nowrap">expenses; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:350.33px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:810.62px;white-space:nowrap">non-management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:2271.53px;white-space:nowrap">fees. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:2708.53px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:3068.7px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:3599.03px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:4529.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:0px;white-space:nowrap">actual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:530.33px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:920.57px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:1651.11px;white-space:nowrap">ratio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:2051.28px;white-space:nowrap">and, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:2451.62px;letter-spacing:-1.11px;white-space:nowrap">separately, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:3368.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:3668.99px;white-space:nowrap">contractual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:0px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:1100.65px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:1400.89px;white-space:nowrap">rate, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:1811.07px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:2431.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:2731.64px;letter-spacing:-0.46px;white-space:nowrap">effect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:3218.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:3418.77px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:3719px;white-space:nowrap">waivers, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:0px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:140.01px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:480.23px;white-space:nowrap">(Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:1640.83px;white-space:nowrap">Rate) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:2131px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:2331.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:2631.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:3091.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:3281.75px;white-space:nowrap">comparison </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10698.64px;left:4262.17px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:300.23px;white-space:nowrap">median </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:940.61px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:1671.15px;white-space:nowrap">ratio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:2071.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:2421.65px;white-space:nowrap">median </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:3062.02px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10948.64px;left:4162.68px;white-space:nowrap">Rate, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:0px;letter-spacing:-0.95px;white-space:nowrap">respectively, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:1037.02px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:1237.15px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:1697.43px;white-space:nowrap">mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:2287.71px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:2778.05px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:3478.54px;white-space:nowrap">comparable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11198.64px;left:4469.06px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:350.33px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:720.44px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:870.56px;white-space:nowrap">similar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:1440.53px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:2171.07px;white-space:nowrap">structure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:2921.31px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:3121.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:3421.67px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:3881.95px;white-space:nowrap">selected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11448.64px;left:4602.39px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:0px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:930.59px;white-space:nowrap">(Expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:1741.03px;white-space:nowrap">Group). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:2401.26px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:3331.85px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:3632.08px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11698.64px;left:3982.41px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:0px;white-space:nowrap">data </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:400.34px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:580.34px;white-space:nowrap">based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:1120.78px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:1571.22px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:2511.65px;white-space:nowrap">taken </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:3001.99px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:3412px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11948.64px;left:3852.33px;letter-spacing:-0.46px;white-space:nowrap">fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:0px;white-space:nowrap">most </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:440.07px;white-space:nowrap">recent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:990.35px;white-space:nowrap">annual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:1580.89px;white-space:nowrap">report, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:2151.12px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:2661.33px;text-rendering:optimizeLegibility;white-space:nowrap">reflects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:3291.5px;white-space:nowrap">historical </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12198.64px;left:4051.76px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:0px;white-space:nowrap">levels. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:560.21px;white-space:nowrap">While </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:1060.31px;white-space:nowrap">recognizing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:2030.89px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:2461.11px;white-space:nowrap">inherent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:3161.6px;white-space:nowrap">limitation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:3921.86px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12448.64px;left:4272.19px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:0px;white-space:nowrap">fact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:340.14px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:690.38px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:1420.93px;white-space:nowrap">ratios </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:1911.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:2261.43px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:3362.08px;white-space:nowrap">Rates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12698.64px;left:3882.3px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5950.37px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6190.49px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6760.72px;white-space:nowrap">decline </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7381.14px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7731.47px;white-space:nowrap">decrease </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8521.96px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8762.08px;white-space:nowrap">assets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9332.31px;letter-spacing:-1.66px;white-space:nowrap">grow, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5520.23px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6050.57px;white-space:nowrap">believed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6771.09px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7071.33px;white-space:nowrap">independent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8112.3px;white-space:nowrap">analysis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8812.62px;white-space:nowrap">conducted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9693.28px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6150.59px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6350.71px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6600.94px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6851.16px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7811.81px;white-space:nowrap">measure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8562.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8762.26px;white-space:nowrap">comparative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5610.23px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5960.57px;white-space:nowrap">expenses. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6827.87px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7188.05px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8118.63px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9219.29px;white-space:nowrap">Rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">includes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5930.42px;white-space:nowrap">administrative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7090.84px;white-space:nowrap">charges. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7827.98px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8188.15px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8718.49px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9448.86px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">description </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6140.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6340.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6640.84px;white-space:nowrap">methodology </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7721.54px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8161.88px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8401.99px;white-space:nowrap">Broadridge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9332.58px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9532.71px;white-space:nowrap">select </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5520.23px;white-space:nowrap">mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6110.51px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6600.85px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7321.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7511.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7811.72px;white-space:nowrap">Expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8562.22px;white-space:nowrap">Group. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9159.26px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9519.43px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5600.21px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6530.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6831.04px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7751.43px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8852.08px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:9562.24px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;letter-spacing:-1.34px;white-space:nowrap">TICL </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5653.39px;white-space:nowrap">provides </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6383.76px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6583.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6884.12px;white-space:nowrap">Cayman </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7604.38px;white-space:nowrap">Subsidiary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8494.8px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8845.14px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9145.37px;white-space:nowrap">related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9745.75px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">waivers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5880.15px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6230.39px;white-space:nowrap">were </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6670.55px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6860.65px;white-space:nowrap">place.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5580.18px;white-space:nowrap">Expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6330.67px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6880.96px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7141.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7441.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7901.54px;white-space:nowrap">included </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8622.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8922.3px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:9382.59px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:9732.92px;text-rendering:optimizeLegibility;white-space:nowrap">five </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5220px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5680.28px;white-space:nowrap">nonleveraged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6821.19px;white-space:nowrap">closed-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7751.78px;white-space:nowrap">emerging </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8552.2px;white-space:nowrap">markets </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:9242.31px;white-space:nowrap">funds. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5580.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6110.51px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6610.96px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6961.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7261.44px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8362.09px;white-space:nowrap">Rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8792.31px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:9052.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:9352.62px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5590.11px;white-space:nowrap">above </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6130.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6430.78px;white-space:nowrap">median </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7071.15px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7271.28px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7501.29px;white-space:nowrap">Expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8251.79px;white-space:nowrap">Group, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8852.08px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9152.31px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9382.32px;white-space:nowrap">actual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5610.23px;white-space:nowrap">expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6340.78px;white-space:nowrap">ratio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:6740.95px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7111.05px;white-space:nowrap">below </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7631.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7931.6px;white-space:nowrap">median </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8571.97px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:8922.3px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:9112.41px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:9412.65px;white-space:nowrap">second </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;white-space:nowrap">quintile </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5840.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6040.55px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6270.56px;white-space:nowrap">Expense </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7021.05px;white-space:nowrap">Group. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7618.1px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7978.27px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8508.6px;white-space:nowrap">concluded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9379.25px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9729.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6320.65px;white-space:nowrap">Rate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6750.88px;white-space:nowrap">charged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7451.37px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7651.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7951.73px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8412.01px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8592.01px;white-space:nowrap">reasonable, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9582.71px;white-space:nowrap">noting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5520.23px;white-space:nowrap">specialized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6460.75px;white-space:nowrap">focus </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6940.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7141.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7441.35px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4838.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">Profitability</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5580.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6110.51px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6880.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7231.2px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:8161.79px;white-space:nowrap">information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:9102.22px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5520.23px;text-rendering:optimizeLegibility;white-space:nowrap">profits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6060.41px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6740.77px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6980.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7281.12px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8041.55px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8391.88px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8621.89px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:9332.23px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5220px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6140.65px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6510.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6811px;white-space:nowrap">operation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:7611.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:7811.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8111.95px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8622.25px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8822.37px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:9152.49px;white-space:nowrap">respect, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:5520.23px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6050.57px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6981.15px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7281.39px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7741.67px;text-rendering:optimizeLegibility;white-space:nowrap">profitability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:8652.04px;white-space:nowrap">analysis </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:9352.35px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5460.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5760.35px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6520.78px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6871.03px;white-space:nowrap">addresses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:7751.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8051.75px;white-space:nowrap">overall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8632px;text-rendering:optimizeLegibility;white-space:nowrap">profitability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:9542.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:5220px;letter-spacing:-0.65px;white-space:nowrap">FT&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:5616.65px;white-space:nowrap">US </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:5916.71px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6317.05px;white-space:nowrap">business, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7127.49px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7367.61px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7727.7px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7967.81px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8197.82px;text-rendering:optimizeLegibility;white-space:nowrap">profits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8738px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8928.11px;white-space:nowrap">providing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:5220px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6140.39px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7241.04px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7591.38px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8051.66px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8761.82px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8961.94px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:9402.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5520.23px;white-space:nowrap">individual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6320.74px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6811.08px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7361.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7661.69px;white-space:nowrap">12-month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8472.13px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:9022.5px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5220px;white-space:nowrap">September </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6150.5px;white-space:nowrap">30, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6450.73px;white-space:nowrap">2019, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6951.18px;white-space:nowrap">being </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7441.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7741.85px;white-space:nowrap">most </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8181.91px;white-space:nowrap">recent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8732.2px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9192.3px;white-space:nowrap">year-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5220px;white-space:nowrap">end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5570.33px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5830.4px;white-space:nowrap">FRI. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6217.12px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6577.29px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7107.63px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7608.08px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7958.32px;white-space:nowrap">although </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8698.97px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5220px;white-space:nowrap">continually </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6120.53px;white-space:nowrap">makes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6700.69px;text-rendering:optimizeLegibility;white-space:nowrap">refinements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7691.13px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7891.26px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8121.27px;white-space:nowrap">methodologies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:9342.07px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5410.11px;white-space:nowrap">calculating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6310.63px;text-rendering:optimizeLegibility;white-space:nowrap">profitability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7221.01px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7411.11px;white-space:nowrap">response </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8201.6px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8401.73px;white-space:nowrap">organizational </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5570.33px;white-space:nowrap">product-related </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6831.04px;white-space:nowrap">changes, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7611.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7911.83px;white-space:nowrap">overall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8492.08px;white-space:nowrap">methodology </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:9572.78px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5220px;white-space:nowrap">remained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6020.42px;white-space:nowrap">consistent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6880.87px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7250.98px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7601.22px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8041.55px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8231.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8531.89px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9118.92px;text-rendering:optimizeLegibility;white-space:nowrap">profitability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5740.22px;white-space:nowrap">presentations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6870.94px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7280.95px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7691.04px;white-space:nowrap">years. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8221.29px;letter-spacing:-0.95px;white-space:nowrap">Additionally, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5220px;white-space:nowrap">PricewaterhouseCoopers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7291.05px;letter-spacing:-4.64px;white-space:nowrap">LLP, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7688.14px;white-space:nowrap">auditor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8288.53px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8488.65px;white-space:nowrap">FRI </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:8828.61px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9178.95px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:9769.22px;letter-spacing:-1.08px;white-space:nowrap">FT </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5220px;white-space:nowrap">funds, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:5760.35px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6130.46px;white-space:nowrap">engaged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:6881.22px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7121.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:7421.57px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8182px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8382.13px;white-space:nowrap">review </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:8952.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:9302.61px;white-space:nowrap">assess </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:5520.23px;white-space:nowrap">allocation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:6330.76px;white-space:nowrap">methodologies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7551.56px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:7751.69px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8001.91px;white-space:nowrap">used </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8442.25px;white-space:nowrap">solely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:8952.45px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:9192.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:9492.8px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5220px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:5750.33px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6120.44px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6760.72px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:6960.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:7261.08px;text-rendering:optimizeLegibility;white-space:nowrap">profitability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:8171.46px;white-space:nowrap">analysis.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5580.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6110.51px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6610.96px;letter-spacing:-0.25px;white-space:nowrap">management&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7838.35px;white-space:nowrap">belief </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8318.67px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8668.92px;white-space:nowrap">costs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:9139.04px;white-space:nowrap">incurred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5410.11px;white-space:nowrap">establishing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:6410.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:6710.98px;white-space:nowrap">infrastructure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7811.37px;white-space:nowrap">necessary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8681.75px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8941.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:9242.05px;white-space:nowrap">type </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:9632.29px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5220px;white-space:nowrap">mutual </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5810.27px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6210.62px;white-space:nowrap">operations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7101.21px;white-space:nowrap">conducted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7981.88px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8221.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8522.23px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:9282.66px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5220px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5450.01px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6160.34px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6550.4px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6850.63px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7100.86px;white-space:nowrap">fully </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7470.97px;text-rendering:optimizeLegibility;white-space:nowrap">reflected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8211.36px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8401.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8701.7px;white-space:nowrap">expenses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5220px;white-space:nowrap">allocated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5990.54px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6190.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6490.9px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6951.18px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7141.29px;white-space:nowrap">determining </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8131.82px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8361.83px;text-rendering:optimizeLegibility;letter-spacing:-0.89px;white-space:nowrap">profitability, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:9308.85px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5220px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5580.09px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5820.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:6120.44px;white-space:nowrap">fact </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:6460.58px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:6810.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7111.05px;white-space:nowrap">level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7531.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7731.39px;text-rendering:optimizeLegibility;white-space:nowrap">profits, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:8321.57px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:8521.7px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:8671.82px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:9262.09px;white-space:nowrap">extent, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">reflected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:5960.39px;white-space:nowrap">operational </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6901.08px;white-space:nowrap">cost </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7281.21px;white-space:nowrap">savings </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7941.53px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8291.87px;text-rendering:optimizeLegibility;white-space:nowrap">efficiencies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:9232.29px;white-space:nowrap">initiated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5460.12px;white-space:nowrap">management. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:6600.85px;white-space:nowrap">As </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:6860.92px;white-space:nowrap">part </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7221.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7421.22px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7751.34px;white-space:nowrap">evaluation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8671.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8972.23px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:5220px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:6150.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:6450.82px;white-space:nowrap">initiative </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:7151.13px;white-space:nowrap">currently </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:7891.35px;white-space:nowrap">underway </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:8721.83px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12018.64px;left:8921.95px;white-space:nowrap">outsource </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:5220px;white-space:nowrap">certain </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:5810.27px;white-space:nowrap">operations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:6750.88px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:7261.08px;letter-spacing:-0.46px;white-space:nowrap">effort </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:7718.03px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:8238.34px;white-space:nowrap">require </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12268.64px;left:8848.65px;white-space:nowrap">considerable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12518.64px;left:5220px;white-space:nowrap">upfront </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12518.64px;left:5830.4px;white-space:nowrap">expenditures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12518.64px;left:6911.1px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12518.64px;left:7151.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12518.64px;left:7451.46px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12518.64px;left:8211.88px;white-space:nowrap">but, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12518.64px;left:8562.13px;white-space:nowrap">over </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12518.64px;left:8962.29px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12518.64px;left:9262.53px;white-space:nowrap">long </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12768.64px;left:5220px;white-space:nowrap">run </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12768.64px;left:5530.17px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12768.64px;left:5710.17px;white-space:nowrap">expected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12768.64px;left:6490.72px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12768.64px;left:6690.85px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12768.64px;left:7181.02px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12768.64px;left:7371.12px;white-space:nowrap">greater </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12768.64px;left:7991.46px;text-rendering:optimizeLegibility;white-space:nowrap">efficiencies. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:12768.64px;left:8978.64px;white-space:nowrap">The </div><div 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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:380.21px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:880.66px;letter-spacing:-0.25px;white-space:nowrap">management&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2108.06px;white-space:nowrap">expenditures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3188.76px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3378.87px;white-space:nowrap">improving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1000.63px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1710.79px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2451.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2651.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2951.63px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3461.92px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3702.04px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4062.13px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:300.23px;white-space:nowrap">need </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:750.67px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:950.8px;white-space:nowrap">implement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1831.11px;white-space:nowrap">systems </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2541.18px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2891.51px;white-space:nowrap">meet </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3341.69px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">regulatory </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:850.43px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1200.76px;white-space:nowrap">compliance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2161.23px;white-space:nowrap">requirements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3261.71px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3992.08px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">recent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:550.28px;white-space:nowrap">US </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:850.34px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1690.66px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2041px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2891.6px;white-space:nowrap">Commission </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3931.79px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4282.12px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">regulatory </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:850.43px;white-space:nowrap">requirements, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2000.92px;white-space:nowrap">notably </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2631.36px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2821.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3121.7px;white-space:nowrap">area </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3531.97px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3732.1px;white-space:nowrap">cybersecurity </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">protections.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:360.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:890.51px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:1270.72px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2201.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:2501.54px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3041.89px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3242.02px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:3752.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:4052.46px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:350.33px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:580.34px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1290.67px;white-space:nowrap">might </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:1780.84px;white-space:nowrap">derive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:2321.1px;white-space:nowrap">ancillary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3031.35px;text-rendering:optimizeLegibility;white-space:nowrap">benefits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:3711.8px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:4121.81px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:0px;white-space:nowrap">operations, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:940.61px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:1671.15px;text-rendering:optimizeLegibility;white-space:nowrap">benefits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:2351.6px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3081.97px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:3491.98px;white-space:nowrap">personnel </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:350.33px;white-space:nowrap">systems </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:1060.4px;white-space:nowrap">enhancements </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:2291.22px;white-space:nowrap">necessitated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3351.88px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3592px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:3992.34px;white-space:nowrap">growth, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:0px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:240.12px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:600.21px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:840.32px;white-space:nowrap">increased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:1670.8px;white-space:nowrap">leverage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2411.28px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:2781.39px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:3401.54px;white-space:nowrap">providers </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:4191.86px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;white-space:nowrap">counterparties. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1240.66px;white-space:nowrap">Based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1801.05px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2251.49px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2481.5px;white-space:nowrap">consideration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3602.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3802.32px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:4032.42px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">factors, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:640.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:940.43px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1470.76px;white-space:nowrap">concluded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2341.41px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2691.65px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2991.88px;white-space:nowrap">level </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3412.09px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3612.22px;text-rendering:optimizeLegibility;white-space:nowrap">profits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:4152.39px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:0px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:240.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:540.35px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1300.78px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1651.11px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1881.12px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2591.46px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3001.46px;white-space:nowrap">providing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3781.93px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:4492.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:300.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:760.52px;white-space:nowrap">was </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1130.63px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1430.86px;white-space:nowrap">excessive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2271.18px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2461.29px;white-space:nowrap">view </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2871.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3071.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3371.75px;white-space:nowrap">nature, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3982.15px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:4522.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:0px;white-space:nowrap">quality </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:570.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:770.45px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1480.61px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2221.08px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2421.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2721.45px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:0px;white-space:nowrap">Economies </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:1010.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:4588.64px;left:1230.21px;white-space:nowrap">Scale</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:0px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:360.18px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:890.51px;white-space:nowrap">reviewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:1660.87px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2011.2px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:2941.79px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3242.02px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3782.37px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:3982.5px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:300.23px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1060.66px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1450.72px;white-space:nowrap">realize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2030.98px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2951.46px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3151.58px;white-space:nowrap">scale, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3671.81px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3811.82px;letter-spacing:-2.67px;white-space:nowrap">any, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:4188.69px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:4428.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:460.28px;white-space:nowrap">grows </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:990.44px;white-space:nowrap">larger </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1500.64px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1850.98px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2541.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2841.59px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:3428.61px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:0px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:300.23px;white-space:nowrap">structure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1050.47px;text-rendering:optimizeLegibility;white-space:nowrap">reflects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1680.64px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2020.87px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2941.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3141.47px;white-space:nowrap">scale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3611.69px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3871.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:4171.99px;text-rendering:optimizeLegibility;white-space:nowrap">benefit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:200.13px;white-space:nowrap">shareholders. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1337.52px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1697.7px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2228.03px;white-space:nowrap">believes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2938.45px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3288.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3588.93px;letter-spacing:0.34px;white-space:nowrap">Manager&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:0px;white-space:nowrap">ability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:510.21px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:710.33px;white-space:nowrap">realize </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1290.59px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2211.06px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2411.19px;white-space:nowrap">scale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2881.41px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3231.74px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3531.97px;white-space:nowrap">sharing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:4172.34px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:430.22px;text-rendering:optimizeLegibility;white-space:nowrap">benefit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1020.67px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1200.67px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1350.79px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1810.9px;white-space:nowrap">relevant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:2501.28px;white-space:nowrap">consideration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:3621.97px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:3812.08px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:4112.31px;white-space:nowrap">case </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:4542.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:0px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:250.22px;white-space:nowrap">open-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1060.93px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1461.27px;white-space:nowrap">whose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2031.59px;white-space:nowrap">size </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2401.7px;white-space:nowrap">increases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3222.07px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3462.19px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3612.3px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:4102.47px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:4302.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">continuous </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:920.65px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1300.87px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1501px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1731.01px;white-space:nowrap">shares. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2361.36px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2521.49px;white-space:nowrap">closed-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3452.08px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3852.42px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:4282.65px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:300.23px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:760.52px;white-space:nowrap">does </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1200.85px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1501.08px;white-space:nowrap">continuously </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2551.73px;letter-spacing:-0.54px;white-space:nowrap">offer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2958.66px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3598.95px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3949.28px;white-space:nowrap">growth </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:0px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:750.41px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:980.42px;white-space:nowrap">initial </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1440.62px;white-space:nowrap">public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1960.93px;letter-spacing:-0.36px;white-space:nowrap">offering </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2608.07px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2908.04px;white-space:nowrap">primarily </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3638.06px;white-space:nowrap">result </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:4128.22px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:600.12px;white-space:nowrap">appreciation, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1680.82px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2191.03px;text-rendering:optimizeLegibility;white-space:nowrap">benefits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2871.47px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3101.48px;white-space:nowrap">shareholders. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:4242.13px;white-space:nowrap">While </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:0px;white-space:nowrap">believing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:760.52px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1681px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1881.12px;white-space:nowrap">scale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2351.34px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2551.46px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2801.69px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3171.8px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3371.92px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3522.04px;white-space:nowrap">factor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:4022.23px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:4212.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:0px;white-space:nowrap">context </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:630.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:830.48px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:980.6px;white-space:nowrap">closed-end </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1911.18px;white-space:nowrap">fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2361.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2661.77px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3192.1px;white-space:nowrap">believes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3902.52px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:4102.65px;white-space:nowrap">some </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:0px;white-space:nowrap">point </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:440.33px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:690.56px;white-space:nowrap">increase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1420.93px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1611.04px;white-space:nowrap">size </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1981.14px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:2371.2px;white-space:nowrap">lead </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:2761.52px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:2961.65px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3882.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:4082.26px;white-space:nowrap">scale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:4552.47px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:0px;white-space:nowrap">would </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:520.31px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:770.54px;white-space:nowrap">shared </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:1370.92px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:1741.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2041.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2501.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2851.88px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:3081.88px;white-space:nowrap">shareholders. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:4219.28px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:0px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:530.33px;white-space:nowrap">noted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1030.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1331.02px;white-space:nowrap">existence </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2141.46px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2341.58px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3442.24px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3742.47px;white-space:nowrap">breakpoints, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:0px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:510.21px;white-space:nowrap">operate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1170.7px;white-space:nowrap">generally </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1951.17px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2151.3px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2651.57px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2991.8px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:3912.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:4112.4px;white-space:nowrap">scale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:0px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:370.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:670.34px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:1257.36px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:2348px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:2588.12px;white-space:nowrap">reducing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:3328.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:3628.83px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:0px;letter-spacing:-0.33px;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:717.1px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:1817.75px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2207.99px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2448.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2748.34px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:3208.62px;white-space:nowrap">grows </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:3738.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:3928.89px;white-space:nowrap">size. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:4345.75px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:0px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:530.33px;white-space:nowrap">considered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:1460.92px;letter-spacing:-0.25px;white-space:nowrap">management&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:2688.31px;white-space:nowrap">view </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:3098.41px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:3448.65px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:3788.88px;white-space:nowrap">analyses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:4549.31px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:0px;white-space:nowrap">potential </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:730.55px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:1651.03px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:1851.15px;white-space:nowrap">scale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:2321.37px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:2511.47px;white-space:nowrap">managing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:3352.06px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:3502.18px;white-space:nowrap">particular </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:4292.49px;white-space:nowrap">fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:0px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:310.17px;white-space:nowrap">inherently </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1140.64px;white-space:nowrap">limited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1710.79px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1900.9px;white-space:nowrap">light </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2281.11px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2481.24px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2781.47px;white-space:nowrap">joint </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:3161.69px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:3512.02px;white-space:nowrap">common </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:4252.24px;white-space:nowrap">costs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:350.33px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:1360.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:1660.96px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:2421.39px;white-space:nowrap">incurs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:2951.54px;white-space:nowrap">across </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:3531.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:3831.94px;letter-spacing:-1.08px;white-space:nowrap">FT </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:4098.6px;white-space:nowrap">family </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:200.13px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:690.47px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:930.59px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:1080.7px;white-space:nowrap">whole. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:1647.77px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:2007.95px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:2538.28px;white-space:nowrap">concluded </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:3408.93px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:3759.17px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:3959.3px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:4259.53px;white-space:nowrap">extent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:0px;white-space:nowrap">economies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:920.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:1120.61px;white-space:nowrap">scale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:1590.82px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:1980.88px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:2231.1px;white-space:nowrap">realized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:2911.46px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:3151.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:3451.82px;white-space:nowrap">Manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:4212.25px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:4562.58px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:0px;text-rendering:optimizeLegibility;white-space:nowrap">affiliates, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:760.34px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:1060.58px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:1647.6px;white-space:nowrap">management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:2748.25px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:3048.49px;white-space:nowrap">structure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:3798.72px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:4539.2px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:0px;white-space:nowrap">sharing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:640.37px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:840.5px;text-rendering:optimizeLegibility;white-space:nowrap">benefits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:1520.95px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:1891.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:2191.29px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:2651.57px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:3001.9px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:3231.91px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:4322.55px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:4562.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:460.28px;white-space:nowrap">grows.</div><div style="font-family:Arial, sans-serif;font-size:180px;font-weight:bold;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">Conclusion</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">Based </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5780.39px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6030.62px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6260.63px;letter-spacing:-1.24px;white-space:nowrap">review, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6870.85px;white-space:nowrap">consideration </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7991.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8341.88px;white-space:nowrap">evaluation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9212.52px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9412.65px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5810.19px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5950.2px;white-space:nowrap">believed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6670.72px;white-space:nowrap">relevant, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7411.11px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8171.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8471.87px;white-space:nowrap">above-described </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">factors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5810.19px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6160.52px;white-space:nowrap">conclusions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7201.05px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7501.29px;white-space:nowrap">Board </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8031.62px;white-space:nowrap">unanimously </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9092.2px;white-space:nowrap">approved </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5520.23px;white-space:nowrap">continuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6541px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6741.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7041.36px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8132.08px;white-space:nowrap">Agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9062.58px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9322.65px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6040.63px;white-space:nowrap">one-year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6801.06px;white-space:nowrap">period.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:5220px;white-space:nowrap">Proxy </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:5956.84px;letter-spacing:-2.05px;white-space:nowrap">Voting </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:6751.94px;white-space:nowrap">Policies </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:7720.09px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:1804.91px;left:8226.12px;white-space:nowrap">Procedures</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2180.24px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2180.24px;left:5580.18px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2180.24px;left:6167.2px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2180.24px;left:7087.59px;white-space:nowrap">manager </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2180.24px;left:7848.02px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2180.24px;left:8188.24px;white-space:nowrap">established </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2180.24px;left:9148.89px;white-space:nowrap">Proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2430.24px;left:5220px;letter-spacing:-1.42px;white-space:nowrap">Voting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2430.24px;left:5770.46px;white-space:nowrap">Policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2430.24px;left:6440.71px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2430.24px;left:6791.04px;white-space:nowrap">Procedures </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2430.24px;left:7761.53px;white-space:nowrap">(Policies) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2430.24px;left:8551.67px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2430.24px;left:8901.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2430.24px;left:9202.15px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:5220px;white-space:nowrap">uses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:5650.22px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:5850.35px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:6700.78px;white-space:nowrap">how </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:7081px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:7281.12px;white-space:nowrap">vote </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:7671.36px;white-space:nowrap">proxies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:8301.62px;white-space:nowrap">relating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:8941.99px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2680.24px;left:9142.12px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2930.24px;left:5220px;white-space:nowrap">securities. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2930.24px;left:6080.27px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2930.24px;left:7200.97px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2930.24px;left:7591.03px;white-space:nowrap">view </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2930.24px;left:8001.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2930.24px;left:8301.36px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2930.24px;left:8888.38px;white-space:nowrap">complete </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3180.24px;left:5220px;white-space:nowrap">Policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3180.24px;left:5890.25px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3180.24px;left:6420.67px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3180.24px;left:6620.8px;white-space:nowrap">franklintempleton.com. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3180.24px;left:8471.69px;letter-spacing:-0.89px;white-space:nowrap">Alternatively, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3430.24px;left:5220px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3430.24px;left:6310.63px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3430.24px;left:6700.69px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3430.24px;left:7351.08px;white-space:nowrap">copies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3430.24px;left:7921.41px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3430.24px;left:8121.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3430.24px;left:8421.77px;white-space:nowrap">Policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3430.24px;left:9092.02px;white-space:nowrap">free </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3430.24px;left:9452.2px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:5220px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:5820.38px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:6060.5px;white-space:nowrap">calling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:6620.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:6921.04px;white-space:nowrap">Proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:7431.15px;white-space:nowrap">Group </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:7981.44px;white-space:nowrap">collect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:8541.65px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:8741.78px;white-space:nowrap">(954) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3680.24px;left:9211.99px;white-space:nowrap">527-</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:5220px;white-space:nowrap">7678 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:5670.44px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:5880.5px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:6120.62px;white-space:nowrap">sending </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:6801.15px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:6951.27px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:7531.44px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:8181.83px;white-space:nowrap">to: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:8431.96px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3930.24px;left:9118.92px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4180.24px;left:5220px;white-space:nowrap">Companies, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4180.24px;left:6230.48px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4180.24px;left:6660.7px;white-space:nowrap">300 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4180.24px;left:7011.04px;white-space:nowrap">S.E. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4180.24px;left:7401.18px;white-space:nowrap">2nd </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4180.24px;left:7751.51px;white-space:nowrap">Street, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4180.24px;left:8331.77px;white-space:nowrap">Fort </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4180.24px;left:8701.79px;white-space:nowrap">Lauderdale, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4430.24px;left:5220px;letter-spacing:-2.23px;white-space:nowrap">FL </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4430.24px;left:5473.39px;white-space:nowrap">33301, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4430.24px;left:6064.01px;white-space:nowrap">Attention: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4430.24px;left:6874.54px;white-space:nowrap">Proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4430.24px;left:7384.66px;white-space:nowrap">Group. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4430.24px;left:7984.95px;white-space:nowrap">Copies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4430.24px;left:8595.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4430.24px;left:8795.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4430.24px;left:9095.63px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4680.24px;left:5220px;white-space:nowrap">proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4680.24px;left:5710.17px;white-space:nowrap">voting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4680.24px;left:6240.5px;white-space:nowrap">records </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4680.24px;left:6890.71px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4680.24px;left:7200.88px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4680.24px;left:7581.09px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4680.24px;left:8081.37px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4680.24px;left:8841.88px;white-space:nowrap">online </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4680.24px;left:9372.3px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4930.24px;left:5220px;white-space:nowrap">franklintempleton.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4930.24px;left:7030.81px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4930.24px;left:7381.14px;white-space:nowrap">posted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4930.24px;left:7971.59px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4930.24px;left:8221.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4930.24px;left:8522.05px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4930.24px;left:8922.13px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4930.24px;left:9762.45px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5180.24px;left:5220px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5180.24px;left:6070.61px;letter-spacing:-0.25px;white-space:nowrap">Commission&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5180.24px;left:7237.53px;white-space:nowrap">website </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5180.24px;left:7897.85px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5180.24px;left:8097.98px;white-space:nowrap">sec.gov </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5180.24px;left:8768.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5180.24px;left:9118.65px;text-rendering:optimizeLegibility;white-space:nowrap">reflect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5180.24px;left:9658.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5430.24px;left:5220px;white-space:nowrap">most </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5430.24px;left:5660.07px;white-space:nowrap">recent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5430.24px;left:6210.35px;white-space:nowrap">12-month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5430.24px;left:7020.79px;white-space:nowrap">period </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5430.24px;left:7571.16px;white-space:nowrap">ended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5430.24px;left:8121.71px;white-space:nowrap">June </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5430.24px;left:8562.04px;white-space:nowrap">30.</div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6006.51px;left:5220px;white-space:nowrap">Quarterly </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6006.51px;left:6361.44px;white-space:nowrap">Statement </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6006.51px;left:7618.78px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:260px;position:absolute;top:6006.51px;left:7907.85px;white-space:nowrap">Investments</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6381.84px;left:5220px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6381.84px;left:5580.18px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6381.84px;left:6040.46px;text-rendering:optimizeLegibility;white-space:nowrap">files </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6381.84px;left:6410.57px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6381.84px;left:6560.68px;white-space:nowrap">complete </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6381.84px;left:7341.06px;white-space:nowrap">consolidated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6381.84px;left:8401.82px;white-space:nowrap">statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6381.84px;left:9242.23px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6631.84px;left:5220px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6631.84px;left:6230.39px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6631.84px;left:6600.5px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6631.84px;left:6900.73px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6631.84px;left:7300.81px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6631.84px;left:8141.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6631.84px;left:8491.46px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6881.84px;left:5220px;white-space:nowrap">Commission </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6881.84px;left:6260.19px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6881.84px;left:6520.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6881.84px;left:6820.49px;text-rendering:optimizeLegibility;white-space:nowrap">first </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6881.84px;left:7160.45px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6881.84px;left:7510.78px;white-space:nowrap">third </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6881.84px;left:7910.95px;white-space:nowrap">quarters </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6881.84px;left:8621.28px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6881.84px;left:8881.35px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:5220px;text-rendering:optimizeLegibility;white-space:nowrap">fiscal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:5680.11px;white-space:nowrap">year </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:6080.27px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:6320.39px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:6570.62px;white-space:nowrap">exhibit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:7140.94px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:7341.06px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:7571.07px;white-space:nowrap">report </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:8091.3px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:8341.52px;white-space:nowrap">Form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7131.84px;left:8811.47px;letter-spacing:-2.9px;white-space:nowrap">N-PORT. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7381.84px;left:5220px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7381.84px;left:6340.69px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7381.84px;left:6730.75px;white-space:nowrap">view </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7381.84px;left:7140.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7381.84px;left:7441.08px;text-rendering:optimizeLegibility;white-space:nowrap">filed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7381.84px;left:7821.3px;white-space:nowrap">Form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7381.84px;left:8291.25px;letter-spacing:-0.93px;white-space:nowrap">N-PORT </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7381.84px;left:9024.7px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7381.84px;left:9264.81px;white-space:nowrap">visiting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7631.84px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7631.84px;left:5520.23px;letter-spacing:-0.25px;white-space:nowrap">Commission&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7631.84px;left:6687.16px;white-space:nowrap">website </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7631.84px;left:7347.48px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7631.84px;left:7547.61px;letter-spacing:-1.48px;white-space:nowrap">sec.gov. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7631.84px;left:8251.35px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7631.84px;left:8611.52px;text-rendering:optimizeLegibility;white-space:nowrap">filed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7631.84px;left:8991.74px;white-space:nowrap">form </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7631.84px;left:9401.75px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7881.84px;left:5220px;white-space:nowrap">also </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7881.84px;left:5600.21px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7881.84px;left:5850.44px;white-space:nowrap">viewed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7881.84px;left:6460.75px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7881.84px;left:6811.08px;white-space:nowrap">copied </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7881.84px;left:7391.51px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7881.84px;left:7591.64px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7881.84px;left:7891.88px;letter-spacing:-0.25px;white-space:nowrap">Commission&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7881.84px;left:9058.8px;white-space:nowrap">Public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8131.84px;left:5220px;white-space:nowrap">Reference </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8131.84px;left:6100.49px;white-space:nowrap">Room </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8131.84px;left:6630.64px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8131.84px;left:6820.75px;letter-spacing:-0.56px;white-space:nowrap">Washington, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8131.84px;left:7864.63px;white-space:nowrap">DC. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8131.84px;left:8224.63px;white-space:nowrap">Information </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8131.84px;left:9175.08px;white-space:nowrap">regarding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8381.84px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8381.84px;left:5520.23px;white-space:nowrap">operations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8381.84px;left:6410.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8381.84px;left:6610.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8381.84px;left:6911.19px;white-space:nowrap">Public </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8381.84px;left:7451.46px;white-space:nowrap">Reference </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8381.84px;left:8331.94px;white-space:nowrap">Room </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8381.84px;left:8862.1px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8381.84px;left:9252.16px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8631.84px;left:5220px;white-space:nowrap">obtained </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8631.84px;left:5960.65px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8631.84px;left:6200.77px;white-space:nowrap">calling </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8631.84px;left:6761.07px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8631.84px;left:7231.29px;white-space:nowrap">SEC-0330.</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">1. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:200.13px;white-space:nowrap">Each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:660.41px;white-space:nowrap">holder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1210.78px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1410.91px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2001.18px;white-space:nowrap">(a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2211.24px;white-space:nowrap">&#8220;Shareholder&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3421.76px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3608.61px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:640.37px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1150.66px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1490.8px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1850.98px;white-space:nowrap">&#8220;Fund&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2491.08px;white-space:nowrap">whose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3061.41px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3521.69px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4111.96px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:850.43px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1040.54px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1320.64px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1530.7px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1840.87px;white-space:nowrap">own </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2221.08px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2721.36px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3021.33px;white-space:nowrap">automatically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4121.81px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4372.03px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:880.49px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1070.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1370.83px;white-space:nowrap">Dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2121.24px;white-space:nowrap">Reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3271.73px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3622.06px;white-space:nowrap">Cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4092.28px;white-space:nowrap">Purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:410.27px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:770.45px;white-space:nowrap">&#8220;Plan&#8221;), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1410.56px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1980.88px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2321.1px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2751.33px;white-space:nowrap">Shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3782.02px;text-rendering:optimizeLegibility;white-space:nowrap">specifically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">elects </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:520.22px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:710.33px;white-space:nowrap">writing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1280.48px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1480.61px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2110.87px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2340.97px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3151.49px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3501.83px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4072.15px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:190.11px;white-space:nowrap">cash, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:670.34px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1060.66px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1300.78px;white-space:nowrap">check, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1871.02px;white-space:nowrap">mailed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2451.27px;white-space:nowrap">directly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3071.43px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3271.55px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3571.79px;letter-spacing:-0.76px;white-space:nowrap">Shareholder. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:160.14px;white-space:nowrap">Shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1190.83px;white-space:nowrap">whose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1761.15px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2351.43px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2661.59px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3512.02px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3702.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:4002.36px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:4502.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:150.12px;white-space:nowrap">broker- </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:770.27px;white-space:nowrap">dealer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1320.64px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1530.7px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1990.99px;white-space:nowrap">nominee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2731.46px;white-space:nowrap">(the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3091.64px;white-space:nowrap">&#8220;Nominee&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:4041.83px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:4341.8px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:4592.02px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:880.49px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1020.5px;white-space:nowrap">(a) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1290.5px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1720.72px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1870.84px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2491px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2671px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3411.47px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3651.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3951.83px;white-space:nowrap">Nominee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:350.33px;white-space:nowrap">(b) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:620.33px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:920.57px;white-space:nowrap">Nominee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:1690.93px;white-space:nowrap">makes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2271.09px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2521.32px;white-space:nowrap">election </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3191.75px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3441.97px;white-space:nowrap">behalf </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3982.41px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:4182.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:0px;white-space:nowrap">Shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:1030.69px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:1230.82px;white-space:nowrap">participate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2111.31px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2301.42px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2601.65px;white-space:nowrap">Plan. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:3061.93px;white-space:nowrap">Nominees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:3922.29px;white-space:nowrap">intend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:4462.73px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:0px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:490.17px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:920.39px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1170.62px;white-space:nowrap">election </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1841.04px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2091.27px;white-space:nowrap">behalf </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2631.71px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2831.84px;white-space:nowrap">Shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3952.53px;white-space:nowrap">whose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:0px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:590.27px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:900.44px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1750.87px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1940.98px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:2341.14px;white-space:nowrap">names, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:2981.43px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:3221.54px;white-space:nowrap">Nominee, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:4041.91px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:0px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:150.12px;white-space:nowrap">Shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1180.81px;text-rendering:optimizeLegibility;white-space:nowrap">specifically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2101.11px;white-space:nowrap">instructs </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2821.29px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:3101.4px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:3311.46px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:3621.62px;white-space:nowrap">Nominee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:4391.98px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:0px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:340.22px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:1150.75px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:1501.08px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2071.41px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2551.73px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2741.84px;white-space:nowrap">cash. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3212.14px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:4022.4px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:0px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:713.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:1060.58px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:1513.92px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:2370.94px;white-space:nowrap">LLC </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:2751.15px;white-space:nowrap">(&#8220;AST&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:3391px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:3690.97px;white-space:nowrap">act </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:3981.09px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:4221.21px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:0px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1110.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1460.65px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:1760.63px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:2211.06px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:2461.29px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3141.74px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3401.81px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4228.64px;left:3842.14px;white-space:nowrap">participating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:0px;white-space:nowrap">shareholder </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:1000.63px;white-space:nowrap">(&#8220;participant&#8221;) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2120.89px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2631.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:2931.5px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:3341.78px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:3531.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4478.64px;left:3832.12px;white-space:nowrap">same </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:0px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:500.27px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:740.39px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:1090.63px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:1280.74px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:1790.95px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:2091.18px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:3098.41px;white-space:nowrap">present </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:3748.8px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4728.64px;left:4339.07px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4978.64px;left:0px;white-space:nowrap">registered.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:0px;white-space:nowrap">2. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:200.13px;white-space:nowrap">Whenever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1070.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1370.74px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1831.03px;white-space:nowrap">declares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2561.4px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2711.51px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3631.99px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:4042px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:0px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:480.32px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:690.38px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:940.61px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1570.87px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:2291.4px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:2971.93px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:3162.04px;white-space:nowrap">either </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:3662.31px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:4092.54px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:4302.6px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:500.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:960.64px;white-space:nowrap">(&#8220;Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:1540.81px;white-space:nowrap">shares&#8221;), </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2300.98px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2440.99px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2741.22px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3341.34px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3781.49px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:4091.66px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:4591.93px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:300.23px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:1070.77px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:1471.11px;white-space:nowrap">equals </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2051.54px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2261.6px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2982.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:3282.28px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:3582.51px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:4062.74px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:4543.07px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:0px;white-space:nowrap">share, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:550.28px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:1520.77px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:1820.74px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:2451.01px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:2881.23px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:3601.76px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:3811.82px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:0px;white-space:nowrap">entirely </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:630.26px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:820.37px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:1280.65px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:1920.94px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:2261.34px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:2658.16px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:3078.37px;white-space:nowrap">automatically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:0px;white-space:nowrap">receive </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:630.26px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:1060.49px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:1520.77px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:2111.04px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:2371.11px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:3251.6px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:4022.05px;white-space:nowrap">including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:0px;white-space:nowrap">aggregate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:860.71px;white-space:nowrap">fractions. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:1637.75px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:1997.93px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:2658.25px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:2858.38px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:3679.01px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:4139.3px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:200.13px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:450.35px;white-space:nowrap">credited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:1140.73px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:1340.86px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:2221.35px;white-space:nowrap">accounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:2991.8px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:3412px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:3662.23px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:0px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:240.12px;white-space:nowrap">dividing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:900.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:1200.76px;white-space:nowrap">equivalent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:2071.41px;white-space:nowrap">dollar </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:2561.66px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:3212.05px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:3412.18px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:3712.41px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:0px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:480.32px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:1400.8px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:1610.86px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:2331.39px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:3011.92px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:3212.05px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:4182.54px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:4422.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:587.02px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:887.26px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:1367.49px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:1847.81px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:2157.98px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:2658.25px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:2858.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:3158.61px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:3618.9px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:4209.17px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:4459.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:0px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:770.54px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:1220.89px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:1961.37px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:2311.61px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:2611.85px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:3072.13px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:3492.33px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:3792.57px;white-space:nowrap">issue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:4262.78px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:0px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:590.27px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:790.4px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:940.52px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:1380.67px;white-space:nowrap">lower </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:1860.82px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:2261.16px;white-space:nowrap">95% </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:2671.44px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:2871.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:3171.8px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:3782.02px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:4382.14px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:0px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:310.17px;white-space:nowrap">share. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:857.2px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:1217.37px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:1987.91px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:2388.25px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:2688.22px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:2938.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:3238.68px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:3919.22px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:4319.56px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:430.22px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:1350.7px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:1560.76px;white-space:nowrap">dividend.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:0px;white-space:nowrap">3. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:200.13px;white-space:nowrap">Whenever </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:1070.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:1370.74px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:1831.03px;white-space:nowrap">declares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2561.4px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2711.51px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:3631.99px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:4042px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:0px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:480.32px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:690.38px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:940.61px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:1570.87px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:2291.4px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:2971.93px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:3352.15px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:3542.26px;white-space:nowrap">cash, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:4022.49px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:4232.55px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:4372.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:587.02px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:887.26px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:1367.49px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:1847.81px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:2157.98px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:2658.25px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:3378.69px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:3678.93px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:4279.04px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:0px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:310.17px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:810.44px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1060.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1360.9px;white-space:nowrap">valuation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2131.44px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2571.86px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2968.68px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:3388.89px;white-space:nowrap">apply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:3869.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:4169.44px;white-space:nowrap">amount </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:200.13px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:630.35px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:1350.88px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:1560.94px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:2481.42px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:3161.95px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:3362.08px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:4332.57px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:300.23px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:1090.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:1290.85px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:1751.13px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:2341.41px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:2591.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:2891.87px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:3342.3px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:3942.42px;white-space:nowrap">(less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:4372.47px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:0px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:310.17px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:670.34px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:1170.62px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:1370.74px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:1971.12px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:2361.36px;white-space:nowrap">incurred </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:3061.67px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:3431.78px;white-space:nowrap">respect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:4072.06px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:4272.19px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:0px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:600.12px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:1480.61px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:1670.71px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:2591.37px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:2961.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:3261.71px;white-space:nowrap">reinvestment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:4342.15px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:0px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:430.22px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:1150.75px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:1360.81px;white-space:nowrap">distribution). </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:2391.24px;white-space:nowrap">If, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:2591.28px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:3141.74px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:3538.56px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:3878.79px;white-space:nowrap">completed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:0px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:230.01px;white-space:nowrap">purchases, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:1160.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:1460.74px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:2060.86px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:2501.02px;white-space:nowrap">exceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:3221.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:3521.69px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:3821.92px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:4302.16px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5530.17px;white-space:nowrap">share, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6080.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6380.68px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7081.17px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7391.34px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7891.61px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8682.1px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9122.26px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9512.58px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5616.83px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6006.88px;white-space:nowrap">exceed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6637.32px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6937.56px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7237.79px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7718.03px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8198.35px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8398.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8698.71px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9285.73px;white-space:nowrap">shares, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">resulting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5950.37px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6140.48px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6440.71px;white-space:nowrap">acquisition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7341.24px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7541.37px;white-space:nowrap">fewer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8031.53px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8621.81px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9022.15px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9162.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5940.53px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6150.59px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6720.91px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7201.23px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8121.71px;white-space:nowrap">had </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8472.04px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8922.48px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9312.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9502.91px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5790.32px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6030.44px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6330.67px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6790.96px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6991.08px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7291.32px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7771.55px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8251.88px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:8562.04px;white-space:nowrap">share. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:9112.32px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:5220px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6100.49px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6400.46px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:6650.68px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7150.96px;white-space:nowrap">promptly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:7891.17px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8301.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:8601.59px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9282.13px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:9682.47px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5220px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:5650.22px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6370.75px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:6580.81px;white-space:nowrap">distribution, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7551.3px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:7901.63px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8091.74px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8341.96px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:8832.3px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9292.41px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:9692.75px;white-space:nowrap">30 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5220px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:5650.22px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6060.41px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6490.63px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:6890.98px;white-space:nowrap">except </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:7471.32px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8011.58px;white-space:nowrap">temporary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:8871.86px;white-space:nowrap">curtailment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:5430.06px;white-space:nowrap">suspension </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6390.7px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:6590.83px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7381.32px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:7561.32px;white-space:nowrap">necessary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8431.7px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:8631.83px;white-space:nowrap">comply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:9251.98px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:5220px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6080.63px;white-space:nowrap">provisions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:6940.99px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7141.11px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:7441.35px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8101.67px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:8911.93px;white-space:nowrap">laws.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5220px;white-space:nowrap">4. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5410.2px;letter-spacing:-4.97px;white-space:nowrap">A </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5570.33px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6450.82px;white-space:nowrap">has </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6791.04px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7091.28px;white-space:nowrap">option </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7631.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7831.85px;white-space:nowrap">submitting </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:8702.23px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:5220px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6050.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6240.59px;letter-spacing:-3.99px;white-space:nowrap">AST, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6670.72px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:6860.83px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7201.05px;white-space:nowrap">amounts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:7941.45px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8141.57px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8341.7px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:8771.92px;white-space:nowrap">$100, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2908.64px;left:9272.37px;white-space:nowrap">up </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5420.13px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:5570.24px;white-space:nowrap">maximum </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6400.28px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:6600.41px;white-space:nowrap">$5,000 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7200.97px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:7511.13px;white-space:nowrap">month, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8111.43px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8371.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:8671.73px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:9462.22px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5220px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:5680.28px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6270.56px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6530.63px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:6810.73px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7020.79px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:7330.96px;white-space:nowrap">account. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8058.16px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:8608.45px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:9438.84px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5470.22px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:5970.5px;white-space:nowrap">electronically </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7060.96px;white-space:nowrap">through </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:7721.46px;text-rendering:optimizeLegibility;letter-spacing:-0.47px;white-space:nowrap">www.astfinancial.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:9492.1px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5460.12px;white-space:nowrap">check </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:5980.34px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6660.88px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:6861.01px;white-space:nowrap">&#8220;American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:7731.21px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8228.14px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:8941.64px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:9288.72px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:5220px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6077.02px;white-space:nowrap">LLC&#8221; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6517.18px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:6867.51px;white-space:nowrap">sent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7257.74px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:7447.94px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8258.2px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:8755.14px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:9468.63px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5220px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:5673.34px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6530.36px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:6960.59px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7347.48px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:7707.66px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8108px;letter-spacing:-1.34px;white-space:nowrap">Wall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:8501.31px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:9031.55px;white-space:nowrap">Station, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5220px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:5626.85px;letter-spacing:-2.75px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6080.45px;letter-spacing:-1.08px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:6377.26px;white-space:nowrap">10269-0560, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:7428.25px;white-space:nowrap">Attention: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:8235.53px;letter-spacing:-2px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:9116.02px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5220px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:5730.29px;white-space:nowrap">Inc. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6060.5px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6457.32px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:6877.53px;white-space:nowrap">apply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7357.85px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:7788.08px;white-space:nowrap">payments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:8618.47px;white-space:nowrap">(less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9048.52px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:9198.63px;white-space:nowrap">$5.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5220px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:5840.16px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6440.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:6790.87px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7160.98px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7311.09px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7621.26px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:7981.44px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8481.71px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:8681.84px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:9282.22px;white-space:nowrap">fees) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:9732.39px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:5220px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6100.49px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6300.62px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:6760.9px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7351.17px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7601.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:7901.63px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:8352.07px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:9002.2px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:9242.31px;white-space:nowrap">discussed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5220px;white-space:nowrap">below </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5740.31px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:5930.42px;white-space:nowrap">paragraph </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6801.06px;white-space:nowrap">6. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:6991.26px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7388.09px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:7808.29px;white-space:nowrap">make </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8298.46px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:8728.68px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5220px;white-space:nowrap">promptly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:5960.21px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:6210.44px;white-space:nowrap">approximately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7380.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:7681.2px;white-space:nowrap">15th </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8081.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8281.67px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:8722px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:9272.29px;letter-spacing:-2.48px;white-space:nowrap">or, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5220px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5770.37px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:5920.49px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6470.77px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:6660.88px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7171.08px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:7321.2px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:8041.73px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:8251.79px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:9172.27px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:9352.27px;white-space:nowrap">paid, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:5220px;white-space:nowrap">beginning </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6050.74px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6300.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:6601.2px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:7321.73px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8062.12px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8512.47px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:8862.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:9052.91px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:9303.13px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:5220px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:5680.11px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6080.45px;white-space:nowrap">30 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6330.67px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:6760.9px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7171.08px;white-space:nowrap">receipt, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:7811.37px;white-space:nowrap">except </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:8391.71px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6658.64px;left:8931.97px;white-space:nowrap">necessary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:5420.13px;white-space:nowrap">comply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:6040.28px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:6410.39px;white-space:nowrap">provisions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:7270.75px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:7470.88px;white-space:nowrap">Federal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:8131.2px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:8941.46px;letter-spacing:-1.99px;white-space:nowrap">law. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6908.64px;left:9291.71px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:5220px;white-space:nowrap">voluntary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:6000.38px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:6740.77px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:7471.14px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:7841.25px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:8241.59px;white-space:nowrap">two </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:8571.71px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7158.64px;left:9332.14px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5220px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:5780.39px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:6030.62px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:6951.01px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7351.35px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:7771.55px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8021.78px;white-space:nowrap">invested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:8742.22px;white-space:nowrap">during </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7408.64px;left:9292.59px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:5220px;white-space:nowrap">following </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:5970.41px;white-space:nowrap">month </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:6520.69px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:7091.02px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:7551.3px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:7861.46px;white-space:nowrap">more </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:8321.57px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:8721.91px;white-space:nowrap">30 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:8972.14px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:9402.36px;white-space:nowrap">until </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7658.64px;left:9782.58px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:5220px;white-space:nowrap">next </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:5610.23px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:6530.63px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:6980.98px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:7171.08px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:7681.29px;white-space:nowrap">case </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:8111.51px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:8541.74px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:9282.13px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7908.64px;left:9582.1px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:5220px;white-space:nowrap">returned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:5940.44px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:6140.57px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:6440.8px;white-space:nowrap">participant. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:7361.37px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:7758.19px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:8178.4px;white-space:nowrap">return </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:8698.62px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:8898.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8158.64px;left:9198.98px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:5220px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:5500.11px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:5710.17px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:6020.33px;white-space:nowrap">entire </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:6520.61px;white-space:nowrap">voluntary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:7300.99px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:7731.21px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:8471.6px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:8922.04px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8408.64px;left:9502.21px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:5420.13px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:6320.48px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:7050.85px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:7281.04px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:7677.86px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:7978.1px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:8348.2px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:8748.54px;white-space:nowrap">48 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:8998.77px;white-space:nowrap">hours </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8658.64px;left:9499.04px;white-space:nowrap">before </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:5220px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:5650.22px;white-space:nowrap">payment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:6390.62px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:6570.62px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:6770.74px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:7020.97px;white-space:nowrap">invested. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:7791.42px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:8251.7px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:8831.87px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8908.64px;left:9362.2px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:5470.22px;white-space:nowrap">sent </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:5860.46px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:6050.65px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:6447.48px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:6687.6px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:6987.83px;white-space:nowrap">participant, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:7918.33px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:8158.45px;white-space:nowrap">discussed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:9008.88px;white-space:nowrap">below </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9158.64px;left:9529.19px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:5220px;white-space:nowrap">paragraph </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9408.64px;left:6090.64px;white-space:nowrap">14.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5220px;white-space:nowrap">5. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5420.13px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5740.14px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:5970.23px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6760.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:6960.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7261.08px;white-space:nowrap">Plan: </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7721.37px;white-space:nowrap">(a) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:7991.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8291.6px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:8891.72px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9331.88px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:9532px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5220px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:5807.02px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6397.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6647.52px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:6797.64px;white-space:nowrap">particular </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7587.95px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:7988.29px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8408.5px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8658.72px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:8958.96px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:9289.07px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5220px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5660.16px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:5910.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6210.62px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:6617.46px;letter-spacing:-3.3px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7021.05px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:7521.24px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8371.85px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8622.07px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:8972.31px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9372.66px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:9512.67px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5220px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:5980.43px;white-space:nowrap">day </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6320.65px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6670.99px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:6811px;white-space:nowrap">not, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7161.24px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7411.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:7711.7px;white-space:nowrap">preceding </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:8552.29px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9312.71px;letter-spacing:-2.67px;white-space:nowrap">day, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10588.64px;left:9689.59px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5220px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5360.01px;white-space:nowrap">there </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:5820.29px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6000.29px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6250.52px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6630.73px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:6880.96px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:7311.18px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8161.79px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8412.01px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:8842.24px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9292.59px;white-space:nowrap">then </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10838.64px;left:9692.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5220px;white-space:nowrap">mean </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:5720.27px;white-space:nowrap">between </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6450.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:6751.05px;white-space:nowrap">closing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7361.37px;white-space:nowrap">bid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:7651.58px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8001.91px;white-space:nowrap">asked </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:8532.25px;white-space:nowrap">quotations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9412.91px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11088.64px;left:9672.98px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5220px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:5810.27px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6060.5px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:6490.72px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7341.33px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:7591.55px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8021.78px;white-space:nowrap">date, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8472.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:8822.46px;white-space:nowrap">(b) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9092.46px;white-space:nowrap">net </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11338.64px;left:9392.7px;white-space:nowrap">asset </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5220px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:5700.32px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6010.49px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6510.76px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:6710.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7011.12px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:7598.14px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8188.42px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8438.64px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:8588.76px;white-space:nowrap">particular </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11588.64px;left:9379.07px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5220px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5640.21px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:5890.43px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:6130.55px;white-space:nowrap">determined </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7081.08px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7321.2px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7531.26px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11838.64px;left:7781.48px;white-space:nowrap">behalf </div><div style="font-family:Arial, 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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4573.92px;white-space:nowrap">Not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:4814.54px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5077.12px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5223.06px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:5441.97px;white-space:nowrap">semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:6149.47px;white-space:nowrap">report</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:0px;letter-spacing:-3.33px;white-space:nowrap">TERMS </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:724.14px;letter-spacing:-3px;white-space:nowrap">AND </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:1197.01px;letter-spacing:-3.64px;white-space:nowrap">CONDITIONS </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:2464.14px;letter-spacing:-2.67px;white-space:nowrap">OF </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:2785.45px;letter-spacing:-3.56px;white-space:nowrap">DIVIDEND </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:3760.68px;letter-spacing:-3.69px;white-space:nowrap">REINVESTMENT </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:5323.62px;letter-spacing:-3px;white-space:nowrap">AND </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:5796.48px;letter-spacing:-3.2px;white-space:nowrap">CASH </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:6398.75px;letter-spacing:-3.56px;white-space:nowrap">PURCHASE </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:7540.68px;letter-spacing:-4px;white-space:nowrap">PLAN</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:489.02px;left:8110.37px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">6. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:200.13px;white-space:nowrap">Open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:690.47px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1290.59px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2171.07px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2911.55px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3171.62px;white-space:nowrap">above </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3712.06px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4102.12px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:500.27px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:750.5px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1090.72px;white-space:nowrap">securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1900.99px;white-space:nowrap">exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2731.64px;white-space:nowrap">where </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3271.9px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3732.19px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4322.46px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">traded, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:610.4px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:800.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1100.74px;white-space:nowrap">over-the-counter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2471.4px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3071.51px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3281.57px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3471.68px;white-space:nowrap">negotiated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">transactions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1020.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1370.83px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1760.89px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2011.11px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2261.34px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2691.56px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3191.57px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3431.69px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3631.82px;white-space:nowrap">price, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:4121.98px;white-space:nowrap">delivery </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:350.33px;white-space:nowrap">otherwise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1170.7px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1400.89px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1797.71px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2217.92px;white-space:nowrap">determine. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3118.36px;white-space:nowrap">Participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4018.8px;white-space:nowrap">funds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:390.32px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:620.51px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1017.33px;white-space:nowrap">uninvested </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1937.99px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2237.96px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2538.19px;white-space:nowrap">bear </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2948.47px;white-space:nowrap">interest, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3638.76px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3989.09px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4129.1px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">understood </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:950.71px;white-space:nowrap">that, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1350.97px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1541.07px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1881.3px;white-space:nowrap">event, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2411.72px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2808.54px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3228.75px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3669.08px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3919.31px;white-space:nowrap">liability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:4509.49px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;white-space:nowrap">connection </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:920.65px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1290.76px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1630.99px;white-space:nowrap">inability </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2281.29px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2481.42px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3271.9px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3732.19px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:4322.46px;white-space:nowrap">within </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:0px;white-space:nowrap">30 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:250.22px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1010.65px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1440.88px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1851.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2151.3px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2831.84px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3232.18px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3492.25px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3832.47px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:0px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:210.06px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1130.54px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1370.65px;white-space:nowrap">herein </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1921.03px;white-space:nowrap">provided, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2711.51px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2921.57px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3291.68px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3591.91px;white-space:nowrap">timing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:4122.07px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:4322.2px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:0px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:880.49px;letter-spacing:-0.33px;white-space:nowrap">effected. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:1607.78px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2004.61px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2424.81px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2865.15px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3115.37px;white-space:nowrap">responsibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:4205.83px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:500.36px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:980.68px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:1180.81px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:1481.04px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:1941.33px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:2531.6px;white-space:nowrap">acquired </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:3272.08px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:3532.15px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:0px;white-space:nowrap">accounts. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:820.46px;white-space:nowrap">For </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1140.47px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:1440.7px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2231.19px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:2431.32px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3311.81px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3501.91px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2978.64px;left:3802.15px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:0px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:640.2px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1037.02px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:1427.08px;white-space:nowrap">aggregate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:2287.79px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:3168.28px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:3538.39px;white-space:nowrap">those </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:4028.73px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3228.64px;left:4228.86px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:0px;white-space:nowrap">participants, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1020.5px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1370.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:1671.06px;white-space:nowrap">average </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2371.55px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:2811.71px;white-space:nowrap">(including </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:3632.17px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3478.64px;left:4232.55px;white-space:nowrap">fees) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:200.13px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:430.22px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:1020.5px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:1911.09px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2141.28px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2538.11px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:2958.31px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3208.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3508.77px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:3948.93px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3728.64px;left:4259.09px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:0px;white-space:nowrap">allocable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:760.52px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:960.64px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3978.64px;left:1190.74px;white-space:nowrap">participants.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:0px;white-space:nowrap">7. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:190.2px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:587.02px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:886.99px;white-space:nowrap">hold </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1277.31px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1867.59px;white-space:nowrap">acquired </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2608.07px;white-space:nowrap">pursuant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3358.56px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3558.69px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3888.81px;white-space:nowrap">Plan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:0px;white-space:nowrap">together </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:710.51px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:1080.62px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:1380.85px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:1971.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2171.25px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2631.53px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:3602.02px;white-space:nowrap">acquired </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:0px;white-space:nowrap">pursuant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:750.5px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:950.63px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1280.74px;white-space:nowrap">Plan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1741.03px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:1931.13px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2161.14px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2661.42px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:2871.47px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3221.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3421.85px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:3651.86px;white-space:nowrap">nominee. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4908.64px;left:4432.41px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:0px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:299.97px;white-space:nowrap">forward </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:950.19px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:1150.31px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2120.8px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2461.03px;white-space:nowrap">proxy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:2951.19px;white-space:nowrap">solicitation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5158.64px;left:3841.61px;white-space:nowrap">material </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:350.33px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:650.3px;white-space:nowrap">vote </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1040.54px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1380.76px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:1971.04px;white-space:nowrap">so </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2211.15px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2601.47px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:2861.54px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:3832.03px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5408.64px;left:4212.25px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:0px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:980.6px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1350.7px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:1650.94px;white-space:nowrap">proxies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:2281.2px;white-space:nowrap">returned </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:3001.64px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:3241.76px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:4212.25px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5658.64px;left:4412.37px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:0px;white-space:nowrap">Fund. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:510.29px;white-space:nowrap">Upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:990.62px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:1570.78px;white-space:nowrap">request, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2261.25px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2658.08px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:2958.05px;white-space:nowrap">deliver </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3538.3px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5908.64px;left:3738.43px;white-space:nowrap">participants, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:0px;white-space:nowrap">without </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:620.33px;white-space:nowrap">charge, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:1270.72px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:1420.84px;text-rendering:optimizeLegibility;white-space:nowrap">certificate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2241.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:2451.18px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:3361.46px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:3621.53px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:3851.63px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:4061.69px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6158.64px;left:4211.81px;white-space:nowrap">portion </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:200.13px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:500.36px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:780.47px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:1370.74px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:1761.06px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6408.64px;left:1991.25px;letter-spacing:-4.99px;white-space:nowrap">AST.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">8. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:190.2px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:587.02px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:886.99px;text-rendering:optimizeLegibility;white-space:nowrap">confirm </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1527.1px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1727.23px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2697.71px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:3138.05px;white-space:nowrap">acquisition </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:4038.57px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:260.07px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:510.29px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1190.74px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1430.86px;white-space:nowrap">soon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:1871.19px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:2111.31px;white-space:nowrap">practicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3031.79px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3332.02px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:3632.26px;white-space:nowrap">later </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:4032.42px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:0px;white-space:nowrap">60 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:250.22px;white-space:nowrap">business </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1010.65px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1440.88px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:1851.06px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2151.3px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:2551.64px;white-space:nowrap">thereof. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3202.12px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3598.95px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:3898.92px;white-space:nowrap">send </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:4339.25px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:0px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:970.49px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1120.61px;white-space:nowrap">detailed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:1801.14px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:2481.59px;white-space:nowrap">statement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:3322px;white-space:nowrap">showing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:4032.42px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:0px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:810.53px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:1160.86px;white-space:nowrap">distributions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2221.35px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2621.69px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:2821.82px;white-space:nowrap">investment, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:3792.22px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:0px;white-space:nowrap">acquired </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:740.48px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1090.81px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1530.97px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:1841.13px;white-space:nowrap">share, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2391.42px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:2741.75px;white-space:nowrap">total </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3131.98px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3722.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:3922.38px;white-space:nowrap">record </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:260.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:560.3px;white-space:nowrap">account. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:1280.83px;white-space:nowrap">Although </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:2041.44px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3011.92px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3401.98px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:3811.99px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:4202.05px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:0px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:390.06px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:830.39px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:1080.62px;white-space:nowrap">undivided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:1901.25px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:2681.63px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:3321.91px;white-space:nowrap">(computed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:4222.35px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:0px;white-space:nowrap">three </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:460.28px;white-space:nowrap">decimal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1130.54px;white-space:nowrap">places) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1760.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:1950.91px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2101.03px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2601.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:2801.43px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3101.66px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3611.95px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:3862.18px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:0px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:260.07px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:410.19px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1190.57px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1690.84px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:1990.81px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2241.04px;white-space:nowrap">issued. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:2861.37px;letter-spacing:-1.1px;white-space:nowrap">However, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9088.64px;left:3661.7px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:350.33px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:1360.81px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:1611.04px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:2391.42px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:2981.69px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:3281.66px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:3531.88px;white-space:nowrap">credited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9338.64px;left:4222.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:880.49px;white-space:nowrap">accounts. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:1700.95px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:1901.07px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2201.31px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2691.65px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:2891.78px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:3832.21px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9588.64px;left:4032.33px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:0px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:680.45px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:1190.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:1491.06px;white-space:nowrap">Plan, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:1941.42px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:2338.24px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:2638.21px;white-space:nowrap">adjust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:3168.54px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:3428.61px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9838.64px;left:3768.84px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:0px;white-space:nowrap">undivided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:820.63px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:1601.02px;white-space:nowrap">interest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:2241.3px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:2431.41px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:2861.63px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:3061.76px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:3361.99px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:3962.11px;white-space:nowrap">price </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:4402.27px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10088.64px;left:4602.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:0px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:587.02px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1177.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1427.52px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:1727.75px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2128.1px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10338.64px;left:2328.22px;white-space:nowrap">termination.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:0px;white-space:nowrap">9. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:190.2px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:550.37px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:1050.64px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:1861.17px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:2071.23px;white-space:nowrap">split </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:2441.34px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:3031.61px;white-space:nowrap">distributed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:3912.1px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:4152.22px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:460.28px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:710.51px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:1300.78px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:1691.1px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:1921.29px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:2318.12px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:2578.18px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:3548.67px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:3848.64px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:4098.87px;white-space:nowrap">credited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:200.13px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:1080.62px;white-space:nowrap">accounts. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:1901.07px;white-space:nowrap">In </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:2101.2px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:2401.44px;white-space:nowrap">event </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:2891.78px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:3242.02px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:3542.26px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:4002.54px;white-space:nowrap">makes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:0px;white-space:nowrap">available </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:760.52px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:960.64px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:1190.65px;white-space:nowrap">shareholders </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:2281.29px;white-space:nowrap">transferable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:3281.84px;white-space:nowrap">rights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:3772px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:3972.13px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:0px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:820.63px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:1280.92px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:1871.19px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:2081.25px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:2541.53px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:3391.88px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:3788.7px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:4088.67px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:4408.77px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5220px;white-space:nowrap">rights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:5710.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6060.5px;white-space:nowrap">apply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6540.82px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:6841.05px;white-space:nowrap">proceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7631.54px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:7831.67px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8131.9px;white-space:nowrap">sale </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8512.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:8712.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:9012.48px;white-space:nowrap">purchase </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5220px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:5420.13px;white-space:nowrap">additional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6240.76px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:6701.04px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7291.32px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7551.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:7851.62px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:8732.11px;white-space:nowrap">accounts. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:9549.32px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5220px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:5810.27px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6200.6px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:6460.66px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7431.15px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:7941.53px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8241.77px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8652.04px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:8952.01px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:9202.24px;white-space:nowrap">added </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5220px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:5420.13px;white-space:nowrap">underlying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6300.7px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:6890.98px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7281.3px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:7521.42px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8491.9px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:8682.01px;white-space:nowrap">calculating </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:9582.54px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5220px;white-space:nowrap">number </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:5880.32px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6080.45px;white-space:nowrap">rights </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6570.62px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:6770.74px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:7020.97px;white-space:nowrap">issued. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5220px;white-space:nowrap">10. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:5510.3px;letter-spacing:-0.54px;white-space:nowrap">AST&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6037.12px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:6657.28px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7257.66px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:7517.72px;white-space:nowrap">capital </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8088.05px;white-space:nowrap">gains </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8568.37px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:8778.43px;white-space:nowrap">income </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1408.64px;left:9408.69px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:5220px;white-space:nowrap">purchases </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6100.49px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6400.46px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:6650.68px;white-space:nowrap">paid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7041.01px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7281.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:7581.36px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8041.64px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:8521.96px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9112.24px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1658.64px;left:9422.4px;white-space:nowrap">issued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5460.12px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:5760.35px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6220.63px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:6430.69px;white-space:nowrap">purchased </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7321.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7571.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:7871.75px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8322.19px;white-space:nowrap">market. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:8962.38px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1908.64px;left:9359.21px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5220px;white-space:nowrap">deduct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5810.45px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:5960.57px;white-space:nowrap">$5.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:6461.02px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7081.17px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:7681.55px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8091.56px;white-space:nowrap">each </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:8531.89px;white-space:nowrap">voluntary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2158.64px;left:9312.28px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:5220px;white-space:nowrap">payment. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:6010.4px;white-space:nowrap">Participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7000.84px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7300.81px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:7551.04px;white-space:nowrap">charged </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8251.52px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8401.64px;white-space:nowrap">pro </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:8711.81px;white-space:nowrap">rata </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:9071.98px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2408.64px;left:9572.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5220px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:5820.38px;white-space:nowrap">fees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6210.62px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6460.84px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:6690.94px;white-space:nowrap">open </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7141.38px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2658.64px;left:7741.49px;white-space:nowrap">purchases.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:5220px;letter-spacing:-3.34px;white-space:nowrap">11. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:5506.87px;white-space:nowrap">Participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:6497.31px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:6887.37px;white-space:nowrap">withdraw </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:7647.63px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:8237.9px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:8647.91px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3088.64px;left:9078.13px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:5220px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:5900.45px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:6110.51px;white-space:nowrap">terminate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:6910.84px;white-space:nowrap">their </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:7311.01px;white-space:nowrap">participation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:8331.59px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:8841.97px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:9142.21px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3338.64px;left:9552.48px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:5220px;white-space:nowrap">notifying </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:5930.51px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:6327.33px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:6517.44px;white-space:nowrap">writing. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:7137.6px;white-space:nowrap">Such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:7597.88px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:8498.23px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3588.64px;left:8708.29px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:5220px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:5519.97px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:5770.2px;letter-spacing:-0.33px;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:6487.29px;white-space:nowrap">immediately </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:7497.6px;white-space:nowrap">if </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:7637.61px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:8167.94px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:8347.94px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:9078.31px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3838.64px;left:9308.5px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:5220px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:5520.23px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:5890.34px;white-space:nowrap">than </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:6290.68px;white-space:nowrap">ten </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:6590.92px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:7021.14px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:7431.24px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:7631.37px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:7971.59px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:8692.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4088.64px;left:8902.18px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:5220px;white-space:nowrap">record </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:5780.21px;white-space:nowrap">date; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:6230.57px;white-space:nowrap">otherwise </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:7050.94px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:7481.16px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:8381.51px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:8591.57px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4338.64px;left:9532px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:5470.22px;letter-spacing:-0.33px;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:6187.32px;white-space:nowrap">after </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:6597.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:6897.74px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:7818.13px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:8018.26px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:8358.49px;white-space:nowrap">current </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4588.64px;left:8968.71px;white-space:nowrap">dividend </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:5220px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:5430.06px;white-space:nowrap">distribution </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:6350.54px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:6560.6px;white-space:nowrap">voluntary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:7340.98px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:7771.2px;white-space:nowrap">payment. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:8558.35px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:8918.53px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4838.64px;left:9328.8px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5220px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:5470.22px;white-space:nowrap">terminated </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6370.66px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6600.85px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:6997.68px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7207.73px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7507.97px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:7968.25px;white-space:nowrap">upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:8418.69px;white-space:nowrap">90 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:8668.92px;letter-spacing:-1.11px;white-space:nowrap">days&#8217; </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:9132.45px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5220px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5410.11px;white-space:nowrap">writing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:5980.25px;white-space:nowrap">mailed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6560.51px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:6760.63px;white-space:nowrap">participants. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:7781.13px;white-space:nowrap">Upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8261.46px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:8601.68px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:9502.03px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:5220px;white-space:nowrap">termination, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6200.51px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6597.33px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:6897.3px;white-space:nowrap">cause </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:7427.64px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:7577.75px;text-rendering:optimizeLegibility;white-space:nowrap">certificate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8398.04px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:8608.1px;text-rendering:optimizeLegibility;white-space:nowrap">certificates </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:9518.38px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:9778.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:5220px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:5500.11px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6090.38px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6480.7px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:6710.89px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7107.71px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:7367.78px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:8338.27px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:8688.6px;white-space:nowrap">cash </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:9118.83px;white-space:nowrap">adjustment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5220px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5480.07px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:5820.29px;white-space:nowrap">fractional </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:6600.67px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:7190.95px;white-space:nowrap">(valued </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:7831.32px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8031.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8331.68px;white-space:nowrap">market </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:8931.8px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:9412.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:5520.23px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6110.51px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6310.63px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:6610.87px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7000.93px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:7201.05px;white-space:nowrap">withdrawal </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8101.41px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:8311.46px;white-space:nowrap">termination) </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:9311.84px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:9511.96px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:5220px;white-space:nowrap">delivered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6000.47px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:6200.6px;white-space:nowrap">participants, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7221.09px;white-space:nowrap">less </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7591.2px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:7931.43px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8531.81px;white-space:nowrap">fees. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:8962.12px;letter-spacing:-0.89px;white-space:nowrap">Alternatively, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5220px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:5370.12px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6250.61px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:6640.66px;white-space:nowrap">elect </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7070.89px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7311.01px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:7891.17px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8421.5px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:8611.7px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:9008.53px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:9208.65px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5220px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5616.83px;white-space:nowrap">sell </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:5936.92px;white-space:nowrap">part </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6297.1px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6507.16px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6737.26px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:6937.38px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7237.62px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:7827.89px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8218.21px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8478.28px;white-space:nowrap">him </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:8818.33px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9168.66px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7088.64px;left:9368.79px;white-space:nowrap">remit </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5220px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:5520.23px;white-space:nowrap">proceeds </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6310.72px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6510.85px;white-space:nowrap">him. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:6890.98px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7287.8px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:7467.8px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8358.4px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:8558.53px;white-space:nowrap">deduct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:9148.97px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7338.64px;left:9299.09px;white-space:nowrap">$15.00 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5220px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:5840.16px;white-space:nowrap">charge </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6440.54px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6790.87px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:6940.99px;white-space:nowrap">trading </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7541.37px;white-space:nowrap">fee </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:7841.6px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8041.73px;white-space:nowrap">$0.12 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8542.18px;white-space:nowrap">per </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:8852.34px;white-space:nowrap">share </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:9352.62px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7588.64px;left:9612.69px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:5220px;white-space:nowrap">transaction </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6150.5px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6560.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:6860.74px;white-space:nowrap">proceeds. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7701.24px;white-space:nowrap">If </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:7851.27px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8001.39px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:8881.87px;white-space:nowrap">disposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7838.64px;left:9642.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5220px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:5450.1px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6040.37px;white-space:nowrap">registered </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:6890.8px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7080.91px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7361.02px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:7861.29px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8111.51px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8411.75px;white-space:nowrap">books </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:8942.08px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:9142.21px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8088.64px;left:9442.44px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5220px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:5616.83px;letter-spacing:-2.67px;white-space:nowrap">may, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6043.54px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6243.66px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:6473.67px;white-space:nowrap">option, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7064.12px;white-space:nowrap">terminate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:7864.45px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:8164.69px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9171.91px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8338.64px;left:9852.36px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:5220px;white-space:nowrap">determine </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6070.1px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6479.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:6779.69px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:7659.84px;white-space:nowrap">whether </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8349.9px;white-space:nowrap">he </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:8599.79px;white-space:nowrap">wishes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9199.67px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8588.64px;left:9399.46px;white-space:nowrap">continue </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5220px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:5500.11px;white-space:nowrap">participation </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6520.69px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:6710.8px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8838.64px;left:7011.04px;white-space:nowrap">Plan.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:5220px;white-space:nowrap">12. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:5516.98px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:6067.27px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:6567.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:6917.61px;white-space:nowrap">conditions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:7778.14px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:8168.2px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:8418.43px;white-space:nowrap">amended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9268.64px;left:9219.02px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:5220px;white-space:nowrap">supplemented </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6400.81px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:6631px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7027.82px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7237.88px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7538.12px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:7998.4px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8198.53px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8538.75px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:8928.81px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9518.64px;left:9138.87px;white-space:nowrap">times, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:5220px;white-space:nowrap">except </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:5800.34px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:6280.66px;white-space:nowrap">necessary </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7151.04px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:7361.1px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:8321.75px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:8521.87px;white-space:nowrap">comply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9768.64px;left:9142.03px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:5220px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6080.62px;white-space:nowrap">law </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6400.72px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6610.78px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:6911.02px;white-space:nowrap">rules </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7351.17px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:7561.23px;white-space:nowrap">policies </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8211.53px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8411.66px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:8711.89px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10018.64px;left:9111.97px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5220px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:5570.33px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:6420.94px;white-space:nowrap">Commission </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7461.12px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:7671.18px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8011.41px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:8471.69px;white-space:nowrap">regulatory </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10268.64px;left:9322.12px;letter-spacing:-1.21px;white-space:nowrap">authority, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5220px;white-space:nowrap">only </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5600.21px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:5840.33px;white-space:nowrap">mailing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6460.58px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:6660.7px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:7631.19px;white-space:nowrap">appropriate </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:8591.84px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10518.64px;left:9172px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5220px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5420.13px;white-space:nowrap">least </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:5850.35px;white-space:nowrap">90 </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6100.58px;white-space:nowrap">days </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6530.8px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:6940.9px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7141.03px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:7441.26px;letter-spacing:-0.33px;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8158.36px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:8558.7px;white-space:nowrap">thereof. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10768.64px;left:9215.86px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:5220px;white-space:nowrap">amendment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6220.55px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:6430.61px;white-space:nowrap">supplement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7411.2px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:7831.41px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8081.63px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8782.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:8982.25px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11018.64px;left:9232.47px;white-space:nowrap">accepted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5220px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:5460.12px;white-space:nowrap">participants </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:6430.61px;white-space:nowrap">unless, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7050.94px;white-space:nowrap">prior </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7461.04px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7661.16px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:7961.4px;letter-spacing:-0.33px;white-space:nowrap">effective </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:8678.5px;white-space:nowrap">date </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11268.64px;left:9078.84px;white-space:nowrap">thereof, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:5220px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:5616.83px;white-space:nowrap">receives </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6337.09px;white-space:nowrap">written </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:6917.26px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7447.59px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7647.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:7947.95px;white-space:nowrap">termination </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:8888.38px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:9088.51px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11518.64px;left:9238.62px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5220px;white-space:nowrap">account </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:5900.45px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:6410.83px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:6711.06px;white-space:nowrap">Plan. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7161.42px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7521.59px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:7951.82px;white-space:nowrap">amendment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:8952.36px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:11768.64px;left:9342.42px;white-space:nowrap">include </div></div>
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			<div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:0px;white-space:nowrap">Not </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:240.63px;white-space:nowrap">part </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:503.2px;white-space:nowrap">of </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:649.14px;white-space:nowrap">the </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:868.05px;white-space:nowrap">semiannual </div><div style="font-family:Arial, Helvetica, sans-serif;font-size:135px;position:absolute;top:121.31px;left:1575.55px;white-space:nowrap">report</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:0px;letter-spacing:-3.33px;white-space:nowrap">TERMS </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:724.14px;letter-spacing:-3px;white-space:nowrap">AND </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:1197.01px;letter-spacing:-3.64px;white-space:nowrap">CONDITIONS </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:2464.14px;letter-spacing:-2.67px;white-space:nowrap">OF </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:2785.45px;letter-spacing:-3.56px;white-space:nowrap">DIVIDEND </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:3760.68px;letter-spacing:-3.69px;white-space:nowrap">REINVESTMENT </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:5323.62px;letter-spacing:-3px;white-space:nowrap">AND </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:5796.48px;letter-spacing:-3.2px;white-space:nowrap">CASH </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:6398.75px;letter-spacing:-3.56px;white-space:nowrap">PURCHASE </div><div style="font-family:Arial, sans-serif;font-size:200px;font-weight:bold;position:absolute;top:455.15px;left:7540.68px;letter-spacing:-4px;white-space:nowrap">PLAN</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:489.02px;left:8110.37px;letter-spacing:-2.91px;white-space:nowrap">(continued)</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:0px;white-space:nowrap">an </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:250.22px;white-space:nowrap">appointment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1290.94px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1521.12px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:1917.95px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2108.06px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2338.07px;white-space:nowrap">place </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:2818.39px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3168.72px;white-space:nowrap">stead </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3659.06px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:3859.19px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:-21.36px;left:4009.31px;white-space:nowrap">successor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:0px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:400.34px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:1510.66px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2021.04px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:2511.39px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3011.4px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:3361.73px;white-space:nowrap">conditions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:228.64px;left:4272.28px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:0px;white-space:nowrap">full </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:280.11px;white-space:nowrap">power </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:820.37px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1170.7px;white-space:nowrap">authority </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:1911.09px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2111.22px;white-space:nowrap">perform </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:2781.39px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3011.48px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3221.54px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3561.77px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:3761.89px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4062.13px;white-space:nowrap">acts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:478.64px;left:4442.26px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:0px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:250.22px;white-space:nowrap">performed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1120.61px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1350.79px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:1747.62px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2258px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:2748.34px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3248.35px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:728.64px;left:3598.68px;white-space:nowrap">conditions. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:0px;white-space:nowrap">Upon </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:480.32px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:820.55px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:1250.77px;white-space:nowrap">appointment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2291.48px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2491.61px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:2641.73px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:3042.07px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:978.64px;left:4152.39px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:0px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:300.23px;white-space:nowrap">purpose </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1000.72px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1200.85px;white-space:nowrap">receiving </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:1971.21px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:2781.74px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:3132.07px;white-space:nowrap">distributions, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1228.64px;left:4192.56px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:0px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:460.28px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:760.25px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1010.48px;white-space:nowrap">authorized </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:1901.07px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2101.2px;white-space:nowrap">pay </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2441.43px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:2641.55px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3071.78px;white-space:nowrap">successor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1478.64px;left:3932.05px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:0px;letter-spacing:-0.66px;white-space:nowrap">Administrator, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1150.4px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1410.47px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:1560.59px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:2567.81px;white-space:nowrap">account, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3298.27px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:3528.37px;white-space:nowrap">dividends </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1728.64px;left:4338.9px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:0px;white-space:nowrap">distributions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1010.48px;white-space:nowrap">payable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1691.02px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:1941.24px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2401.52px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:2991.8px;white-space:nowrap">held </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3382.12px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3572.23px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:1978.64px;left:3722.34px;letter-spacing:-0.23px;white-space:nowrap">participant&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:0px;white-space:nowrap">name </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:500.27px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:710.33px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1220.71px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1520.95px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:1931.22px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2191.29px;white-space:nowrap">retention </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:2941.79px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:3151.85px;white-space:nowrap">application </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:4062.48px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2228.64px;left:4302.6px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:0px;white-space:nowrap">successor </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:860.27px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:1260.62px;white-space:nowrap">Administrator </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2370.94px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:2611.05px;white-space:nowrap">provided </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3351.53px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:3541.64px;white-space:nowrap">these </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:4031.98px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2478.64px;left:4531.99px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:2728.64px;left:0px;white-space:nowrap">conditions.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:0px;white-space:nowrap">13. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:290.3px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:687.13px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1107.33px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1307.46px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:1537.56px;white-space:nowrap">times </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2017.62px;white-space:nowrap">act </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2307.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2497.85px;white-space:nowrap">good </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:2948.29px;white-space:nowrap">faith </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3338.53px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:3688.86px;white-space:nowrap">agree </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3158.64px;left:4199.24px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:0px;white-space:nowrap">use </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:340.22px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:570.23px;white-space:nowrap">best </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:960.47px;letter-spacing:-0.41px;white-space:nowrap">efforts </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:1507.41px;white-space:nowrap">within </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2017.62px;white-space:nowrap">reasonable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:2958.31px;white-space:nowrap">limits </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3418.24px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:3618.37px;white-space:nowrap">ensure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3408.64px;left:4218.75px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:0px;white-space:nowrap">accuracy </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:770.27px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:970.4px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1200.5px;white-space:nowrap">services </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:1910.65px;white-space:nowrap">performed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:2781.04px;white-space:nowrap">under </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3291.42px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3658.64px;left:3611.6px;white-space:nowrap">Agreement </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:0px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:350.33px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:550.46px;white-space:nowrap">comply </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1170.62px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:1540.72px;white-space:nowrap">applicable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2401.35px;letter-spacing:-1.99px;white-space:nowrap">law, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:2761.52px;white-space:nowrap">but </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3061.76px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:3481.96px;white-space:nowrap">assume </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:3908.64px;left:4162.24px;white-space:nowrap">no </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:0px;white-space:nowrap">responsibility </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1090.46px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1440.79px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:1861px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2161.23px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2411.46px;white-space:nowrap">liable </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:2881.76px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3141.83px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3511.93px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:3721.99px;white-space:nowrap">damage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4158.64px;left:4422.48px;white-space:nowrap">due </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:200.13px;white-space:nowrap">errors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:720.18px;white-space:nowrap">unless </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1290.5px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:1720.72px;white-space:nowrap">error </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2150.77px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2330.77px;white-space:nowrap">caused </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:2961.21px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3191.4px;letter-spacing:-0.54px;white-space:nowrap">AST&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4408.64px;left:3718.21px;white-space:nowrap">negligence, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:0px;white-space:nowrap">bad </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:350.33px;white-space:nowrap">faith </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:740.57px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:950.63px;white-space:nowrap">willful </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:1440.7px;white-space:nowrap">misconduct </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2401.08px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2611.14px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:2961.39px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:3161.51px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:4658.64px;left:3391.52px;white-space:nowrap">employees.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:0px;white-space:nowrap">14. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:290.3px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:650.48px;white-space:nowrap">notice, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:1230.82px;white-space:nowrap">instruction, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2151.21px;white-space:nowrap">request </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:2801.6px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3011.66px;white-space:nowrap">election </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:3682.09px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:4192.29px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5088.64px;left:4432.41px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:0px;white-space:nowrap">provision </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:770.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:970.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1270.72px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1681px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:1861px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2571.42px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:2781.47px;white-space:nowrap">permitted </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:3581.81px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:3781.93px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:4032.16px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5338.64px;left:4512.48px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:0px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:500.27px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:740.39px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1040.63px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:1921.11px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2111.31px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2508.13px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:2928.34px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3178.56px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3368.67px;white-space:nowrap">writing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5588.64px;left:3938.82px;white-space:nowrap">addressed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:190.2px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1000.46px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:1497.39px;letter-spacing:-0.74px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2210.89px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:2557.97px;letter-spacing:-1.11px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3011.31px;letter-spacing:-1.48px;white-space:nowrap">Company, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:3868.33px;white-space:nowrap">LLC, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:5838.64px;left:4298.55px;letter-spacing:-4.64px;white-space:nowrap">P.O. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:0px;white-space:nowrap">Box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:360.18px;white-space:nowrap">922, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:760.52px;letter-spacing:-1.34px;white-space:nowrap">Wall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1153.83px;white-space:nowrap">Street </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:1684.07px;white-space:nowrap">Station, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2344.48px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:2751.33px;letter-spacing:-2.75px;white-space:nowrap">York, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3204.93px;letter-spacing:-1.08px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:3501.74px;white-space:nowrap">10269-0560, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6088.64px;left:4562.67px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:0px;text-rendering:optimizeLegibility;letter-spacing:-0.47px;white-space:nowrap">www.astfinancial.com </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1770.64px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:1980.7px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:2410.93px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:2871.21px;white-space:nowrap">address </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:3561.59px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:3791.78px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6338.64px;left:4188.6px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:0px;white-space:nowrap">furnish </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:590.27px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:790.4px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:1090.63px;white-space:nowrap">participant, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2021.13px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2371.46px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:2791.67px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3232px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:3682.44px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:4382.93px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6588.64px;left:4583.06px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:0px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:480.32px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:690.38px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1190.65px;white-space:nowrap">when </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:1670.98px;white-space:nowrap">received </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2401.35px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:6838.64px;left:2631.53px;letter-spacing:-4.99px;white-space:nowrap">AST.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:0px;white-space:nowrap">15. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:290.3px;white-space:nowrap">Any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:650.48px;white-space:nowrap">notice </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:1180.81px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:1390.87px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:1851.15px;white-space:nowrap">communication </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:3111.68px;white-space:nowrap">which </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:3621.88px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7268.64px;left:3862px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:0px;white-space:nowrap">provision </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:770.36px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:970.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:1270.72px;white-space:nowrap">Plan </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:1681px;white-space:nowrap">is </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:1861px;white-space:nowrap">required </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:2571.42px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:2771.54px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:3021.77px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:3502.09px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:3732.28px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:4129.1px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7518.64px;left:4329.23px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:880.49px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:1300.69px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:1550.92px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:1741.03px;white-space:nowrap">writing </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:2311.17px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:2661.5px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:3081.71px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:3331.93px;white-space:nowrap">deemed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:4032.42px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:7768.64px;left:4232.55px;white-space:nowrap">have </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:0px;white-space:nowrap">been </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:450.44px;text-rendering:optimizeLegibility;white-space:nowrap">sufficiently </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:1340.77px;white-space:nowrap">given </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:1821.09px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:2081.16px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:2311.26px;white-space:nowrap">purposes </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:3101.75px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:3341.87px;white-space:nowrap">being </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8018.64px;left:3832.29px;white-space:nowrap">deposited </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:0px;white-space:nowrap">postage </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:690.56px;white-space:nowrap">prepaid </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:1341.04px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:1531.14px;white-space:nowrap">a </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:1681.26px;white-space:nowrap">post </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:2071.49px;text-rendering:optimizeLegibility;white-space:nowrap">office </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:2551.73px;white-space:nowrap">letter </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:3001.9px;white-space:nowrap">box </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:3342.13px;white-space:nowrap">addressed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:4232.72px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8268.64px;left:4432.85px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:0px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:880.49px;white-space:nowrap">at </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:1080.62px;white-space:nowrap">his </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:1360.72px;white-space:nowrap">or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:1570.78px;white-space:nowrap">her </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:1880.95px;white-space:nowrap">address </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:2571.33px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:2811.45px;white-space:nowrap">it </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:2951.46px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:3371.66px;white-space:nowrap">last </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:3701.78px;white-space:nowrap">appear </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8518.64px;left:4312.27px;white-space:nowrap">on </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:0px;letter-spacing:-0.54px;white-space:nowrap">AST&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:526.82px;white-space:nowrap">records. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:1223.79px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:1583.96px;white-space:nowrap">participant </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:2464.45px;white-space:nowrap">agrees </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:3064.83px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:3264.96px;white-space:nowrap">notify </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:3735.26px;letter-spacing:-0.81px;white-space:nowrap">AST </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8768.64px;left:4132.09px;white-space:nowrap">promptly </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:0px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:200.13px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:540.35px;white-space:nowrap">change </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:1180.9px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9018.64px;left:1381.03px;white-space:nowrap">address. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:0px;white-space:nowrap">16. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:296.98px;white-space:nowrap">These </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:847.27px;white-space:nowrap">terms </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:1347.28px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:1697.61px;white-space:nowrap">conditions </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:2558.14px;white-space:nowrap">shall </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:2978.35px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:3228.57px;white-space:nowrap">governed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:4029.17px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9448.64px;left:4269.29px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:0px;white-space:nowrap">construed </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:840.5px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:1030.61px;white-space:nowrap">accordance </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:2011.2px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:2381.31px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:2681.54px;white-space:nowrap">laws </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:3091.64px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:3291.77px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:3592px;white-space:nowrap">State </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:4062.3px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9698.64px;left:4262.43px;white-space:nowrap">New </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:0px;letter-spacing:-3.3px;white-space:nowrap">York </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:403.59px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:753.93px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:1054.16px;white-space:nowrap">rules </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:1494.32px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:1844.65px;white-space:nowrap">regulations </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:2775.23px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:2975.36px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:3275.6px;white-space:nowrap">U.S. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:3675.67px;white-space:nowrap">Securities </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9948.64px;left:4516px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:0px;white-space:nowrap">Exchange </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:850.61px;white-space:nowrap">Commission, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:1940.8px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:2180.92px;white-space:nowrap">they </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:2571.15px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:2961.21px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:3211.44px;white-space:nowrap">amended </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:4012.03px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10198.64px;left:4422.04px;white-space:nowrap">time </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:0px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:10448.64px;left:200.13px;white-space:nowrap">time.</div></div>
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			<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:801.39px;letter-spacing:-1.48px;white-space:nowrap">TLTDF </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1199.13px;white-space:nowrap">S </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1312.51px;white-space:nowrap">08/20</div></div>
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		<div style="height:9px;left:36px;position:absolute;top:737px;width:338px">
			<div style="width:6768px;height:101px;position:absolute;top:2.67px;left:0px;transform-origin:0% 0%;transform:rotate(0deg) scale(0.05)">

			<div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:0px;white-space:nowrap">&#169; </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:121.76px;white-space:nowrap">2020 </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:422.05px;white-space:nowrap">Franklin </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:880.02px;letter-spacing:-1.33px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:1467.01px;white-space:nowrap">Investments. </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2174px;white-space:nowrap">All </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2340.7px;white-space:nowrap">rights </div><div style="font-family:Arial, sans-serif;font-size:120px;position:absolute;top:-14.24px;left:2667.48px;white-space:nowrap">reserved.</div></div>
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)"></div>
					</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:0px;white-space:nowrap">Investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:780.29px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:1360.72px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:1610.95px;white-space:nowrap">aware </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:2151.21px;white-space:nowrap">that </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:2501.46px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:2801.69px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:3282.01px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:3482.14px;white-space:nowrap">investments </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:4492.53px;white-space:nowrap">made </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:4992.8px;white-space:nowrap">for </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:5252.87px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:5553.11px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:6013.39px;white-space:nowrap">may </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:6403.45px;white-space:nowrap">go </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:6653.67px;white-space:nowrap">down </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:7133.99px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:7374.11px;white-space:nowrap">well </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:7734.2px;white-space:nowrap">as </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:7974.32px;white-space:nowrap">up. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:8274.55px;white-space:nowrap">Like </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:8654.77px;white-space:nowrap">any </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:8994.99px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8246.28px;left:9915.38px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:0px;white-space:nowrap">securities, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:860.27px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:1160.51px;white-space:nowrap">value </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:1640.83px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:1840.96px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:2141.19px;letter-spacing:-0.46px;white-space:nowrap">Fund&#8217;s </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:2728.21px;white-space:nowrap">portfolio </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:3418.59px;white-space:nowrap">will </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:3718.56px;white-space:nowrap">be </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:3968.79px;white-space:nowrap">subject </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:4589.12px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:4789.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:5089.48px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:5419.42px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:5619.55px;white-space:nowrap">loss </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:5989.66px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:6399.67px;white-space:nowrap">market, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:7049.79px;letter-spacing:-1.34px;white-space:nowrap">currency, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:7826.66px;white-space:nowrap">economic, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:8697.04px;white-space:nowrap">political </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:9347.34px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8466.28px;left:9697.68px;white-space:nowrap">other </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:0px;white-space:nowrap">factors. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:636.94px;white-space:nowrap">The </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:997.12px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:1457.4px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:1807.73px;white-space:nowrap">its </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:2037.74px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:2808.02px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:3118.18px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:3418.42px;white-space:nowrap">protected </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:4218.93px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:4628.94px;white-space:nowrap">such </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:5059.16px;white-space:nowrap">losses </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:5619.38px;white-space:nowrap">by </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:5859.49px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:6159.73px;white-space:nowrap">investment </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:7080.12px;letter-spacing:-1.1px;white-space:nowrap">manager. </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:7877.37px;white-space:nowrap">Therefore, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:8757.77px;white-space:nowrap">investors </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8686.28px;left:9528.05px;white-space:nowrap">who </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:0px;white-space:nowrap">cannot </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:590.45px;white-space:nowrap">accept </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:1170.79px;white-space:nowrap">this </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:1500.91px;white-space:nowrap">risk </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:1830.85px;white-space:nowrap">should </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:2411.28px;white-space:nowrap">not </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:2711.51px;white-space:nowrap">invest </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:3231.74px;white-space:nowrap">in </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:3421.85px;white-space:nowrap">shares </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:4012.12px;white-space:nowrap">of </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:4212.25px;white-space:nowrap">the </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:8906.28px;left:4512.48px;white-space:nowrap">Fund.</div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:0px;letter-spacing:-6.65px;white-space:nowrap">To </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:240.12px;white-space:nowrap">help </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:630.44px;white-space:nowrap">ensure </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:1230.82px;white-space:nowrap">we </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:1510.93px;white-space:nowrap">provide </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:2151.3px;white-space:nowrap">you </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:2491.52px;white-space:nowrap">with </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:2861.63px;white-space:nowrap">quality </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:3431.95px;white-space:nowrap">service, </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:4102.12px;white-space:nowrap">all </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:4332.22px;white-space:nowrap">calls </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:4742.31px;white-space:nowrap">to </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:4942.44px;white-space:nowrap">and </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:5292.77px;white-space:nowrap">from </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:5702.78px;white-space:nowrap">our </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:6012.95px;white-space:nowrap">service </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:6633.11px;white-space:nowrap">areas </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:7133.38px;white-space:nowrap">are </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:7443.54px;white-space:nowrap">monitored </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:8293.97px;white-space:nowrap">and/or </div><div style="font-family:Arial, sans-serif;font-size:180px;position:absolute;top:9306.28px;left:8854.37px;white-space:nowrap">recorded.</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10032.46px;left:3210px;white-space:nowrap">Semiannual </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10032.46px;left:4152.5px;white-space:nowrap">Report</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10235.35px;left:3210px;letter-spacing:-1.19px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10235.35px;left:4051.48px;white-space:nowrap">Dragon </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10235.35px;left:4655.94px;white-space:nowrap">Fund, </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10235.35px;left:5135.78px;white-space:nowrap">Inc.</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10612px;left:3210px;white-space:nowrap">Investment </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10612px;left:4099.14px;white-space:nowrap">Manager</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10612px;left:5350px;letter-spacing:-0.98px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10612px;left:6019.92px;white-space:nowrap">Agent</div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10612px;left:8630px;white-space:nowrap">Fund </div><div style="font-family:Arial, sans-serif;font-size:160px;font-weight:bold;position:absolute;top:10612px;left:9065.39px;white-space:nowrap">Information</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:3210px;letter-spacing:-1.77px;white-space:nowrap">Templeton </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:3983.83px;white-space:nowrap">Asset</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:3210px;white-space:nowrap">Management </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:4188.36px;white-space:nowrap">Ltd.</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:5350px;white-space:nowrap">American </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:6070.23px;white-space:nowrap">Stock </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:6511.95px;letter-spacing:-0.66px;white-space:nowrap">Transfer </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:7146.17px;white-space:nowrap">&amp; </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:7294.45px;letter-spacing:-0.99px;white-space:nowrap">Trust </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:7697.42px;white-space:nowrap">Co., </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:8035.31px;white-space:nowrap">LLC</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:5350px;white-space:nowrap">6201 </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:5750.39px;white-space:nowrap">15th </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:6097.42px;letter-spacing:-0.48px;white-space:nowrap">Avenue</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:5350px;white-space:nowrap">Brooklyn, </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:6061.41px;letter-spacing:-0.96px;white-space:nowrap">NY </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11198.88px;left:6325.23px;letter-spacing:-2.37px;white-space:nowrap">11219</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:5350px;letter-spacing:-3.55px;white-space:nowrap">Toll </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:5634.53px;white-space:nowrap">Free </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:6007.97px;white-space:nowrap">Number: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:6665.94px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11390.88px;left:7083.91px;white-space:nowrap">416-5585</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:5350px;white-space:nowrap">Hearing </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:5954.77px;white-space:nowrap">Impaired </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:6621.72px;white-space:nowrap">Number: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:7279.69px;white-space:nowrap">(866) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11582.88px;left:7697.66px;white-space:nowrap">703-9077</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:5350px;white-space:nowrap">International </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6275.08px;white-space:nowrap">Phone </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11774.88px;left:6782.19px;white-space:nowrap">Number: </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:5350px;white-space:nowrap">(718) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11966.88px;left:5767.97px;white-space:nowrap">921-8124</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:12158.88px;left:5350px;text-rendering:optimizeLegibility;letter-spacing:-0.44px;white-space:nowrap">www.astfinancial.com</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:8630px;white-space:nowrap">(800) </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:9047.97px;letter-spacing:-1.19px;white-space:nowrap">DIAL </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:9442.19px;white-space:nowrap">BEN</div><div style="font-family:Arial, sans-serif;font-size:93.3px;position:absolute;top:10818.09px;left:9771.17px;white-space:nowrap">&#174;</div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:10814.88px;left:9884.36px;white-space:nowrap">/ </div><div style="font-family:Arial, sans-serif;font-size:160px;position:absolute;top:11006.88px;left:8630px;white-space:nowrap">342-5236</div></div>
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2. Code of Ethics.</div></b></div>

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The Registrant has adopted a code of ethics that applies to its principal
executive officers and principal financial and accounting officer.&#160; </div></div>

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N/A</div></div>

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N/A</div></div>

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Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of
its code of ethics that applies to its principal executive officers and
principal financial and accounting officer. </div></div>

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<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
3. Audit Committee Financial Expert.</div></b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"> </div></div>

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The Registrant has an audit committee financial expert serving on its audit
committee.</div></div>

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<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">(2)
The audit committee financial expert are Ann Torre Bates and David W. Niemiec
and they are &#8220;independent" as defined under the relevant Securities and
Exchange Commission Rules and Releases. </div></div>

<pre style="mso-style-link: &quot;HTML Preformatted Char&quot;;font-size: 10.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="mso-style-name: term1;font-weight: bold;display: inline;"><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div></pre><pre style="mso-style-link: &quot;HTML Preformatted Char&quot;;font-size: 10.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="mso-style-name: term1;font-weight: bold;display: inline;"><div style="font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div></pre><pre style="mso-style-link: &quot;HTML Preformatted Char&quot;;font-size: 10.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="mso-style-name: term1;font-weight: bold;display: inline;"><div style="font-family: &quot;Courier New&quot;;display: inline;">Item 4.</div></div><strong><div style="font-family: &quot;Courier New&quot;;display: inline;"> Principal Accountant Fees and Services.&#160;&#160; N/A</div></strong></pre>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><strong><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
5. Audit Committee</div></strong><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"> <strong><div style="font-family: &quot;Courier New&quot;;display: inline;">of Listed
Registrants</div></strong></div></div>

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<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Members
of the Audit Committee are: Ann Torre Bates, David W. Niemiec and Constantine
D. Tseretopoulos</div></div>

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<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><strong><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
6. Schedule of Investments.&#160;&#160; N/A</div></strong></div>

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<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><strong><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
7</div></strong><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">. <b>Disclosure
of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies. </b></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">The board of directors of the Fund has
delegated the authority to vote proxies related to the portfolio securities
held by the Fund to the Fund&#8217;s investment manager Templeton Asset Management
Ltd. (Asset Management) in accordance with the Proxy Voting Policies and
Procedures (Policies) adopted by the investment manager.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">The
investment manager has delegated its administrative duties with respect to the
voting of proxies for securities to the Proxy Group within Franklin Templeton
Companies, LLC (Proxy Group), an affiliate and wholly owned subsidiary of
Franklin Resources, Inc. All proxies received by the Proxy Group will be voted
based upon the investment manager&#8217;s instructions and/or policies. The investment
manager votes proxies solely in the best interests of the Fund and its
shareholders.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">To
assist it in analyzing proxies of equity securities, the investment manager
subscribes to Institutional Shareholder Services, Inc. (ISS), an unaffiliated
third-party corporate governance research service that provides in-depth
analyses of shareholder meeting agendas, vote recommendations, vote execution
services, ballot reconciliation services, recordkeeping and vote disclosure
services. In addition, the investment manager subscribes to Glass, Lewis &amp;
Co., LLC (Glass Lewis), an unaffiliated third-party analytical research firm,
to receive analyses and vote recommendations on the shareholder meetings of
publicly held U.S. companies, as well as a limited subscription to its
international research. Also, the investment manager has a supplemental
subscription to Egan-Jones Proxy Services (Egan-Jones), an unaffiliated third
party proxy advisory firm, to receive analyses and vote recommendations.
Although analyses provided by ISS, Glass Lewis, Egan-Jones, and/or another
independent third party proxy service provider (each a Proxy Service) are
thoroughly reviewed and considered in making a final voting decision, the
investment manager does not consider recommendations from a Proxy Service or
any third party to be determinative of the investment manager's ultimate
decision. Rather, the investment manager exercises its independent judgment in
making voting decisions. For most proxy proposals, the investment manager&#8217;s
evaluation should result in the same position being taken for all Funds. In
some cases, however, the evaluation may result in a Fund voting differently,
depending upon the nature and objective of the Fund, the composition of its
portfolio and other factors. As a matter of policy, the officers,
directors/trustees and employees of the investment manager and the Proxy Group
will not be influenced by outside sources whose interests conflict with the
interests of the Fund and its shareholders. Efforts are made to resolve all
conflicts in the best interests of the investment manager&#8217;s clients. Material
conflicts of interest are identified by the Proxy Group based upon analyses of
client, distributor, broker-dealer and vendor lists, information periodically
gathered from directors and officers, and information derived from other
sources, including public filings. In situations where a material conflict of
interest is identified, the Proxy Group may vote consistent with the voting
recommendation of a Proxy Service; or send the proxy directly to the Fund's
board or a committee of the board with the investment manager's recommendation
regarding the vote for approval.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Where a
material conflict of interest has been identified, but the items on which the
investment manager&#8217;s vote recommendations differ from a Proxy Service and
relate specifically to (1) shareholder proposals regarding social or
environmental issues, (2) &#8220;Other Business&#8221; without describing the matters that
might be considered, or (3) items the investment manager wishes to vote in
opposition to the recommendations of an issuer&#8217;s management, the Proxy Group
may defer to the vote recommendations of the investment manager rather than
sending the proxy directly to the Fund's board or a board committee for
approval.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">To avoid
certain potential conflicts of interest, the investment manager will employ
echo voting or pass-through voting, if possible, in the following instances:
(1) when the Fund invests in an underlying fund in reliance on any one of
Sections 12(d)(1)(F) or (G) of the 1940 Act, the rules thereunder, or pursuant
to a SEC exemptive order thereunder; (2) when the Fund invests uninvested cash
in affiliated money market funds pursuant to the rules under the 1940 Act or
any exemptive orders thereunder (&#8220;cash sweep arrangement&#8221;); or (3) when
required pursuant to the Fund&#8217;s governing documents or applicable law. Echo
voting means that the investment manager will vote the shares in the same
proportion as the vote of all of the other holders of the underlying fund's shares.
With respect to instances when a Franklin Templeton U.S. registered investment
company invests in an underlying fund in reliance on any one of Sections
12(d)(1)(F) or (G) of the 1940 Act, the rules thereunder, or pursuant to an SEC
exemptive order thereunder, and there are no other unaffiliated shareholders
also invested in the underlying fund, the investment manager will vote in
accordance with the recommendation of such investment company&#8217;s board of
trustees or directors. In addition, to avoid certain potential conflicts of
interest, and where required under a fund&#8217;s governing documents or applicable
law, the investment manager will employ pass-through voting when a Franklin
Templeton U.S. registered investment company invests in an underlying fund in reliance
on Section 12(d)(1)(E) of the 1940 Act, the rules thereunder, or pursuant to an
SEC exemptive order thereunder. In &#8220;pass-through voting,&#8221; a feeder fund will
solicit voting instructions from its shareholders as to how to vote on the
master fund&#8217;s proposals.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">The
recommendation of management on any issue is a factor that the investment
manager considers in determining how proxies should be voted. However, the
investment manager does not consider recommendations from management to be
determinative of the investment manager&#8217;s ultimate decision. As a matter of
practice, the votes with respect to most issues are cast in accordance with the
position of the company's management. Each issue, however, is considered on its
own merits, and the investment manager will not support the position of the
company's management in any situation where it deems that the ratification of
management&#8217;s position would adversely affect the investment merits of owning
that company&#8217;s shares.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Engagement
with issuers. The investment manager believes that engagement with issuers is
important to good corporate governance and to assist in making proxy voting
decisions. The investment manager may engage with issuers to discuss specific
ballot items to be voted on in advance of an annual or special meeting to
obtain further information or clarification on the proposals. The investment
manager may also engage with management on a range of environmental, social or
corporate governance issues throughout the year.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Investment
manager&#8217;s proxy voting policies and principles &#160; &#160; The investment
manager has adopted general proxy voting guidelines, which are summarized
below. These guidelines are not an exhaustive list of all the issues that may
arise and the investment manager cannot anticipate all future situations. In
all cases, each proxy and proposal (including both management and shareholder
proposals) will be considered based on the relevant facts and circumstances on
a case-by-case basis.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Board
of directors. &#160; &#160; The investment manager supports an independent,
diverse board of directors, and prefers that key committees such as audit,
nominating, and compensation committees be comprised of independent directors.
The investment manager supports boards with strong risk management oversight.
The investment manager will generally vote against management efforts to
classify a board and will generally support proposals to declassify the board
of directors. The investment manager will consider withholding votes from
directors who have attended less than 75% of meetings without a valid reason.
While generally in favor of separating Chairman and CEO positions, the
investment manager will review this issue as well as proposals to restore or
provide for cumulative voting on a case-by-case basis, taking into consideration
factors such as the company&#8217;s corporate governance guidelines or provisions and
performance. The investment manager generally will support non-binding
shareholder proposals to require a majority vote standard for the election of
directors; however, if these proposals are binding, the investment manager will
give careful review on a case-by-case basis of the potential ramifications of
such implementation.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">In the
event of a contested election, the investment manager will review a number of
factors in making a decision including management&#8217;s track record, the company&#8217;s
financial performance, qualifications of candidates on both slates, and the
strategic plan of the dissidents and/or shareholder nominees.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Ratification
of auditors of portfolio companies. &#160; &#160; The investment manager will
closely scrutinize the independence, role and performance of auditors. On a
case-by-case basis, the investment manager will examine proposals relating to
non-audit relationships and non-audit fees. The investment manager will also
consider, on a case-by-case basis, proposals to rotate auditors, and will vote
against the ratification of auditors when there is clear and compelling
evidence of a lack of independence, accounting irregularities or negligence.
The investment manager may also consider whether the ratification of auditors
has been approved by an appropriate audit committee that meets applicable
composition and independence requirements.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Management
and director compensation. &#160; &#160; A company&#8217;s equity-based compensation
plan should be in alignment with the shareholders&#8217; long-term interests. The
investment manager believes that executive compensation should be directly
linked to the performance of the company. The investment manager evaluates
plans on a case-by-case basis by considering several factors to determine
whether the plan is fair and reasonable, including the ISS quantitative model
utilized to assess such plans and/or the Glass Lewis evaluation of the plans.
The investment manager will generally oppose plans that have the potential to
be excessively dilutive, and will almost always oppose plans that are
structured to allow the repricing of underwater options, or plans that have an
automatic share replenishment &#8220;evergreen&#8221; feature. The investment manager will
generally support employee stock option plans in which the purchase price is at
least 85% of fair market value, and when potential dilution is 10% or less.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Severance
compensation arrangements will be reviewed on a case-by-case basis, although
the investment manager will generally oppose &#8220;golden parachutes&#8221; that are
considered to be excessive. The investment manager will normally support
proposals that require a percentage of directors&#8217; compensation to be in the
form of common stock, as it aligns their interests with those of shareholders.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">The
investment manager will review non-binding say-on-pay proposals on a
case-by-case basis, and will generally vote in favor of such proposals unless
compensation is misaligned with performance and/or shareholders&#8217; interests, the
company has not provided reasonably clear disclosure regarding its compensation
practices, or there are concerns with the company&#8217;s remuneration practices.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Anti-takeover
mechanisms and related issues. &#160; &#160; The investment manager generally
opposes anti-takeover measures since they tend to reduce shareholder rights.
However, as with all proxy issues, the investment manager conducts an
independent review of each anti-takeover proposal. On occasion, the investment
manager may vote with management when the research analyst has concluded that
the proposal is not onerous and would not harm the Fund or its shareholders&#8217;
interests. The investment manager generally supports proposals that require
shareholder rights&#8217; plans (&#8220;poison pills&#8221;) to be subject to a shareholder vote
and will closely evaluate such plans on a case-by-case basis to determine
whether or not they warrant support. In addition, the investment manager will
generally vote against any proposal to issue stock that has unequal or
subordinate voting rights. The investment manager generally opposes any
supermajority voting requirements as well as the payment of &#8220;greenmail.&#8221; The
investment manager generally supports &#8220;fair price&#8221; provisions and confidential
voting. The investment manager will review a company&#8217;s proposal to
reincorporate to a different state or country on a case-by-case basis taking
into consideration financial benefits such as tax treatment as well as
comparing corporate governance provisions and general business laws that may
result from the change in domicile.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Changes
to capital structure. &#160; &#160; The investment manager realizes that a
company's financing decisions have a significant impact on its shareholders,
particularly when they involve the issuance of additional shares of common or
preferred stock or the assumption of additional debt. The investment manager
will review, on a case-by-case basis, proposals by companies to increase
authorized shares and the purpose for the increase. The investment manager will
generally not vote in favor of dual-class capital structures to increase the
number of authorized shares where that class of stock would have superior
voting rights. The investment manager will generally vote in favor of the
issuance of preferred stock in cases where the company specifies the voting,
dividend, conversion and other rights of such stock and the terms of the
preferred stock issuance are deemed reasonable. The investment manager will
review proposals seeking preemptive rights on a case-by-case basis.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Mergers
and corporate restructuring. &#160; &#160; Mergers and acquisitions will be
subject to careful review by the research analyst to determine whether they
would be beneficial to shareholders. The investment manager will analyze
various economic and strategic factors in making the final decision on a merger
or acquisition. Corporate restructuring proposals are also subject to a
thorough examination on a case-by-case basis.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Environmental
and social issues. &#160; &#160; The investment manager considers environmental
and social issues alongside traditional financial measures to provide a more
comprehensive view of the value, risk and return potential of an investment.
Companies may face significant financial, legal and reputational risks
resulting from poor environmental and social practices, or negligent oversight
of environmental or social issues. Franklin Templeton&#8217;s &#8220;Responsible Investment
Principles and Policies&#8221; describes the investment manager&#8217;s approach to
consideration of environmental, social and governance issues within the
investment manager&#8217;s processes and ownership practices.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">The
investment manager will review shareholder proposals on a case-by-case basis
and may support those that serve to enhance value or mitigate risk, are drafted
appropriately, and do not disrupt the course of business or require a
disproportionate or inappropriate use of company resources. In the investment
manager&#8217;s experience, those companies that are managed well are often effective
in dealing with the relevant environmental and social issues that pertain to
their business. As such, the investment manager will generally give management
discretion with regard to environmental and social issues. However, in cases
where management and the board have not demonstrated adequate efforts to
mitigate material environmental or social risks, have engaged in inappropriate
or illegal conduct, or have failed to adequately address current or emergent
risks that threaten shareholder value, the investment manager may choose to
support well-crafted shareholder proposals that serve to promote or protect
shareholder value. This may include seeking appropriate disclosure regarding
material environmental and social issues.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">The
investment manager will consider supporting a shareholder proposal seeking
disclosure and greater board oversight of lobbying and corporate political
contributions if the investment manager believes that there is evidence of
inadequate oversight by the company&#8217;s board, if the company&#8217;s current
disclosure is significantly deficient, or if the disclosure is notably lacking
in comparison to the company&#8217;s peers.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Governance
matters. &#160; &#160; The investment manager generally supports the right of
shareholders to call special meetings and act by written consent. However, the
investment manager will review such shareholder proposals on a case-by-case
basis in an effort to ensure that such proposals do not disrupt the course of
business or require a disproportionate or inappropriate use of company
resources.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Proxy
access. &#160; &#160; In cases where the investment manager is satisfied with
company performance and the responsiveness of management, it will generally
vote against shareholder proxy access proposals not supported by management. In
other instances, the investment manager will consider such proposals on a
case-by-case basis, taking into account factors such as the size of the
company, ownership thresholds and holding periods, nomination limits (e.g.,
number of candidates that can be nominated), the intentions of the shareholder
proponent, and shareholder base.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Global
corporate governance. &#160; &#160; Many of the tenets discussed above are
applied to the investment manager's proxy voting decisions for international
investments. However, the investment manager must be flexible in these
worldwide markets. Principles of good corporate governance may vary by country,
given the constraints of a country&#8217;s laws and acceptable practices in the
markets. As a result, it is on occasion difficult to apply a consistent set of
governance practices to all issuers. As experienced money managers, the
investment manager's analysts are skilled in understanding the complexities of
the regions in which they specialize and are trained to analyze proxy issues
germane to their regions.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">The
investment manager will generally attempt to process every proxy it receives
for all domestic and foreign securities. However, there may be situations in
which the investment manager may be unable to successfully vote a proxy, or may
choose not to vote a proxy, such as where: (i) a proxy ballot was not received
from the custodian bank; (ii) a meeting notice was received too late; (iii)
there are fees imposed upon the exercise of a vote and it is determined that
such fees outweigh the benefit of voting; (iv) there are legal encumbrances to
voting, including blocking restrictions in certain markets that preclude the
ability to dispose of a security if the investment manager votes a proxy or
where the investment manager is prohibited from voting by applicable law,
economic or other sanctions, or other regulatory or market requirements, including
but not limited to, effective Powers of Attorney; (v) additional documentation
or the disclosure of beneficial owner details is required; (vi) the investment
manager held shares on the record date but has sold them prior to the meeting
date; (vii) a proxy voting service is not offered by the custodian in the
market; (viii) due to either system error or human error, the investment
manager&#8217;s intended vote is not correctly submitted; (ix) the investment manager
believes it is not in the best interest of the Fund or its shareholders to vote
the proxy for any other reason not enumerated herein; or (x) a security is
subject to a securities lending or similar program that has transferred legal
title to the security to another person.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">In some
non-U.S. jurisdictions, even if the investment manager uses reasonable efforts
to vote a proxy on behalf of the Fund, such vote or proxy may be rejected
because of (a) operational or procedural issues experienced by one or more
third parties involved in voting proxies in such jurisdictions; (b) changes in
the process or agenda for the meeting by the issuer for which the investment
manager does not have sufficient notice; or (c) the exercise by the issuer of
its discretion to reject the vote of the investment manager. In addition,
despite the best efforts of the Proxy Group and its agents, there may be
situations where the investment manager's votes are not received, or properly
tabulated, by an issuer or the issuer's agent.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">The
investment manager or its affiliates may, on behalf of one or more of the
proprietary registered investment companies advised by the investment manager
or its affiliates, determine to use its best efforts to recall any security on
loan where the investment manager or its affiliates (a) learn of a vote on a
material event that may affect a security on loan and (b) determine that it is
in the best interests of such proprietary registered investment companies to
recall the security for voting purposes.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Procedures
for meetings involving fixed income securities &amp; privately held issuers.
&#160; &#160; From time to time, certain custodians may process events for
fixed income securities through their proxy voting channels rather than
corporate action channels for administrative convenience. In such cases, the
Proxy Group will receive ballots for such events on the ISS voting platform.
The Proxy Group will solicit voting instructions from the investment manager
for each Fund involved. If the Proxy Group does not receive voting instructions
from the investment manager, the Proxy Group will take no action on the event.
The investment manager may be unable to vote a proxy for a fixed income
security, or may choose not to vote a proxy, for the reasons described above.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">In the
rare instance where there is a vote for a privately held issuer, the decision
will generally be made by the relevant portfolio managers or research analysts.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">The
Proxy Group will monitor such meetings involving fixed income securities or
privately held issuers for conflicts of interest in accordance with these procedures.
If a fixed income or privately held issuer is flagged as a potential conflict
of interest, the investment manager may nonetheless vote as it deems in the
best interests of the Fund. The investment manager will report such decisions
on an annual basis to the Fund board as may be required.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Arial Unicode MS&quot;,&quot;sans-serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 1em;margin-bottom: 1em;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;color: black;display: inline;">Shareholders
may view the complete Policies online at franklintempleton.com. Alternatively,
shareholders may request copies of the Policies free of charge by calling the
Proxy Group collect at (954) 527-7678 or by sending a written request to:
Franklin Templeton Companies, LLC, 300 S.E. 2nd Street, Fort Lauderdale, FL
33301-1923, Attention: Proxy Group. Copies of the Fund&#8217;s proxy voting records
are available online at franklintempleton.com and posted on the SEC website at
www.sec.gov. The proxy voting records are updated each year by August 31 to
reflect the most recent 12-month period ended June 30.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
8. Portfolio Managers of Closed-End Management Investment Companies<strong><div style="font-family: &quot;Courier New&quot;;display: inline;">.&#160;&#160; N/A</div></strong> </div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
9. Purchases of Equity Securities by Closed-End Management Investment Company
and Affiliated Purchasers</div></b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<table border="0" cellspacing="0" cellpadding="0" width="110%" style="border-collapse: collapse;margin-left: -44.1pt">
 <tr style="height: 9.35pt">
  <td width="24%" valign="top" style="width: 24.8%;border: solid windowtext 1.0pt;border-bottom: none;padding: 0in 5.4pt 0in 5.4pt;height: 9.35pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>
  </td>
  <td width="13%" valign="top" style="width: 13.78%;border-top: solid windowtext 1.0pt;border-left: none;border-bottom: none;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 9.35pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">(a)</div></b></div>
  </td>
  <td width="15%" valign="top" style="width: 15.64%;border-top: solid windowtext 1.0pt;border-left: none;border-bottom: none;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 9.35pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">(b)</div></b></div>
  </td>
  <td width="21%" valign="top" style="width: 21.16%;border-top: solid windowtext 1.0pt;border-left: none;border-bottom: none;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 9.35pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">(c)</div></b></div>
  </td>
  <td width="24%" valign="top" style="width: 24.64%;border-top: solid windowtext 1.0pt;border-left: none;border-bottom: none;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 9.35pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">(d)</div></b></div>
  </td>
 </tr>
 <tr style="height: 56.4pt">
  <td width="24%" valign="top" style="width: 24.8%;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: 56.4pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Period</div></b></div>
  </td>
  <td width="13%" valign="top" style="width: 13.78%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 56.4pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Total
  Number of Shares Purchased</div></b><sup><div style="font-size: 9.0pt;display: inline;">1</div></sup></div>
  </td>
  <td width="15%" valign="top" style="width: 15.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 56.4pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Average
  Price Paid per Share</div></b></div>
  </td>
  <td width="21%" valign="top" style="width: 21.16%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 56.4pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Total
  Number of Shares Purchased as Part of Publicly Announced Plans or Program</div></b></div>
  </td>
  <td width="24%" valign="top" style="width: 24.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 56.4pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Maximum
  Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased
  Under the Plans or Programs</div></b></div>
  </td>
 </tr>
 <tr style="height: 10.65pt">
  <td width="24%" valign="top" style="width: 24.8%;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Month
  #1 (1/1/20 - 1/31/20)</div></div>
  </td>
  <td width="13%" valign="top" style="width: 13.78%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="15%" valign="top" style="width: 15.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="21%" valign="top" style="width: 21.16%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="24%" valign="top" style="width: 24.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  3,449,822.00 </div></div>
  </td>
 </tr>
 <tr style="height: 10.65pt">
  <td width="24%" valign="top" style="width: 24.8%;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Month
  #2 (2/1/20 - 2/29/20)</div></div>
  </td>
  <td width="13%" valign="top" style="width: 13.78%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="15%" valign="top" style="width: 15.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="21%" valign="top" style="width: 21.16%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="24%" valign="top" style="width: 24.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  3,449,822.00 </div></div>
  </td>
 </tr>
 <tr style="height: 10.65pt">
  <td width="24%" valign="top" style="width: 24.8%;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Month
  #3 (3/1/20 - 3/31/20)</div></div>
  </td>
  <td width="13%" valign="top" style="width: 13.78%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="15%" valign="top" style="width: 15.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="21%" valign="top" style="width: 21.16%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160; </div></div>
  </td>
  <td width="24%" valign="top" style="width: 24.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  3,449,822.00 </div></div>
  </td>
 </tr>
 <tr style="height: 10.65pt">
  <td width="24%" valign="top" style="width: 24.8%;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Month
  #4 (4/1/20 - 4/30/20)</div></div>
  </td>
  <td width="13%" valign="top" style="width: 13.78%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="15%" valign="top" style="width: 15.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="21%" valign="top" style="width: 21.16%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="24%" valign="top" style="width: 24.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  3,449,822.00 </div></div>
  </td>
 </tr>
 <tr style="height: 10.65pt">
  <td width="24%" valign="top" style="width: 24.8%;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Month
  #5 (5/1/20 - 5/31/20)</div></div>
  </td>
  <td width="13%" valign="top" style="width: 13.78%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="15%" valign="top" style="width: 15.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;
  &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;-&#160;&#160; </div></div>
  </td>
  <td width="21%" valign="top" style="width: 21.16%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="24%" valign="top" style="width: 24.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  3,449,822.00 </div></div>
  </td>
 </tr>
 <tr style="height: .1in">
  <td width="24%" valign="top" style="width: 24.8%;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: .1in">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Month
  #6 (6/1/20 - 6/30/20)</div></div>
  </td>
  <td width="13%" valign="top" style="width: 13.78%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: .1in">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="15%" valign="top" style="width: 15.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: .1in">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="21%" valign="top" style="width: 21.16%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: .1in">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  -&#160;&#160; </div></div>
  </td>
  <td width="24%" valign="top" style="width: 24.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: .1in">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  3,449,822.00 </div></div>
  </td>
 </tr>
 <tr style="height: 10.65pt">
  <td width="24%" valign="top" style="width: 24.8%;border: solid windowtext 1.0pt;border-top: none;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">Total</div></div>
  </td>
  <td width="13%" valign="top" style="width: 13.78%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  &#160;-&#160;&#160; </div></div>
  </td>
  <td width="15%" valign="top" style="width: 15.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>
  </td>
  <td width="21%" valign="top" style="width: 21.16%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: justify;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -&#160;&#160; </div></div>
  </td>
  <td width="24%" valign="top" style="width: 24.64%;border-top: none;border-left: none;border-bottom: solid windowtext 1.0pt;border-right: solid windowtext 1.0pt;padding: 0in 5.4pt 0in 5.4pt;height: 10.65pt">
  <div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>
  </td>
 </tr>
</table>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: -.25in;margin-right: 0in;margin-left: .5in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Courier New&quot;;display: inline;">1.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;
</div></div><div style="font-size: 8.0pt;font-family: &quot;Courier New&quot;;display: inline;">The Board
previously authorized an open-market share repurchase program pursuant to which
the Fund may purchase, from time to time, Fund shares in open-market
transactions, at the discretion of management. Effective February 26, 2013, the
Board approved a modification to the Fund&#8217;s previously announced open-market
share repurchase program to authorize the Fund to repurchase up to 10% of the
Fund&#8217;s shares outstanding in open market transactions as of that date, at the
discretion of management. Since the inception of the program, the Fund had
repurchased a total of 9,335,184 shares.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: .75in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><strong><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
10</div></strong><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">. <b>Submission
of Matters to a Vote of Security Holders.</b></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;mso-style-link: &quot;Plain Text Char&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">There have been no changes to the procedures by which
shareholders may recommend nominees to the Registrant's Board of Directors that
would require disclosure herein.</div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
11. Controls and Procedures.</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">(a)&#160;<b><u>Evaluation
of Disclosure Controls and Procedures</u></b>. The Registrant maintains
disclosure controls and procedures that are designed to provide reasonable
assurance that information required to be disclosed in the Registrant&#8217;s filings
under the Securities Exchange Act of 1934, as amended, and the Investment
Company Act of 1940 is recorded, processed, summarized and reported within the periods
specified in the rules and forms of the Securities and Exchange Commission.
Such information is accumulated and communicated to the Registrant&#8217;s
management, including its principal executive officer and principal financial
officer, as appropriate, to allow timely decisions regarding required
disclosure. The Registrant&#8217;s management, including the principal executive
officer and the principal financial officer, recognizes that any set of
controls and procedures, no matter how well designed and operated, can provide
only reasonable assurance of achieving the desired control objectives.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .5in;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Within
90 days prior to the filing date of this Shareholder Report on Form&#160;N-CSRS,&#160;the
Registrant had carried out an evaluation, under the supervision and with the
participation of the Registrant&#8217;s management, including the Registrant&#8217;s
principal executive officer and the Registrant&#8217;s principal financial officer,
of the effectiveness of the design and operation of the Registrant&#8217;s disclosure
controls and procedures. Based on such evaluation, the Registrant&#8217;s principal
executive officer and principal financial officer concluded that the
Registrant&#8217;s disclosure controls and procedures are effective. </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">(b)&#160;&#160;<b><u>Changes
in Internal Controls.</u></b>&#160;During the period covered by this report, a
third-party service provider commenced performing certain accounting and
administrative services for the Registrant that are subject to Franklin
Templeton&#8217;s oversight.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .5in;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item 12. Disclosure of Securities Lending
Activities for Closed-End Management Investment Company.&#160; N/A</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Item
13. Exhibits.</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">(a)(1)</div></b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"> Code of Ethics </div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"><a href="coe.htm">Code of Ethics</a></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;display: inline;">(a)(2)</div></b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;display: inline;"> Certifications pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief
Executive Officer - Finance and Administration, and Robert G. Kubilis, Chief
Financial Officer and Chief Accounting Officer</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;display: inline;"><a href="section302.htm">Section 302</a></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;display: inline;">&#160;</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;display: inline;">(b)</div></b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;layout-grid-mode: line;display: inline;"> Certifications pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002 of Matthew T. Hinkle, Chief Executive Officer -
Finance and Administration, and Robert G. Kubilis, Chief Financial Officer and
Chief Accounting Officer</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"><a href="section906.htm"></a></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="color: blue;text-decoration: underline;display: inline;"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"><a href="section906.htm">Section 906</a></div></div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-align: center;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">SIGNATURES</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Templeton
Dragon Fund, Inc.</div></b></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">By </div><u><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">S\MATTHEW T. HINKLE___________</div></u></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Matthew T. Hinkle</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Chief Executive Officer &#8211;&#160;
Finance and Administration</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Date:&#160; August 25, 2020</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">By </div><u><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">S\MATTHEW T. HINKLE__________</div></u></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;
</div><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Matthew T.
Hinkle</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Chief Executive Officer &#8211;&#160;
Finance and Administration</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Date:&#160; August 25, 2020</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">By </div><u><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">S\ROBERT G. KUBILIS__________</div></u></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;
</div><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Robert G.
Kubilis</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Chief Financial Officer </div><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">and</div><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;"> </div><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Chief Accounting Officer</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;layout-grid-mode: char;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Courier New&quot;;display: inline;">Date:&#160; August 25, 2020</div></div>

<div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-right: 0in;margin-left: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

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<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>coe.htm
<TEXT>
<html><head></head><body><div style="page: WordSection1">

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 6.0pt;margin-right: 6.9pt;margin-top: 1.9pt;margin-bottom: .0001pt"><b><div style="font-size: 16.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Code of Ethics for
Principal Executives </div></b><b><div style="font-size: 16.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&amp;<div style="letter-spacing: -.05pt;display: inline;"> Senior
Financial</div><div style="letter-spacing: 1.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Officers</div></div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;line-height: 1.0pt;margin-left: 89.05pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 1.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><b><div style="font-size: 6.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 6.0pt;margin-right: 0in;margin-top: 3.5pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;position: relative;top: -2.0pt;letter-spacing: -.05pt;display: inline;">Procedures&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></b><div style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Revised December 10, 2018</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .05pt;margin-bottom: .0001pt"><div style="font-size: 10.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;line-height: 1.0pt;margin-left: 89.05pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 1.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .25pt;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<h1 align="center" style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: center;margin-top: 3.45pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 2.2pt"><div style="letter-spacing: -.05pt;display: inline;">FRANKLIN </div><div style="letter-spacing: -.1pt;display: inline;">TEMPLETON</div><div style="letter-spacing: -.05pt;display: inline;"> FUNDS</div></h1>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div align="center" style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;text-align: center;line-height: 186%;margin-left: 87.05pt;margin-right: 88.0pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 12.0pt;line-height: 186%;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">CODE OF ETHICS </div></b><b><div style="font-size: 12.0pt;line-height: 186%;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">FOR<div style="letter-spacing: -.05pt;display: inline;"> </div><div style="letter-spacing: -.15pt;display: inline;">PRINCIPAL</div><div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">EXECUTIVES</div><div style="letter-spacing: -.45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">AND</div><div style="letter-spacing: 1.45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">SENIOR
FINANCIAL OFFICERS</div></div></b></div>

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<h2 style="text-indent: -41.5pt;font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;font-weight: normal;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 48.0pt">I.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div><div style="letter-spacing: -.05pt;display: inline;">Covered</div> Officers and Purpose
of the Code</h2>

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<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 6.9pt;margin-bottom: .0001pt;margin-left: 5.95pt">This<div style="letter-spacing: 1.65pt;display: inline;"> </div>code<div style="letter-spacing: 1.65pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">of</div><div style="letter-spacing: 1.7pt;display: inline;"> </div>ethics<div style="letter-spacing: 1.65pt;display: inline;">
</div>(the<div style="letter-spacing: 1.65pt;display: inline;"> </div>"Code")<div style="letter-spacing: 1.65pt;display: inline;"> </div>applies<div style="letter-spacing: 1.7pt;display: inline;">
</div>to<div style="letter-spacing: 1.65pt;display: inline;"> </div>the<div style="letter-spacing: 1.65pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Principal</div><div style="letter-spacing: 1.65pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Executive</div><div style="letter-spacing: 1.7pt;display: inline;"> </div>Officers,<div style="letter-spacing: 1.65pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">Principal</div><div style="letter-spacing: 2.35pt;display: inline;"> </div>Financial<div style="letter-spacing: .45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Officer</div><div style="letter-spacing: .45pt;display: inline;"> </div>and<div style="letter-spacing: .45pt;display: inline;"> </div>Principal<div style="letter-spacing: .45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Accounting</div><div style="letter-spacing: .5pt;display: inline;"> </div>Officer<div style="letter-spacing: .5pt;display: inline;"> </div>(the<div style="letter-spacing: .45pt;display: inline;"> </div>"Covered<div style="letter-spacing: .45pt;display: inline;"> </div>Officers,"<div style="letter-spacing: .5pt;display: inline;"> </div>each<div style="letter-spacing: .45pt;display: inline;"> </div>of<div style="letter-spacing: .4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">whom</div><div style="letter-spacing: .45pt;display: inline;"> </div>is<div style="letter-spacing: .5pt;display: inline;"> </div>set<div style="letter-spacing: 1.75pt;display: inline;"> </div>forth
in<div style="letter-spacing: .05pt;display: inline;"> </div>Exhibit <div style="letter-spacing: -.05pt;display: inline;">A)</div><div style="letter-spacing: .05pt;display: inline;"> </div>of<div style="letter-spacing: .05pt;display: inline;"> </div>each investment<div style="letter-spacing: .05pt;display: inline;"> </div>company<div style="letter-spacing: .05pt;display: inline;"> </div>advised by<div style="letter-spacing: .05pt;display: inline;"> </div>a<div style="letter-spacing: .1pt;display: inline;"> </div>Franklin<div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Resources</div><div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">subsidiary</div>
and<div style="letter-spacing: 1.9pt;display: inline;"> </div>that<div style="letter-spacing: 1.9pt;display: inline;"> </div>is<div style="letter-spacing: 1.95pt;display: inline;"> </div>registered<div style="letter-spacing: 1.95pt;display: inline;"> </div>with<div style="letter-spacing: 1.9pt;display: inline;"> </div>the<div style="letter-spacing: 1.95pt;display: inline;"> </div>United<div style="letter-spacing: 1.95pt;display: inline;">
</div>States<div style="letter-spacing: 1.9pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Securities</div><div style="letter-spacing: 1.9pt;display: inline;"> </div>&amp;<div style="letter-spacing: 1.95pt;display: inline;"> </div>Exchange<div style="letter-spacing: 2.0pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">Commission</div><div style="letter-spacing: 1.9pt;display: inline;"> </div>(&#8220;SEC&#8221;)<div style="letter-spacing: 1.8pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">(collectively,</div><div style="letter-spacing: -.35pt;display: inline;"> </div>"FT<div style="letter-spacing: -.35pt;display: inline;">
</div>Funds")<div style="letter-spacing: -.35pt;display: inline;"> </div>for<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>purpose<div style="letter-spacing: -.35pt;display: inline;"> </div>of<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">promoting:</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .3pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

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</div></div><div style="letter-spacing: -.05pt;display: inline;">Honest</div><div style="letter-spacing: -.35pt;display: inline;"> </div>and<div style="letter-spacing: -.3pt;display: inline;"> </div>ethical<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">conduct,</div><div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">including</div><div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>ethical<div style="letter-spacing: -.35pt;display: inline;"> </div>resolution<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">of</div><div style="letter-spacing: -.35pt;display: inline;"> </div>actual<div style="letter-spacing: -.3pt;display: inline;">
</div>or<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">apparent</div><div style="letter-spacing: 2.85pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">conflicts</div><div style="letter-spacing: -.45pt;display: inline;">
</div>of<div style="letter-spacing: -.45pt;display: inline;"> </div>interest<div style="letter-spacing: -.45pt;display: inline;"> </div>between<div style="letter-spacing: -.45pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">personal</div><div style="letter-spacing: -.45pt;display: inline;"> </div>and<div style="letter-spacing: -.45pt;display: inline;"> </div>professional<div style="letter-spacing: -.45pt;display: inline;"> </div>relationships;</div>

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</div></div>Full,<div style="letter-spacing: -.35pt;display: inline;"> </div>fair,<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">accurate,</div><div style="letter-spacing: -.3pt;display: inline;"> </div>timely<div style="letter-spacing: -.3pt;display: inline;"> </div>and<div style="letter-spacing: -.3pt;display: inline;"> </div>understandable<div style="letter-spacing: -.3pt;display: inline;"> </div>disclosure<div style="letter-spacing: -.35pt;display: inline;"> </div>in<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">reports</div><div style="letter-spacing: -.3pt;display: inline;"> </div>and<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">documents</div><div style="letter-spacing: -.3pt;display: inline;">
</div>that<div style="letter-spacing: 2.15pt;display: inline;"> </div>a<div style="letter-spacing: -.25pt;display: inline;"> </div>registrant<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">files</div><div style="letter-spacing: -.25pt;display: inline;"> </div>with,<div style="letter-spacing: -.25pt;display: inline;"> </div>or<div style="letter-spacing: -.25pt;display: inline;"> </div>submits<div style="letter-spacing: -.25pt;display: inline;"> </div>to,<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: -.25pt;display: inline;"> </div>SEC<div style="letter-spacing: -.2pt;display: inline;"> </div>and<div style="letter-spacing: -.2pt;display: inline;"> </div>in<div style="letter-spacing: -.25pt;display: inline;"> </div>other<div style="letter-spacing: -.25pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">public</div><div style="letter-spacing: -.2pt;display: inline;"> </div>communications<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">made</div><div style="letter-spacing: 1.35pt;display: inline;"> </div>by<div style="letter-spacing: -.2pt;display: inline;"> </div>or<div style="letter-spacing: -.2pt;display: inline;"> </div>on<div style="letter-spacing: -.2pt;display: inline;"> </div>behalf<div style="letter-spacing: -.2pt;display: inline;"> </div>of<div style="letter-spacing: -.2pt;display: inline;"> </div>the<div style="letter-spacing: -.2pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Funds;</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 4.4pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 42.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Compliance</div><div style="letter-spacing: -.45pt;display: inline;"> </div>with<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">applicable</div><div style="letter-spacing: -.45pt;display: inline;"> </div>laws<div style="letter-spacing: -.4pt;display: inline;"> </div>and<div style="letter-spacing: -.45pt;display: inline;"> </div>governmental<div style="letter-spacing: -.45pt;display: inline;"> </div>rules<div style="letter-spacing: -.4pt;display: inline;"> </div>and<div style="letter-spacing: -.45pt;display: inline;"> </div>regulations;</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 7.05pt;margin-right: 6.9pt;margin-bottom: .0001pt;margin-left: 42.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div>The<div style="letter-spacing: 2.25pt;display: inline;"> </div>prompt<div style="letter-spacing: 2.3pt;display: inline;"> </div>internal<div style="letter-spacing: 2.25pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">reporting</div><div style="letter-spacing: 2.3pt;display: inline;"> </div>of<div style="letter-spacing: 2.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">violations</div><div style="letter-spacing: 2.25pt;display: inline;"> </div>of<div style="letter-spacing: 2.25pt;display: inline;"> </div>the<div style="letter-spacing: 2.3pt;display: inline;"> </div>Code<div style="letter-spacing: 2.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">to</div><div style="letter-spacing: 2.3pt;display: inline;"> </div>an<div style="letter-spacing: 2.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">appropriate</div><div style="letter-spacing: 2.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">person</div><div style="letter-spacing: 2.3pt;display: inline;"> </div>or<div style="letter-spacing: 3.25pt;display: inline;"> </div>persons<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">identified</div><div style="letter-spacing: -.3pt;display: inline;"> </div>in<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>Code;<div style="letter-spacing: -.3pt;display: inline;"> </div>and</div>

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</div></div><div style="letter-spacing: -.05pt;display: inline;">Accountability</div><div style="letter-spacing: -.4pt;display: inline;"> </div>for<div style="letter-spacing: -.35pt;display: inline;"> </div>adherence<div style="letter-spacing: -.4pt;display: inline;"> </div>to<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.45pt;display: inline;"> </div>Code.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 6.85pt;margin-bottom: .0001pt;margin-left: 6.0pt">Each<div style="letter-spacing: .75pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Covered</div><div style="letter-spacing: .75pt;display: inline;"> </div>Officer<div style="letter-spacing: .75pt;display: inline;"> </div>will<div style="letter-spacing: .75pt;display: inline;"> </div>be<div style="letter-spacing: .75pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">expected</div><div style="letter-spacing: .75pt;display: inline;"> </div>to<div style="letter-spacing: .75pt;display: inline;"> </div>adhere<div style="letter-spacing: .75pt;display: inline;"> </div>to<div style="letter-spacing: .75pt;display: inline;"> </div>a<div style="letter-spacing: .8pt;display: inline;"> </div>high<div style="letter-spacing: .75pt;display: inline;"> </div>standard<div style="letter-spacing: .75pt;display: inline;"> </div>of<div style="letter-spacing: .7pt;display: inline;"> </div>business<div style="letter-spacing: .75pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">ethics</div><div style="letter-spacing: 1.85pt;display: inline;"> </div>and<div style="letter-spacing: .5pt;display: inline;"> </div>must<div style="letter-spacing: .55pt;display: inline;"> </div>be<div style="letter-spacing: .55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">sensitive</div><div style="letter-spacing: .5pt;display: inline;">
</div>to<div style="letter-spacing: .55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">situations</div><div style="letter-spacing: .55pt;display: inline;"> </div>that<div style="letter-spacing: .5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">may</div><div style="letter-spacing: .55pt;display: inline;"> </div>give<div style="letter-spacing: .55pt;display: inline;"> </div>rise<div style="letter-spacing: .5pt;display: inline;"> </div>to<div style="letter-spacing: .55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">actual</div><div style="letter-spacing: .55pt;display: inline;"> </div>as<div style="letter-spacing: .5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">well</div><div style="letter-spacing: .5pt;display: inline;"> </div>as<div style="letter-spacing: .55pt;display: inline;"> </div>apparent<div style="letter-spacing: .45pt;display: inline;"> </div>conflicts<div style="letter-spacing: .55pt;display: inline;">
</div>of<div style="letter-spacing: 2.65pt;display: inline;"> </div>interest.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .3pt;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 6.0pt;margin-right: 12.4pt;margin-top: 3.8pt;margin-bottom: .0001pt"><i><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;">* </div></i><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;">Rule 38a-1<div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">under</div> <div style="letter-spacing: -.05pt;display: inline;">the</div> <div style="letter-spacing: -.05pt;display: inline;">Investment</div>
<div style="letter-spacing: -.05pt;display: inline;">Company</div><div style="letter-spacing: .05pt;display: inline;"> </div>Act of 1940<div style="letter-spacing: -.1pt;display: inline;"> </div>(&#8220;1940 <div style="letter-spacing: -.05pt;display: inline;">Act&#8221;)</div> and <div style="letter-spacing: -.05pt;display: inline;">Rule</div> <div style="letter-spacing: -.05pt;display: inline;">206(4)-7</div> under<div style="letter-spacing: -.05pt;display: inline;"> the </div>Investment <div style="letter-spacing: -.05pt;display: inline;">Advisers</div> Act <div style="letter-spacing: -.05pt;display: inline;">of</div><div style="letter-spacing: 3.55pt;display: inline;"> </div>1940 (&#8220;Advisers Act&#8221;)<div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">(together</div>
the &#8220;Compliance Rule&#8221;) <div style="letter-spacing: -.05pt;display: inline;">require registered</div>
<div style="letter-spacing: -.05pt;display: inline;">investment</div> <div style="letter-spacing: -.05pt;display: inline;">companies</div><div style="letter-spacing: -.1pt;display: inline;"> </div>and <div style="letter-spacing: -.05pt;display: inline;">registered</div> <div style="letter-spacing: -.05pt;display: inline;">investment</div><div style="letter-spacing: 4.05pt;display: inline;"> </div>advisers <div style="letter-spacing: -.05pt;display: inline;">to,</div> among other<div style="letter-spacing: -.05pt;display: inline;"> things, adopt and implement</div> written <div style="letter-spacing: -.05pt;display: inline;">policies </div>and<div style="letter-spacing: -.05pt;display: inline;"> procedures
reasonably</div> designed to <div style="letter-spacing: -.05pt;display: inline;">prevent</div>
<div style="letter-spacing: -.05pt;display: inline;">violations</div><div style="letter-spacing: 4.05pt;display: inline;"> </div>of the<div style="letter-spacing: -.05pt;display: inline;"> federal</div> <div style="letter-spacing: -.05pt;display: inline;">securities</div> <div style="letter-spacing: -.05pt;display: inline;">laws</div> <div style="letter-spacing: -.05pt;display: inline;">(&#8220;Compliance </div>Rule<div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Policies</div><div style="letter-spacing: -.1pt;display: inline;"> </div>and <div style="letter-spacing: -.05pt;display: inline;">Procedures&#8221;).</div></div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 6.0pt;margin-right: 6.9pt;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;letter-spacing: -.05pt;display: inline;">CONFIDENTIAL</div><div style="font-size: 9.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;"> <div style="letter-spacing: -.05pt;display: inline;">INFORMATION.</div>&#160; <div style="letter-spacing: -.05pt;display: inline;">This</div> <div style="letter-spacing: -.05pt;display: inline;">document</div> is<div style="letter-spacing: -.05pt;display: inline;"> the</div> <div style="letter-spacing: -.05pt;display: inline;">proprietary</div><div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">product</div>
of<div style="letter-spacing: -.05pt;display: inline;"> </div>Franklin<div style="letter-spacing: -.1pt;display: inline;"> </div>Templeton <div style="letter-spacing: -.05pt;display: inline;">Investments.</div><div style="letter-spacing: 2.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">It</div>
<div style="letter-spacing: -.05pt;display: inline;">may</div><div style="letter-spacing: .05pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">NOT</div><div style="letter-spacing: 3.5pt;display: inline;"> </div>be <div style="letter-spacing: -.05pt;display: inline;">distributed</div><div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">outside</div>
the <div style="letter-spacing: -.05pt;display: inline;">company</div> <div style="letter-spacing: -.05pt;display: inline;">unless</div> <div style="letter-spacing: -.05pt;display: inline;">it is</div><div style="letter-spacing: .05pt;display: inline;"> </div>made subject to<div style="letter-spacing: -.1pt;display: inline;"> </div>a <div style="letter-spacing: -.05pt;display: inline;">non-disclosure agreement </div>and/or<div style="letter-spacing: -.05pt;display: inline;"> such</div> <div style="letter-spacing: -.05pt;display: inline;">release</div>
<div style="letter-spacing: -.05pt;display: inline;">receives</div><div style="letter-spacing: 5.05pt;display: inline;"> </div>authorization <div style="letter-spacing: -.05pt;display: inline;">by </div>an
FTI <div style="letter-spacing: -.05pt;display: inline;">Chief Compliance</div> <div style="letter-spacing: -.05pt;display: inline;">Officer.</div>&#160; <div style="letter-spacing: -.05pt;display: inline;">Any</div><div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">unauthorized</div> <div style="letter-spacing: -.05pt;display: inline;">use,</div> <div style="letter-spacing: -.05pt;display: inline;">reproduction </div>or <div style="letter-spacing: -.05pt;display: inline;">transfer</div><div style="letter-spacing: -.1pt;display: inline;">
</div>of this <div style="letter-spacing: -.05pt;display: inline;">document</div> is strictly<div style="letter-spacing: 4.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">prohibited.</div><div style="letter-spacing: 2.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Franklin</div>
Templeton<div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Investments</div> &#169; <div style="letter-spacing: -.05pt;display: inline;">2014.</div><div style="letter-spacing: 2.25pt;display: inline;"> </div>All <div style="letter-spacing: -.05pt;display: inline;">Rights
Reserved.</div></div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .15pt;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;">&#160;</div></div>

<h1 style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 83.4pt"><div style="font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: red;letter-spacing: -.05pt;display: inline;">For</div><div style="font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: red;display: inline;"> Internal Use Only - Not <div style="letter-spacing: -.05pt;display: inline;">For</div>
External Distribution</div></h1>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;text-indent: -38.8pt;margin-left: 47.95pt;margin-right: 0in;margin-top: 3.45pt;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">II.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Other
Policies and Procedures</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 5.9pt;margin-bottom: .0001pt;margin-left: 12.0pt">This<div style="letter-spacing: -.1pt;display: inline;"> </div>Code<div style="letter-spacing: -.05pt;display: inline;"> </div>shall<div style="letter-spacing: -.05pt;display: inline;">
</div>be<div style="letter-spacing: -.1pt;display: inline;"> </div>the<div style="letter-spacing: -.1pt;display: inline;"> </div>sole<div style="letter-spacing: -.05pt;display: inline;"> </div>code<div style="letter-spacing: -.1pt;display: inline;"> </div>of<div style="letter-spacing: -.15pt;display: inline;"> </div>ethics<div style="letter-spacing: -.05pt;display: inline;"> adopted </div>by<div style="letter-spacing: -.1pt;display: inline;"> </div>the<div style="letter-spacing: -.05pt;display: inline;"> </div>Funds<div style="letter-spacing: -.05pt;display: inline;"> </div>for<div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">purposes </div>of<div style="letter-spacing: -.05pt;display: inline;"> Section</div><div style="letter-spacing: 1.75pt;display: inline;"> </div>406<div style="letter-spacing: 1.7pt;display: inline;"> </div>of<div style="letter-spacing: 1.7pt;display: inline;"> </div>the<div style="letter-spacing: 1.7pt;display: inline;"> </div>Sarbanes-Oxley<div style="letter-spacing: 1.7pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Act</div><div style="letter-spacing: 1.75pt;display: inline;"> </div>and<div style="letter-spacing: 1.7pt;display: inline;"> </div>the<div style="letter-spacing: 1.75pt;display: inline;"> </div>rules<div style="letter-spacing: 1.65pt;display: inline;">
</div>and<div style="letter-spacing: 1.75pt;display: inline;"> </div>forms<div style="letter-spacing: 1.7pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">applicable</div><div style="letter-spacing: 1.65pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">to</div><div style="letter-spacing: 1.75pt;display: inline;"> </div>registered<div style="letter-spacing: 1.65pt;display: inline;"> </div>investment<div style="letter-spacing: 1.4pt;display: inline;"> </div>companies<div style="letter-spacing: -1.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">thereunder.</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 11.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 5.95pt;margin-bottom: .0001pt;margin-left: 12.0pt">Franklin<div style="letter-spacing: 2.75pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Resources,</div><div style="letter-spacing: 2.75pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Inc.</div><div style="letter-spacing: 2.75pt;display: inline;"> </div>has<div style="letter-spacing: 2.75pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">separately</div><div style="letter-spacing: 2.75pt;display: inline;"> </div>adopted<div style="letter-spacing: 2.75pt;display: inline;"> </div>the<div style="letter-spacing: 2.75pt;display: inline;"> </div><u>Code<div style="letter-spacing: 2.7pt;display: inline;">
</div>of<div style="letter-spacing: 2.7pt;display: inline;"> </div>Ethics<div style="letter-spacing: 2.75pt;display: inline;"> </div>and<div style="letter-spacing: 2.7pt;display: inline;"> </div>Business</u><div style="letter-spacing: 2.15pt;display: inline;"> </div><u>Conduct<div style="letter-spacing: 1.3pt;display: inline;"> </div></u>(&#8220;Business<div style="letter-spacing: 1.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Conduct&#8221;),</div><div style="letter-spacing: 1.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">which</div><div style="letter-spacing: 1.35pt;display: inline;"> </div>is<div style="letter-spacing: 1.3pt;display: inline;"> </div>applicable<div style="letter-spacing: 1.3pt;display: inline;"> </div>to<div style="letter-spacing: 1.3pt;display: inline;"> </div>all<div style="letter-spacing: 1.3pt;display: inline;"> </div>officers,<div style="letter-spacing: 1.25pt;display: inline;">
</div>directors<div style="letter-spacing: 1.3pt;display: inline;"> </div>and<div style="letter-spacing: 1.3pt;display: inline;"> </div>employees<div style="letter-spacing: 1.3pt;display: inline;">
</div>of<div style="letter-spacing: 1.4pt;display: inline;"> </div>Franklin<div style="letter-spacing: .4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Resources,</div><div style="letter-spacing: .45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Inc.,</div><div style="letter-spacing: .45pt;display: inline;"> </div>including<div style="letter-spacing: .4pt;display: inline;">
</div>Covered<div style="letter-spacing: .5pt;display: inline;"> </div>Officers.<div style="letter-spacing: .95pt;display: inline;"> </div>It<div style="letter-spacing: .45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">summarizes</div><div style="letter-spacing: .45pt;display: inline;"> </div>the<div style="letter-spacing: .5pt;display: inline;"> </div>values,<div style="letter-spacing: .5pt;display: inline;"> </div>principles<div style="letter-spacing: .5pt;display: inline;">
</div>and<div style="letter-spacing: 1.95pt;display: inline;"> </div>business <div style="letter-spacing: -.05pt;display: inline;">practices</div><div style="letter-spacing: .05pt;display: inline;">
</div>that<div style="letter-spacing: -.15pt;display: inline;"> </div>guide<div style="letter-spacing: .05pt;display: inline;"> </div>the<div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">employee&#8217;s</div> business<div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">conduct</div> <div style="letter-spacing: .05pt;display: inline;">and</div> also<div style="letter-spacing: .05pt;display: inline;">
</div>provides a set of basic<div style="letter-spacing: 2.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">principles</div><div style="letter-spacing: 3.0pt;display: inline;"> </div>to<div style="letter-spacing: 3.0pt;display: inline;"> </div>guide<div style="letter-spacing: 3.0pt;display: inline;"> </div>officers,<div style="letter-spacing: 3.0pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">directors</div><div style="letter-spacing: 3.0pt;display: inline;"> </div>and<div style="letter-spacing: 3.0pt;display: inline;"> </div>employees&#160;
regarding&#160; the<div style="letter-spacing: 3.0pt;display: inline;"> </div>minimum<div style="letter-spacing: 3.0pt;display: inline;"> </div>ethical<div style="letter-spacing: 1.8pt;display: inline;">
</div>requirements<div style="letter-spacing: 1.3pt;display: inline;"> </div>expected<div style="letter-spacing: 1.35pt;display: inline;"> </div>of<div style="letter-spacing: 1.35pt;display: inline;"> </div>them.<div style="letter-spacing: 2.75pt;display: inline;"> </div>It<div style="letter-spacing: 1.4pt;display: inline;"> </div>supplements<div style="letter-spacing: 1.3pt;display: inline;"> </div>the<div style="letter-spacing: 1.35pt;display: inline;"> </div>values,<div style="letter-spacing: 1.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">principles</div><div style="letter-spacing: 1.3pt;display: inline;"> </div>and<div style="letter-spacing: 1.35pt;display: inline;"> </div>business<div style="letter-spacing: 1.35pt;display: inline;"> </div>conduct<div style="letter-spacing: 1.4pt;display: inline;">
</div>identified<div style="letter-spacing: -.35pt;display: inline;"> </div>in<div style="letter-spacing: -.4pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>Code<div style="letter-spacing: -.35pt;display: inline;"> </div>and<div style="letter-spacing: -.3pt;display: inline;"> </div>other<div style="letter-spacing: -.35pt;display: inline;"> </div>existing<div style="letter-spacing: -.3pt;display: inline;">
</div>employee<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">policies.</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 5.95pt;margin-bottom: .0001pt;margin-left: 12.0pt">Additionally,<div style="letter-spacing: 1.2pt;display: inline;"> </div>the<div style="letter-spacing: 1.2pt;display: inline;"> </div>Franklin<div style="letter-spacing: 1.2pt;display: inline;">
</div>Templeton<div style="letter-spacing: 1.2pt;display: inline;"> </div>Funds<div style="letter-spacing: 1.2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">have</div><div style="letter-spacing: 1.2pt;display: inline;"> </div>separately<div style="letter-spacing: 1.2pt;display: inline;"> </div>adopted<div style="letter-spacing: 1.25pt;display: inline;"> </div>the<div style="letter-spacing: 1.2pt;display: inline;"> </div><u>FTI<div style="letter-spacing: 1.15pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">Personal</div></u><div style="letter-spacing: 1.1pt;display: inline;"> </div><u>Investments<div style="letter-spacing: .45pt;display: inline;"> </div>and<div style="letter-spacing: .45pt;display: inline;"> </div>Insider<div style="letter-spacing: .5pt;display: inline;"> </div>Trading<div style="letter-spacing: .45pt;display: inline;"> </div>Policy<div style="letter-spacing: .5pt;display: inline;"> </div></u>governing<div style="letter-spacing: .5pt;display: inline;"> </div>personal<div style="letter-spacing: .5pt;display: inline;"> </div>securities<div style="letter-spacing: .5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">trading</div><div style="letter-spacing: .5pt;display: inline;"> </div>and<div style="letter-spacing: .5pt;display: inline;"> </div>other<div style="letter-spacing: .5pt;display: inline;"> </div>related<div style="letter-spacing: 1.25pt;display: inline;">
</div>matters.<div style="letter-spacing: .25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">The</div><div style="letter-spacing: 1.65pt;display: inline;"> </div>Code<div style="letter-spacing: 1.65pt;display: inline;"> </div>for<div style="letter-spacing: 1.6pt;display: inline;"> </div>Insider<div style="letter-spacing: 1.6pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Trading</div><div style="letter-spacing: 1.65pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">provides</div><div style="letter-spacing: 1.6pt;display: inline;"> </div>for<div style="letter-spacing: 1.6pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">separate</div><div style="letter-spacing: 1.65pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">requirements</div><div style="letter-spacing: 1.65pt;display: inline;"> </div>that<div style="letter-spacing: 1.6pt;display: inline;"> </div>apply<div style="letter-spacing: 1.65pt;display: inline;"> </div>to<div style="letter-spacing: 1.65pt;display: inline;"> </div>the<div style="letter-spacing: 3.45pt;display: inline;"> </div>Covered<div style="letter-spacing: -.3pt;display: inline;">
</div>Officers<div style="letter-spacing: -.25pt;display: inline;"> </div>and<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">others,</div><div style="letter-spacing: -.3pt;display: inline;"> </div>and<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">therefore</div><div style="letter-spacing: -.25pt;display: inline;">
</div>is<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">not</div><div style="letter-spacing: -.25pt;display: inline;"> </div>part<div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>this<div style="letter-spacing: -.3pt;display: inline;"> </div>Code.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 5.85pt;margin-bottom: .0001pt;margin-left: 11.95pt">Insofar<div style="letter-spacing: 2.55pt;display: inline;"> </div>as<div style="letter-spacing: 2.55pt;display: inline;"> </div>other<div style="letter-spacing: 2.55pt;display: inline;">
</div>policies<div style="letter-spacing: 2.6pt;display: inline;"> </div>or<div style="letter-spacing: 2.55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">procedures</div><div style="letter-spacing: 2.6pt;display: inline;"> </div>of<div style="letter-spacing: 2.6pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Franklin</div><div style="letter-spacing: 2.55pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">Resources,</div><div style="letter-spacing: 2.65pt;display: inline;"> </div>Inc.,<div style="letter-spacing: 2.5pt;display: inline;"> </div>the<div style="letter-spacing: 2.6pt;display: inline;"> </div>Funds,<div style="letter-spacing: 2.5pt;display: inline;"> </div>the<div style="letter-spacing: 2.35pt;display: inline;"> </div>Funds&#8217;<div style="letter-spacing: .15pt;display: inline;">
</div>adviser,<div style="letter-spacing: .15pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">principal</div><div style="letter-spacing: .15pt;display: inline;">
</div>underwriter,<div style="letter-spacing: .15pt;display: inline;"> </div>or<div style="letter-spacing: .15pt;display: inline;"> </div>other<div style="letter-spacing: .2pt;display: inline;"> </div>service<div style="letter-spacing: .15pt;display: inline;"> </div>providers<div style="letter-spacing: .15pt;display: inline;">
</div>govern<div style="letter-spacing: .15pt;display: inline;"> </div>or<div style="letter-spacing: .15pt;display: inline;"> </div>purport<div style="letter-spacing: .2pt;display: inline;"> </div>to<div style="letter-spacing: .15pt;display: inline;"> </div>govern<div style="letter-spacing: .15pt;display: inline;"> </div>the<div style="letter-spacing: 1.45pt;display: inline;"> </div>behavior<div style="letter-spacing: -.05pt;display: inline;">
</div>or<div style="letter-spacing: -.1pt;display: inline;"> </div>activities <div style="letter-spacing: -.05pt;display: inline;">of</div> <div style="letter-spacing: -.05pt;display: inline;">the</div>
Covered Officers <div style="letter-spacing: -.05pt;display: inline;">who</div><div style="letter-spacing: -.1pt;display: inline;"> </div>are subject<div style="letter-spacing: -.1pt;display: inline;"> </div>to this Code, they are <div style="letter-spacing: -.05pt;display: inline;">superceded</div><div style="letter-spacing: 1.45pt;display: inline;"> </div>by<div style="letter-spacing: .35pt;display: inline;"> </div>this<div style="letter-spacing: .4pt;display: inline;"> </div>Code<div style="letter-spacing: .4pt;display: inline;"> </div>to<div style="letter-spacing: .4pt;display: inline;"> </div>the<div style="letter-spacing: .4pt;display: inline;"> </div>extent<div style="letter-spacing: .4pt;display: inline;"> </div>that<div style="letter-spacing: .4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">they</div><div style="letter-spacing: .35pt;display: inline;"> </div>overlap<div style="letter-spacing: .4pt;display: inline;"> </div>or<div style="letter-spacing: .4pt;display: inline;"> </div>conflict<div style="letter-spacing: .4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">with</div><div style="letter-spacing: .35pt;display: inline;"> </div>the<div style="letter-spacing: .4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">provisions</div><div style="letter-spacing: .4pt;display: inline;"> </div>of<div style="letter-spacing: .4pt;display: inline;"> </div>this<div style="letter-spacing: .35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Code.</div><div style="letter-spacing: .8pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Please</div><div style="letter-spacing: 2.45pt;display: inline;"> </div>review these other documents or consult
with<div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div> Legal <div style="letter-spacing: -.05pt;display: inline;">Department</div>
if have questions regarding<div style="letter-spacing: 1.1pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">applicability</div><div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>these<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">policies</div><div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>you.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 10.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<h2 style="text-indent: -42.15pt;font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;font-weight: normal;margin-top: 0in;margin-right: 42.85pt;margin-bottom: .0001pt;margin-left: 48.0pt">III.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div><div style="letter-spacing: -.05pt;display: inline;">Covered Officers Should Handle</div><div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Ethically</div>
Actual and <div style="letter-spacing: -.05pt;display: inline;">Apparent</div> Conflicts of<div style="letter-spacing: 2.35pt;display: inline;"> </div>Interest</h2>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 5.85pt;margin-bottom: .0001pt;margin-left: 12.0pt"><b>Overview.<div style="letter-spacing: 2.9pt;display: inline;"> </div></b>A<div style="letter-spacing: 2.95pt;display: inline;"> </div>"conflict<div style="letter-spacing: 2.9pt;display: inline;"> </div>of<div style="letter-spacing: 3.0pt;display: inline;"> </div>interest"<div style="letter-spacing: 2.9pt;display: inline;"> </div>occurs<div style="letter-spacing: 3.0pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">when</div><div style="letter-spacing: 3.0pt;display: inline;"> </div>a<div style="letter-spacing: 3.0pt;display: inline;"> </div>Covered<div style="letter-spacing: 3.0pt;display: inline;">
</div>Officer's<div style="letter-spacing: 3.0pt;display: inline;"> </div>private<div style="letter-spacing: 3.0pt;display: inline;"> </div>interest<div style="letter-spacing: 1.2pt;display: inline;">
</div>interferes<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">with</div><div style="letter-spacing: .25pt;display: inline;"> </div>the<div style="letter-spacing: .25pt;display: inline;"> </div>interests<div style="letter-spacing: .25pt;display: inline;">
</div>of,<div style="letter-spacing: .25pt;display: inline;"> </div>or<div style="letter-spacing: .25pt;display: inline;"> </div>his<div style="letter-spacing: .2pt;display: inline;"> </div>or<div style="letter-spacing: .25pt;display: inline;"> </div>her<div style="letter-spacing: .25pt;display: inline;"> </div>service<div style="letter-spacing: .25pt;display: inline;"> </div>to,<div style="letter-spacing: .25pt;display: inline;"> </div>the<div style="letter-spacing: .25pt;display: inline;"> </div>FT<div style="letter-spacing: .2pt;display: inline;"> </div>Funds.<div style="letter-spacing: .25pt;display: inline;"> </div>For<div style="letter-spacing: .25pt;display: inline;"> </div>example,<div style="letter-spacing: .35pt;display: inline;"> </div>a<div style="letter-spacing: .25pt;display: inline;"> </div>conflict<div style="letter-spacing: .25pt;display: inline;"> </div>of<div style="letter-spacing: 1.15pt;display: inline;"> </div>interest<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">would</div><div style="letter-spacing: .2pt;display: inline;"> </div>arise<div style="letter-spacing: .15pt;display: inline;"> </div>if<div style="letter-spacing: .2pt;display: inline;"> </div>a<div style="letter-spacing: .15pt;display: inline;"> </div>Covered<div style="letter-spacing: .2pt;display: inline;"> </div>Officer,<div style="letter-spacing: .2pt;display: inline;"> </div>or<div style="letter-spacing: .2pt;display: inline;"> </div>a<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">member</div><div style="letter-spacing: .2pt;display: inline;"> </div>of<div style="letter-spacing: .2pt;display: inline;"> </div>his<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">family,</div><div style="letter-spacing: .2pt;display: inline;"> </div>receives<div style="letter-spacing: .2pt;display: inline;"> </div>improper<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">personal</div><div style="letter-spacing: 2.15pt;display: inline;">
</div>benefits<div style="letter-spacing: -.25pt;display: inline;"> </div>as<div style="letter-spacing: -.3pt;display: inline;"> </div>a<div style="letter-spacing: -.25pt;display: inline;"> </div>result<div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">apposition</div><div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">with</div><div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Funds.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 5.8pt;margin-bottom: .0001pt;margin-left: 12.0pt">Certain<div style="letter-spacing: .55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">conflicts</div><div style="letter-spacing: .55pt;display: inline;"> </div>of<div style="letter-spacing: .5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">interest</div><div style="letter-spacing: .6pt;display: inline;"> </div>arise<div style="letter-spacing: .55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">out</div><div style="letter-spacing: .55pt;display: inline;"> </div>of<div style="letter-spacing: .6pt;display: inline;"> </div>the<div style="letter-spacing: .55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">relationships</div><div style="letter-spacing: .55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">between</div><div style="letter-spacing: .6pt;display: inline;"> </div>Covered<div style="letter-spacing: .55pt;display: inline;"> </div>Officers<div style="letter-spacing: .45pt;display: inline;"> </div>and<div style="letter-spacing: 3.35pt;display: inline;"> </div>the<div style="letter-spacing: 2.9pt;display: inline;"> </div>FT<div style="letter-spacing: 2.9pt;display: inline;"> </div>Funds<div style="letter-spacing: 2.9pt;display: inline;"> </div>and<div style="letter-spacing: 2.9pt;display: inline;"> </div>already<div style="letter-spacing: 2.9pt;display: inline;"> </div>are<div style="letter-spacing: 2.9pt;display: inline;"> </div>subject<div style="letter-spacing: 2.9pt;display: inline;"> </div>to<div style="letter-spacing: 2.9pt;display: inline;"> </div>conflict<div style="letter-spacing: 2.9pt;display: inline;"> </div>of<div style="letter-spacing: 2.9pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">interest</div><div style="letter-spacing: 2.9pt;display: inline;">
</div>provisions<div style="letter-spacing: 2.9pt;display: inline;"> </div>in<div style="letter-spacing: 2.9pt;display: inline;"> </div>the<div style="letter-spacing: 2.9pt;display: inline;"> </div>Investment<div style="letter-spacing: 1.4pt;display: inline;"> </div>Company<div style="letter-spacing: 1.25pt;display: inline;">
</div>Act<div style="letter-spacing: 1.25pt;display: inline;"> </div>of<div style="letter-spacing: 1.3pt;display: inline;"> </div>1940<div style="letter-spacing: 1.25pt;display: inline;"> </div>("Investment<div style="letter-spacing: 1.3pt;display: inline;"> </div>Company<div style="letter-spacing: 1.35pt;display: inline;">
</div>Act")<div style="letter-spacing: 1.25pt;display: inline;"> </div>and<div style="letter-spacing: 1.25pt;display: inline;"> </div>the<div style="letter-spacing: 1.3pt;display: inline;"> </div>Investment<div style="letter-spacing: 1.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Advisers</div><div style="letter-spacing: 1.25pt;display: inline;"> </div>Act<div style="letter-spacing: 1.3pt;display: inline;"> </div>of<div style="letter-spacing: 1.25pt;display: inline;"> </div>1940<div style="letter-spacing: 1.1pt;display: inline;"> </div>("Investment<div style="letter-spacing: 2.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Advisers</div><div style="letter-spacing: 2.2pt;display: inline;"> </div>Act").<div style="letter-spacing: 2.25pt;display: inline;"> </div>For<div style="letter-spacing: 2.2pt;display: inline;"> </div>example,<div style="letter-spacing: 2.2pt;display: inline;"> </div>Covered<div style="letter-spacing: 2.25pt;display: inline;">
</div>Officers<div style="letter-spacing: 2.2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">may</div><div style="letter-spacing: 2.2pt;display: inline;"> </div>not<div style="letter-spacing: 2.25pt;display: inline;"> </div>individually<div style="letter-spacing: 2.2pt;display: inline;"> </div>engage<div style="letter-spacing: 2.2pt;display: inline;"> </div>in<div style="letter-spacing: 1.0pt;display: inline;"> </div>certain<div style="letter-spacing: .95pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">transactions</div><div style="letter-spacing: .95pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">(such</div><div style="letter-spacing: .95pt;display: inline;"> </div>as<div style="letter-spacing: .95pt;display: inline;"> </div>the<div style="letter-spacing: .95pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">purchase</div><div style="letter-spacing: .95pt;display: inline;"> </div>or<div style="letter-spacing: .9pt;display: inline;"> </div>sale<div style="letter-spacing: .95pt;display: inline;"> </div>of<div style="letter-spacing: .95pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">securities</div><div style="letter-spacing: .95pt;display: inline;"> </div>or<div style="letter-spacing: 1.0pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">other</div><div style="letter-spacing: .95pt;display: inline;"> </div>property)<div style="letter-spacing: .95pt;display: inline;"> </div>with<div style="letter-spacing: .95pt;display: inline;"> </div>the<div style="letter-spacing: .95pt;display: inline;"> </div>FT<div style="letter-spacing: 3.45pt;display: inline;"> </div>Funds<div style="letter-spacing: .8pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">because</div><div style="letter-spacing: .8pt;display: inline;"> </div>of<div style="letter-spacing: .8pt;display: inline;"> </div>their<div style="letter-spacing: .75pt;display: inline;"> </div>status<div style="letter-spacing: .8pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">as</div><div style="letter-spacing: .85pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">"affiliated</div><div style="letter-spacing: .75pt;display: inline;"> </div>persons"<div style="letter-spacing: .85pt;display: inline;"> </div>of<div style="letter-spacing: .8pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: .75pt;display: inline;"> </div>FT<div style="letter-spacing: .9pt;display: inline;"> </div>Funds.<div style="letter-spacing: .7pt;display: inline;"> </div>The<div style="letter-spacing: .9pt;display: inline;"> </div>FT<div style="letter-spacing: .85pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Funds&#8217;</div><div style="letter-spacing: .85pt;display: inline;"> </div>and<div style="letter-spacing: .8pt;display: inline;"> </div>the<div style="letter-spacing: 2.45pt;display: inline;"> </div>investment<div style="letter-spacing: .4pt;display: inline;"> </div>advisers&#8217;<div style="letter-spacing: .35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">compliance</div><div style="letter-spacing: .35pt;display: inline;"> </div>programs<div style="letter-spacing: .35pt;display: inline;"> </div>and<div style="letter-spacing: .4pt;display: inline;"> </div>procedures<div style="letter-spacing: .35pt;display: inline;">
</div>are<div style="letter-spacing: .35pt;display: inline;"> </div>designed<div style="letter-spacing: .4pt;display: inline;"> </div>to<div style="letter-spacing: .35pt;display: inline;"> </div>prevent,<div style="letter-spacing: .35pt;display: inline;"> </div>or<div style="letter-spacing: .35pt;display: inline;"> </div>identify<div style="letter-spacing: 1.0pt;display: inline;"> </div>and<div style="letter-spacing: -.1pt;display: inline;"> </div>correct,<div style="letter-spacing: -.15pt;display: inline;"> </div>violations<div style="letter-spacing: -.1pt;display: inline;"> </div>of<div style="letter-spacing: -.05pt;display: inline;"> </div>these<div style="letter-spacing: -.1pt;display: inline;"> </div>provisions.<div style="letter-spacing: -.1pt;display: inline;"> </div>This<div style="letter-spacing: -.1pt;display: inline;"> </div>Code<div style="letter-spacing: -.1pt;display: inline;"> </div>does not,<div style="letter-spacing: -.05pt;display: inline;">
</div>and<div style="letter-spacing: -.05pt;display: inline;"> </div>is not<div style="letter-spacing: -.05pt;display: inline;"> </div>intended<div style="letter-spacing: -.05pt;display: inline;">
</div>to,<div style="letter-spacing: -.05pt;display: inline;"> </div>repeat<div style="letter-spacing: -.05pt;display: inline;"> </div>or replace<div style="letter-spacing: -.2pt;display: inline;"> </div>these<div style="letter-spacing: -.15pt;display: inline;"> </div>programs<div style="letter-spacing: -.15pt;display: inline;"> </div>and<div style="letter-spacing: -.15pt;display: inline;"> </div>procedures,<div style="letter-spacing: -.2pt;display: inline;"> </div>and<div style="letter-spacing: -.15pt;display: inline;"> </div>such<div style="letter-spacing: -.15pt;display: inline;"> </div>conflicts<div style="letter-spacing: -.2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">fall</div><div style="letter-spacing: -.15pt;display: inline;"> </div>outside<div style="letter-spacing: -.15pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">of</div><div style="letter-spacing: -.2pt;display: inline;"> </div>the<div style="letter-spacing: -.15pt;display: inline;"> </div>parameters<div style="letter-spacing: -.2pt;display: inline;"> </div>of<div style="letter-spacing: -.15pt;display: inline;"> </div>this<div style="letter-spacing: 1.2pt;display: inline;"> </div>Code.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 13.85pt;margin-bottom: .0001pt;margin-left: 12.0pt">Although<div style="letter-spacing: -.4pt;display: inline;"> </div>typically<div style="letter-spacing: -.4pt;display: inline;">
</div>not<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">presenting</div><div style="letter-spacing: -.4pt;display: inline;"> </div>an<div style="letter-spacing: -.4pt;display: inline;"> </div>opportunity<div style="letter-spacing: -.4pt;display: inline;"> </div>for<div style="letter-spacing: -.4pt;display: inline;"> </div>improper<div style="letter-spacing: -.4pt;display: inline;"> </div>personal<div style="letter-spacing: -.4pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">benefit,</div><div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">conflicts</div><div style="letter-spacing: 2.45pt;display: inline;"> </div>arise<div style="letter-spacing: -.3pt;display: inline;"> </div>from,<div style="letter-spacing: -.3pt;display: inline;"> </div>or<div style="letter-spacing: -.25pt;display: inline;"> </div>as<div style="letter-spacing: -.3pt;display: inline;"> </div>a<div style="letter-spacing: -.25pt;display: inline;"> </div>result<div style="letter-spacing: -.35pt;display: inline;"> </div>of,<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">contractual</div><div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">relationship</div><div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">between</div><div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.3pt;display: inline;"> </div>Funds,<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>investment<div style="letter-spacing: 2.55pt;display: inline;"> </div>advisers<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">and</div><div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>fund<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">administrator</div><div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>which<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>Covered<div style="letter-spacing: -.3pt;display: inline;"> </div>Officers<div style="letter-spacing: -.3pt;display: inline;">
</div>are<div style="letter-spacing: -.3pt;display: inline;"> </div>also<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">officers</div><div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">or</div><div style="letter-spacing: 2.25pt;display: inline;"> </div>employees.<div style="letter-spacing: -.3pt;display: inline;"> </div>As<div style="letter-spacing: -.3pt;display: inline;"> </div>a<div style="letter-spacing: -.25pt;display: inline;"> </div>result,<div style="letter-spacing: -.3pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">this</div><div style="letter-spacing: -.25pt;display: inline;"> </div>Code<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">recognizes</div><div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">that</div><div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>Covered<div style="letter-spacing: -.25pt;display: inline;"> </div>Officers<div style="letter-spacing: -.35pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">will,</div><div style="letter-spacing: -.25pt;display: inline;"> </div>in<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">normal</div><div style="letter-spacing: 2.45pt;display: inline;"> </div>course<div style="letter-spacing: -.3pt;display: inline;">
</div>of<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">their</div><div style="letter-spacing: -.3pt;display: inline;"> </div>duties<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">(whether</div><div style="letter-spacing: -.3pt;display: inline;"> </div>formally<div style="letter-spacing: -.25pt;display: inline;">
</div>for<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Funds,<div style="letter-spacing: -.3pt;display: inline;"> </div>for<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>adviser,<div style="letter-spacing: -.25pt;display: inline;">
</div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>administrator,<div style="letter-spacing: -.25pt;display: inline;"> </div>or for<div style="letter-spacing: -.35pt;display: inline;">
</div>all<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">three),</div><div style="letter-spacing: -.3pt;display: inline;"> </div>be<div style="letter-spacing: -.3pt;display: inline;"> </div>involved<div style="letter-spacing: -.3pt;display: inline;">
</div>in<div style="letter-spacing: -.3pt;display: inline;"> </div>establishing<div style="letter-spacing: -.3pt;display: inline;"> </div>policies<div style="letter-spacing: -.35pt;display: inline;">
</div>and<div style="letter-spacing: -.3pt;display: inline;"> </div>implementing<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">decisions</div><div style="letter-spacing: -.3pt;display: inline;"> </div>that<div style="letter-spacing: -.3pt;display: inline;"> </div>will<div style="letter-spacing: -.35pt;display: inline;"> </div>have<div style="letter-spacing: 1.35pt;display: inline;"> </div>different<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">effects</div><div style="letter-spacing: -.3pt;display: inline;"> </div>on<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">adviser,</div><div style="letter-spacing: -.3pt;display: inline;"> </div>administrator<div style="letter-spacing: -.3pt;display: inline;"> </div>and<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Funds.</div><div style="letter-spacing: -.3pt;display: inline;"> </div>The<div style="letter-spacing: -.3pt;display: inline;"> </div>participation<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: 2.05pt;display: inline;"> </div>Covered<div style="letter-spacing: -.35pt;display: inline;"> </div>Officers<div style="letter-spacing: -.3pt;display: inline;">
</div>in<div style="letter-spacing: -.35pt;display: inline;"> </div>such<div style="letter-spacing: -.35pt;display: inline;"> </div>activities<div style="letter-spacing: -.35pt;display: inline;"> </div>is<div style="letter-spacing: -.35pt;display: inline;"> </div>inherent<div style="letter-spacing: -.3pt;display: inline;"> </div>in<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">contractual</div><div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">relationship</div><div style="letter-spacing: -.3pt;display: inline;"> </div>between<div style="letter-spacing: -.3pt;display: inline;">
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</div>Officers<div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">their</div><div style="letter-spacing: -.35pt;display: inline;"> </div>duties<div style="letter-spacing: -.25pt;display: inline;">
</div>as<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">officers</div><div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.3pt;display: inline;"> </div>Funds.<div style="letter-spacing: -.25pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">Thus,</div><div style="letter-spacing: -.25pt;display: inline;"> </div>if<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">performed</div><div style="letter-spacing: -.25pt;display: inline;">
</div>in<div style="letter-spacing: -.3pt;display: inline;"> </div>conformity<div style="letter-spacing: 2.25pt;display: inline;"> </div>with<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>provisions<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: -.3pt;display: inline;"> </div>Investment<div style="letter-spacing: -.3pt;display: inline;"> </div>Company<div style="letter-spacing: -.25pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">Act</div><div style="letter-spacing: -.3pt;display: inline;"> </div>and<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>Investment<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Advisers</div><div style="letter-spacing: -.3pt;display: inline;"> </div>Act,<div style="letter-spacing: -.3pt;display: inline;"> </div>such<div style="letter-spacing: 1.2pt;display: inline;"> </div>activities<div style="letter-spacing: -.3pt;display: inline;"> </div>will<div style="letter-spacing: -.25pt;display: inline;"> </div>be<div style="letter-spacing: -.25pt;display: inline;"> </div>deemed<div style="letter-spacing: -.25pt;display: inline;">
</div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>have<div style="letter-spacing: -.25pt;display: inline;"> </div>been<div style="letter-spacing: -.25pt;display: inline;"> </div>handled<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">ethically.</div><div style="letter-spacing: -.25pt;display: inline;"> </div>In<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">addition,</div><div style="letter-spacing: -.3pt;display: inline;">
</div>it<div style="letter-spacing: -.3pt;display: inline;"> </div>is<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">recognized</div><div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">by</div><div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>FT<div style="letter-spacing: 2.65pt;display: inline;"> </div>Funds'<div style="letter-spacing: -.3pt;display: inline;">
</div>Boards<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Directors</div><div style="letter-spacing: -.3pt;display: inline;"> </div>("Boards")<div style="letter-spacing: -.3pt;display: inline;"> </div>that<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>Covered<div style="letter-spacing: -.3pt;display: inline;">
</div>Officers<div style="letter-spacing: -.25pt;display: inline;"> </div>may<div style="letter-spacing: -.3pt;display: inline;"> </div>also<div style="letter-spacing: -.3pt;display: inline;"> </div>be<div style="letter-spacing: -.3pt;display: inline;"> </div>officers<div style="letter-spacing: -.3pt;display: inline;">
</div>or<div style="letter-spacing: 1.4pt;display: inline;"> </div>employees<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>one<div style="letter-spacing: -.3pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>more<div style="letter-spacing: -.3pt;display: inline;"> </div>other<div style="letter-spacing: -.3pt;display: inline;"> </div>investment<div style="letter-spacing: -.3pt;display: inline;"> </div>companies<div style="letter-spacing: -.3pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">covered</div><div style="letter-spacing: -.25pt;display: inline;"> </div>by<div style="letter-spacing: -.3pt;display: inline;"> </div>this<div style="letter-spacing: -.3pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>other<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">codes.</div></div>

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<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 10.55pt;margin-bottom: .0001pt;margin-left: 6.0pt">Other<div style="letter-spacing: -.3pt;display: inline;"> </div>conflicts<div style="letter-spacing: -.25pt;display: inline;">
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</div>by<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>Code,<div style="letter-spacing: -.25pt;display: inline;"> </div>even<div style="letter-spacing: -.25pt;display: inline;"> </div>if<div style="letter-spacing: -.25pt;display: inline;"> </div>such<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">conflicts</div><div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>interest<div style="letter-spacing: -.3pt;display: inline;"> </div>are<div style="letter-spacing: 1.45pt;display: inline;"> </div>not<div style="letter-spacing: -.3pt;display: inline;"> </div>subject<div style="letter-spacing: -.3pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">to</div><div style="letter-spacing: -.3pt;display: inline;"> </div>provisions<div style="letter-spacing: -.3pt;display: inline;"> </div>in<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>Investment<div style="letter-spacing: -.3pt;display: inline;"> </div>Company<div style="letter-spacing: -.3pt;display: inline;">
</div>Act<div style="letter-spacing: -.3pt;display: inline;"> </div>and<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>Investment<div style="letter-spacing: -.3pt;display: inline;"> </div>Advisers<div style="letter-spacing: -.3pt;display: inline;">
</div>Act.<div style="letter-spacing: -.3pt;display: inline;"> </div>The<div style="letter-spacing: 1.1pt;display: inline;"> </div>following<div style="letter-spacing: -.35pt;display: inline;">
</div>list<div style="letter-spacing: -.35pt;display: inline;"> </div>provides<div style="letter-spacing: -.3pt;display: inline;"> </div>examples<div style="letter-spacing: -.3pt;display: inline;">
</div>of<div style="letter-spacing: -.35pt;display: inline;"> </div>conflicts<div style="letter-spacing: -.35pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">interest</div><div style="letter-spacing: -.3pt;display: inline;">
</div>under<div style="letter-spacing: -.4pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>Code,<div style="letter-spacing: -.3pt;display: inline;"> </div>but<div style="letter-spacing: -.3pt;display: inline;"> </div>Covered<div style="letter-spacing: -.3pt;display: inline;">
</div>Officers<div style="letter-spacing: 1.35pt;display: inline;"> </div>should<div style="letter-spacing: -.3pt;display: inline;"> </div>keep<div style="letter-spacing: -.35pt;display: inline;"> </div>in<div style="letter-spacing: -.3pt;display: inline;"> </div>mind<div style="letter-spacing: -.3pt;display: inline;"> </div>that<div style="letter-spacing: -.3pt;display: inline;"> </div>these<div style="letter-spacing: -.3pt;display: inline;"> </div>examples<div style="letter-spacing: -.3pt;display: inline;"> </div>are<div style="letter-spacing: -.3pt;display: inline;"> </div>not<div style="letter-spacing: -.3pt;display: inline;"> </div>exhaustive.<div style="letter-spacing: -.3pt;display: inline;"> </div>The<div style="letter-spacing: -.3pt;display: inline;"> </div>overarching<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">principle</div><div style="letter-spacing: -.3pt;display: inline;"> </div>is<div style="letter-spacing: -.3pt;display: inline;"> </div>that<div style="letter-spacing: 1.35pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>personal<div style="letter-spacing: -.3pt;display: inline;"> </div>interest<div style="letter-spacing: -.25pt;display: inline;">
</div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>a<div style="letter-spacing: -.3pt;display: inline;"> </div>Covered<div style="letter-spacing: -.3pt;display: inline;"> </div>Officer<div style="letter-spacing: -.3pt;display: inline;"> </div>should<div style="letter-spacing: -.3pt;display: inline;"> </div>not<div style="letter-spacing: -.3pt;display: inline;"> </div>be<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">placed</div><div style="letter-spacing: -.3pt;display: inline;"> </div>improperly<div style="letter-spacing: -.25pt;display: inline;"> </div>before<div style="letter-spacing: -.3pt;display: inline;">
</div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>interest<div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: 1.3pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>FT<div style="letter-spacing: -.3pt;display: inline;"> </div>Funds.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt"><div style="font-size: 9.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: 0in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 6.0pt">Each<div style="letter-spacing: -.45pt;display: inline;"> </div>Covered<div style="letter-spacing: -.4pt;display: inline;">
</div>Officer<div style="letter-spacing: -.45pt;display: inline;"> </div>must:</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 6.6pt;margin-right: 10.55pt;margin-bottom: .0001pt;margin-left: 42.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Not</div><div style="letter-spacing: -.35pt;display: inline;"> </div>use<div style="letter-spacing: -.3pt;display: inline;"> </div>his<div style="letter-spacing: -.35pt;display: inline;"> </div>or<div style="letter-spacing: -.35pt;display: inline;"> </div>her<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">personal</div><div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">influence</div><div style="letter-spacing: -.35pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">personal</div><div style="letter-spacing: -.3pt;display: inline;">
</div>relationships<div style="letter-spacing: -.35pt;display: inline;"> </div>improperly<div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.3pt;display: inline;"> </div>influence<div style="letter-spacing: 2.45pt;display: inline;"> </div>investment<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">decisions</div><div style="letter-spacing: -.35pt;display: inline;"> </div>or<div style="letter-spacing: -.35pt;display: inline;"> </div>financial<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">reporting</div><div style="letter-spacing: -.3pt;display: inline;"> </div>by<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.35pt;display: inline;"> </div>Funds<div style="letter-spacing: -.35pt;display: inline;"> </div>whereby<div style="letter-spacing: -.35pt;display: inline;">
</div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>Covered<div style="letter-spacing: -.3pt;display: inline;"> </div>Officer<div style="letter-spacing: 1.7pt;display: inline;">
</div>would<div style="letter-spacing: -.3pt;display: inline;"> </div>benefit<div style="letter-spacing: -.3pt;display: inline;"> </div>personally<div style="letter-spacing: -.35pt;display: inline;"> </div>to<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>detriment<div style="letter-spacing: -.25pt;display: inline;">
</div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Funds;</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 5.8pt;margin-right: 20.4pt;margin-bottom: .0001pt;margin-left: 42.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Not</div><div style="letter-spacing: -.25pt;display: inline;"> </div>cause<div style="letter-spacing: -.25pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: -.2pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Funds<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.2pt;display: inline;"> </div>take<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">action,</div><div style="letter-spacing: -.25pt;display: inline;"> </div>or<div style="letter-spacing: -.2pt;display: inline;"> </div>fail<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>take<div style="letter-spacing: -.25pt;display: inline;"> </div>action,<div style="letter-spacing: -.3pt;display: inline;">
</div>for<div style="letter-spacing: -.2pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>individual<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">personal</div><div style="letter-spacing: 1.65pt;display: inline;">
</div>benefit<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: -.25pt;display: inline;"> </div>Covered<div style="letter-spacing: -.25pt;display: inline;">
</div>Officer<div style="letter-spacing: -.25pt;display: inline;"> </div>rather<div style="letter-spacing: -.25pt;display: inline;"> </div>than<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">benefit</div><div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">FT</div><div style="letter-spacing: -.25pt;display: inline;"> </div>Funds;</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 5.8pt;margin-right: 10.55pt;margin-bottom: .0001pt;margin-left: 42.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Not</div><div style="letter-spacing: -.3pt;display: inline;"> </div>retaliate<div style="letter-spacing: -.3pt;display: inline;">
</div>against<div style="letter-spacing: -.25pt;display: inline;"> </div>any<div style="letter-spacing: -.25pt;display: inline;"> </div>other<div style="letter-spacing: -.25pt;display: inline;">
</div>Covered<div style="letter-spacing: -.25pt;display: inline;"> </div>Officer<div style="letter-spacing: -.25pt;display: inline;"> </div>or<div style="letter-spacing: -.25pt;display: inline;"> </div>any<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">employee</div><div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>FT<div style="letter-spacing: -.3pt;display: inline;"> </div>Funds<div style="letter-spacing: -.25pt;display: inline;"> </div>or<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">their</div><div style="letter-spacing: 1.35pt;display: inline;"> </div>affiliated<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">persons</div><div style="letter-spacing: -.3pt;display: inline;"> </div>for<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">reports</div><div style="letter-spacing: -.25pt;display: inline;">
</div>of<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">potential</div><div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">violations</div><div style="letter-spacing: -.25pt;display: inline;"> </div>that<div style="letter-spacing: -.3pt;display: inline;"> </div>are<div style="letter-spacing: -.3pt;display: inline;"> </div>made<div style="letter-spacing: -.3pt;display: inline;"> </div>in<div style="letter-spacing: -.25pt;display: inline;"> </div>good<div style="letter-spacing: -.35pt;display: inline;"> </div>faith;</div>

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</div>from<div style="letter-spacing: -.25pt;display: inline;"> </div>any<div style="letter-spacing: -.25pt;display: inline;"> </div>corporation<div style="letter-spacing: -.25pt;display: inline;"> </div>or<div style="letter-spacing: 1.05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">association.</div></div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 5.75pt;margin-right: 11.7pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div>The<div style="letter-spacing: -.3pt;display: inline;"> </div>receipt<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>any<div style="letter-spacing: -.25pt;display: inline;"> </div>entertainment<div style="letter-spacing: -.3pt;display: inline;"> </div>from<div style="letter-spacing: -.25pt;display: inline;"> </div>any<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Company</div><div style="letter-spacing: -.3pt;display: inline;"> </div>with<div style="letter-spacing: -.25pt;display: inline;"> </div>which<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>FT<div style="letter-spacing: -.3pt;display: inline;"> </div>Funds<div style="letter-spacing: -.3pt;display: inline;"> </div>has<div style="letter-spacing: 1.3pt;display: inline;"> </div>current<div style="letter-spacing: -.4pt;display: inline;">
</div>or<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">prospective</div><div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">business</div><div style="letter-spacing: -.45pt;display: inline;">
</div>dealings<div style="letter-spacing: -.4pt;display: inline;"> </div>unless<div style="letter-spacing: -.45pt;display: inline;"> </div>such<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">entertainment</div><div style="letter-spacing: -.4pt;display: inline;"> </div>is<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">business</div><div style="letter-spacing: -.35pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">related,</div><div style="letter-spacing: 4.15pt;display: inline;"> </div>reasonable<div style="letter-spacing: -.25pt;display: inline;"> </div>in<div style="letter-spacing: -.25pt;display: inline;"> </div>cost,<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">appropriate</div><div style="letter-spacing: -.2pt;display: inline;"> </div>as<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.3pt;display: inline;"> </div>time<div style="letter-spacing: -.25pt;display: inline;"> </div>and<div style="letter-spacing: -.2pt;display: inline;"> </div>place,<div style="letter-spacing: -.25pt;display: inline;">
</div>and<div style="letter-spacing: -.25pt;display: inline;"> </div>not<div style="letter-spacing: -.3pt;display: inline;"> </div>so<div style="letter-spacing: -.2pt;display: inline;"> </div>frequent<div style="letter-spacing: -.3pt;display: inline;"> </div>as<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>raise<div style="letter-spacing: -.2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">any</div><div style="letter-spacing: 1.2pt;display: inline;"> </div>question<div style="letter-spacing: -.4pt;display: inline;"> </div>of<div style="letter-spacing: -.35pt;display: inline;"> </div>impropriety.<div style="letter-spacing: 2.35pt;display: inline;"> </div>Notwithstanding<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">foregoing,</div><div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>Covered<div style="letter-spacing: -.4pt;display: inline;"> </div>Officers<div style="letter-spacing: -.35pt;display: inline;">
</div>must<div style="letter-spacing: 1.0pt;display: inline;"> </div>obtain<div style="letter-spacing: -.35pt;display: inline;"> </div>prior<div style="letter-spacing: -.4pt;display: inline;"> </div>approval<div style="letter-spacing: -.3pt;display: inline;"> </div>from<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>Franklin<div style="letter-spacing: -.35pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">Resources</div><div style="letter-spacing: -.3pt;display: inline;"> </div>General<div style="letter-spacing: -.35pt;display: inline;">
</div>Counsel<div style="letter-spacing: -.4pt;display: inline;"> </div>for<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">any</div><div style="letter-spacing: 1.1pt;display: inline;"> </div>entertainment<div style="letter-spacing: -.3pt;display: inline;"> </div>with<div style="letter-spacing: -.3pt;display: inline;"> </div>a<div style="letter-spacing: -.3pt;display: inline;"> </div>value<div style="letter-spacing: -.3pt;display: inline;"> </div>in<div style="letter-spacing: -.3pt;display: inline;"> </div>excess<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>$1000.</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 5.8pt;margin-right: 16.05pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Any</div><div style="letter-spacing: -.3pt;display: inline;"> </div>ownership<div style="letter-spacing: -.3pt;display: inline;">
</div>interest<div style="letter-spacing: -.35pt;display: inline;"> </div>in,<div style="letter-spacing: -.3pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>any<div style="letter-spacing: -.3pt;display: inline;"> </div>consulting<div style="letter-spacing: -.3pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">employment</div><div style="letter-spacing: -.3pt;display: inline;"> </div>relationship<div style="letter-spacing: -.45pt;display: inline;"> </div>with,<div style="letter-spacing: -.25pt;display: inline;"> </div>any<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: 1.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.4pt;display: inline;"> </div>Fund&#8217;s<div style="letter-spacing: -.4pt;display: inline;"> </div>service<div style="letter-spacing: -.35pt;display: inline;"> </div>providers,<div style="letter-spacing: -.4pt;display: inline;"> </div>other<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">than</div><div style="letter-spacing: -.4pt;display: inline;"> </div>an<div style="letter-spacing: -.4pt;display: inline;"> </div>investment<div style="letter-spacing: -.35pt;display: inline;"> </div>adviser,<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">principal</div><div style="letter-spacing: -.35pt;display: inline;">
</div>underwriter,<div style="letter-spacing: 1.1pt;display: inline;"> </div>administrator<div style="letter-spacing: -.45pt;display: inline;"> </div>or<div style="letter-spacing: -.4pt;display: inline;"> </div>any<div style="letter-spacing: -.4pt;display: inline;"> </div>affiliated<div style="letter-spacing: -.4pt;display: inline;"> </div>person<div style="letter-spacing: -.45pt;display: inline;"> </div>thereof.</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 5.75pt;margin-right: 11.7pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div>A<div style="letter-spacing: -.35pt;display: inline;"> </div>direct<div style="letter-spacing: -.35pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>indirect<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">financial</div><div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">interest</div><div style="letter-spacing: -.35pt;display: inline;"> </div>in<div style="letter-spacing: -.3pt;display: inline;"> </div>commissions,<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">transaction</div><div style="letter-spacing: -.35pt;display: inline;"> </div>charges<div style="letter-spacing: -.35pt;display: inline;">
</div>or<div style="letter-spacing: -.35pt;display: inline;"> </div>spreads<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">paid</div><div style="letter-spacing: 2.85pt;display: inline;"> </div>by<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.3pt;display: inline;"> </div>Funds<div style="letter-spacing: -.25pt;display: inline;"> </div>for<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">effecting</div><div style="letter-spacing: -.3pt;display: inline;">
</div>portfolio<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">transactions</div><div style="letter-spacing: -.25pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>for<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">selling</div><div style="letter-spacing: -.25pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">redeeming</div><div style="letter-spacing: -.3pt;display: inline;">
</div>shares<div style="letter-spacing: 3.25pt;display: inline;"> </div>other<div style="letter-spacing: -.35pt;display: inline;"> </div>than<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">an</div><div style="letter-spacing: -.3pt;display: inline;"> </div>interest<div style="letter-spacing: -.3pt;display: inline;"> </div>arising<div style="letter-spacing: -.35pt;display: inline;">
</div>from<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>Covered<div style="letter-spacing: -.3pt;display: inline;">
</div>Officer's<div style="letter-spacing: -.3pt;display: inline;"> </div>employment,<div style="letter-spacing: -.3pt;display: inline;"> </div>such<div style="letter-spacing: -.3pt;display: inline;"> </div>as<div style="letter-spacing: 1.05pt;display: inline;"> </div>compensation<div style="letter-spacing: -.55pt;display: inline;"> </div>or<div style="letter-spacing: -.55pt;display: inline;"> </div>equity<div style="letter-spacing: -.55pt;display: inline;"> </div>ownership.</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 5.75pt;margin-right: 10.55pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div>Franklin<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Resources</div><div style="letter-spacing: -.3pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">General</div><div style="letter-spacing: -.3pt;display: inline;"> </div>Counsel<div style="letter-spacing: -.25pt;display: inline;">
</div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>Deputy<div style="letter-spacing: -.3pt;display: inline;"> </div>General<div style="letter-spacing: -.3pt;display: inline;">
</div>Counsel<div style="letter-spacing: -.25pt;display: inline;"> </div>will<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">provide</div><div style="letter-spacing: -.3pt;display: inline;"> </div>a<div style="letter-spacing: -.25pt;display: inline;"> </div>report<div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: 2.05pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Funds<div style="letter-spacing: -.25pt;display: inline;"> </div>Audit<div style="letter-spacing: -.3pt;display: inline;"> </div>Committee<div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>any<div style="letter-spacing: -.3pt;display: inline;"> </div>approvals<div style="letter-spacing: -.25pt;display: inline;">
</div>granted<div style="letter-spacing: -.25pt;display: inline;"> </div>at<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">next</div><div style="letter-spacing: -.25pt;display: inline;"> </div>regularly<div style="letter-spacing: -.3pt;display: inline;"> </div>scheduled<div style="letter-spacing: 1.25pt;display: inline;"> </div>meeting.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<h2 style="text-indent: -43.45pt;font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;font-weight: normal;margin-top: 6.55pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 48.95pt">IV.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div>Disclosure and Compliance</h2>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .3pt;margin-bottom: .0001pt"><div style="font-size: 9.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 46.0pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Each</div><div style="letter-spacing: -.45pt;display: inline;"> </div>Covered<div style="letter-spacing: -.4pt;display: inline;">
</div>Officer<div style="letter-spacing: -.4pt;display: inline;"> </div>should<div style="letter-spacing: -.4pt;display: inline;"> </div>familiarize<div style="letter-spacing: -.4pt;display: inline;"> </div>himself<div style="letter-spacing: -.4pt;display: inline;"> </div>with<div style="letter-spacing: -.4pt;display: inline;"> </div>the<div style="letter-spacing: -.4pt;display: inline;"> </div>disclosure<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">requirements</div><div style="letter-spacing: 1.4pt;display: inline;"> </div>generally<div style="letter-spacing: -.35pt;display: inline;">
</div>applicable<div style="letter-spacing: -.35pt;display: inline;"> </div>to<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: -.35pt;display: inline;"> </div>FT<div style="letter-spacing: -.35pt;display: inline;"> </div>Funds;</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 5.75pt;margin-right: 11.7pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Each</div><div style="letter-spacing: -.35pt;display: inline;"> </div>Covered<div style="letter-spacing: -.35pt;display: inline;">
</div>Officer<div style="letter-spacing: -.35pt;display: inline;"> </div>should<div style="letter-spacing: -.35pt;display: inline;"> </div>not<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">knowingly</div><div style="letter-spacing: -.3pt;display: inline;">
</div>misrepresent,<div style="letter-spacing: -.35pt;display: inline;"> </div>or<div style="letter-spacing: -.45pt;display: inline;"> </div>cause<div style="letter-spacing: -.35pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">others</div><div style="letter-spacing: -.35pt;display: inline;"> </div>to<div style="letter-spacing: 1.55pt;display: inline;"> </div>misrepresent,<div style="letter-spacing: -.3pt;display: inline;"> </div>facts<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">about</div><div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Funds</div><div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>others,<div style="letter-spacing: -.35pt;display: inline;">
</div>whether<div style="letter-spacing: -.25pt;display: inline;"> </div>within<div style="letter-spacing: -.3pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">outside</div><div style="letter-spacing: -.25pt;display: inline;">
</div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: 1.45pt;display: inline;"> </div>Funds,<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">including</div><div style="letter-spacing: -.35pt;display: inline;">
</div>to<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">FT</div><div style="letter-spacing: -.3pt;display: inline;"> </div>Funds&#8217;<div style="letter-spacing: -.35pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">directors</div><div style="letter-spacing: -.3pt;display: inline;"> </div>and<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">auditors,</div><div style="letter-spacing: -.35pt;display: inline;">
</div>and<div style="letter-spacing: -.35pt;display: inline;"> </div>to<div style="letter-spacing: -.35pt;display: inline;"> </div>governmental<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">regulators</div><div style="letter-spacing: 3.45pt;display: inline;"> </div>and<div style="letter-spacing: -.8pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">self-regulatory</div><div style="letter-spacing: -.8pt;display: inline;"> </div>organizations;</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 5.8pt;margin-right: 11.7pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Each</div><div style="letter-spacing: -.3pt;display: inline;"> </div>Covered<div style="letter-spacing: -.25pt;display: inline;">
</div>Officer<div style="letter-spacing: -.25pt;display: inline;"> </div>should,<div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div>extent<div style="letter-spacing: -.25pt;display: inline;">
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</div><div style="letter-spacing: -.05pt;display: inline;">Reporting</div><div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">and
Accountability</div></h2>

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</div>believes<div style="letter-spacing: 1.5pt;display: inline;"> </div>that<div style="letter-spacing: -.3pt;display: inline;"> </div>no<div style="letter-spacing: -.25pt;display: inline;"> </div>violation<div style="letter-spacing: -.3pt;display: inline;"> </div>has<div style="letter-spacing: -.25pt;display: inline;"> </div>occurred,<div style="letter-spacing: -.25pt;display: inline;"> </div>The<div style="letter-spacing: -.3pt;display: inline;"> </div>General<div style="letter-spacing: -.25pt;display: inline;"> </div>Counsel<div style="letter-spacing: -.3pt;display: inline;">
</div>is<div style="letter-spacing: -.3pt;display: inline;"> </div>not<div style="letter-spacing: -.3pt;display: inline;"> </div>required<div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">take</div><div style="letter-spacing: -.25pt;display: inline;"> </div>any<div style="letter-spacing: -.3pt;display: inline;"> </div>further<div style="letter-spacing: 1.15pt;display: inline;"> </div>action;</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 6.05pt;margin-right: 16.05pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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</div><div style="letter-spacing: -.05pt;display: inline;">believes</div><div style="letter-spacing: -.3pt;display: inline;"> </div>is<div style="letter-spacing: -.3pt;display: inline;"> </div>a<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">violation</div><div style="letter-spacing: 2.15pt;display: inline;"> </div>will<div style="letter-spacing: -.3pt;display: inline;"> </div>be<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">reported</div><div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Independent</div><div style="letter-spacing: -.25pt;display: inline;"> </div>Directors<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">appropriate</div><div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Fund;</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 6.05pt;margin-right: 6.25pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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</div><div style="letter-spacing: -.05pt;display: inline;">that</div><div style="letter-spacing: -.25pt;display: inline;"> </div>a<div style="letter-spacing: -.3pt;display: inline;"> </div>violation<div style="letter-spacing: -.25pt;display: inline;"> </div>has<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">occurred,</div><div style="letter-spacing: -.25pt;display: inline;">
</div>it<div style="letter-spacing: -.3pt;display: inline;"> </div>will<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">inform</div><div style="letter-spacing: -.3pt;display: inline;"> </div>and<div style="letter-spacing: -.25pt;display: inline;"> </div>make<div style="letter-spacing: 3.45pt;display: inline;"> </div>a<div style="letter-spacing: -.3pt;display: inline;"> </div>recommendation<div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>Board<div style="letter-spacing: -.25pt;display: inline;">
</div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">appropriate</div><div style="letter-spacing: -.3pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Fund<div style="letter-spacing: -.3pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>Funds,<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">which</div><div style="letter-spacing: -.3pt;display: inline;"> </div>will<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">consider</div><div style="letter-spacing: 2.2pt;display: inline;">
</div>appropriate<div style="letter-spacing: -.45pt;display: inline;"> </div>action,<div style="letter-spacing: -.35pt;display: inline;"> </div>which<div style="letter-spacing: -.35pt;display: inline;">
</div>may<div style="letter-spacing: -.4pt;display: inline;"> </div>include<div style="letter-spacing: -.35pt;display: inline;"> </div>review<div style="letter-spacing: -.35pt;display: inline;">
</div>of,<div style="letter-spacing: -.4pt;display: inline;"> </div>and<div style="letter-spacing: -.35pt;display: inline;"> </div>appropriate<div style="letter-spacing: -.35pt;display: inline;"> </div>modifications<div style="letter-spacing: -.4pt;display: inline;"> </div>to, applicable<div style="letter-spacing: -.45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">policies</div><div style="letter-spacing: -.4pt;display: inline;"> </div>and<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">procedures;</div><div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">notification</div><div style="letter-spacing: -.4pt;display: inline;"> </div>to<div style="letter-spacing: -.4pt;display: inline;"> </div>appropriate<div style="letter-spacing: -.4pt;display: inline;"> </div>personnel<div style="letter-spacing: -.4pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">of</div><div style="letter-spacing: -.4pt;display: inline;"> </div>the<div style="letter-spacing: 2.75pt;display: inline;"> </div>investment<div style="letter-spacing: -.35pt;display: inline;"> </div>adviser<div style="letter-spacing: -.3pt;display: inline;">
</div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>its<div style="letter-spacing: -.35pt;display: inline;"> </div>board;<div style="letter-spacing: -.3pt;display: inline;"> </div>or<div style="letter-spacing: -.35pt;display: inline;"> </div>a<div style="letter-spacing: -.3pt;display: inline;"> </div>recommendation<div style="letter-spacing: -.35pt;display: inline;"> </div>to<div style="letter-spacing: -.3pt;display: inline;"> </div>dismiss<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>Covered<div style="letter-spacing: -.3pt;display: inline;"> </div>Officer;</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 6.05pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
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</div>waivers,<div style="letter-spacing: -.35pt;display: inline;"> </div>as<div style="letter-spacing: -.35pt;display: inline;"> </div>appropriate;<div style="letter-spacing: -.4pt;display: inline;"> </div>and</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 5.9pt;margin-right: 35.6pt;margin-bottom: .0001pt;margin-left: 49.0pt"><div style="font-family: Symbol;display: inline;">&#183;<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Any</div><div style="letter-spacing: -.25pt;display: inline;"> </div>changes<div style="letter-spacing: -.25pt;display: inline;">
</div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>or<div style="letter-spacing: -.25pt;display: inline;"> </div>waivers<div style="letter-spacing: -.2pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>this<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Code</div><div style="letter-spacing: -.25pt;display: inline;"> </div>will,<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: -.25pt;display: inline;"> </div>extent<div style="letter-spacing: -.25pt;display: inline;"> </div>required,<div style="letter-spacing: -.25pt;display: inline;"> </div>are<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">disclosed</div><div style="letter-spacing: -.25pt;display: inline;">
</div>as<div style="letter-spacing: 1.55pt;display: inline;"> </div>provided<div style="letter-spacing: -.35pt;display: inline;"> </div>by<div style="letter-spacing: -.3pt;display: inline;"> </div>SEC<div style="letter-spacing: -.35pt;display: inline;"> </div>rules.<div style="font-size: 7.0pt;position: relative;top: -3.5pt;display: inline;">5</div></div>

<h2 style="text-indent: -43.45pt;font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;font-weight: normal;margin-top: 6.1pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 48.95pt">VI.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div>Other Policies and Procedures</h2>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

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</div><div style="letter-spacing: -.05pt;display: inline;">underwriter,</div><div style="letter-spacing: .65pt;display: inline;"> </div>or<div style="letter-spacing: .7pt;display: inline;"> </div>other<div style="letter-spacing: .65pt;display: inline;"> </div>service<div style="letter-spacing: .65pt;display: inline;">
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</div><div style="letter-spacing: -.05pt;display: inline;">with</div><div style="letter-spacing: .6pt;display: inline;"> </div>the<div style="letter-spacing: .65pt;display: inline;"> </div>provisions<div style="letter-spacing: .6pt;display: inline;"> </div>of<div style="letter-spacing: .6pt;display: inline;"> </div>this<div style="letter-spacing: 1.15pt;display: inline;"> </div>Code.<div style="letter-spacing: -.25pt;display: inline;">
</div>The<div style="letter-spacing: -.2pt;display: inline;"> </div>FTI<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Personal</div><div style="letter-spacing: -.25pt;display: inline;"> </div>Investments<div style="letter-spacing: -.2pt;display: inline;"> </div>and<div style="letter-spacing: -.25pt;display: inline;"> </div>Insider<div style="letter-spacing: -.25pt;display: inline;"> </div>Trading<div style="letter-spacing: -.2pt;display: inline;">
</div>Policy,<div style="letter-spacing: -.2pt;display: inline;"> </div>adopted<div style="letter-spacing: -.25pt;display: inline;"> </div>by<div style="letter-spacing: -.2pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>FT<div style="letter-spacing: -.2pt;display: inline;"> </div>Funds,<div style="letter-spacing: -.2pt;display: inline;"> </div>FT<div style="letter-spacing: 1.35pt;display: inline;"> </div>investment<div style="letter-spacing: 1.8pt;display: inline;"> </div>advisers<div style="letter-spacing: 1.8pt;display: inline;">
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</div>underwriter<div style="letter-spacing: 1.8pt;display: inline;"> </div>pursuant<div style="letter-spacing: 1.8pt;display: inline;"> </div>to<div style="letter-spacing: 1.7pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Rule</div><div style="letter-spacing: 1.8pt;display: inline;"> </div>17j-1<div style="letter-spacing: 1.8pt;display: inline;"> </div>under<div style="letter-spacing: 1.8pt;display: inline;"> </div>the<div style="letter-spacing: 1.2pt;display: inline;"> </div>Investment<div style="letter-spacing: 2.75pt;display: inline;"> </div>Company<div style="letter-spacing: 2.7pt;display: inline;"> </div>Act,<div style="letter-spacing: 2.7pt;display: inline;"> </div>the<div style="letter-spacing: 2.7pt;display: inline;"> </div>Code<div style="letter-spacing: 2.7pt;display: inline;"> </div>of<div style="letter-spacing: 2.7pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Ethics</div><div style="letter-spacing: 2.7pt;display: inline;"> </div>and<div style="letter-spacing: 2.7pt;display: inline;"> </div>Business<div style="letter-spacing: 2.7pt;display: inline;">
</div>Conduct<div style="letter-spacing: 2.7pt;display: inline;"> </div>and<div style="letter-spacing: 2.7pt;display: inline;"> </div>more<div style="letter-spacing: 2.75pt;display: inline;"> </div>detailed<div style="letter-spacing: 1.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">policies</div><div style="letter-spacing: 2.1pt;display: inline;"> </div>and<div style="letter-spacing: 2.05pt;display: inline;"> </div>procedures<div style="letter-spacing: 2.15pt;display: inline;"> </div>set<div style="letter-spacing: 2.1pt;display: inline;"> </div>forth<div style="letter-spacing: 2.15pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">in</div><div style="letter-spacing: 2.1pt;display: inline;"> </div>FT&#8217;s<div style="letter-spacing: 2.15pt;display: inline;"> </div>Employee<div style="letter-spacing: 2.1pt;display: inline;"> </div>Handbook<div style="letter-spacing: 2.1pt;display: inline;">
</div>are<div style="letter-spacing: 2.15pt;display: inline;"> </div>separate<div style="letter-spacing: 2.1pt;display: inline;"> </div>requirements<div style="letter-spacing: 1.4pt;display: inline;"> </div>applying<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>Covered<div style="letter-spacing: -.2pt;display: inline;"> </div>Officers<div style="letter-spacing: -.25pt;display: inline;">
</div>and<div style="letter-spacing: -.3pt;display: inline;"> </div>others,<div style="letter-spacing: -.25pt;display: inline;"> </div>and<div style="letter-spacing: -.3pt;display: inline;"> </div>are<div style="letter-spacing: -.25pt;display: inline;"> </div>not<div style="letter-spacing: -.25pt;display: inline;"> </div>part<div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>this<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Code.</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .05pt;margin-bottom: .0001pt"><div style="font-size: 13.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;line-height: 1.0pt;margin-left: 12.65pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 1.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;text-align: justify;line-height: 9.5pt;margin-left: 12.95pt;margin-right: 9.1pt;margin-top: 4.1pt;margin-bottom: .0001pt"><div style="font-size: 6.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;position: relative;top: -3.5pt;display: inline;">3<div style="letter-spacing: .65pt;display: inline;"> </div></div><div style="font-size: 8.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Franklin<div style="letter-spacing: -.25pt;display: inline;"> </div>Resources<div style="letter-spacing: -.2pt;display: inline;"> </div>General<div style="letter-spacing: -.2pt;display: inline;"> </div>Counsel<div style="letter-spacing: -.2pt;display: inline;"> </div>and<div style="letter-spacing: -.2pt;display: inline;"> </div>Deputy<div style="letter-spacing: -.2pt;display: inline;"> </div>General<div style="letter-spacing: -.2pt;display: inline;">
</div>Counsel<div style="letter-spacing: -.15pt;display: inline;"> </div>are<div style="letter-spacing: -.2pt;display: inline;"> </div>authorized<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.2pt;display: inline;"> </div>consult,<div style="letter-spacing: -.2pt;display: inline;"> </div>as<div style="letter-spacing: -.2pt;display: inline;"> </div>appropriate,<div style="letter-spacing: -.15pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">with</div><div style="letter-spacing: -.25pt;display: inline;"> </div>members<div style="letter-spacing: -.2pt;display: inline;">
</div>of<div style="letter-spacing: -.2pt;display: inline;"> </div>the<div style="letter-spacing: 1.5pt;display: inline;"> </div>Audit<div style="letter-spacing: -.25pt;display: inline;"> </div>Committee,<div style="letter-spacing: -.15pt;display: inline;"> </div>counsel<div style="letter-spacing: -.2pt;display: inline;">
</div>to<div style="letter-spacing: -.2pt;display: inline;"> </div>the<div style="letter-spacing: -.2pt;display: inline;"> </div>FT<div style="letter-spacing: -.25pt;display: inline;"> </div>Funds<div style="letter-spacing: -.2pt;display: inline;"> </div>and<div style="letter-spacing: -.2pt;display: inline;"> </div>counsel<div style="letter-spacing: -.2pt;display: inline;"> </div>to<div style="letter-spacing: -.2pt;display: inline;"> </div>the<div style="letter-spacing: -.2pt;display: inline;"> </div>Independent<div style="letter-spacing: -.2pt;display: inline;"> </div>Directors,<div style="letter-spacing: -.25pt;display: inline;"> </div>and<div style="letter-spacing: -.2pt;display: inline;"> </div>are<div style="letter-spacing: -.2pt;display: inline;"> </div>encouraged<div style="letter-spacing: -.2pt;display: inline;"> </div>to<div style="letter-spacing: -.2pt;display: inline;"> </div>do<div style="letter-spacing: -.2pt;display: inline;"> </div>so.</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;text-align: justify;line-height: 9.5pt;margin-left: 12.95pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 8.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;position: relative;top: -4.0pt;display: inline;">4<div style="letter-spacing: 1.2pt;display: inline;"> </div></div><div style="font-size: 8.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Item<div style="letter-spacing: .25pt;display: inline;"> </div>2<div style="letter-spacing: .25pt;display: inline;"> </div>of<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Form</div><div style="letter-spacing: .3pt;display: inline;"> </div>N-CSR<div style="letter-spacing: .25pt;display: inline;"> </div>defines<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">"waiver"</div><div style="letter-spacing: .25pt;display: inline;"> </div>as<div style="letter-spacing: .25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">"the</div><div style="letter-spacing: .25pt;display: inline;">
</div>approval<div style="letter-spacing: .2pt;display: inline;"> </div>by<div style="letter-spacing: .15pt;display: inline;"> </div>the<div style="letter-spacing: .25pt;display: inline;"> </div>registrant<div style="letter-spacing: .2pt;display: inline;"> </div>of<div style="letter-spacing: .25pt;display: inline;"> </div>a<div style="letter-spacing: .25pt;display: inline;"> </div>material<div style="letter-spacing: .25pt;display: inline;">
</div>departure<div style="letter-spacing: .25pt;display: inline;"> </div>from<div style="letter-spacing: .25pt;display: inline;"> </div>a<div style="letter-spacing: .25pt;display: inline;"> </div>provision<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">of</div><div style="letter-spacing: .25pt;display: inline;"> </div>the<div style="letter-spacing: .25pt;display: inline;"> </div>code<div style="letter-spacing: .25pt;display: inline;"> </div>of</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;text-align: justify;line-height: 104%;margin-left: 12.95pt;margin-right: 5.95pt;margin-top: .4pt;margin-bottom: .0001pt"><div style="font-size: 8.0pt;line-height: 104%;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">ethics"<div style="letter-spacing: .5pt;display: inline;"> </div>and<div style="letter-spacing: .5pt;display: inline;"> </div>"implicit<div style="letter-spacing: .5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">waiver,"</div><div style="letter-spacing: .6pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">which</div><div style="letter-spacing: .5pt;display: inline;"> </div>must<div style="letter-spacing: .5pt;display: inline;"> </div>also<div style="letter-spacing: .5pt;display: inline;"> </div>be<div style="letter-spacing: .55pt;display: inline;"> </div>disclosed,<div style="letter-spacing: .5pt;display: inline;"> </div>as<div style="letter-spacing: .6pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">"the</div><div style="letter-spacing: .5pt;display: inline;">
</div>registrant's<div style="letter-spacing: .55pt;display: inline;"> </div>failure<div style="letter-spacing: .5pt;display: inline;"> </div>to<div style="letter-spacing: .5pt;display: inline;"> </div>take<div style="letter-spacing: .5pt;display: inline;"> </div>action<div style="letter-spacing: .6pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">within</div><div style="letter-spacing: .5pt;display: inline;"> </div>a<div style="letter-spacing: .5pt;display: inline;"> </div>reasonable<div style="letter-spacing: .5pt;display: inline;">
</div>period<div style="letter-spacing: .55pt;display: inline;"> </div>of<div style="letter-spacing: 1.75pt;display: inline;"> </div>time<div style="letter-spacing: .1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">regarding</div><div style="letter-spacing: .15pt;display: inline;">
</div>a<div style="letter-spacing: .2pt;display: inline;"> </div>material<div style="letter-spacing: .1pt;display: inline;"> </div>departure<div style="letter-spacing: .15pt;display: inline;">
</div>from<div style="letter-spacing: .15pt;display: inline;"> </div>a<div style="letter-spacing: .1pt;display: inline;"> </div>provision<div style="letter-spacing: .15pt;display: inline;"> </div>of<div style="letter-spacing: .15pt;display: inline;"> </div>the<div style="letter-spacing: .1pt;display: inline;"> </div>code<div style="letter-spacing: .15pt;display: inline;"> </div>of<div style="letter-spacing: .15pt;display: inline;"> </div>ethics<div style="letter-spacing: .15pt;display: inline;"> </div>that<div style="letter-spacing: .1pt;display: inline;"> </div>has<div style="letter-spacing: .15pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">been</div><div style="letter-spacing: .15pt;display: inline;"> </div>made<div style="letter-spacing: .1pt;display: inline;"> </div>known<div style="letter-spacing: .15pt;display: inline;"> </div>to<div style="letter-spacing: .15pt;display: inline;"> </div>an<div style="letter-spacing: .1pt;display: inline;"> </div>executive<div style="letter-spacing: .2pt;display: inline;">
</div>officer"<div style="letter-spacing: .15pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">of</div><div style="letter-spacing: .1pt;display: inline;"> </div>the<div style="letter-spacing: 1.25pt;display: inline;"> </div>registrant.<div style="letter-spacing: 1.85pt;display: inline;"> </div>See<div style="letter-spacing: -.15pt;display: inline;"> </div>Part<div style="letter-spacing: -.15pt;display: inline;"> </div>X.</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;text-align: justify;line-height: 10.7pt;margin-left: 13.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 6.5pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;position: relative;top: -3.5pt;display: inline;">5 <div style="letter-spacing: .95pt;display: inline;">&#160;</div></div><div style="font-size: 8.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">See<div style="letter-spacing: -.1pt;display: inline;"> </div>Part<div style="letter-spacing: -.1pt;display: inline;"> </div>X.</div></div>

<h2 style="text-indent: -.65in;font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;font-weight: normal;margin-top: 3.45pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 56.0pt">VII.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div><div style="letter-spacing: -.05pt;display: inline;">Amendments</div></h2>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 11.1pt;margin-bottom: .0001pt;margin-left: 19.95pt">Any<div style="letter-spacing: -.3pt;display: inline;"> </div>amendments<div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.3pt;display: inline;"> </div>this<div style="letter-spacing: -.3pt;display: inline;"> </div>Code,<div style="letter-spacing: -.3pt;display: inline;"> </div>other<div style="letter-spacing: -.3pt;display: inline;"> </div>than<div style="letter-spacing: -.3pt;display: inline;"> </div>amendments<div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>Exhibit<div style="letter-spacing: -.3pt;display: inline;"> </div>A,<div style="letter-spacing: -.3pt;display: inline;"> </div>must<div style="letter-spacing: -.3pt;display: inline;"> </div>be<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">approved</div><div style="letter-spacing: 1.3pt;display: inline;">
</div>or<div style="letter-spacing: -.3pt;display: inline;"> </div>ratified<div style="letter-spacing: -.25pt;display: inline;"> </div>by<div style="letter-spacing: -.25pt;display: inline;"> </div>a<div style="letter-spacing: -.25pt;display: inline;"> </div>majority<div style="letter-spacing: -.25pt;display: inline;">
</div>vote<div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">FT</div><div style="letter-spacing: -.25pt;display: inline;"> </div>Funds&#8217;<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Board</div><div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">including</div><div style="letter-spacing: -.25pt;display: inline;"> </div>a<div style="letter-spacing: -.25pt;display: inline;"> </div>majority<div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">independent</div><div style="letter-spacing: 2.35pt;display: inline;"> </div>directors.</div>

<h2 style="text-indent: -50.15pt;font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;font-weight: normal;margin-top: 6.1pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 55.95pt">VIII.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div><div style="letter-spacing: -.05pt;display: inline;">Confidentiality</div></h2>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 5.8pt;margin-bottom: .0001pt;margin-left: 19.95pt">All<div style="letter-spacing: .15pt;display: inline;"> </div>reports<div style="letter-spacing: .2pt;display: inline;"> </div>and<div style="letter-spacing: .2pt;display: inline;"> </div>records<div style="letter-spacing: .15pt;display: inline;"> </div>prepared<div style="letter-spacing: .2pt;display: inline;">
</div>or<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">maintained</div><div style="letter-spacing: .2pt;display: inline;"> </div>pursuant<div style="letter-spacing: .15pt;display: inline;"> </div>to<div style="letter-spacing: .2pt;display: inline;"> </div>this<div style="letter-spacing: .25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Code</div><div style="letter-spacing: .2pt;display: inline;"> </div>will<div style="letter-spacing: .25pt;display: inline;"> </div>be<div style="letter-spacing: .25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">considered</div><div style="letter-spacing: 2.15pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">confidential</div><div style="letter-spacing: -.25pt;display: inline;"> </div>and<div style="letter-spacing: -.25pt;display: inline;"> </div>shall<div style="letter-spacing: -.2pt;display: inline;"> </div>be<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">maintained</div><div style="letter-spacing: -.2pt;display: inline;"> </div>and<div style="letter-spacing: -.2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">protected</div><div style="letter-spacing: -.2pt;display: inline;">
</div>accordingly.<div style="letter-spacing: -.15pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Except</div><div style="letter-spacing: -.2pt;display: inline;"> </div>as<div style="letter-spacing: -.15pt;display: inline;"> </div>otherwise<div style="letter-spacing: -.2pt;display: inline;"> </div>required<div style="letter-spacing: -.2pt;display: inline;"> </div>by<div style="letter-spacing: 3.35pt;display: inline;"> </div>law or<div style="letter-spacing: .05pt;display: inline;">
</div>this Code,<div style="letter-spacing: .05pt;display: inline;"> </div>such matters<div style="letter-spacing: .05pt;display: inline;"> </div>shall<div style="letter-spacing: -.05pt;display: inline;"> </div>not<div style="letter-spacing: .05pt;display: inline;"> </div>be disclosed<div style="letter-spacing: .05pt;display: inline;"> </div>to anyone<div style="letter-spacing: .05pt;display: inline;"> </div>other than<div style="letter-spacing: .05pt;display: inline;"> </div>the FT<div style="letter-spacing: .05pt;display: inline;"> </div>Funds&#8217;
Board<div style="letter-spacing: 1.05pt;display: inline;"> </div>and<div style="letter-spacing: -.45pt;display: inline;"> </div>their<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">counsel.</div></div>

<h2 style="text-indent: -43.45pt;font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;font-weight: normal;margin-top: 6.1pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 55.95pt">IX.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div>Internal Use</h2>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 5.85pt;margin-bottom: .0001pt;margin-left: 19.95pt">The<div style="letter-spacing: -.15pt;display: inline;"> </div>Code<div style="letter-spacing: -.1pt;display: inline;"> </div>is<div style="letter-spacing: -.1pt;display: inline;"> </div>intended<div style="letter-spacing: -.15pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">solely</div><div style="letter-spacing: -.1pt;display: inline;"> </div>for<div style="letter-spacing: -.1pt;display: inline;"> </div>the<div style="letter-spacing: -.15pt;display: inline;"> </div>internal<div style="letter-spacing: -.1pt;display: inline;">
</div>use<div style="letter-spacing: -.15pt;display: inline;"> </div>by<div style="letter-spacing: -.15pt;display: inline;"> </div>the<div style="letter-spacing: -.1pt;display: inline;"> </div>FT<div style="letter-spacing: -.1pt;display: inline;"> </div>Funds<div style="letter-spacing: -.15pt;display: inline;"> </div>and<div style="letter-spacing: -.1pt;display: inline;"> </div>does<div style="letter-spacing: -.1pt;display: inline;"> </div>not<div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">constitute</div><div style="letter-spacing: 1.5pt;display: inline;"> </div>an<div style="letter-spacing: .2pt;display: inline;"> </div>admission,<div style="letter-spacing: .25pt;display: inline;"> </div>by<div style="letter-spacing: .25pt;display: inline;"> </div>or<div style="letter-spacing: .2pt;display: inline;"> </div>on<div style="letter-spacing: .25pt;display: inline;"> </div>behalf<div style="letter-spacing: .2pt;display: inline;"> </div>of<div style="letter-spacing: .2pt;display: inline;"> </div>any<div style="letter-spacing: .25pt;display: inline;"> </div>FT<div style="letter-spacing: .25pt;display: inline;"> </div>Funds,<div style="letter-spacing: .2pt;display: inline;"> </div>as<div style="letter-spacing: .2pt;display: inline;"> </div>to<div style="letter-spacing: .25pt;display: inline;"> </div>any<div style="letter-spacing: .2pt;display: inline;"> </div>fact,<div style="letter-spacing: .25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">circumstance,</div><div style="letter-spacing: .25pt;display: inline;"> </div>or<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">legal</div><div style="letter-spacing: 1.6pt;display: inline;"> </div>conclusion.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .1pt;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="text-indent: -.5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 56.0pt"><div style="letter-spacing: -.1pt;display: inline;">X.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div></div><div style="letter-spacing: -.05pt;display: inline;">Disclosure</div><div style="letter-spacing: -.45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">on</div><div style="letter-spacing: -.4pt;display: inline;"> </div>Form<div style="letter-spacing: -.4pt;display: inline;"> </div>N-CSR</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .2pt;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

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<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 6.0pt;margin-right: 13.0pt;margin-bottom: .0001pt;margin-left: 19.95pt">In<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.2pt;display: inline;"> </div>event<div style="letter-spacing: -.25pt;display: inline;"> </div>that<div style="letter-spacing: -.2pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">foregoing</div><div style="letter-spacing: -.2pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">disclosure</div><div style="letter-spacing: -.25pt;display: inline;"> </div>is<div style="letter-spacing: -.2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">omitted</div><div style="letter-spacing: -.25pt;display: inline;">
</div>or<div style="letter-spacing: -.2pt;display: inline;"> </div>is<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">determined</div><div style="letter-spacing: -.2pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>be<div style="letter-spacing: -.2pt;display: inline;"> </div>incorrect,<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: 3.45pt;display: inline;"> </div>Legal<div style="letter-spacing: -.25pt;display: inline;">
</div>Department<div style="letter-spacing: -.3pt;display: inline;"> </div>shall<div style="letter-spacing: -.25pt;display: inline;"> </div>promptly<div style="letter-spacing: -.25pt;display: inline;">
</div>file<div style="letter-spacing: -.25pt;display: inline;"> </div>such<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">information</div><div style="letter-spacing: -.25pt;display: inline;"> </div>with<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">the</div><div style="letter-spacing: -.25pt;display: inline;"> </div>SEC<div style="letter-spacing: -.3pt;display: inline;"> </div>as<div style="letter-spacing: -.25pt;display: inline;"> </div>an<div style="letter-spacing: -.25pt;display: inline;"> </div>amendment<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>Form<div style="letter-spacing: 1.2pt;display: inline;"> </div>N-CSR.</div>

<div style="text-indent: .5in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 5.95pt;margin-right: 9.85pt;margin-bottom: .0001pt;margin-left: 19.95pt">In<div style="letter-spacing: -.25pt;display: inline;"> </div>such<div style="letter-spacing: -.25pt;display: inline;"> </div>an<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">event,</div><div style="letter-spacing: -.25pt;display: inline;">
</div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>Fund<div style="letter-spacing: -.25pt;display: inline;"> </div>Chief<div style="letter-spacing: -.25pt;display: inline;">
</div>Compliance<div style="letter-spacing: -.25pt;display: inline;"> </div>Officer<div style="letter-spacing: -.25pt;display: inline;"> </div>shall<div style="letter-spacing: -.25pt;display: inline;">
</div>review<div style="letter-spacing: -.25pt;display: inline;"> </div>the<div style="letter-spacing: -.25pt;display: inline;"> </div>Code<div style="letter-spacing: -.25pt;display: inline;"> </div>and<div style="letter-spacing: -.25pt;display: inline;"> </div>propose<div style="letter-spacing: 1.25pt;display: inline;">
</div>such<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">changes</div><div style="letter-spacing: -.3pt;display: inline;"> </div>to<div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>Code<div style="letter-spacing: -.3pt;display: inline;"> </div>as<div style="letter-spacing: -.3pt;display: inline;"> </div>are<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">necessary</div><div style="letter-spacing: -.35pt;display: inline;"> </div>or<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">appropriate</div><div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">to</div><div style="letter-spacing: -.35pt;display: inline;"> </div>prevent<div style="letter-spacing: -.3pt;display: inline;">
</div>reoccurrences.</div>

<h1 style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 3.45pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 6.0pt"><div style="letter-spacing: -.05pt;display: inline;">EXHIBIT</div><div style="letter-spacing: -.45pt;display: inline;"> </div>A</h1>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .35pt;margin-bottom: .0001pt"><b><div style="font-size: 7.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div style="text-indent: -90.2pt;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 3.55pt;margin-right: 92.95pt;margin-bottom: .0001pt;margin-left: 205.7pt">Persons<div style="letter-spacing: -.4pt;display: inline;"> </div>Covered<div style="letter-spacing: -.4pt;display: inline;">
</div>by<div style="letter-spacing: -.35pt;display: inline;"> </div>the<div style="letter-spacing: -.35pt;display: inline;"> </div>Franklin<div style="letter-spacing: -.4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Templeton</div><div style="letter-spacing: -.4pt;display: inline;">
</div>Funds<div style="letter-spacing: 1.35pt;display: inline;"> </div>Code<div style="letter-spacing: -.35pt;display: inline;"> </div>of<div style="letter-spacing: -.35pt;display: inline;"> </div>Ethics</div>

<div style="text-indent: 194.8pt;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 6.0pt">December<div style="letter-spacing: -.8pt;display: inline;"> </div>2018</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<h1 style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 6.0pt">FRANKLIN GROUP<div style="letter-spacing: -.25pt;display: inline;"> </div>OF FUNDS</h1>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 6.0pt;margin-right: 24.2pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Edward</div><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;"> <div style="letter-spacing: -.05pt;display: inline;">Perks&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</div> <div style="letter-spacing: -.05pt;display: inline;">and</div> <div style="letter-spacing: -.05pt;display: inline;">Chief
Executive Officer</div><div style="letter-spacing: -.1pt;display: inline;"> </div>&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Investment</div><div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Management</div><div style="letter-spacing: 1.45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Rupert
H. Johnson, Jr.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chairman</div><div style="letter-spacing: .05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">of the
Board and</div><div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Vice President&#8211; Investment </div><div style="letter-spacing: -.1pt;display: inline;">Management</div><div style="letter-spacing: 2.1pt;display: inline;">
</div>Don <div style="letter-spacing: -.05pt;display: inline;">Taylor&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</div>
<div style="letter-spacing: -.05pt;display: inline;">and</div> <div style="letter-spacing: -.05pt;display: inline;">Chief Executive Officer</div><div style="letter-spacing: -.1pt;display: inline;"> </div>&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Investment</div><div style="letter-spacing: -.15pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Management</div></div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;line-height: 11.5pt;margin-left: 6.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Sonal</div><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;"> <div style="letter-spacing: -.05pt;display: inline;">Desai)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</div>
<div style="letter-spacing: -.05pt;display: inline;">and</div> <div style="letter-spacing: -.05pt;display: inline;">Chief</div> <div style="letter-spacing: -.05pt;display: inline;">Executive</div> <div style="letter-spacing: -.05pt;display: inline;">Officer</div><div style="letter-spacing: -.1pt;display: inline;">
</div>&#8211; <div style="letter-spacing: -.05pt;display: inline;">Investment</div><div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Management</div></div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;line-height: 11.5pt;margin-left: 6.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Matthew
Hinkle&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief Executive Officer </div><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Finance</div> <div style="letter-spacing: -.05pt;display: inline;">and
Administration</div></div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 6.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Gaston R. Gardey&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief
Financial Officer and Chief Accounting Officer and </div><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.1pt;display: inline;">Treasurer</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<h1 style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 6.0pt"><div style="letter-spacing: -.05pt;display: inline;">FRANKLIN MUTUAL</div><div style="letter-spacing: -.2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">SERIES
FUNDS</div></h1>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 6.0pt;margin-right: 95.8pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Peter Langerman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief
Executive Officer </div><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Investment Management</div><div style="letter-spacing: 1.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Matthew
Hinkle&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief Executive Officer </div>&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Finance</div> <div style="letter-spacing: -.05pt;display: inline;">and
Administration</div><div style="letter-spacing: 1.5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Robert G. Kubilis&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief
Financial Officer and Chief Accounting Officer</div></div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 14.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<h1 style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 6.0pt"><div style="letter-spacing: -.05pt;display: inline;">FRANKLIN ALTERNATIVE STRATEGIES FUNDS</div></h1>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><b><div style="font-size: 11.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 6.0pt;margin-right: 95.8pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Mat S. Gulley&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief
Executive Officer </div><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Investment </div><div style="letter-spacing: -.1pt;display: inline;">Management</div><div style="letter-spacing: 1.5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Matthew Hinkle&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief
Executive</div> <div style="letter-spacing: -.05pt;display: inline;">Officer </div>&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Finance</div> <div style="letter-spacing: -.05pt;display: inline;">and
Administration</div><div style="letter-spacing: 1.95pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Robert G. Kubilis&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief
Financial Officer and Chief Accounting</div> <div style="letter-spacing: -.05pt;display: inline;">Officer</div></div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<h1 style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 6.9pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 6.0pt"><div style="letter-spacing: -.05pt;display: inline;">TEMPLETON</div>
GROUP<div style="letter-spacing: -.3pt;display: inline;"> </div>OF FUNDS</h1>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .45pt;margin-bottom: .0001pt"><b><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;text-align: justify;margin-left: 5.95pt;margin-right: 42.55pt;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Manraj
S. Sekhon&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President and</div><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;"> <div style="letter-spacing: -.05pt;display: inline;">Chief
Executive Officer</div><div style="letter-spacing: -.1pt;display: inline;"> </div>&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Investment</div><div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Management</div><div style="letter-spacing: 1.05pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Michael</div>
<div style="letter-spacing: -.05pt;display: inline;">Hasenstab,</div> Ph.D.<div style="letter-spacing: .5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">President
and Chief Executive Officer</div><div style="letter-spacing: -.1pt;display: inline;"> </div>&#8211; <div style="letter-spacing: -.05pt;display: inline;">Investment</div><div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Management</div><div style="letter-spacing: 2.25pt;display: inline;"> </div>Norman <div style="letter-spacing: -.05pt;display: inline;">Boersma&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; President</div>
<div style="letter-spacing: -.05pt;display: inline;">and</div> <div style="letter-spacing: -.05pt;display: inline;">Chief Executive Officer</div><div style="letter-spacing: -.1pt;display: inline;"> </div>&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Investment</div><div style="letter-spacing: -.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Management</div><div style="letter-spacing: 2.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Matthew
Hinkle&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief Executive Officer </div>&#8211;<div style="letter-spacing: -.05pt;display: inline;"> Finance</div> <div style="letter-spacing: -.05pt;display: inline;">and
Administration</div></div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 6.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Robert G. Kubilis&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Chief
Financial Officer, Chief Accounting Officer and Treasurer</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .1pt;margin-bottom: .0001pt"><div style="font-size: 9.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<h1 align="center" style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: center;text-indent: -.1pt;line-height: 186%;margin-top: 3.45pt;margin-right: 190.2pt;margin-bottom: .0001pt;margin-left: 181.35pt"><div style="letter-spacing: -.05pt;display: inline;">Exhibit </div>B<div style="letter-spacing: 1.1pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">ACKNOWLEDGMENT
FORM</div></h1>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .4pt;margin-bottom: .0001pt"><b><div style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<h3 align="center" style="font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: center;margin-top: 0in;margin-right: 8.85pt;margin-bottom: .0001pt;margin-left: 0in">Franklin<div style="letter-spacing: -.45pt;display: inline;"> </div>Templeton<div style="letter-spacing: -.4pt;display: inline;"> </div>Funds<div style="letter-spacing: -.4pt;display: inline;"> </div>Code<div style="letter-spacing: -.4pt;display: inline;"> </div>of<div style="letter-spacing: -.4pt;display: inline;"> </div>Ethics</h3>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;text-indent: 93.95pt;margin-left: 27.95pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">For<div style="letter-spacing: -.45pt;display: inline;">
</div>Principal<div style="letter-spacing: -.45pt;display: inline;"> </div>Executives<div style="letter-spacing: -.45pt;display: inline;"> </div>and<div style="letter-spacing: -.45pt;display: inline;"> </div>Senior<div style="letter-spacing: -.45pt;display: inline;"> </div>Financial<div style="letter-spacing: -.4pt;display: inline;"> </div>Officers</div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .55pt;margin-bottom: .0001pt"><b><div style="font-size: 10.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;line-height: 12.6pt;margin-left: 27.95pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Instructions:</div></b></div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;line-height: 12.6pt;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 46.0pt">1.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160; </div><div style="letter-spacing: -.05pt;display: inline;">Complete</div><div style="letter-spacing: -.3pt;display: inline;">
</div>all<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">sections</div><div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>this<div style="letter-spacing: -.3pt;display: inline;"> </div>form.</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 0in;margin-bottom: .0001pt;margin-left: 46.0pt">2.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;
</div><div style="letter-spacing: -.05pt;display: inline;">Print</div><div style="letter-spacing: -.3pt;display: inline;"> </div>the<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">completed</div><div style="letter-spacing: -.3pt;display: inline;">
</div>form,<div style="letter-spacing: -.3pt;display: inline;"> </div>sign,<div style="letter-spacing: -.3pt;display: inline;"> </div>and<div style="letter-spacing: -.3pt;display: inline;"> </div>date.</div>

<div style="text-indent: -.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;line-height: 12.6pt;margin-top: 1.2pt;margin-right: 39.9pt;margin-bottom: .0001pt;margin-left: 46.0pt"><div style="font-size: 12.0pt;display: inline;">3. <div style="letter-spacing: .6pt;display: inline;">&#160;</div></div>Submit<div style="letter-spacing: -.25pt;display: inline;"> </div>completed<div style="letter-spacing: -.3pt;display: inline;"> </div>form<div style="letter-spacing: -.25pt;display: inline;"> </div>to<div style="letter-spacing: -.25pt;display: inline;"> </div>FT&#8217;s<div style="letter-spacing: -.25pt;display: inline;"> </div>General<div style="letter-spacing: -.25pt;display: inline;"> </div>Counsel<div style="letter-spacing: -.35pt;display: inline;">
</div>c/o<div style="letter-spacing: -.25pt;display: inline;"> </div>Code<div style="letter-spacing: -.25pt;display: inline;"> </div>of<div style="letter-spacing: -.25pt;display: inline;"> </div>Ethics<div style="letter-spacing: -.25pt;display: inline;"> </div>Administration<div style="letter-spacing: -.3pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">within</div><div style="letter-spacing: -.25pt;display: inline;"> </div>10<div style="letter-spacing: 1.2pt;display: inline;"> </div>days<div style="letter-spacing: -.3pt;display: inline;"> </div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>becoming<div style="letter-spacing: -.25pt;display: inline;"> </div>a<div style="letter-spacing: -.3pt;display: inline;"> </div>Covered<div style="letter-spacing: -.25pt;display: inline;"> </div>Officer<div style="letter-spacing: -.3pt;display: inline;">
</div>and<div style="letter-spacing: -.25pt;display: inline;"> </div>by<div style="letter-spacing: -.3pt;display: inline;"> </div>February<div style="letter-spacing: -.25pt;display: inline;"> </div>15<div style="font-size: 7.0pt;position: relative;top: -3.5pt;display: inline;">th<div style="letter-spacing: .8pt;display: inline;"> </div></div>of<div style="letter-spacing: -.3pt;display: inline;"> </div>each<div style="letter-spacing: -.25pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">subsequent</div><div style="letter-spacing: -.3pt;display: inline;"> </div>year.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .4pt;margin-bottom: .0001pt"><div style="font-size: 10.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 46.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Inter-office<div style="letter-spacing: -.45pt;display: inline;"> </div>mail:<div style="letter-spacing: .75pt;display: inline;"> </div></div></b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.05pt;display: inline;">Code</div><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;letter-spacing: -.45pt;display: inline;"> </div><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">of<div style="letter-spacing: -.4pt;display: inline;"> </div>Ethics<div style="letter-spacing: -.45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Administration,</div><div style="letter-spacing: -.4pt;display: inline;"> </div>Global<div style="letter-spacing: -.45pt;display: inline;">
</div>Compliance<div style="letter-spacing: -.4pt;display: inline;"> </div>SM-920/2</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;line-height: 12.6pt;margin-left: 46.0pt;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Fax:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">(650)<div style="letter-spacing: -.75pt;display: inline;">
</div>312-5646</div></div>

<div style="text-indent: -1.25in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;margin-top: 0in;margin-right: 129.05pt;margin-bottom: .0001pt;margin-left: 135.95pt"><b>E-mail:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </b><div style="letter-spacing: -.05pt;display: inline;">Code</div><div style="letter-spacing: -.4pt;display: inline;"> </div>of<div style="letter-spacing: -.35pt;display: inline;"> </div>Ethics<div style="letter-spacing: -.35pt;display: inline;">
</div><div style="letter-spacing: -.05pt;display: inline;">Inquiries</div><div style="letter-spacing: -.4pt;display: inline;"> </div>&amp;<div style="letter-spacing: -.35pt;display: inline;"> </div>Requests<div style="letter-spacing: -.35pt;display: inline;"> </div>(internal<div style="letter-spacing: -.35pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">address);</div><div style="color: windowtext;letter-spacing: 1.95pt;text-decoration: none;display: inline;"> </div><div style="color: windowtext;letter-spacing: -.05pt;text-decoration: none;display: inline;">lpreclear@franklintempleton.com</div><div style="letter-spacing: -1.25pt;display: inline;"> </div>(external<div style="letter-spacing: -1.25pt;display: inline;"> </div>address)</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .1pt;margin-bottom: .0001pt"><div style="font-size: 12.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse;margin-left: 5.05pt">
 <tr style="height: 21.35pt">
  <td width="198" valign="top" style="width: 148.5pt;border: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 21.35pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 4.95pt;margin-right: 0in;margin-top: 3.85pt;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Covered<div style="letter-spacing: -.65pt;display: inline;"> </div>Officer&#8217;s<div style="letter-spacing: -.6pt;display: inline;"> </div>Name:</div></b></div>
  </td>
  <td width="498" valign="top" style="width: 373.5pt;border: solid black 1.0pt;border-left: none;padding: 0in 0in 0in 0in;height: 21.35pt">
  <div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>
  </td>
 </tr>
 <tr style="height: 21.85pt">
  <td width="198" valign="top" style="width: 148.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 21.85pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 4.95pt;margin-right: 0in;margin-top: 4.1pt;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Title:</div></b></div>
  </td>
  <td width="498" valign="top" style="width: 373.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 21.85pt">
  <div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>
  </td>
 </tr>
 <tr style="height: 27.0pt">
  <td width="198" valign="top" style="width: 148.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 27.0pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 4.95pt;margin-right: 0in;margin-top: 6.65pt;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Department:</div></b></div>
  </td>
  <td width="498" valign="top" style="width: 373.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 27.0pt">
  <div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>
  </td>
 </tr>
 <tr style="height: 24.3pt">
  <td width="198" valign="top" style="width: 148.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 24.3pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 4.95pt;margin-right: 0in;margin-top: 5.35pt;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Location:</div></b></div>
  </td>
  <td width="498" valign="top" style="width: 373.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 24.3pt">
  <div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>
  </td>
 </tr>
 <tr style="height: 26.0pt">
  <td width="198" valign="top" style="width: 148.5pt;border: solid black 1.0pt;border-top: none;padding: 0in 0in 0in 0in;height: 26.0pt">
  <div style="mso-style-name: &quot;Table Paragraph&quot;;font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 4.95pt;margin-right: 33.85pt;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">Certification<div style="letter-spacing: -.55pt;display: inline;"> </div>for<div style="letter-spacing: -.5pt;display: inline;"> </div>Year<div style="letter-spacing: 1.05pt;display: inline;"> </div>Ending:</div></b></div>
  </td>
  <td width="498" valign="top" style="width: 373.5pt;border-top: none;border-left: none;border-bottom: solid black 1.0pt;border-right: solid black 1.0pt;padding: 0in 0in 0in 0in;height: 26.0pt">
  <div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>
  </td>
 </tr>
</table>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .4pt;margin-bottom: .0001pt"><div style="font-size: 8.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;text-align: justify;margin-left: 28.0pt;margin-right: 0in;margin-top: 3.55pt;margin-bottom: .0001pt"><b><i><div style="font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">To:&#160;&#160;&#160; <div style="letter-spacing: 1.95pt;display: inline;">&#160;</div>Franklin<div style="letter-spacing: -.25pt;display: inline;"> </div>Resources<div style="letter-spacing: -.25pt;display: inline;"> </div>General<div style="letter-spacing: -.3pt;display: inline;">
</div>Counsel,<div style="letter-spacing: -.25pt;display: inline;"> </div>Legal<div style="letter-spacing: -.25pt;display: inline;"> </div>Department</div></i></b></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: .5pt;margin-bottom: .0001pt"><b><i><div style="font-size: 10.5pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></i></b></div>

<div style="text-indent: 0in;font-size: 11.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;text-align: justify;margin-top: 0in;margin-right: 36.9pt;margin-bottom: .0001pt;margin-left: 28.0pt">I<div style="letter-spacing: 1.5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">acknowledge</div><div style="letter-spacing: 1.5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">receiving,</div><div style="letter-spacing: 1.55pt;display: inline;"> </div>reading<div style="letter-spacing: 1.5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">and</div><div style="letter-spacing: 1.55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">understanding</div><div style="letter-spacing: 1.5pt;display: inline;"> </div>the<div style="letter-spacing: 1.55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Franklin</div><div style="letter-spacing: 1.55pt;display: inline;">
</div>Templeton<div style="letter-spacing: 1.55pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Fund&#8217;s</div><div style="letter-spacing: 1.5pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Code</div><div style="letter-spacing: 1.55pt;display: inline;"> </div>of<div style="letter-spacing: 4.85pt;display: inline;"> </div>Ethics<div style="letter-spacing: .4pt;display: inline;"> </div>for<div style="letter-spacing: .45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Principal</div><div style="letter-spacing: .45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Executive</div><div style="letter-spacing: .4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Officers</div><div style="letter-spacing: .45pt;display: inline;"> </div>and<div style="letter-spacing: .45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Senior</div><div style="letter-spacing: .45pt;display: inline;"> </div>Financial<div style="letter-spacing: .4pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">Officers</div><div style="letter-spacing: .4pt;display: inline;"> </div>(the<div style="letter-spacing: .4pt;display: inline;"> </div>&#8220;Code&#8221;).<div style="letter-spacing: .9pt;display: inline;"> </div>I<div style="letter-spacing: .45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">will</div><div style="letter-spacing: .45pt;display: inline;"> </div>comply<div style="letter-spacing: 3.85pt;display: inline;"> </div>fully<div style="letter-spacing: 1.8pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">with</div><div style="letter-spacing: 1.8pt;display: inline;"> </div>all<div style="letter-spacing: 1.8pt;display: inline;"> </div>provisions<div style="letter-spacing: 1.75pt;display: inline;"> </div>of<div style="letter-spacing: 1.8pt;display: inline;"> </div>the<div style="letter-spacing: 1.85pt;display: inline;"> </div>Code<div style="letter-spacing: 1.75pt;display: inline;"> </div>to<div style="letter-spacing: 1.8pt;display: inline;"> </div>the<div style="letter-spacing: 1.75pt;display: inline;"> </div>extent<div style="letter-spacing: 1.8pt;display: inline;"> </div>they<div style="letter-spacing: 1.85pt;display: inline;"> </div>apply<div style="letter-spacing: 1.85pt;display: inline;"> </div>to<div style="letter-spacing: 1.8pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">me</div><div style="letter-spacing: 1.8pt;display: inline;"> </div>during<div style="letter-spacing: 1.8pt;display: inline;"> </div>the<div style="letter-spacing: 1.8pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">period</div><div style="letter-spacing: 1.85pt;display: inline;">
</div>of<div style="letter-spacing: 1.8pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">my</div><div style="letter-spacing: 1.05pt;display: inline;"> </div>employment.<div style="letter-spacing: .4pt;display: inline;"> </div>I<div style="letter-spacing: .15pt;display: inline;"> </div>further<div style="letter-spacing: .2pt;display: inline;"> </div>understand<div style="letter-spacing: .15pt;display: inline;">
</div>and<div style="letter-spacing: .2pt;display: inline;"> </div>acknowledge<div style="letter-spacing: .2pt;display: inline;"> </div>that<div style="letter-spacing: .15pt;display: inline;"> </div>any<div style="letter-spacing: .2pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">violation</div><div style="letter-spacing: .25pt;display: inline;"> </div>of<div style="letter-spacing: .2pt;display: inline;"> </div>the<div style="letter-spacing: .2pt;display: inline;"> </div>Code<div style="letter-spacing: .15pt;display: inline;"> </div>may<div style="letter-spacing: .2pt;display: inline;"> </div>subject<div style="letter-spacing: 1.1pt;display: inline;"> </div>me<div style="letter-spacing: -.45pt;display: inline;"> </div>to<div style="letter-spacing: -.4pt;display: inline;"> </div>disciplinary<div style="letter-spacing: -.4pt;display: inline;"> </div>action,<div style="letter-spacing: -.45pt;display: inline;">
</div>including<div style="letter-spacing: -.45pt;display: inline;"> </div><div style="letter-spacing: -.05pt;display: inline;">termination</div><div style="letter-spacing: -.4pt;display: inline;"> </div>of<div style="letter-spacing: -.4pt;display: inline;"> </div>employment.</div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 10.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;</div></div>

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<div style="font-size: 11.0pt;font-family: &quot;Calibri&quot;,&quot;sans-serif&quot;;line-height: 2.0pt;margin-left: .75in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 2.0pt;font-family: &quot;Arial&quot;,&quot;sans-serif&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div></div>

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signed</div></i></b></div>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>section302.htm
<TEXT>
<html><head></head><body><div style="page: WordSection1">

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">I, Matthew T. Hinkle, certify
that:</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;line-height: 50%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">1.
I have reviewed this report on Form N-CSR of <b>Templeton Dragon Fund, Inc.</b>;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report; <b>&#160;</b>&#160;</div></div>

<div style="mso-style-link: &quot;Body Text Indent Char&quot;;text-align: justify;text-indent: .25in;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 0in"><div style="font-size: 11.0pt;display: inline;">3. Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">4. The registrant's other certifying officer(s) and I
are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) </div><div style="font-size: 11.0pt;display: inline;">and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) </div><div style="font-size: 11.0pt;display: inline;">for the registrant and have:</div></div>

<div style="mso-style-link: &quot;Body Text Indent 2 Char&quot;;text-align: justify;text-indent: .25in;font-size: 11.5pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 0in"><div style="font-size: 11.0pt;display: inline;">(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the
period in which this report is being prepared;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;line-height: 50%;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;line-height: 50%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;line-height: 50%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(d) Disclosed in this report any change in the
registrant&#8217;s internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant&#8217;s
internal control over financial reporting; and&#160; </div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">5. The registrant's other certifying officer(s) and I
have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent
functions):</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant's ability
to record, process, summarize, and report financial information; and</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's
internal control over financial reporting.</div></div>

<div style="mso-style-link: &quot;Plain Text Char&quot;;font-size: 10.0pt;font-family: &quot;Courier New&quot;;text-align: justify;line-height: 50%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">8/25/2020</div></div>

<div style="mso-style-link: &quot;Body Text Char&quot;;line-height: 50%;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: black;text-align: justify;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></b></div>

<div style="mso-style-link: &quot;Body Text Char&quot;;line-height: 50%;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: black;text-align: justify;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></b></div>

<div style="mso-style-link: &quot;Body Text Char&quot;;line-height: 50%;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: black;text-align: justify;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></b></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">S\MATTHEW T. HINKLE</div></div>

<div style="mso-style-link: &quot;Body Text Char&quot;;line-height: 12.0pt;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: black;text-align: justify;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;display: inline;">&#160;</div></b></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">Matthew T. Hinkle</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">Chief Executive Officer -
Finance and Administration</div><div style="font-size: 11.0pt;display: inline;"> </div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">&#160;</div></div>

</div><div style="font-size: 11.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection2">

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">I, Robert G. Kubilis, certify
that:</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;line-height: 50%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">1.
I have reviewed this report on Form N-CSR of <b>Templeton Dragon Fund, Inc.</b>;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period
covered by this report; <b>&#160;</b>&#160;</div></div>

<div style="mso-style-link: &quot;Body Text Indent Char&quot;;text-align: justify;text-indent: .25in;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 0in"><div style="font-size: 11.0pt;display: inline;">3. Based on my
knowledge, the financial statements, and other financial information included
in this report, fairly present in all material respects the financial
condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the
registrant as of, and for, the periods presented in this report;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">4. The registrant's other certifying officer(s) and I
are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
1940) </div><div style="font-size: 11.0pt;display: inline;">and internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) </div><div style="font-size: 11.0pt;display: inline;">for the registrant and have:</div></div>

<div style="mso-style-link: &quot;Body Text Indent 2 Char&quot;;text-align: justify;text-indent: .25in;font-size: 11.5pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-top: 6.0pt;margin-right: 0in;margin-bottom: .0001pt;margin-left: 0in"><div style="font-size: 11.0pt;display: inline;">(a) Designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;line-height: 50%;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting
principles;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;line-height: 50%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date
within 90 days prior to the filing date of this report based on such
evaluation; and</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;line-height: 50%;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;text-autospace: none;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(d) Disclosed in this report any change in the
registrant&#8217;s internal control over financial reporting that occurred during the
second fiscal quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the registrant&#8217;s
internal control over financial reporting; and&#160; </div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">5. The registrant's other certifying officer(s) and I
have disclosed to the registrant's auditors and the audit committee of the
registrant's board of directors (or persons performing the equivalent
functions):</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: .25in;margin-left: 0in;margin-right: 0in;margin-top: 6.0pt;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">(b) Any fraud, whether or not material, that involves
management or other employees who have a significant role in the registrant's
internal control over financial reporting.</div></div>

<div style="mso-style-link: &quot;Plain Text Char&quot;;font-size: 10.0pt;font-family: &quot;Courier New&quot;;text-align: justify;line-height: 50%;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;line-height: 50%;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;">&#160;</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">8/25/2020</div></div>

<div style="mso-style-link: &quot;Body Text Char&quot;;line-height: 50%;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: black;text-align: justify;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></b></div>

<div style="mso-style-link: &quot;Body Text Char&quot;;line-height: 50%;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: black;text-align: justify;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></b></div>

<div style="mso-style-link: &quot;Body Text Char&quot;;line-height: 50%;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: black;text-align: justify;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;line-height: 50%;display: inline;">&#160;</div></b></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">S\ROBERT G. KUBILIS</div></div>

<div style="mso-style-link: &quot;Body Text Char&quot;;line-height: 12.0pt;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;color: black;text-align: justify;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b><div style="font-size: 11.0pt;display: inline;">&#160;</div></b></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">Robert G. Kubilis</div></div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><div style="font-size: 11.0pt;display: inline;">Chief Financial Officer and
Chief Accounting Officer</div></div>

</div></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>section906.htm
<TEXT>
<html><head></head><body><div style="page: WordSection1">

<div style="mso-style-link: &quot;Title Char&quot;;text-align: center;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;font-weight: bold;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350</div>

<div align="center" style="text-align: center;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b>AS ADOPTED
PURSUANT TO SECTION 906</b></div>

<h1 style="mso-style-link: &quot;Heading 1 Char&quot;;text-align: center;page-break-after: avoid;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">OF THE SARBANES-OXLEY ACT OF 2002</h1>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">I, Matthew T. Hinkle, Chief Executive Officer of the <b>Templeton
Dragon Fund, Inc.</b> (the &#8220;Registrant&#8221;), certify, pursuant to 18 U.S.C. Section
1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that, to my knowledge:</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div align="left" style="text-align: left;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: -.5in;margin-left: .75in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">1.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div>The periodic report on Form N-CSR of the Registrant for the period ended
6/30/2020 (the &#8220;Form N-CSR&#8221;) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div align="left" style="text-align: left;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: -.5in;margin-left: .75in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">2.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div>The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Dated:&#160; 8/25/2020</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; S\MATTHEW T.
HINKLE</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Matthew T.
Hinkle </div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 2.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Chief Executive Officer - Finance
and Administration</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 2.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>

</div><div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection2">

<div style="mso-style-link: &quot;Title Char&quot;;text-align: center;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;font-weight: bold;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350</div>

<div align="center" style="text-align: center;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt"><b>AS ADOPTED
PURSUANT TO SECTION 906</b></div>

<h1 style="mso-style-link: &quot;Heading 1 Char&quot;;text-align: center;page-break-after: avoid;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">OF THE SARBANES-OXLEY ACT OF 2002</h1>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">I, Robert G. Kubilis, Chief Financial Officer of the <b>Templeton
Dragon Fund, Inc.</b> (the &#8220;Registrant&#8221;), certify, pursuant to 18 U.S.C.
Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, that, to my knowledge:</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div align="left" style="text-align: left;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: -.5in;margin-left: .75in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">3.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div>The periodic report on Form N-CSR of the Registrant for the period ended
6/30/2020 (the &#8220;Form N-CSR&#8221;) fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div align="left" style="text-align: left;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;text-indent: -.5in;margin-left: .75in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">4.<div style="font: 7.0pt &quot;Times New Roman&quot;;display: inline;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</div>The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the
Registrant.</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Dated:&#160; 8/25/2020</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; S\ROBERT G.
KUBILIS</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Robert G.
Kubilis </div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 2.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">Chief Financial Officer and Chief
Accounting Officer</div>

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 2.0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>

</div><div style="font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;display: inline;"><br clear="all" style="page-break-before: always">
</div><div style="page: WordSection3">

<div style="text-align: justify;font-size: 12.0pt;font-family: &quot;Times New Roman&quot;,&quot;serif&quot;;margin-left: 0in;margin-right: 0in;margin-top: 0in;margin-bottom: .0001pt">&#160;</div>

</div></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
